26 July 2013 23:59 [Source: ICIS news]
LONDON (ICIS)--The European propane market saw some increase in trade this week as participants covered their July positions, however, overall sentiment was slightly weaker, sources said on Friday.
One source said propane is currently considered more attractive to petrochemical buyers than butane as a result of weaker demand downstream for C4 products.
Propane large cargoes were at $806-816/tonne CIF (cost, insurance and freight) NWE (northwest Europe) on Friday, up $8/tonne (€6/tonne) on last week with most regions posting an increase for the week.
Conversly butane saw a mostly downward trend with only NWE cargoes increasing on last week's price.
Butane barges were down $35/tonne to $745-755/tonne FOB (free on board) seagoing on Friday, a reflection of the move away from butane from petrochemical buyers.
The naphtha-propane spread was slightly weaker at around $65/tonne on Friday, however, the high prices are seeing some petrochemical buyers consider their options.
Market participants said mid-August should see more propane and butane become available, and prices should ease accordingly.
($1 = €0.75)
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