CP in October, 2024 : 622.5 USD/t ((+ 22.5 USD from September)
C3 : USD 625 (+ 20 USD from September) / C4 : 620 (+ 25 USD from September)
The October CP rose. The main factors behind the price increase include the continued cuts in crude oil production by OPEC+, which has led to a reduction in shipments from gas-producing countries, strong LPG demand in India, increased demand in Southeast Asia such as Indonesia and Bangladesh, and increased propane demand due to increased operating rates at Chinese PDH plants, which ultimately led to a tight supply-demand situation. The September average for WTI fell by about $6 per barrel compared to the August average.
Our view on future CP trends is that OPEC has announced that it will continue to maintain its crude oil production cuts, and we cannot expect much increase in LPG production in the Middle East, especially Saudi Arabia, so we predict that the November CP will also rise slightly. (Reference Material：ENEOS GLOBE Weekly Report, Astomos Energy Monthly Report, EIN)
※Our view is only our opinion and do not guarantee CP trends.
