20 March 2013 18:40 [Source: ICIS news]
HOUSTON (ICIS)—US propylene inventories jumped 9.7% week on week to hit their highest level in nine weeks, according to data released by the US Energy Information Administration (EIA) on Wednesday.
US inventories of nonfuel refinery-sourced propylene were at 3.354m bbl for the week ended 15 March, compared with 3.057m bbl a week earlier.
This is the highest inventories have been in the US since the week ended 4 January, when stockpiles were at 3.475m bbl.
Inventories increased for the fourth consecutive week as sources said demand has declined on high downstream stockpiles.
The increase was also fuelled by an increase in US refinery operating rates, which moved to 83.5% for the week ended 15 March compared with 81.0% the previous week.
US refinery-grade propylene (RGP) was offered at 57.25 cents/lb ($1,262/tonne, €972/tonne) on Wednesday, higher than deals done the previous week at 56.25 and 56.50 cents/lb.
($1 = €0.77)
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