C3 : USD 495.0/ C4 : USD 475.0
Crude oil prices rose due to tensions in the Middle East, a decline in inventory volumes in the EIA weekly report, positive economic indicators because of the spread of vaccines in the United States, and US dollar depreciation. On the other hand, the increase in the number of U.S. oil drilling rigs in operation, the spread of the virus, and movement restrictions in some emerging countries such as India continued to pressure the economy. Libya’s state oil company’s suggestion of force majeure about limitation of exporting oil was a potential factor in the price increase. Still, it was not significantly affected in the end because the suggestion was taken back.
CP market conditions continued to decline since Saudi’s loading date was generally notified as expected, and there was no tight feeling in supply and demand. In addition to the progress in resolving traffic jams in the Panama Canal, the Middle East still has a spot supply surplus, and a low level of demand has put pressure on prices. The price gap between Propane and Butane is 20 USD, and the gap is smaller than the previous month