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Indian LPG demand shoots up: BPCL, HPCL in market for more purchases
Feb 13: India’s Bharat Petroleum Corp. Ltd. (BPCL) was said to have secured three medium-sized gas carriers (MGCs) of LPG for February loading at premiums of around $60/mt to February CP, said trade sources.
8In the LPG market, bullish sentiments continued for Feb-lifting barrels on the back of the tight supply in the Middle East and spot demand emerged in South Asia.
8In addition, fellow importer, Hindustan Petroleum Corp. (HPCL) also emerged in the market seeking up to 39,000 mt of LPG on FOB basis for Feb 23-24 loading from the Middle East.
8The Indian company was seeking 16,000 mt of propane along with 23,000 mt of butane in a tender, which closed earlier this week of which the results were still not available.
8Overall, prompt demand from India had strengthened by between 160,000-200,000 mt, strengthening demand for Middle Eastern cargoes due to proximity.
8India’s monthly average of LPG consumption last year stood at 1.766 million mt, but that for the fourth quarter had been averaged at 1.89 million mt, according to official figures.
8The rise in consumption of the gas resulted in a hike in LPG imports in the fourth quarter with the monthly average of 1.04 million mt, sharply higher compared to the year’s monthly average of about 845,000 mt.
8The trend of higher-than-usual demand in the country typically continues in the first quarter of the year, with the peak demand usually easing in April.
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