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InternationalMarkets/Weekly Summary

LPG: Sep 13-17: Prices surge on firm crude prices

CFR Far East

The CFR Far East market skyrocketed due to strong crude prices and tight supply/demand for propane. For second-half October delivery, a 23,000mt propane cargo was traded at a level equivalent to a premium of $37/mt to the October CP. Moreover, one 46,000mt propane cargo was traded at a level equivalent to a premium of $24.5/mt to the October CP. Rim Asia Index for propane and butane was at $788.38/mt and $793.38/mt respectively as of Sep 16, up $59.38/mt from Sep 10. 

 

FOB Middle East

The expected October CP was revised up to around $750/mt for propane and butane due to strong crude prices. For October loading, one North Sea gas producer holding term supply commitments to India was seen to have room to buy a 44,000mt 50:50 cargo. Further, one European trader was seeking a 45,000mt propane cargo for Oct 22-31 loading. Meanwhile, one Japanese importer seemed to consider reselling a term cargo ex-Middle East.

 

Asia Pressurized Market

Some spot cargoes for October loading were available in the FOB South China market. Offers were heard at a premium in the high $30's/mt to the October CP. On the other hand, the number of available pressurized vessels seemed to be quite limited due to bad weather and the prevention of the spread of COVID-19. Thus, it was hard for buyers to find suitable vessels even if they purchased spot cargoes.

 

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