C3 : USD 560.0/ C4 : USD 530.0
Crude oil prices hit their highest level since April 2019, partly due to advances in vaccinations around the world and expectations for economic recovery as President Biden signed a $1.9 trillion additional economic measure against the coronavirus crisis. Meanwhile, crude oil production began to recover from the record-breaking cold wave that hit Texas, and on 17th, the U.S. Energy Information Administration (EIA) announced that “oil inventories are historically plenty and there is surplus product capacity in oil-producing countries.”
CP market had some factors of higher prices, such as continued Saudi’s production declines and delays in U.S. cargo due to heavy fog, but demand was not strong in India and China, which are major demand countries, and surplus of supply capacity in Kuwait and Qatar were factors to decrease the price. In addition, the spread of infection of mutant coronavirus around the world, as well as the re-lockdown measures in Europe, further boosted the decline in prices for the first time in a year.
The propane butane gap is US$30.