CP in June, 2024 : 572.5 USD/t (- 10 USD from May)
C3 : USD 580 (± 0 USD from May) / C4 : 565 (- 20 USD from May)
CP price in June fell slightly from May.
The reason for the decline of CP price is the fall in naphtha prices and the reduction in demand for butane as an alternative.
Demand for propane increased with the improving in the operating rate of China’s PDH plants.
Due to the impact of the cut in Saudi Arabian crude oil production, the June CP price did not fall as much as expected, despite the low demand period.
WTI decreased by approximately USD 5.5 per barrel in May compared to the April average.
In the end, the CP price in June reduced from May at – 10 USD/t, propane 580 USD/t, butane 565 USD/t, and the price difference between propane and butane is 15 USD/t.
Our view on future CP trends is expected to fall slightly in July because some participating countries such as Qatar and Iran have indicated that they do not support crude oil production cuts at the OPEC+ meeting scheduled to be held in June.
(Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
