CP in November, 2024 : 632.5 USD/t ((+ 10 USD from October)
C3 : USD 635 (+ 10 USD from October) / C4 : 630 (+ 10 USD from October)
The November CP rose slightly. The main factor behind the price increase was the continued OPEC+ crude oil production cuts, which limited shipments from gas-producing countries,
while expectations of increased demand for heating in the winter supported the market. In addition, the rise in naphtha prices increased demand for butane as a substitute.
Due to supply concerns following the Israeli military’s killing of Hamas’s top commander and the attack on Lebanon, the October average of WTI rose by about $2 per barrel compared to the September average. Our view on future CP trends is that the December CP will rise due to the increase in LPG heating demand due to the drop in temperatures in East Asia,
and the impact of OPEC+ crude oil production cuts. (Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
