Full-Day Pricing Assessments for the European LPG Market
Comprehensive LPG spot pricing, statistics and exclusive news.
This benchmarking publication shows:
• Full-day trading assessments tracked from 9:00 am - 4:30 pm London time.
• 12-month forwards propane pricing.
• Daily news affecting supply, price and demand.
22 May 2012
Energy Futures at Settlement Brent Crude Oil ($/bbl)
Month
JUL AUG SEP
Month
JUN JUL AUG
Price
108.41 107.74 107.16
Change -0.40 -0.39 -0.36
WTI Crude Oil ($/bbl) Price 91.66 91.85 92.15
Table of Contents OPIS LPG Full Day Prices
OPIS LPG Mont Belvieu Snapshot
OPIS Monthly Prices
OPIS Freight Rates & Netbacks
OPIS NWE Propane Forward Prices
OPIS Global Forward Prices
Change -0.91 -1.01 -0.99
p. 1 p. 1
p. 2 p. 2
p. 2 p. 3
PETCHEM CRACKING DEMAND LOOKING POOR FOR JUNE
Crude prices stumbled in the afternoon, pressured by Greek economic concerns that have weighed down the euro and pushed the dollar higher, as well as selling pressures with the June crude contract going off the board today.
Meanwhile, heavy inventories of all natural gas liquids, coupled with producer-selling, continue to depress NGL prices across the board.
Propane values were under pressure from relatively weak petrochemical demand in June. A number of producers were planning to cut spot intakes next month, with at least one major buyer covered with term volumes.
Cracker run rates in Europe were reported down to 75-77% from around 82% earlier this month on lower economic growth prospects and reduced olefins demand. Ethylene and propylene prices have been falling rapidly and a strong cut is expected for June contract prices.
Naphtha cracks have fallen to -$12.30/bbl as feedstock prices continue to drop. Propane remained more economical with its discount to naphtha back to -$164/t in June. Imports from West Africa and the US Gulf also pushed down on the market, although levels have curtailed from last month. Traders said 100,000mt was scheduled to arrive in June, down from about 220,000mt this month.
Arbitrage opportunities to Europe have become less attractive alongside the steadily growing premium in the East - the East/West spread now at almost +$40/t from parity at the start of the month.
In spot discussions, a trading company bid for a ToT 6-9 June delivery at $700/June cif ARA -$3/t.
In the Mediterranean, spot demand from North Africa was reported to be close to non- existent, seeing surplus tons absorbed by petrochemical crackers and prices tumble towards base levels competitive with naphtha.
(Continued on Page 3) OPIS LPG Full Day Prices ($/mt)
Butane cif ARA (+4,000mt) Propane cif ARA (ToT Cargoes) Location
Butane FOB Med Propane FOB Med
OPIS LPG Mont Belvieu Snapshot ($/mt)
Mont Belvieu Non-TET Butane Mont Belvieu Non-TET Propane Location
OPIS 30-Day Spot Prices ($/mt)
730.46 471.51 Mean
Change MTD Avg -17.58 -3.40
518.558 767.269
769.00 690.00 Low
898.00 690.00
773.00 694.00 High
902.00 694.00
771.00 692.00 Mean
900.00 692.00
Change MTD Avg -18.00 -0.25
-18.00 -30.00
734.200 836.443 744.633 956.233
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