CP in December, 2024 : 632.5 USD/t (± 0 USD from November)
C3 : USD 635 (± 0 USD from November) / C4 : 630 (± 0 USD from November)
A cold wave hit the Far East, ushering in the winter demand period for LPG in the Middle East market, but with the operating rate of Chinese PDH plants at just under 70%, propane demand was sluggish, and naphtha prices fell as well, and as a result the December CP ended up at the same price as November.
WTI was heavily affected by the ceasefire agreement between Israel and Lebanon’s Hezbollah, with the November average falling by about $2 per barrel compared to the October average.
Our outlook for future CP trends is that, due to the La Niña phenomenon, this winter is expected to be colder than average in the Far East,
which will increase demand for winter heating and cause CP in January, 2025 to rise slightly.
(Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
