C3 : USD 530.0/ C4 : USD 525.0
Crude oil price has been rising due to resuming of eating and drinking inside restaurants in the UK from 17th, and the deregulations of behavioral restrictions to control the coronavirus infection in European countries, and the market price has risen on the back of economic normalization in Europe and the United States. In addition, supply concerns were pointed out in the case of the shutdown of the largest U.S. oil pipeline because of cyberattacks, but the impact was only on soaring gasoline in some U.S. states after reports of an early resumption of operations. Meanwhile, as a factor of decline, Iranian President Rouhani suggested that U.S. economic sanctions could be removed, and market conditions fell on the view that Iranian crude oil would flow into the market. However, the impact of the nuclear agreement is limited because it takes time to reach a conclusion and there is uncertain part of the talks on the nuclear agreement. In addition, corona infections are spreading in Asian countries such as Japan and India, and the view that the normalization of Asian economies will be delayed has been pushing down the market conditions.
The CP market rose slightly according to crude oil prices. However, supply and demand are not so tight, as OPEC Plus has scaled down its cooperative reduction from May to July, and spot sales surplus continues to be estimated in the Middle East. The propane butane gap has narrowed to a $5 butane low.