22 May 2013 21:59 [Source: ICIS news]
Correction: In an ICIS story headlined “US propylene inventories fall for third consecutive week” dated 22 May 2013, please read in the second paragraph …down 2.3% from… instead of …down 1.5% from…. Also, in the second paragraph, please read …previous week’s levels of 3.552m bbl… instead of …previous week’s levels of 3.522m bbl…. A corrected story now follows.
HOUSTON (ICIS)--US propylene inventories fell for the third consecutive week, government data showed on Wednesday, although the decline game alongside lower production levels.
US inventories of non-fuel refinery-sourced propylene fell to 3.469m bbl for the week ended 17 May, down 2.3% from the previous week’s levels of 3.552m bbl.
Additionally, US refinery operating rates fell to 87.3% for the week ended 17 May from 88.0% a week ago.
The dual declines are the first the market has experienced since the week ended 15 February.
Since reaching a 2013 high of 3.853m bbl the week ended 26 April, US propylene inventories have fallen by 10%.
Most of the fall in recent weeks has been attributed to increased demand and restocking of inventories owing to US propylene contracts shedding 17 cents/lb ($375/tonne, €292/tonne) since reaching a 2013 high in February.
US refinery-grade propylene (RGP) was heard bid at 51 cents/lb on Wednesday against no fresh offers.
($1 = €0.78)
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