US propylene stocks jump 10% despite lower refinery runs

13 July 2011 19:58  [Source: ICIS news]

HOUSTON (ICIS)--US propylene inventories rose sharply in the first week of July, despite a small drop in operating rates at US refineries, the Energy Information Administration (EIA) said on Wednesday.

Refinery-sourced propylene inventories stood at 2.475m bbl in the week ended 8 July, up by nearly 10% from 2.257m bbl a week earlier, the EIA said.

Meanwhile, US refineries operated at 88.0% of capacity, down from 88.4% in the week ended 1 July, according to the government.

EIA figures refer to non-fuel use propylene, which is intended for petrochemical manufacturing.

Refinery-grade propylene (RGP) was offered at 73.00 cents/lb ($1,609/tonne, €1,142/tonne) on Wednesday against a 68.50 cent/lb bid. RGP was last heard traded at 68.00 cents/lb on 29 June.

Polymer-grade propylene (PGP) traded on Wednesday at 77.50 cents/lb, up from 74.00 cents/lb in the last week of June.

US weekly non-fuel use propylene inventories – m bbl (EIA)
8 July	1 July	24 June	17 June	10 June
2.475	2.257	2.365	2.330	2.402

Percent operable utilisation at US refineries (EIA)
8 July	1 July	24 June	17 June	10 June
88.0	88.4	88.1	89.2	86.1

($1 = €0.71)

For more on propylene visit ICIS chemical intelligence

By: William Lemos
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