Gas Market Report
NORTH WEST EUROPE: Large cargoes: Lack of activity on the large propane cargoes has been the main (non) event of the last week. With buyers feeling relaxed and even the petchems covered for the foreseeable future its not surprising that prices dropped over $30 in the last few days. Albeit this drop was mostly credited to the fall in crude you have to ask if this would have taken place anyway when sellers appeared on the market. One cargo was shown at $980/bal July flat for end July/early August delivery but with July trading all but complete then prices would have to be more in line with August values, which are in the low $970s, to attract any interest.
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