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US nonfuel use propylene supplies plunge more than 1 million barrels
HOUSTON, September 19, 2018 (PCW) -- US nonfuel use propylene inventories plummeted 1.020 million barrels last week (-36.3%) to 1.787 million barrels, the EIA said today. It was the largest weekly drop recorded since 2004. Historically, such a large drop or increase in propylene stocks has often been followed by a correction of similar magnitude, so it is not clear whether the move represents fundamental market trends or short-term volatility in the data.
Inventories are about 1 million barrels (-36%) below the 52-week average. Meanwhile, US Gulf refinery utilization fell by 2.1 percentage points to 96.5%. -- David Barry
|US Nonfuel Use Propylene Inventories|
|4 weeks ago||3,108||-1,321||-42.5%|
|52 week average||2,793||-1,006||-36.0%|
|Source: US Energy Information Administration|