Europe spot propane cargoes trading at prices close to naphtha values

17 August 2012 16:03  [Source: ICIS news]

LONDON (ICIS)--European spot propane cargoes were trading at similar values to that of naphtha, according to ICIS data on Friday.

Naphtha values were assessed at $947-949/tonne (€767-769/tonne) (cost, insurance and freight) NWE (Northwest Europe) at 11:00 GMT on Friday.

Market sources said propane values are between $940-945/tonne CIF NWE, up by $50-55/tonne from the previous week on tight supply.

“There are five buyers in the market, looking for sellers, but there are no offers,” one trader said.

Availability of propane is limited, with stocks at low levels despite the fact that the fourth quarter is approaching, which is typically the peak demand season when propane is used for heating.

There have also been limited amounts of product coming from refineries because of the start of the refinery maintenance season.

($1 = €0.81)

By: Sarah Trinder
+44 20 8652 3214

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