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Gas Market Report: 14 May 2009

LPG MARKETS: NORTH WEST EUROPE: Large cargoes: The large cargo propane price has oscillated over the last week with crude’s movements and buying and selling interest from two parties. The rest of the market has been stagnant, mostly awaiting the issue of the June programmes and also the result of a tender from a Med producer. Prices are seen as being around the mid/high $360s for May trades whilst only other buying interest is for June and mainly from the petchems who place the value of propane around the 80% of naphtha level. Butane has been active this week with two handy size cargoes changing hands around at $397/+10 and the second one at $412/+12. A third handy was rumoured to have changed hands albeit on a P and C basis. One buyer of a handy C4 remains, but the bids have not been sufficient to attract any buying interest as yet.

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