24 April 2013 20:51 [Source: ICIS news]
HOUSTON (ICIS)--US propylene inventories increased by 4% week on week, according to data released on Wednesday by the US Energy Information Administration (EIA).
US inventories of non-fuel refinery-sources propylene increased to 3.749m bbl for the week ended 19 April, up from stockpiles of 3.604m bbl the previous week.
The increase puts US propylene inventories at their highest since stockpiles were at 3.836m bbl for the week ended 21 December 2012.
US propylene inventories have increased by 28% since the start of February, when US propylene contracts settled at 79 cents/lb ($1,742/tonne, €1,341/tonne), which most buyers felt was over done.
Since then, contract prices have declined by 16 cents/lb as buyers have retreated to the sidelines.
The increase in inventories also came despite a drop in US refinery operating rates, which fell to 83.5% from 86.3% week on week.
US refinery-grade propylene (RGP) was heard done earlier in the week at 50.0, 50.5 and 51.0 cents/lb.
($1 = €0.77)
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