23 October 2013 22:07 [Source: ICIS news]
HOUSTON (ICIS)--US propylene inventories for the week ended 18 October moved up 3.0% week on week despite a decrease in production, according to government data released on Wednesday.
The US Energy Information Administration (EIA) said inventories of non-fuel refinery-sourced propylene rose to 2.953m bbl for the week ended 18 October, up from 2.868m bbl a week ago.
The increase comes despite US refinery operating rates falling to 85.9% from 86.2% week on week.
Sources said refinery-grade propylene (RGP) demand has been softer in October owing to a decrease in gasoline production.
Additionally, plastics buyers have started to retreat from the market in an effort to put downward pressure on November propylene contracts.
US October RGP was bid at 55 cents/lb ($1,213/tonne, €885/tonne) on Wednesday and offered at 59 cents/lb.
Year on year, US propylene inventories are 30% lower from stocks of 4.221m bbl for the week ended 19 October 2012.
($1 = €0.73)
EIA ?xml:namespace> October 18 October 11 October 04 September 27 Propylene inventories (m bbl) 2.953 2.868 2.979 3.131 Refinery operating rates (%) 85.9 86.2 86.0 89.0
Propylene inventories (m bbl)
Refinery operating rates (%)
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