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SunSirs: The Rise of Crude Oil Boosted China LPG Market
November 26 2020 10:59:55SunSirs(Selena)

Since the middle of November, China LPG market has been on the "slide", showing a continuous downward trend, until November 23, the market stopped falling and rising. According to the data monitoring of SunSirs, the average price of liquefied gas in Shandong market was 3,233.33 RMB/ ton on November 15, and 3,080.00 RMB/ ton on November 23, with a decrease of 4.74%. On November 24, it rebounded and rose 1.95% in a single day. The quoted price was 3,140.00 RMB/ ton, up 1.29% compared with November 1.

Since the middle of November, LPG civil market in Shandong Province has been continuously declining. Due to the lack of obvious favorable support in the market, the downstream mentality is cautious, the wait-and-see mood increases, the enthusiasm for entering the market is not high, manufacturers' shipment is blocked, and the inventory is gradually increasing, so it is forced to reduce the ex factory price and stimulate downstream market entry. However, due to the weak terminal demand, the market trading atmosphere is slightly light, and the price is continuously weak.

On November 24, the civil LPG market in Shandong rebounded, with a daily rise of nearly 2%. The continuous rise of international crude oil benefited the LPG market. At present, the mainstream transaction price of Shandong civil gas market is around 3,050-3,150 RMB/ ton. At present, the supply in Shandong is relatively stable, the demand is still weak, and most manufacturers' inventory is in a controllable state.

On November 24, the futures market and the spot market rebounded. The opening price of LPG futures 2101 was 3,565, the highest price was 3,580, the lowest price was 3,525, the closing price was 3,560, the previous settlement price was 3,529, the settlement price was 3,550, up 31, or 0.88%, the trading volume was 57,554, the position was 51,596, and the daily increase was 4,108. (unit: RMB/ ton)

Currently, supported by international crude oil, Shandong civil gas market rebounds. The market supply is relatively stable, the inventory of manufacturers is under control, and the mentality is relatively strong. However, downstream to accept high prices is limited. If the market is still not good in the short term, the rise of the civil gas market may be hindered, and horizontal consolidation is the main trend.


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