LPG: Apr 26-30: May CP set at $495 for propane
CFR Far East
The CFR Far East market slightly rose last week due to rising crude prices. For second-half May delivery, a 23,000mt propane cargo was traded at a level equivalent to a premium of $33/mt to the May CP. For first-half June delivery, two 23,000mt propane cargoes were traded at levels equivalent to a premium of $27-34/mt to the May CP. Regarding cargoes containing butane, one Japanese trader was apparently seeking a 22,000mt 50:50 cargo. Rim Asia Index for propane and butane was at $529.00/mt and $501.50/mt respectively as of Apr 28, up $3.00/mt from Apr 23.
FOB Middle East
The May CP was set at $495/mt for propane and about $475/mt for butane. The June CP was expected at about $495/mt for propane and about $475/mt for butane. One Kuwaiti producer apparently sold a 44,000mt 50:50 cargo for Jun 4-5 loading from Mina Al Ahmadi at a discount in the low $10's/mt to the June CP via a sell tender. For North Africa loading, through a sell tender, one Algeria producer was said to have sold a 44,000mt 50:50 cargo for May loading and a 44,000mt 25:75 cargo for May loading. Further, the player apparently sold a 44,000mt 50:50 cargo on a CFR basis as well. Nevertheless, details such as the prices were unknown.
Asia Pressurized Market
On FOB South China, discussion levels for May loading were heard at a premium of $33-35/mt to the May CP. For June loading, some importers showed selling ideas at a premium in the mid $30's/mt to the June CP. Regarding CFR Vietnam, buying interest remained dull since domestic sales were still lackluster in Vietnam.