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InternationalMarkets/Weekly Summary

LPG: Aug 16-20: Prices fall on weak crude prices

CFR Far East

The CFR Far East market lost due to weak crude prices. Early last week, two 23,000mt propane cargoes for second-half September delivery were traded at a discount of $1/mt to September CFR Far East quotations. Further, a 23,000mt propane cargo for second-half September delivery to East China was apparently traded at a discount of $1/mt to September CFR Far East quotations. Rim Asia Index for propane and butane was at $690.38/mt and $695.38/mt respectively as of Aug 19, down $17.37/mt from Aug 13. 

 

FOB Middle East

The expected September CP was revised up to about $660/mt for propane and about $655/mt for butane. Saudi Aramco released the acceptance for September loading and apparently cancelled four to five cargoes including the cargoes to two Japanese importers due to tight supply of propane caused by production trouble. Meanwhile, one Chinese player apparently offered a 44,000mt 50:50 cargo at a premium of $2/mt to the September CP.

 

Asia Pressurized Market

In the FOB South China market, some sellers began offering September loading cargoes. Offers were heard at a premium in the mid $30's/mt to the September CP. Buyers, however, were not observed. Some traders that had term supply commitments were expected to have demand to cover their short-positions, but it was difficult for buyers to find available vessels as the supply/demand of pressurized vessels was tight. For Southeast Asia loading, several end-August loading cargoes were still unsold. Further, one Thai importer and one operator of refinery in Brunei were moving on spot sales for first-half September loading.

 

Tokyo : LPG Team  kkensuke   +81-3-3552-2411Copyright © RIM Intelligence Co. ALL RIGHTS RESERVED.