CP in June, 2023 : 445.0 USD/t (- 110 USD from May) C3 : 450.0 (- 105) / C4 : 440.0 (- 115)
CP price in June fell more than expected. Factors behind the decline include stagnant consumer demand because of high temperatures in the Far East. In Saudi Arabia, LPG, which became unconsumable due to trouble with PDH facilities, became an export cargo, loosed the market supply-demand balance, and the reluctance of importers to increase freight rates has had an impact. WTI in May also fell by $7.45 from the average in April. Iraqi Oil Minister Abdal Aziz and Russia’s Deputy Prime Minister Hobak announced at the OPEC plus meeting scheduled in 4th, June that they would not cut the production further, so it made supply concerns ease and pushed down the oil price.
In the end, the CP price fell by 110 USD/t, propane at 450 USD/t, butane at 440 USD/t, and the price difference between propane and butane became 10 USD/t. (Reference: Energy intelligence Network, ENEOS GLOBE Weekly Report).
