CP in September, 2024 : 600 USD/t (+ 20 USD from August)
C3 : USD 605 (+ 15 USD from August) / C4 : 595 (+ 25 USD from August)
The September CP continued to rise from the previous month. The main factors behind the price increase include tight supply due to the Middle East’s crude oil production cuts, increased LPG demand in India, and demand from Chinese PDH plants remaining at high levels, and the Middle East’s increased demand of propane for a power generation to meet domestic electricity demand for air conditioners and other purposes due to the intense heat.The August average for WTI fell by about USD 5 per barrel compared to the July average.
Our view on future CP trends is that the Middle East plans to gradually ease crude oil production cuts from September onwards, but we expect Indian and Chinese demand to continue to increase, so we predict that the October CP will land at a similar price to the September price.
(Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
