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SunSirs: China LPG Civil Market Continued to Fall
January 21 2021 09:37:38SunSirs(Selena)

Since January 13, Shandong's civil gas market no longer rose and opened a downward channel. From January 13 to 19, the overall civil LPG market showed a continuous downward trend. According to the data monitoring of SunSirs, the average price of LPG in Shandong market was 4,233.33 RMB/ ton on January 13 and 3,973.33 RMB/ ton on January 19, with a decrease of 6.14% and an increase of 13.85% compared with January 1.

In January 2021, the civil gas market rose broadly. However, due to the rapid rise of the market at the beginning of the month, with the end of replenishment after the festival, the lower reaches gradually withdrew from the market and stayed on the sidelines, with a more cautious attitude. Since January 13, the LPG market in Shandong has dropped significantly. In terms of international crude oil, it fell in shock from January 13 to 19, with bad news and market mentality. The industry had a strong bearish attitude towards the future market, and the trading atmosphere of the market was obviously weaker than that of the earlier stage. Manufacturers shipping blocked, inventory pressure was increasing. As of January 19, the mainstream transaction price in Shandong market was 3,970-4,000 RMB/ ton, most of which had fallen below 4,000 RMB/ ton.

On January 19, the price of WTI crude oil futures market in the United States rose, and the settlement price of the main contract was $52.98/ barrel, up $0.56/ barrel. Brent crude oil futures market prices rose, the settlement price of the main contract was $55.90/ barrel, or up $1.25/ barrel. Oil prices rose on Tuesday, mainly due to the positive US stock market. The market is optimistic that Biden's administration will bring more stimulus measures to boost economic recovery and fuel demand.

In recent days, the LPG futures market has fallen, bringing obvious pressure on the spot market. On January 19, the opening price of LPG futures contract 2102 was 3,780, the highest price was 3,815, the lowest price was 3,750, the closing price was 3,798, the former settlement price was 3,814, the settlement price was 3,782, down 16, or 0.04%. The trading volume was 52,376, the position was 23,487, and the daily increase was -2,483. (quotation unit: RMB/ ton)

The international crude oil stopped falling and rebounded, and the news brought a certain boost to the market. However, due to the continuous obstruction of manufacturers' shipment, the current inventory pressure is relatively obvious. After the continuous decline of prices, the enthusiasm of downstream market entry has not improved significantly. The current market is limited. It is expected that China Shandong civil gas market will be dominated by weak consolidation in the short term.

 

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