17 July 2013 20:23 [Source: ICIS news]
HOUSTON (ICIS)—US propylene inventories for the week ended 12 July fell by 1.8% week on week despite an increase in production, according to government data released on Wednesday.
US inventories of non-fuel refinery-sourced propylene fell to 2.973m bbl, down from the previous week’s level of 3.028m bbl, according to the US Energy Information Administration (EIA)
The drop puts US propylene inventories below the 3m bbl level for the first time since the week ended 1 March, when they were at 2.963m bbl.
Propylene inventories have fallen despite a recent increase in US refinery utilisation rates, which reached an almost one-year high of 92.8% for the week ended 12 July.
US refinery utilisation rates were at 93.0% for the week ended 20 July 2012, according to the EIA.
Demand for propylene from the gasoline sector has improved in the past few weeks, but demand from the plastics sector has begun to taper off.
US refinery-grade propylene (RGP) for July was heard transacted at 56.5 cents/lb ($1,246/tonne, €947/tonne) on Wednesday.
($1 = €0.76)
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