Summary
Middle Eastern propane (C3 CP) drove bullish sentiment in the propane market as CP attracted sticky buying despite lower crude. This was aided by a strong CP settlement and improved demand from India during its festival season. As a result, the front Dec/Jan spread rose to $10/mt over the fortnight. In line with this, the FEI/CP was heavily pressured as the Dec’24 FEI/CP spread fell from $10/mt to lows of -$12/mt, with rising freight rates a contributing factor.
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