US propylene stocks drop 3.1% despite higher refinery rates

17 October 2012 20:33  [Source: ICIS news]

HOUSTON (ICIS)--US propylene inventories fell by 3.1% last week despite higher operating rates at US refineries, data from the US Energy Information Administration (EIA) showed on Wednesday.

US refineries operated at 87.4% of capacity in the week that ended on 12 October, up from 86.7% one week earlier, while propylene inventories fell to 4.270m bbl from 4.406m bbl in the previous week.

The drop, which marked the seventh consecutive reduction in as many weeks, put inventories at their lowest levels since the first week of July, according to EIA figures.

Refinery-grade propylene (RGP) for October has traded at 44 cents/lb ($970/tonne, €747/tonne) this week, up from a deal done at 43.50 cents/lb on Friday.

The increase stemmed from the continued drop in RGP inventories, a market participant said.

($1 = €0.77)

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By: William Lemos
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