US PGP trades higher at 74 cents/lb on inventory drop

16 January 2013 22:46  [Source: ICIS news]

HOUSTON (ICIS)--US polymer-grade propylene (PGP) traded at 74 cents/lb ($1,631/tonne, €1,223/tonne), up from a range of 68.750-72.000 cents/lb last week, after government data on Wednesday showed another drop in inventories.

In the second week of January, US refinery-grade propylene (RGP) inventories were 3.230m bbl, down from 3.475m bbl during the previous week, according to the Energy Information Administration (EIA).

RGP inventories are down by 39% from 5.302m bbl a year earlier, the EIA said.

Continued strength in propylene spot prices could lead to another increase in February, following January's jump of 15 cents/lb.

($1 = €0.75)

By: William Lemos
+1 713 525 2653

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