31 May 2012 20:31 [Source: ICIS news]
HOUSTON (ICIS)--US propylene inventories fell by 2.3% in the fourth week of May, dropping to their lowest level in seven months, data from the Energy Information Administration (EIA) showed on Thursday.
Propylene inventories were at 3.490m bbl in the week that ended on 25 May, down from 3.572m bbl a week earlier.
The figure is the lowest reported by the EIA since 3.421m bbl in the first week of October 2011.
The drop came despite an increase in operating rates at US refineries, which ran at 89.1% of capacity last week, up from 88.1% a week earlier, government data showed.
Refinery-grade propylene (RGP) for May was offered on Thursday at 45.50 cents/lb ($1,003/tonne, €812/tonne) against a 44.00 cent/lb bid. RGP for May traded at 45.50 cents/lb on Wednesday.
($1 = €0.81)
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