After almost a week of quiet, Equinor returned to the market for more coaster propane. The bid, for 2,400t of propane meeting Portuguese specifications with maximum 10pc olefins, loading 6-8 February on to the Crystal Valerian, Dream Arrax, Gas Noble, Benriach, or substitute, started at $700/t fob and was quickly booked by Gunvor with tonnes out of Flushing. The deal put the premium to large at $132/t, similar to on Monday but $16.50/t lower than the equivalent differential in the last public deal on 22 January.
Thin butane supplies continue to support value around 104pc of physical naphtha. At these levels, prices are driving away cracker interest, leaving only blending buyers. Currently, there is little sign of balances loosening in the short term. As a result ratios are likely to remain strong as long as blenders continue to absorb any available tonnes.