SunSirs: Upstream Shipments Were under Pressure, and Propane Accelerated Decline
December 08 2023 09:35:15 SunSirs (John)
Price trend
On December 7th, the propane market in Shandong continued to decline, with mainstream market prices ranging from 5,350 to 5,400 RMB/ton.
Analysis review
In recent times, international oil prices had continued to decline, and the negative news had intensified. At the same time, downstream buyers had a strong mentality of buying up rather than falling, which led to a bearish outlook on the future market. This had led to an increase in inventory on the market, an increase in upstream supply pressure, and a lack of smooth supply of high priced goods.
Market outlook
Under the cover of bearish sentiment, it is expected that propane will maintain a downward trend in the short term.
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