CFR Far East

The CFR Far East market gained in the wake of strong crude prices and firm buying interest. In the middle of last week, two 23,000mt propane cargoes for second-half September delivery were traded at $705/mt or a premium of $0.5/mt to September CFR Far East quotations. Further similar cargoes were apparently traded at flat to a premium of $0.5/mt to September CFR Far East quotations. Rim Asia Index for propane and butane was at $712.00/mt and $717.00/mt respectively as of Aug 6, up $13.00/mt from Aug 12.　

FOB Middle East

The expected September CP was revised up to about $680/mt for propane and about $675/mt for butane. One Qatari producer seemed to have sold two 45,000mt propane cargoes to two European traders at a mid-high single digit discount to the September CP. Meanwhile, views heightened that Saudi Aramco might cancel several term cargoes for September loading due to production troubles.　

Asia Pressurized Market

In the FOB South China market, several importers were considering spot sales in view of lackluster sales in the domestic market. Buyers, however, were hardly observed. Demand in Southeast Asia, a consumption area, was still weak and it was difficult for buyers to find vessels due to congestions at many ports in China. As measures preventing COVID-19 from spreading were implemented in China, it took time to replace crews and many vessels had to wait in the harbor. For Southeast Asia loading, several importers such as in Thailand and Malaysia were offering spot cargoes for second-half August loading.