24 January 2014 16:27 [Source: ICIS news]
LONDON (ICIS)--Activity in the northwest European propane barge market is “worse than in summer”, sources said on Friday.
Cold weather usually drives heating demand for propane barges in the winter months, but mild temperatures have depressed buying interest this year. Sellers are holding prices in the hope of a colder turn before the end of the month, and trade has been minimal as a result.
“Everybody is maintaining the prices they want to sell but there’s no buyers. It’s amazing what’s happening now,” said one trader. “If you go to 10 companies and ask what did you buy – nothing. What did you sell? Nothing.”
Another trader added: “This is even worse than in summer because even in summer we are moving more product than now.”
If cold weather does not arrive in January, sources said sellers would be forced to close their positions and offer product at reduced prices.
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