SunSirs: Difficult Rise of Propane Due to Cost Drag
November 21 2022 09:50:07 SunSirs (John)
Price trend
Shandong propane market rose slightly this week. According to the data monitoring of SunSirs, the average market price of propane in Shandong was 5,752 RMB/ton on November 14 and 5,782 RMB/ton on November 18, with a weekly increase of 0.52% and a year-on-year decrease of 3.27%.
Analysis review
This week (11.14-11.18), the domestic propane market was mainly stable with slight changes, the price performance was firm, and the Shandong propane market maintained a small increase. Recently, the national public health events gradually opened up, transportation began to return to normal, demand gradually recovered, and the transaction atmosphere improved. At the same time, there was not much supply of goods at the port recently. Propane enterprises had a smooth shipment, had no pressure on inventory, and had a strong willingness to support prices. Affected by the sharp drop of crude oil on Friday, the market mentality was depressed, and the downstream was slightly cautious in taking goods.
Saudi Aramco introduced CP in November 2022, and propane was 610 US dollars/ton, up 20 US dollars/ton from last month; Butane was 610 US dollars/ton, up 50 US dollars/ton from last month.
Market outlook
On the whole, the cost of crude oil fell broadly, and the liquefied gas market fluctuated, dragging the propane market upward. It is expected that the resistance of propane market to rise will increase in the near future, or it will start to consolidate.
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