SunSirs: The Domestic Propane Market Fluctuated and Fell in February
February 28 2024 14:41:54 SunSirs (John)
Price trend
The domestic propane market fluctuated and fell in February. According to data monitoring from SunSirs, the average price of propane in Shandong's market was 5,433 RMB/ton on February 1st, and 5,238 RMB/ton on February 27th. The monthly decline was 3.59%, and a decrease of 14.58% compared to the same period last year.
Analysis review
The domestic propane market fluctuated and declined in February. At the beginning of the month, before the Spring Festival, downstream stocking was basically completed, and demand gradually decreased. Upstream actively moved to reduce inventory, coupled with a drop in oil prices during the holiday, propane experienced a wave of decline. After the holiday, the market gradually recovered, upstream inventory was controllable, downstream demand remained low, and prices slightly increased. Subsequently, due to the impact of snowfall weather, the on-site transportation capacity decreased, and upstream cargo flow was not smooth, resulting in a downward pressure on propane.
Saudi Aramco announced its CP in February 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 upstream supply was high, while the downstream gradually returned to normal levels. Demand is expected to increase, and the March CP is coming soon. Pay close attention to the external market trends, and it is expected that the propane market will have a stronger trend in the short term.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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