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Weekly Summary

LPG: Jun 20-24: Market down on weak crude prices and increased sellers

CFR Far East

  In the CFR Far East market last week, prices weakened as crude prices moved down and supply increased. Rim Asia Index for propane and butane was at $769.50/mt as of Jun 23, down $26.25/mt from Jun 17. For second-half July delivery, two Chinese players had 46,000mt propane cargoes and several trades had room to sell 23,000mt propane cargoes. E1 sold a 23,000mt propane cargo at a level equivalent to a premium of $54/mt to the July CP last Thursday. Sellers for August delivery already appeared. One Chinese trader and one European trader had interest in selling pure propane cargoes.

 

FOB Middle East

 The July CP was expected at around $720/mt for propane butane. Buyers for 44,000mt 50:50 cargoes for July loading emerged. SHV showed bids for a 44,000mt 50:50 cargo for late July loading at a discount of $15/mt to the July CP last Thursday. Besides that, one North Sea gas producer and another European trader were also seeking similar cargoes, according to sources. Along with heightening buying interest, sources pointed out that 44,000mt 50:50 cargoes might be discussed at a discount of $10-12/mt to the July CP.

 

Asia Pressurized Market

  In the FOB South China market, talks for July loading showed no progress in the absence of active buyers. Meanwhile, some importers from South China held enough inventories to sell spot cargoes at a premium in the mid $30's/mt to the July CP. Regarding the FOB Southeast Asia market, one US Major seemed to have sold spot cargoes for July, August and September loading and mixed butane/butylene cargoes for August and September loading from a Thai refinery.

 

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