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Gas Market Report.
(From Lloyds List)
NORTHWEST EUROPE:The large propane market continues to fluctuate with crude. Prices have been talked in the $345-$368 range over the last week. Even two tenders, one buy and one sell, could not entice a deal to be done. The only cargo that seems to have been traded was a P'C 20 kts thought to have been concluded at around 95% naphtha. First half June still appears to be bereft of cargoes to be traded and demand, especially for the handy size cargoes still there which should maintain price levels in the $350s, possibly as high as the $360s for a while longer.
Second half June is thought to be more relaxed with potentially a couple of 20 kts that could find their way into the market. Butane remains untraded and is thought to be in the $330-$335 range. Will we see a cargo appear shortly prior to BPAP to test the market, possibly, but as like propane the perceived value fluctuates with naphtha whilst tons remain tight with any excess cargoes still finding their way out of the area.
The propane coaster market has been quiet this week with crude price volatility. Friday witnesses a flurry of activity on propane at the low-mid $340s, but with the crude price increase in the early part of this week, little discussion was heard and no buying interest was shown. Product availability is getting tighter and with the end month period and BPAP day approaching this does not help spot activity either. The fob price is notionally in the $340-$345 range and cif is in the $360s.
The butane market has also been quiet. Price volatility is not helping players and petchems are still the main and almost the only outlet in the area. Some refinery product is available and cif levels are notionally in the $320s with fob in the $300s
MEDITERRANEAN: Refrigerated cargo: Butane levels held largely steady in thin trade but with short local avails. Propane market softening with expected avails seen from everywhere in the region. Consequently cif prices are under pressure and should come further down despite Sonatrach June expected to be set higher than May.
In the meanwhile, Turkish market is not as active as past months, offtakes being jeopardised by uncertain Iraqi liftings.
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