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SunSirs: The Peak Season is not Good, China LPG Market is Weak in September
September 28 2022 09:46:14SunSirs(Selena)

In September, the domestic LPG market was dominated by weakness. The Shandong civil gas market was consolidated in a narrow range in the first half of the month and fell significantly in the second half. According to the data monitoring of the business community, the average price of LPG in the civil Shandong market was 5930.00 RMB/ ton on September 1 and 5,560.00 RMB/ ton on September 26, with a monthly drop of 6.24%, up 6.38% over the same period last year.

Although it ushered in the traditional peak season, in September this year, the domestic LPG market as a whole was dominated by weaknesses. The Shandong civil gas market showed a narrow consolidation trend in the first half of the month, and continued to fall in the second half of the month. In September, the overall decline was more obvious.

In the first half of the month (September 1-15), the Shandong civil gas market fell by 0.24%. There was a certain demand for replenishment in the downstream before and after the Mid Autumn Festival holiday, and the enthusiasm for entering the market was fair. The market trading atmosphere was mild, and the manufacturers had a firm mentality. Most of them adjusted prices in a narrow range according to their own conditions. In the second half of the month (September 15-26), the decline of Shandong civil gas market deepened. During the period, the international crude oil mainly declined, bringing obvious negative effects on the cost side. The improvement of terminal demand is limited, and the downstream is cautious, maintaining the replenishment on demand, and the manufacturers continue to yield profits, mainly shipping. Near the end of the month, the price of Shandong civil gas fell to a relatively low level, the market trading atmosphere improved, and the price gradually recovered to a stable level, with individual compensation.

In September, the LPG futures market was also weak, mainly in the second half of the month. On September 26, the opening price of LPG futures contract 2211 was 5,045, the highest price was 5,189, the lowest price was 5,020, the closing price was 5,024, the previous settlement price was 5,208, the settlement price was 5,111, down 184, the trading volume was 141,212, the position was 81,078, and the daily position increased 4,905. (Quotation unit: RMB/ ton)

In general, in terms of cost, international crude oil continued to decline, which was bad for the market. In terms of demand, the downstream market entry enthusiasm is average, and the terminal demand needs to be improved. On the supply side, the upstream inventory has eased. With the price adjusted to a relatively low level, the decline space is relatively limited. It is expected that the price of China Shandong civil gas market will continue to consolidate in the short term, and may rise in October.


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