CP in March, 2024 : 635 USD/t (± 0 USD from February)
C3 : USD 630 (± 0 USD from February) / C4 : 640 (± 0 USD from February)
CP price in March landed at the same price as the February CP price. The background to the price decision was an increase in LPG demand in Asia due to low freight market conditions in mid-February and demand for LPG heating has increased due to cold weather in North America. On the other hand, LPG demand declined in late February due to rising freight market prices, due to the impact of the Chinese New Year, the drop in LPG demand due to the suspension of operations at factories in China, and the slump in the propylene market for PDH plants in China also affected March CP prices. In addition, as naphtha prices continued to trade at high levels last month, demand for butane increased. WTI increased by approximately USD 2.4 per barrel in February compared to the January average because there is a growing sense of caution about crude oil supply disruption due to rising tensions in the Middle East.
In the end, the CP price remained unchanged at ± 0 USD/t, propane 630 USD/t, butane 640 USD/t, and the price difference between propane and butane is 10 USD/t, the same as last month. Our view on future CP trends is expected to decrease in April because the regular maintenance of each LPG terminal in the Middle East gas-producing countries is scheduled to be completed at the end of March and the LPG demand season is nearing its end. (Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
