🚢 **S&P Global Commodities At Sea – LPG Update** 🚢
Worth mentioning:
1. 🛢️🔥 September LPG Exports: U.S. LPG exports in September remain robust at 5.7 million mt, hitting the second strongest month of 2024.
2. 📊 Overall Decline from the August Record High Exports: The Enterprise Hydrocarbons Terminal, Targa Resources Corp. – Galena Park Marine Terminal, and Freeport LPG Export Terminal were the leading terminals, with an average volume decrease of 1.5 VLGCs, while Sunoco Logistics Nederland Terminal and Marcus Hook Industrial Complex reported a combined decline of 24%, equivalent to 11 VLGCs.
3. 🛢️ Stable Inventory Levels: As of September 27, U.S. propane/propylene inventory levels stood at 97.823 million barrels, reflecting a slight increase of less than 0.5% from the previous week. Current levels are 4% below those of the previous year.
4. 📈 Price Surge in Propane Market: The price of propane at Mt Belvieu rose 13% from 69.75 cts/gal at the end of September to 78.75 cts/gal by October 2, marking the highest price since late June on a prompt-month basis, amid rising USGC spot terminal fees and geopolitical tensions in the Middle East.
5. 🚧👷♂️ Impact of Labor Strike: A strike by longshore workers that began on October 1 could lead to shortages of consumer and industrial goods, potentially increasing prices as the holiday shopping season approaches.
6. 🚢🌀 Easing Congestion in the USGC Region: As of the early October, the USGC is maintaining levels close to 7 VLGCs anchored in ballast, lower than the levels recorded following Hurricane Beryl.