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InternationalMarkets/Weekly Summary

LPG: May 24-28: Prices jump on rising crude and tight supply/demand

CFR Far East

Rim Asia Index for propane and butane was at $566.00/mt and $571.00/mt as of May 27, down $32.75/mt and $37.75/mt respectively from May 21 due to rising crude prices and tight supply/demand. On May 27, one 23,000mt propane cargo for second-half June delivery had been traded at a premium of $6.5/mt to June CFR Far East quotations. For first-half July delivery, several buyers were interested in spot purchase. Nevertheless, sellers refrained from offering due to congestions at the Panama Canal.


FOB Middle East

The June CP was expected at $520/mt for propane and $515/mt for butane. Through a sell tender, one Kuwait producer seemed to have sold a 44,000mt 75:25 cargo for end-June loading at a mid or high-single digit discount to the July CP. Meanwhile, several players such as one Turkish trader and one European trader were expected to have room to buy cargoes containing butane for second-half June loading. Further, one British Major was interested in purchasing a 44,000mt propane cargo for Jun 21-25 loading.


Asia Pressurized Market

On FOB South China, sellers took a bullish stance and raised offers for June loading at a premium in the low $40's/mt to the June CP. Regarding CFR Vietnam, given weak domestic demand, sources reckoned that spot cargoes for June delivery to Haiphong might be discussed at a premium of $81-86/mt to the June CP.


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