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Gas Market Report: 20 August 2009

LPG MARKETS: NORTH WEST EUROPE: Large Cargoes: Despite the belief that September is well supplied the market continues to shrug off any challenge to push prices down. The strength in prices, currently seen as being in the high USD540’s, is being maintained as crude and naphtha continue to rise. This is also aided by consistent buying by one company who is believed to be buying for floating storage and to cover a sale of 40kts which was to be covered by an import that has now been diverted elsewhere. Further out more imports are expected that may have the effect of stopping the rise in prices or even putting them under pressure.

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