Documente Academic
Documente Profesional
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OVERVIEW
PRICES
Key prices
$/t
$/t
200
100
Bid
Ask
+4
758 - 768
+5
+6
742 - 752
+7
685 - 702
650 - 670
895
+1.0
892
+6.0
893.5
+3.5
/USG
VWA
-100
Low
High
+0.500
+0.000
+3.969
-200
+4.0
780.0 -
781.5
+4.0
-300
+4.0
690.0 -
691.5
+4.0
-400
04 Dec 13
101.086 +0.875
100.857 +0.750
+3.969
100.750 - 101.500
100.750 - 101.000
595.218 - 596.524
Non-LST
LST
USGC export fob $/t
04 Apr 14
$/t
Propane
06 Jun 14
Butane
755.5
713.0
755.0
730.0
Saudi Aramco
835.0
835.0
30
KPC (Kuwait)
835.0
835.0
792.0
789.0
20
Argus arbitrage
$/t
Propane
10
0
-10
NW Europe
AFEI
Physical spot
528.25
763.00
895.00
Jun
526.25
759.00
896.00
Jul
528.25
756.00
895.00
Aug
531.50
756.00
891.00
NWE diff to
Mt Bel
AFEI diff to
Mt Bel
AFEI diff to
NWE
-132.00
$/t
Regional assessments
Propane
-20
-30
06 Dec 13
$/t
Mt Belvieu
06 Feb 14
04 Apr 14
06 Jun 14
CONTENTS
Northwest Europe
Mediterranean, FSU
International swaps
Middle East
Asia-Pacific
US
Latin America
Industry news
Physical spot
-234.75
-366.75
Jun
-232.75
-369.75
-137.00
Jul
-227.75
-366.75
-139.00
Aug
-224.50
-359.50
-135.00
Naphtha
2
3
3
4
4
7
9
9
Bid
Ask
+1.50
+1.50
926.00 - 928.00
cif Mediterranean
+1.50
916.25 - 918.25
+1.50
cfr Japan
+11.00
939.50 - 947.00
+11.50
+11.00
904.25 - 911.75
+11.50
LPG freight
$/t
103
105
1,800t Tees-ARA
45
NORTHWEST EUROPE
$/t
Bid
Ask
768
+5
Propane
cif ARA (large cargoes)
+4
758 -
+5
668 -
678
+5
+5
713 -
723
+5
670 -
680
690 -
700
755 -
765
790 -
800
765 -
+5
+5
775
Price
761.800
+0.300
676.429
Butane
cif ARA (large cargoes)
+6
752
705
760 -
770
750 -
760
760 -
770
-3
742 695 -
+5
750 -
760
785 -
795
+7
-3
+5
Price
740.100
+1.725
756.143
Crude
Argus North Sea Dated
Price
108.64
+0.26
108.61
-0.18
Aug
107.86
-0.25
Sep
107.16
-0.28
Page 2 of 11
MEDITERRANEAN
FSU
$/t
FSU
Ask
660 -
694
650 -
685
680
655 -
650 -
670
477 -
492
685 -
702
503 -
515
660 -
675
640 -
-1
670
809
+3
768
+1
-69.5
$/t
Bid
Ask
INTERNATIONAL SWAPS
Jun
+4
757 -
761
+4
Jul
+4
754 -
758
+4
Aug
+3
754 -
758
+3
Sep
+2
756 -
760
+2
Oct
+1
759 -
763
+1
763 -
767
755 -
759
763 -
767
-1
731 -
735
Jun
+3
922 -
924
+3
Jul
+4
911 -
913
+4
Aug
+2
900 -
902
+2
Nov
Paper trade was thin at the close of the week with some
early activity on July CP and later in the day for June cif
ARA the only notable exceptions. Values edged upwards
across the Asia-Pacific, Mideast and northwest European
markets, as well as on naphtha, to keep the propanenaphtha spread stable and help support slight gains on
east-west and AFEI-CP spreads.
A total of four June cif ARA deals were recorded during
the 16:15-16:30 assessment period, all of which were for
2,000t, at $761/t, $760/t, $758/t and $756/t, moving
lower through the 4.15-4.30pm timeframe. This pushed
the front month swap up $4/t to $759/t. But a slight
easing of the contango from July through to December
helped to level off any gains so that the later month swaps
were relatively unchanged.
Naphtha swaps also rose today, albeit more gently,
leaving the June propane-naphtha spread $1/t higher at
-$164/t. And the movements in later months were similar
to those seen on propane leaving spreads further along
the curve in similar positions to yesterday finding the
narrowest point in January 2015 at -$105/t.
Mideast swaps rose slightly more robustly than their
Asia-Pacific brethren to push the AFEI-CP spread out to
$90/t in July one dollar below a deal done earlier in the
day. Meanwhile the rises in Asia-Pacific pushed the eastwest spread out to $137/t in June and $139/t in July.
Bid
3Q14
+3
4Q14
1Q15
+3
-1
+6
803 -
807
+6
Aug
+5
803 -
807
+5
Sep
+5
805 -
809
+5
Jun
+7
894 -
898
+7
Jul
+8
893 -
897
+8
Aug
+6
889 -
893
+6
$/t
Page 3 of 11
04 Feb 14
02 Apr 14
06 Jun 14
$/t
Price
756 (2kt), 758 (2kt), 760 (2kt), 761 (2kt) Jun cif ARA
761 Jul cif ARA
757 Aug cif ARA
3 Jun-Jul cif ARA
802.5, 804, 805, 810 (x2) Jul CP
91 Jul AFEI-CP
86 Aug AFEI-CP
-10.526 -1.082
Butane
-10.263 -0.819
MIDDLE EAST
July paper swaps were valued at $803/t with a trade done
at that level before Asian timestamp amid a bid-offer range
of $800-$805/t.
The spot differential for June loading propane cargoes
in the Mideast Gulf were maintained at a $30/t discount
against the announced June CP of $835/t.
As a deal was seen at -$5/t for July propane/butane CP
paper swap, the spot differential for June loading butane
cargoes in the Mideast Gulf was assessed at a $25/t discount
against the June CP.
ASIA-PACIFIC
Propane
887.200 +1.950
Butane
885.000 +1.750
886.100 +1.850
$/t
Refrigerated
0
04 Dec 13
05 Feb 14
04 Apr 14
06 Jun 14
$/t
LPG arbitrage
Northwest Europe
-234.75
Jun
-232.75
Jul
-227.75
Aug
-224.50
Physical spot
763.00
Jun
759.00
Jul
756.00
Aug
756.00
Mont Belvieu
Physical spot
528.25
Jun
526.25
Jul
528.25
Aug
531.50
Physical spot
-132.00
Jun
-137.00
Jul
-139.00
Aug
-135.00
AFEI
Physical spot
-366.75
Jun
-369.75
Jul
-366.75
Aug
-359.50
Page 4 of 11
Physical spot
895.00
Jun
896.00
Jul
895.00
Aug
891.00
Asia-Pacific
Timing
Gulf CP fob
Jun
Jun
Japan CP cfr
Jun
1H Jul
Japan cfr
+1
+1
58 /
893
62
+1
- 897
+1
1H Jul
+1
58 /
62
+1
2H Jun
+1
58 /
62
+1
Jun
2H Jun
+1
+1
+1
893
- 897
58 /
893
62
- 897
895
+1
+1
+1
+1.0
Butane
Gulf CP fob
Jun
Jun
+5
Japan CP cfr
Jun
1H Jul
+6
Taiwan CP cfr
Jun
1H Jul
+6
Jun
2H Jun
Japan cfr
+6
+6
+6
Jun
2H Jun
+6
+6
Jun
Jun
+6
-30 / -20
55 /
890
59
- 894
+5
+6
+6
55 /
59
55 /
59
+6
- 894
+6
890
55 /
890
+6
59
+6
- 894
+6
50 /
54
892
+6
+6.0
+3
891
- 896
+3
891
- 896
893.5
+4
+4
+3.5
Propane pressurised
South China CP fob
Jun
Jun
Jun
Jun
-10
Jun
-10
60
-10
885 / 895
50 /
-10
Jun
-10
90
-10
Jun
-10
915 / 925
-10
Jun
-10
105 / 115
-10
80 /
Butane pressurised
South China CP fob
Jun
Jun
Jun
-10
Jun
-10
Jun
-10
Jun
Jun
-200
-250
-50
-300
-100
-350
-150
-400
-450
04 Dec 13
Page 5 of 11
05 Feb 14
60
-10
885 / 895
50 /
-10
90
-10
-10
915 / 925
-10
-10
105 / 115
-10
80 /
$/t
50
-35 / -25
Jun
-150
06 Jun 14
Jun
100
02 Apr 14
Ask
-100
04 Feb 14
Bid
Taiwan CP cfr
150
-200
03 Dec 13
Propane
Vietnam CP cfr
$/t
$/t
CP
basis
04 Apr 14
06 Jun 14
yuan/t
Bid
Ask
East China
Ex terminal
Ningbo
6,200 - 6,250
Wenzhou
6,150 - 6,200
Taicang
6,200 - 6,250
Shanghai
6,300 - 6,400
Zhangjiagang
6,200 - 6,250
Fujian
6,500 - 6,600
Ex refinery
Pressurised
Shanghai
Zhenhai
6,110 - 6,510
Yangzi
6,040 - 6,090
$/t
5,890 - 5,990
Fujian
5,850 - 5,900
Gaoqiao
5,880 - 5,980
Qingdao
5,750 - 5,850
South China
Ex terminal
Zhuhai
6,150 - 6,200
Shenzhen
6,550 - 6,600
Raoping
6,100 - 6,150
Nansha
6,200 - 6,300
Shantou
6,100 - 6,150
Yangjiang
5,850 - 5,900
Ex refinery
Maoming
5,760 - 5,810
Guangzhou
5,950 - 6,000
6,070 - 6,170
Dalian
-200
4,900 - 5,000
-100
Yan-An
250
200
70
150
100
60
50
50
0
-50
40
-100
-150
09 Dec 13
07 Feb 14
07 Apr 14
06 Jun 14
30
09 Dec 13
Page 6 of 11
07 Feb 14
08 Apr 14
06 Jun 14
/USG
100.857
101.625
Butane
119.500
101.086
Non-LST
Ethane-propane mix
29.375 -0.250
29.000
+0.375
28.750 -
29.250 +0.375
Natural gasoline
213.068
212.500 - 214.000
US non-LST averages
/USG
Month to date
Propane (Jun)
102.088
-0.240
Butane (Jun)
123.425
-0.403
US forward market
/USG
Low
High
Jul
Aug
Sep
3Q14
Jul
Aug
Sep
3Q14
130
100
120
90
110
80
100
70
90
60
80
50
70
40
28.750 -
120
06 Jun 14
-0.250
Isobutane
110
08 Apr 14
29.136
140
07 Feb 14
Purity ethane
150
60
09 Dec 13
Targa propane
Butane
High
Propane
/USG
Low
LST
Propane
US
30
09 Dec 13
Page 7 of 11
07 Feb 14
08 Apr 14
/USG
06 Jun 14
AMERICAS DEALS
Mont Belvieu spot deals
Timing
/USG
75
70
65
60
45
09 Dec 13
29.250
10
0.000
10
06 Jun 14
121.625
10
Jun
121.750
10
Jun
121.750
25
Jun
122.000
10
Jun
122.250
10
Jun
122.375
10
10
Jun
28.875
10
Isobutane non-LST
Jun
28.875
10
Jun
Jun
29.000
10
Jun
29.000
10
Jun
29.250
10
Jun
212.500
25
Jun
29.250
10
Jun
212.625
10
25
127.500
10
Jun
29.375
10
Jun
212.625
Jun
29.375
30
Jun
213.000
10
3Q
29.500
15
Jun
213.000
10
Propane LST
Jun
213.000
25
Jun
213.125
10
Jun
100.750
10
Jun
213.250
10
Jun
100.750
25
Jun
213.250
10
Jun
100.875
10
Jun
213.500
10
Jun
100.875
10
Jun
213.750
10
Jun
100.875
10
Jun
213.875
10
Jun
100.875
10
Jun
214.000
10
Jun
100.875
10
Jul
212.500
10
Jun
100.875
75
Jun
101.000
10
4Q
104.000
75
Jun
Cal Year
102.625
84
217.750
10
10
Jun
100.875
10
Jun
100.875
Jun
0.250
15
1Q
-4.250
150
Jun
101.000
10
Jun
101.000
10
Jun
101.250
25
Jun
101.500
10
Jan/Feb
-0.625
100
Jul
101.250
25
2Q/3Q
-1.000
30
0.500
10
Jun/Jul
0.250
500
0.000
Jun
Page 8 of 11
121.250
Jun/Jul
0.250
25
Targa/non-LST propane
10
08 Apr 14
Jun
28.750
Jun/Jun
07 Feb 14
000 bl
Jun
50
/USG
Jun
Jun/Jul
55
Timing
000 bl
Jun
/USG
Jun/Jun
-0.500
10
Jun/Jul
-0.875
50
LATIN AMERICA
On Friday the VLGC Morston finished loading at Targas
Galena Park export terminal and began its journey to
South America. The vessel is moving to Suape, Brazil, and
potentially Santos as well. It is due to land at Suape on 18
June for an NOC.
The Navigator Mars was also finished loading at Targa.
The handy-sized vessel will sail to Omoa, Honduras.
At Enterprises Houston Ship Channel export hub, the
Clipper Victory returned from Chile. The VLGC loaded
alongside another VLGC, the BW Lord, which is expected to
sail to the Caribbean.
ANNOUNCEMENT
Argus Africa LPG 2014
16-17 September | Cape Town, South Africa
Register online and save US $155 with our early bird
discount. Offer ends 25 July 2014. For more information,
please visit our website www.argusmedia.com/africa-lpg
INDUSTRY NEWS
Australias April LPG exports fall
Australias April exports of LPG fell 46pc from a month
earlier to 94,793t to a four-month low because of a sharp
decline in propane and butane shipments to Japan.
Propane shipments dropped 40pc to 44,063t in April, its
lowest level since January, according to Australian Bureau
of Statistics (ABS) data. Propane shipments to Japan eased
to 21,000t in April from 48,000t in March. South Korea
bought 22,000t, unchanged from the previous month.
Butane exports fell 35pc to 50,700t in April, as exports
to Japan fell to 23,500t from 78,500t in March that had
been the highest level in more than two years.
Australias LPG exports generated A$88.43mn in export
earnings, or $82.36mn based on the average exchange rate
used by the ABS in April of A$1/$0.9314. This equates to an
average price of $868.85/t.
Page 9 of 11
Page 10 of 11
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Disclaimer
The data and other information published herein
(the Data) are provided on an as is basis. Argus
makes no warranties, express or implied, as to the
accuracy, adequacy, timeliness, or completeness of
the Data or fitness for any particular purpose. Argus
shall not be liable for any loss or damage arising
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Publisher
Adrian Binks
Chief operating officer
Neil Bradford
Global compliance officer
Jeffrey Amos
Commercial manager
Karen Johnson
Editor in chief
Ian Bourne
Managing editor, Global
Cindy Galvin
Managing editor, Americas
Jim Kennett
Vice-president, LPG
Nick Black
Editor
Emma Reiss
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