01 May 2013 22:36 [Source: ICIS news]
HOUSTON (ICIS)—US propylene inventories increased 2.8% week on week, according to date released on Wednesday by the US Energy Information Administration (EIA), as refinery operating rates also increased.
US inventories of non-fuel refinery-sourced propylene increased to 3.853m bbl for the week ended 26 April, up from 3.749m bbl a week ago.
The weekly increase in inventories is the third in a row and puts 2013 stockpile levels at their highest for the year.
Inventory levels are also at their highest since hitting 4.0m bbl for the week ended 7 December 2012.
The increase in inventory levels came as US refinery operating rates increased to 84.4% for the week ended 26 April, compared with 83.5% a week ago.
Higher inventory levels have also lowered spot prices for refinery-grade propylene (RGP), which were heard bid at 47.5 cents/lb ($1,047/tonne, €796/tonne) against no fresh offers on Wednesday, down from Tuesday’s range of 50.0-51.0 cents/lb.
($1 = €0.76)
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