LPG / NGL
Overview
Whether you need access to our exclusive price indexes and benchmarks, expert commentary on all the latest industry developments, or forecasts to aid your strategic planning, we offer you the most transparent and trustworthy LPG business intelligence available anywhere.
With robust, market-appropriate methodologies to assess prices and our global team of experts in constant consultation with a range of participants involved in the LPG markets, you can rely on our independent insight to inform your decisions.
Our price assessments are widely used in contracts by participants across the supply chain and are listed by exchanges including ICE and CME, enabling price risk management options across markets.
Latest LPG / NGL news
Browse the latest market moving news on the global LPG and NGL's industry.
Saudi Arabia says several energy facilities attacked
Saudi Arabia says several energy facilities attacked
Dubai, 8 September (Argus) — A number of energy sector facilities in the southern region of Saudi Arabia came under attack in the early hours of Tuesday, according to the Saudi energy ministry, causing fires at a number of locations. State-controlled Saudi Aramco temporarily halted operations at some of those facilities, the energy ministry said, as specialised emergency response teams work to contain the fire, secure the sites and assess the damage. The attacks had resulted "in injuries of varying severity among several citizens and residents", it said. The authorities are working to implement contingency measures to ensure business and operational continuity in accordance with company policy, the ministry said. The energy ministry did not specify which facilities were targeted, or who was behind these latest attacks. But the military spokesman for Yemen's Houthi rebels, Yahya Saree, has since issued a statement to say that the group had carried out "an extensive military operation" targeting Saudi Aramco in Abha, Najran and Jizan, the location of a key 400,000 b/d refinery that has been targeted by the Houthis in the past. Saree said "dozens of ballistic missiles and drones" were launched at Saudi Arabia, and that the strikes had "caused significant damage" to the facilities. The Houthi statement largely aligns with a statement issued hours earlier by Turki al-Maliki, the spokesman for the Saudi-led military coalition fighting in Yemen, who said the group had targeted "civilian and economic sites" in the cities of Abha, Khamis Mushait, Jizan and Najran, resulting in injuries to more than 70 civilians. Key Saudi infrastructure, including energy facilities, have increasingly come under attack by the Houthis since the militia group declared an end to a period of "de-escalation" with Riyadh in mid-July. The Houthis have since claimed several attacks on key Saudi energy facilities, including the 400,000 b/d Jizan refinery and the key 7mn b/d East-West pipeline that the kingdom has been using to move significant volumes of crude across the country in recent months, for export from the Red Sea. The Financial Times reported that the Jizan refinery had come under a new attack by the Houthi rebels on Monday. A source with knowledge of the events said the attacks announced by the ministry today were in addition to yesterday's incident. It is as yet unclear whether the Jizan refinery was again targeted in the Tuesday attacks. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US ethane exports hit new peak in Aug: Kpler
US ethane exports hit new peak in Aug: Kpler
Houston, 4 September (Argus) — US ethane exports reached a new record high of 814,000 b/d in August, data from vessel-tracking service Kpler show. The gains, which follow earlier expansions at Enterprise's and Energy Transfer's export terminals, are up from 620,000 b/d in July. The bulk of exports, or 618,000 b/d, shipped to China, as increases in ethane-derived ethylene capacity and higher naphtha prices in the region bolstered demand. Shipments to India, meanwhile fell versus July to 53,000 b/d, but were steady year-on-year. Ethane loadings bound for Europe fell from 82,000 b/d to 77,000 b/d between July and August, the lowest shipments to that region since December 2022, owing to lower ethylene prices there. Ethane shipments from Enterprise's Morgan's Point terminal near La Porte, Texas, hit a record 332,000 b/d, well over the nameplate capacity at the facility. Ethane loadings out of Enterprise's Neches River terminal rose to 188,000 b/d in August. Energy Transfer's Nederland, Texas, terminal, shipped 217,000 b/d. Energy Transfer's Marcus Hook, Pennsylvania, terminal shipped 77,000 b/d of ethane in August. Ethane prices at Mont Belvieu, Texas, in dollar-per-tonne terms, averaged a $190.71/t discount to propane in August, the narrowest spread since February. By Joseph Barbour Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Q&A: BW LPG tightens focus amid LPG upheaval and risk
Q&A: BW LPG tightens focus amid LPG upheaval and risk
London, 2 September (Argus) — The VLGC market has been hit by multiple operational challenges stemming first from the US-China trade war and then the Iran war, both compounded by capacity constraints at the Panama Canal. But they have boosted freight rates to new highs and allowed VLGC owners, including the world's largest, Singapore-based BW LPG, to post bumper second-quarter profits. Argus spoke with BW LPG chief executive Kristian Sorensen on the challenges and opportunities ahead: How could the Hormuz crisis reshape LPG trade patterns and VLGC deployment? With Middle Eastern LPG exports choked, it is all about US-Asia trade. US exports are not re-placing the shortfall from the Middle East, but higher US flows and longer-haul trading patterns are absorbing substantial shipping capacity, which is driving freight rates up. There has also been a higher-than-expected number of VLGCs controlled by Middle Eastern and southeast Asian interests in the Indian Ocean waiting for the strait of Hormuz to reopen. It is quite likely that countries in southeast Asia and India will source more of their LPG imports from the US. Do you expect US LPG exports to retain their larger share of Asian demand once Hormuz conditions normalise? Markets east of Suez have been the main outlet for US LPG exports for several years and I can't see this changing soon. European and Latin American markets are not large enough to consume the massive US volumes, while the Asian market has the size and the energy mix that fit well with LPG. This goes hand-in-hand with highly dynamic US LPG pricing supporting the competitiveness of US cargoes and allowing supplies to penetrate new markets, including India and east Africa. Given the constraints at the Panama Canal , will it remain the dominant route for US exports, and is the LPG pipeline project necessary for future growth? The Panama Canal's capacity is more or less fixed for this decade. We see it as a bottleneck, with increased competition for transit slots from several shipping segments, driven by substantial newbuild orderbooks, including a growing fleet of VLGCs. As VLGCs are not prioritised at the canal, we believe it is inevitable that more will sail around the Cape of Good Hope be-tween Asia and the US due to congestion and if they sail to India and southeast Asia. How the Panama pipeline dynamics play out remain to be seen, as shipping logistics on both sides of the canal will become more complex. If India, southeast Asia and east Africa continue to in-crease their share of US exports, the canal becomes relatively less important. BW LPG recently ordered eight Panamax-capable VLGCs that can transit the smaller Panama Canal locks. What benefits will these bring? The 90,000m³ dual-fuel VLGC Panamax design is optimal in terms of size, fuel efficiency and trading flexibility. Historically, Panamaxes were smaller than the conventional VLGCs, but these vessels have erased that disadvantage. This means they are more flexible than conventional VLGCs when trading through the Panama Canal, while they are similarly competitive on non-Panama long-haul trades. The VLGC newbuild orderbook is sizeable at about 155 out to 2030. What gives you confidence that long-term LPG trade growth can absorb this? The underlying appeal of LPG as a commodity is still promising. It is unique in the sense of being a versatile by-product of crude and natural gas production, meaning over time it will al-ways be priced competitively on international markets. The dislocation between LPG production and consumption is very shipping-intensive, and we believe it will remain so in the future. There will also be a need to replace older and less-efficient vessels, as about 15pc of the glob-al VLGC fleet is older than 20 years. But there is obviously a limit to how many ships are needed and shipping markets are well known for boom-and-bust cycles. So we continue to actively manage risk and exposure while renewing our fleet opportunistically. Will the propane dehydrogenation (PDH) sector continue to drive China's LPG trade growth in the coming years or will other uses become more important? Assuming a normalisation in the markets and in US-China trade relations, we believe there is still room for growth in Chinese LPG demand. As mentioned, LPG can penetrate and develop new markets thanks to its competitive pricing and versatility. Whether it is the PDH sector or other markets driving Chinese demand 5-10 years from now is difficult to assess since the use of LPG historically has shifted between various industries and sectors. But the petrochemical industry is likely to be a significant consumer of LPG in the next decade. Is BW LPG interested in moving into the growing ethane or ammonia segments? Never say never, but our business model is as a pure-play VLGC and LPG trading set-up. This model is important for our investors to ensure transparency and provide the cleanest exposure to the most attractive LPG markets. We currently don't have any ships trading ammonia, but we have many years of experience from shipping it when we owned smaller LPG ships, and it is likely that ammonia trade will expand in the future. So we are not strangers to the ammonia market if something develops for VLACs [very large ammonia carriers]. For now, it appears the pace of the market's development is slower and less certain than we forecast. How do you view current regulatory and geopolitical risks for shipping firms? Given how the world has evolved during the past few years, geopolitical uncertainty is the overshadowing risk factor. We went through the phases of the US tariff war and regulatory challenges in 2025 , but this has dropped off the radar due to the escalating Middle East situation. When it comes to environmental and emissions regulations, we are quite fortunate in the LPG shipping space as the dual-fuel LPG propulsion technology has been embraced as the industry standard, combining 15-20pc lower CO2 emissions with significant marine fuel cost savings. Why did BW LPG exit its planned investment in Indian LPG infrastructure earlier this year, and does it signify a shift in strategy away from vertical integration? The planned Indian terminal investment was small compared with our balance sheet. As things evolved, and VLGC and LPG market complexity and risk increased, we realised that the time, efforts and resources we allocated to a relatively small project were disproportionate to the expected return. The main value creators for our shareholders lie within our shipping and trading activities, and as market volatility increased on the back of unpredictable geopolitics, it was increasingly important for us to redirect our focus to our value-creating business. What is the biggest risk to the VLGC sector that the market is underestimating? It is becoming speed blind and unrealistic in your market outlook. Shipping will remain a cyclical business and managing the market exposure will remain a key factor for success in the future. Every ice cream seller makes good money on a sunny day — the real test comes when the market turns. For LPG commodity markets, low oil and natural gas prices are bad for the exploration and production of LPG. But over time, I am not too worried about that as I believe population and prosperity growth require a lot more energy than previously expected, and LPG fits very well into that story. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Stretched global LPG logistics hit by more Panama cuts
Stretched global LPG logistics hit by more Panama cuts
Trade flows could be rerouted again as waiting times and costs at the Panama Canal are set to rise further London, 2 September (Argus) — Panama Canal operator ACP is to cut daily auctioned transit slots this month because of falling water levels, tightening capacity further and adding to congestion that has already lifted Neopanamax auction costs to multi-year highs. Under changes effective from 21 August for transit bookings from 4 September, ACP will offer nine daily slots through the larger Neopanamax locks that typical VLGCs use, down from the usual allocation of 10. This follows a lack of rainfall for the canal's fresh water lakes. Rainfall was 34pc below average in May-August and water inflows 44pc lower, ACP says. The operator warns that a severe 2026-27 El Nino could further reduce rainfall over the rest of its rainy season, which runs from May-December. Reduced slot availability will increase competition for transits, potentially raising freight costs or prompting vessels to divert around the Cape of Good Hope. Argus assessed the Neopanamax auction price at $3.1mn on 27 August, its highest in recent years, before easing to $2.15mn on 1 September. One shipowner in late August paid $5.3mn for a northbound Neopanamax slot on 1 September. Waiting times for auctioned southbound Neopanamax transits had increased to 21 days by 25 August. US propane and butane prices diverged sharply after the new restrictions were announced, as longer or costlier Asia-bound voyages weighed on an oversupplied US propane market while stronger gasoline blending demand supported butane. Mont Belvieu EPC butane prices moved to nearly a $147/t premium to equivalent propane values by 31 August — the widest premium for the heavier grade since 19 May. US propane inventories remain about a third above the five-year average and climbed to a record high of 109.5mn bl (8.8mn t) during the week to 21 August, the latest data from the Energy Information Administration show. The market is accordingly weak, lagging crude benchmarks despite brisk exports to Asia. The prospect of further Panama Canal delays has added to bearish sentiment because it could make it harder for surplus US supply to clear into this key outlet. The US propane market reaction was contrasted by gains on the Argus Far East Index (AFEI) for northeast Asian deliveries on the same day, as the canal restrictions heightened concerns of tighter supply and higher freight costs. The US-Asia paper arbitrage for September subsequently widened to $385/t by 28 August, although the October spread narrowed to $361.50/t on 1 September. But a strong arbitrage does not negate the logistical constraints. Higher transit costs, fewer auction slots and longer waiting times could still restrict Asia-bound shipments on the canal, pushing them to take longer voyages. The canal disruptions could also steer more US LPG to northwest Europe, as exporters seek logistically quicker and simpler outlets. But US LPG arrivals to the region are already elevated, climbing to a nine-month high of 621,000t in August, one-third above the average of the previous five months, according to Kpler data. Europe may be able to absorb some additional supply because North Sea maintenance is trimming regional output. But demand has strengthened only marginally since the summer lull, and northwest European propane pricing has largely moved in line with the broader energy market, indicating that the region remains well supplied. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Sanctions, Shipping and Middle East Crude Flows
Argus experts provide on‑the‑ground Middle East insights into unfolding geopolitical developments and their impact on global energy markets.
Rhine crisis hits European LPG logistics
A look at the logistical, pricing and seasonal consequences of restricted access to Germany’s inland LPG market.
Middle East Crude Flows, Iran Shipping Attacks & Energy Risks
Strait of Hormuz: Geopolitical Risk, Oil Supply, and Crude Market Outlook
Explore our LPG / NGL products
Argus LPG / NGL solutions include global daily, monthly, and forecasted prices, with forward curves and consulting services for the global LPG and NGL markets.
Key price assessments
Argus assess and publish independent prices that capture the value of LPG and NGL's, used by market participants along the value chain and around the world. Our daily price assessments are based on actual trades, bids and offers and follow a strict methodology to ensure impartiality and accuracy.
