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Bull-Bear Switcheroo

Sentiment reverses in US and Asia propane; de-escalation and demand destruction weaken FEI; strong buying in LST/FEI arb
Published: April 22, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
17 page report
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The LPG complex over the past fortnight was defined by shifting sentiment between US (C3 LST) and Asian (C3 FEI) propane. The former strengthened significantly, with front spreads reaching 5-year seasonal highs following news that an Enterprise terminal was coming online earlier than expected.

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Written by

Vincent Wu

Research Associate, Flux
Vincent Wu

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