LPG Prices, Market Analysis & Demand - ChemAnalyst
LPG Market price in North America exhibited a fluctuating trend during the third quarter of 2023. In the initial half, prices experienced a decline of nearly 6%, primarily attributed to reduced demand during the off-season. This depreciation was exacerbated by major industry players such as Aramco and Sonatrach, who slashed LNG prices in response to the prevailing low demand. However, a noteworthy turnaround occurred in the latter half of the quarter, with prices rebounding by almost 7% in September. This resurgence was driven by a surge in demand for Propane, particularly from Asian markets for Propane Dehydration (PDH) to produce Polypropylene. Concurrently, disruptions in the supply chain were observed, as delays and congestion in the Panama Canal, a crucial trade route for LPG shipments to North America, led to increased transit charges and extended lead times for product delivery. These supply chain challenges contributed to a further uplift in prices during the period.
LPG prices in the European market have displayed a nuanced trajectory, initially presenting a bearish scenario with a decrease of nearly 0.5% in the first half of the third quarter, followed by a subsequent rebound of almost 2% in the latter half. The primary factor contributing to the initial price depreciation was the decision of leading LPG producers to lower prices amid recessionary conditions prevailing in the European market during the early part of the third quarter. However, a turnaround was observed in the last month of the quarter, marked by a price rebound, as both Sonatrach and Aramco increased quotations for the official selling prices of LNG. The uptick in product prices is also linked to heightened industrial activities in key industrial hubs across Europe, such as Botlek, Ludwigshafen, and Rotterdam, driven by improved economic conditions. Additionally, the surge in Crude Oil prices, appreciating by almost 25% in the third quarter, serves as a contributing factor to the overall increase in LPG prices.
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