CP in August, 2024 : 580 USD/t ((+ 7.5 USD from July)
C3 : USD 590 (+ 10 USD from July) / C4 : 570 (+ 5 USD from July)
The CP price in August rose slightly. The factors behind the increase include the increase in Chinese petrochemical demand and demand for PDH plants, the continued OPEC crude oil production cuts, and the temporary closure of the Houston route due to a ship capsizing caused by Hurricane Beryl, which made landfall in the United States in July, which delayed loading and tightened supply. In addition, the rise in naphtha prices increased demand for butane. The average WTI price rose by just under 2 USD per barrel in July compared to June due to the arrival of the American driving season. Our view on future CP trends is that if the tight supply of American LPG is alleviated to some extent in August without being affected by natural disasters, price competitiveness with Middle Eastern LPG will be created and the September CP may fall slightly. (Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
