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US June propylene contracts settle at a 3.50-cent decline

Houston — June US propylene contracts settled at a 3.50-cent decline from May contract prices, trade participants said Monday.

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June US polymer-grade propylene contracts settled at 36.50 cents/lb and chemical-grade propylene contracts at 35 cents/lb.

Market sources said that the June propylene contract settled in line with the clear majority, and that the decline was in line with market expectations.

The June declines followed lower spot prices in June compared with May. June polymer-grade spot prices have averaged 33.01 cents/lb FD USG, below the May PGP average of 38.94 cents/lb FD USG, according to S&P Global Platts data.

Domestic propylene inventory still remained long, despite declines in the five of the last six weeks.

US propylene stocks rose slightly the week ended June 14 after five consecutive draws, according to data released by the Energy Information Administration on Wednesday. Non-fuel use propylene stocks totaled 4.932 million barrels, up 63,000 barrels from a week earlier.

Despite the build, US propylene stocks remained below 5 million barrels for a third consecutive week, after remaining above that level since December. Moreover, last week's inventory was still up by 2.234 million barrels from the same time a year earlier.

-- Ali Oktay, ali.oktay@spglobal.com

-- Edited by Jennifer Pedrick, newsdesk@spglobal.com