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Weekly Summary

LPG: Jun 13-17: Ample available cargoes send market lower

CFR Far East

 In the CFR Far East market last week, prices weakened on ample sellers. Rim Asia Index for propane and butane was at $764.25/mt as of Jun 16, down $7.75/mt from Jun 10. For second-half July delivery, Glencore sold a 23,000mt propane cargo to E1 at a level equivalent to a premium of $42/mt to the July CP. After the deal, Glencore also offered a similar cargo and there were still sellers having 46,000mt propane cargoes. In the market for first-half August delivery, one Chinese trader was offering a 23,000mt propane cargo at a level equivalent to a premium of $38/mt to the August CP.


FOB Middle East

 The July CP was expected at around $720/mt for propane butane. Middle Eastern gas producers were seen to have high stocks. One Abu Dhabi gas producer was reported to have requested to take cargoes for Jun to July loading to some term customers after the release of acceptances for July loading. One Qatari gas producer had issued a sell tender for a 45,000mt propane cargo for second-half July loading last Monday. Some sources perceived that it might have been awarded, but details were not heard. Apart from that, other Middle Eastern gas producers such as one Kuwaiti gas producer apparently had room to sell spot cargoes in July.


Asia Pressurized Market

 In the FOB South China market, offers for July loading were heard at a premium in the mid$30's/mt to the July CP. Meanwhile, active buyers were not seen in the market. Regarding the FOB Southeast Asia market, several sellers were interested in selling spot cargoes. Cargoes for loading from Brunei, Thailand and Malaysia seemed available in the market.


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