US propylene stockpiles surpass 5 million barrels
US propylene inventory moved above the 5 million barrels mark to end 2018 at a 41-month high, data released by the Energy Information Administration showed Friday.
US non-fuel use propylene inventories for the week ending December 28 were at 5.077 million barrels, up 260,000 barrels from a week earlier.
It was the third consecutive week for the domestic propylene inventory to rise, and the first time for stockpiles to cross 5 million barrels mark since the week of July 17, 2015.
The increase came alongside higher refinery utilization rates, which moved up 2.1% to 97.2%.
US propylene spot prices were down early Friday, following the EIA data report. Prompt polymer-grade propylene bid/offers were at 35.50-37.75 cents/lb FD USG Friday morning, down from prices Thursday's assessment of 38.75 cent/lb FD USG.
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