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 ?xml:namespace> 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
Propylene inventories (m bbl)
Refinery operating rates (%)