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Global LPG market gets more complex
Mar 13: The global LPG market has become increasingly complex
8Petrochemical demand is increasing and LPG is in competition with lighter feeds
8There was earlier increased LPG utilisation in steam cracking as there is a price advantage over naphtha
8But LPG prices firmed in the East to 97% of naphtha for propane and 100% of naphtha for butane. So despite steam cracking margins remaining high, the advantage for using LPG declined
8Sea borne trade is showing a distinct change of flows, with West to East volumes continuing to grow in what is a difficult arbitrage environment.
8US exports are gradually heading east displacing Middle Eastern volumes. US exports will account for 33% of total seaborne supply by 2020 and over 38% by 2025
8China is leading the way for LPG but demand is slowing down.
8The focus continues to be in India but for retail demand
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