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SunSirs: Favorable Factors Lead the Rise of China LPG Market
April 08 2021 13:49:54SunSirs(Selena)

From the end of March, China LPG market was dominated by favorable factors and entered the upward channel again. According to the data monitoring of SunSirs, the average price of LPG in Shandong market was 3,826.67 RMB/ ton on March 28 and 4,000.00 RMB/ ton on April 1, with an increase rate of 4.53% in the past four days, up 7.62% compared with March 1.

At the end of March, the LPG market was once again on the rise, and the price continued to rise. At present, the average price of Shandong civil gas market is back to 4,000 RMB/ ton. First of all, the international crude oil market fluctuated frequently during the week, and the price was high first and then low, but the overall rise brought some support to the LPG market. Secondly, propane and ether both went up, which also brought certain benefits to the market. But the price rise is not easy, the current market negative factors still exist. The CP price of Saudi Aramco was released in April, and the price of propane and butane all fell, which led to the decrease of import gas cost. The supply of domestic Shandong market is relatively sufficient, but the demand follow-up is insufficient. With the price continuously rising to a relatively high level, the resistance of the downstream increased, and they withdrew from the market one after another to wait-and-see, and the transaction atmosphere of the market obviously weakened.

Recently, the LPG futures market has been mainly volatile, which brings limited benefits to the spot market. On April 1, the opening price of LPG futures contract 2105 was 3,887, the highest price was 3,914, the lowest price was 3,770, the closing price was 3,782, the former settlement price was 3,865, the settlement price was 3,842, down 83, or 2.15%. The trading volume was 83,069, the position was 24,450, and the daily increase was –9,431. (quotation unit: RMB/ ton)

In the future, although the current civil gas market is dominated by short-term positive factors and continues to rise, there are still negative factors in the market. The decrease of imported gas cost obviously brings some negative factors to the domestic market, and the fluctuation of international crude oil is frequent. In the later stage, with the gradual increase of weather and temperature, the market demand is expected to weaken. The current price is relatively high, and there is little room for later rise. It is expected that the trend of China Shandong civil gas market in April is still weak.

 

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