CFR Far East

　In the CFR Far East market last week, prices softened on ample supply. Rim Asia Index for propane and butane was at $794.50/mt as of Jun 9, down $2.50/mt from Jun 3. There were several sellers having propane cargoes for July delivery. For first-half July delivery, Matheson energy sold two 23,000mt propane cargoes at a discount of $7/mt to July CFR Far East quotations. Similar cargoes for second-half July delivery were traded at a discount of $4.5-5.0/mt to July CFR Far East quotations. After that, there were still sellers having 46,000mt propane cargoes and supply was seen to be plentiful.

　

FOB Middle East

　 The July CP forecast was revised down to around $730/mt for propane butane due to ample supply from the Middle East. Two Middle East gas producers sold July loading cargoes through their sell tenders. One gas producer in Kuwait sold a 44,000mt 50:50 cargo at a discount in the mid-high $10's/mt to the July CP. The winner was heard to be one Japanese importer. One Qatari gas producer was reported to have sold an even-split cargo for July loading at a discount in the mid-high $10's/mt or $20/mt to the July CP to one British Major. Further, the gas producer in Qatar also sold a 44,000mt 75:25 cargo to a discount in the mid $20's/mt to the July CP. Apart from that, two Middle Eastern traders had room to sell several spot cargoes.

　

Asia Pressurized Market

　 In the FOB South China market, offers for second-half June loading were heard at a premium of $35-40/mt. Some importers from South China considered selling spot cargoes due to dull domestic sales in China. Regarding the FOB Southeast Asia market, one North Sea producer could apparently sell spot cargoes for June to July loading although firm offers were unknown.