CP in November, 2025 : 467.5 USD/t (- 17.5 USD from October)
C3 : USD 475 (- 20 USD from October) / C4 : 460 (- 15 USD from October)
In the Far East, relatively mild weather has persisted, leading to sluggish residential and commercial LPG demand. As a result, the November CP declined further from the previous month.
While supply remains ample due to increased crude oil production by OPEC+, China’s PDH plant operating rate fell to below 70%, resulting in weaker petrochemical propane demand.
In addition, some Indian buyers have started shifting part of their LPG procurement from Middle Eastern to U.S. sources.
Naphtha prices retreated, and butane demand for petrochemical use also showed a downward trend. The average WTI price in October fell by around USD 3 per barrel compared with September.
From our company’s perspective, we anticipate that LPG demand for heating will rise in the Northern Hemisphere’s cold regions as winter begins, and therefore we expect the December CP to increase.
(Reference Material：Eneos Weekly Report, Astomos Energy Monthly Report, EIN, RIM)
※Our forecast is only our opinion and do not guarantee CP trends in the future.
