SunSirs: This Week, the Propane Market Experienced Narrow Fluctuations (January 29-February 4)
February 06 2024 09:40:14 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic Shandong propane market experienced narrow fluctuations this week. On January 29th, the average price of propane in Shandong's market was 5,370 RMB/ton, and on February 4th, it was 5,375 RMB/ton. The weekly increase was 0.09%, and a decrease of 16.33% compared to the same period last year.
Analysis review
This week (1.29-2.4), the Shandong propane market first rose and then stabilized, with an overall slight increase. At the beginning of the week, crude oil and external markets rose one after another, and with positive news, the buying and selling atmosphere on the market improved. Downstream active stocking led to a continued rise in propane prices. Subsequently, oil prices fell, coupled with a weakening of downstream stocking, and the market atmosphere began to weaken, leading to upstream discounts and selling.
Saudi Aramco announced its February CP of 2024, with propane priced at 630 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month; Butane was 640 US dollars per ton, an increase of 10 US dollars per ton compared to the previous month.
Market outlook
Overall, the Spring Festival approaches, as logistics capacity weakens, demand will further weaken. It is expected that the propane market will experience a narrow decline in the short term.
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