15 May 2013 20:06 [Source: ICIS news]
HOUSTON (ICIS)—US propylene inventories dropped by 4.0% week on week, mostly spurred by increased demand, data from the US Energy Information Administration (EIA) showed on Wednesday.
US propylene inventories for non-fuel refinery-sourced material fell to 3.552m bbl for the week ended 10 May, down from 3.669m bbl the previous week.
With April contract prices dropping 10 cents/lb ($220/tonne, €170/tonne), sources said buyers returned to the market after drawing down inventories for much of March and April.
The decline in inventories came despite an increase in US refinery operating rates, up to 88.0% from 87.0% the previous week.
US refinery-grade propylene (RGP) was heard bid at 51.75 cents/lb on Wednesday against no fresh offers.
($1 = €0.77)
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