13 March 2013 19:46 [Source: ICIS news]
HOUSTON (ICIS)—A 3.2% week-on-week increase in US propylene inventories put them above the 3m bbl level for the first time in 7 weeks, according to government data released on Wednesday.
US inventories of non-fuel refinery-sourced propylene increased to 3.057m bbl for the week ended 8 March, according to the US Energy Information Administration (EIA).
This is up from 2.963m bbl for the week ended 1 March and is the third consecutive weekly increase.
US propylene inventories hadn’t been above 3m bbl since sitting at 3.046m bbl for the week ended 18 January.
The increase in inventories came despite a decrease in US refinery operating rates to 81.0% from 82.2% the previous week.
Market sources said demand for propylene has been soft, and refinery-grade propylene (RGP) bid/offer levels were heard on Wednesday at 54.0-58.0 cents/lb ($1,190-1,279/tonne, €917-984/tonne), lower than the lone deal done the previous week at 63.5 cents/lb.
($1 = €0.77)
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