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InternationalMarkets/Weekly Summary

LPG: Sep 6-10: Prices soften on weak crude prices

CFR Far East

The CFR Far East market increased on the back of weak crude prices and slack supply/demand for propane for delivery to the Far East. One 48,000mt propane cargo for second-half September delivery was apparently traded at a discount of $7.5-8.0/mt to September CFR Far East quotations. Further, for delivery to China, one 23,000mt propane cargo for first-half October delivery was traded at a discount of $2-3/mt to October CFR Far East quotations while one 23,000mt propane cargo was traded at a discount of $4/mt to October CFR Far East quotations, according to sources. Rim Asia Index for propane and butane was at $720.75/mt and $725.75/mt respectively as of Sep 9, up $8.25/mt from Sep 3. 


FOB Middle East

The expected October CP was stable at around $690/mt for propane and butane. One North Sea gas producer was apparently seeking a 44,000mt 50:50 cargo at discount levels to the October CP. Meanwhile, some players expected to have room to sell similar cargoes. One Abu Dhabi producer released the acceptance for October loading. There were apparently no major advancements and delays against nominations.


Asia Pressurized Market

In the FOB South China market, offers for second-half September loading were still heard at a premium in the high $30's/mt to the September CP. Meanwhile, selling interest was gradually retreating. This was because domestic sales in South China was smooth. Additionally, buying interest was weak along with ample supply from refineries in Southeast Asia. For Southeast Asia, a refinery from Singapore issued a sell tender for Sep 22-24 loading cargo. Although details such as the winner and the price were unknown, the tender was apparently awarded. In Vietnam, Nghi Son refinery carried out a sell tender and sold a Sep 7-9 loading cargo. One trader seemed to have won the tender and the cargo would be supplied to South China.



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