Gas Market Report.

(From Lloyds List)

NORTH WEST EUROPE : The large cargo propane market has not been particularly active over the last working week, mainly due to the volatility of crude prices and the distractions of world cup football. There was buying interest last week for a handy sized cargo which was bid at $540 basis Flushing, but then eventually covered on a floating price basis. The same buyer emerged again this week for another handy sized and bid the mid $550's basis Flushing, but with Baltic options.

Large cargo butane has been more or less devoid of activity until very recently with buying interest hard to identify. Most players see the arb to the States as closed which in turn has resulted in the spot market in N.W. Europe becoming a little more bearish. A 5 kt stem was heard to have been sold at just above the $520 level CIF ARA followed by a larger 12 kt cargo which was reported to have been concluded at $517 CIF.

Not surprisingly the coaster propane market has not changed much since last week. Buying interest remains limited while product availability is a bit more flexible with the potential for handy size cargo liftings to release terminal pressure. The FOB level is talked in …