US propylene inventories fall 7.5%, tie lowest level for 2013

06 November 2013 21:43  [Source: ICIS news]

HOUSTON (ICIS)--US propylene inventories for the week ended 1 November fell 7.5% week on week, tying their lowest level in 2013, the US Energy Information Administration (EIA) reported on Wednesday.

Inventories of non-fuel refinery-sourced propylene fell to 2.793m bbl for the week ended 1 November, down from 3.021m bbl the week prior.

This is the lowest inventories have been since they were at 2.793m bbl the week ended 23 August, which was also their lowest in 2013.

Inventories have not fallen below that level since they were at 2.347m bbl the week ended 26 August 2011.

Year on year, inventory levels are down by 34% from 4.211m bbl for the week ended 2 November 2012.

The decrease in inventories has allowed US spot refinery-grade propylene (RGP) to stay in the mid-50s cents/lb level despite weaker demand.

US November RGP was last heard bid at 55 cents/lb ($1,213/tonne, €897/tonne) and offered at 58 cents/lb.

US refinery operating rates fell to 86.8% for the week ended 1 November from 87.3% the week prior.

($1 = €0.74)

EIA

November 01

October 25

October 18

October 11

Propylene inventories (m bbl)

2.793

3.021

2.953

2.868

Refinery operating rates (%)

86.8

87.3

85.9

86.2


By: John Dietrich
713-525-2600



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