SunSirs: The Propane Market Saw a Slight Increase This Week (December 18-22)
December 25 2023 11:18:49 SunSirs (John)
Price trend
This week, the domestic Shandong propane market continued to rise. According to the commodity market analysis system of SunSirs, the average price of propane in Shandong Province was 5,595 RMB/ton on December 18th, and 5,578 RMB/ton on December 22nd. The weekly increase was 1.55%, an increase of 8.9% compared to the same period last year.
Analysis review
This week (12.18-12.22), the propane market in Shandong continued to rise slightly. The rise in crude oil prices during the week boosted market confidence with news. The demand side was generally favorable due to the significant cooling of the northern market, increased demand for civilian use, stable demand for chemical products, and overall positive demand. The upstream inventory on the supply side was controllable, mainly driven up slightly multiple times.
Saudi Aramco announced its CP in December 2023, with propane at 610 US dollars per ton, stable from the previous month; Butane was priced at 620 US dollars per ton, stable from the previous month.
Market outlook
Overall, the weather will warm up next week, and transportation capacity will return to normal. In addition, with the arrival of port cargo sources, it is expected that the propane market will lack power to rise next week, and there may be a slight decline to stimulate shipping.
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