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SunSirs: Driven by Positive Factors, Propane Rose More Than 4% in Early February

February 05 2021 13:48:44     SunSirs (John)

Entering February, the Shandong propane market did not continue the decline at the end of January, but continued to increase. According to the data monitoring of SunSirs, the average market price of propane on January 31 was 4,020.00 RMB/ton, and the average price on February 4 was 4,182.50 RMB/ton, an increase of 4.04% during the period, an increase of 0.60% compared to January 1.

Entering February, the Shandong propane market continued to rise, with an upward adjustment of 150-200 RMB/ton. With the introduction of CP prices in February, propane butane continued to rise, and the rising cost of imported gas gave a certain boost to the market. The second is the international crude oil market. During the week, oil prices rose significantly for three consecutive trading days, which brought certain support to the market. The second is the international crude oil market. During the week, oil prices rose significantly for three consecutive trading days, which brought certain support to the market. The Spring Festival is approaching, and the downstream has replenishment demand before the Spring Festival. There are many favorable factors in the market and the downstream mentality is better. Most of them enter the market to replenish. In the early part of this week, manufacturers sold smoothly, their inventories were mostly at low levels, and the manufacturers' mentality was firm, and prices continued to rise. However, late this week, the market loosened. Due to the approaching holiday, market demand weakened. As the downstream replenishment ended, the market transaction atmosphere weakened. The Shandong market remained stable, with some slight downward adjustments, and market prices loosened.

In terms of international crude oil, on February 3, the US WTI crude oil futures market price rose, and the main contract settlement price was reported at 55.69 US dollars per barrel, an increase of 0.93 US dollars. The price of Brent crude oil futures market also rose, and the main contract settlement price was reported at 58.46 US dollars per barrel, an increase of 1.00 US dollars. As of now, oil prices have risen significantly for three consecutive trading days this week. According to the monitoring of SunSirs, WTI has increased by 6.68% in the past 3 days, and Brent has increased by 6.10%. The WTI settlement price on February 3 reached its highest level in nearly a year.

In the international market, Saudi Aramco announced its CP in February that both propane and butane have been raised. Propane is 605 US dollars/ton, up by 55 US dollars/ton from last month; butane is 585 US dollars/ton, up by 55 US dollars/ton from last month.

This time, the increase in the northern market was more obvious. Due to the general sales atmosphere in the southern market, the overall price was relatively weak. At present, with the end of downstream replenishment and the Spring Festival holiday approaching, terminal demand is decreasing, and the downstream delisting is mainly to wait and see. The sales atmosphere in the Shandong market has significantly weakened compared with the previous period, and the price dropped slightly on the 4th. It is expected that the propane market may consolidate weakly before the Spring Festival.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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