LPG/NGL
概要
アーガスでは、世界各国のLPGおよびNGLデータサービスを提供しております。当社が提供するLPGデータサービスは、世界で最も支持されているデータサービスの一つであり、日本でも多くの企業様にご活用いただいております。また、世界LPガス協会の年次統計集は2012年からアーガスがその制作を請け負っており、世界主要各国の各種数量統計に加え、各地の国際LPG市場および関連するエネルギー市場動向の総括を発表しております。
アーガス独自の価格インデックスやベンチマークへのアクセス、エキスパートによる業界最新動向の解説、戦略立案に役立つ予想など、透明性・信頼性の高いLPGビジネスインテリジェンスを提供しています。
当社の世界中に点在しているエキスパートチームは、LPG市場の様々な関係者と常に協議を重ね、市場に適した強固なメソドロジーに従い価格をアセスメントしています。当社の価格アセスメントは、サプライチェーン全体の契約に広く利用されており、ICEやCMEを含む取引所に上場されているため、市場全体の価格リスクを管理することができます。
Latest LPG / NGL news
Browse the latest market moving news on the global LPG and NGL's industry.
NWE butane hits four-year high on Iran war squeeze
NWE butane hits four-year high on Iran war squeeze
Butane has been heavily affected due to the evenly split nature of Mideast Gulf cargoes versus the US' propane-weighted supply, writes Waldemar Jaszczyk London, 15 April (Argus) — The price of butane imports to northwest Europe hit a four-year high against crude this month, outpacing gains in competing petrochemical feedstocks as the loss of Mideast Gulf exports from the Iran war disproportionately tightened global supply. The large cargo butane price, basis cif Amsterdam-Rotterdam-Antwerp (ARA), rose by 20 percentage points from the start of the war on 28 February to 86pc of Ice Brent futures by 10 April — the highest since January 2022. Propane by contrast fell to a pre-conflict level of 63pc of crude having climbed to 71pc on 19 March. Firmer support flipped butane to a premium to propane of $131.25/t on 10 April from a $98/t discount a month earlier. The outright butane price stood at $889.25/t on 10 April, down from a peak of $1,016/t on 7 April but up from $515.50/t before the war. Reduced Middle East butane exports have increasingly pushed Asian buyers to the US, tightening availability for European importers. US butane exports to northwest Europe fell 36pc on the year to 143,000t in March, a five-year low for the month, according to Kpler. The war has affected butane supply more than propane because of the evenly split nature of Mideast Gulf cargoes, while the US' are 75pc propane weighted. Asian butane demand is also more inelastic given its vital use as a cooking and heating fuel, whereas propane use is centred on the petrochemical sector, where operating rates have been drastically cut. High returns from Asia-Pacific's short residential markets drew nearly all available US cargoes east, lifting US butane exports by 39pc on the year to a 10-month high of 1.66mn t last month. Supply tightness in Europe forced UK petrochemical firm Ineos to bid aggressively for April cargoes, lifting butane's ratio to front-month naphtha by 12 percentage points to parity for the first time since May 2022. This defied seasonal norms, with ratios falling by over six percentage points relative to naphtha in February-April on average over the past five years. Ineos operates an 80,000t butane storage facility in Antwerp, Belgium — one of Europe's two largest above-ground LPG tanks. But Ineos' demand was partly driven by restocking after strong barge demand from gasoline blenders in March. With steam cracker margins under pressure since 2022, Antwerp storage has focused on local cash sales and capturing spreads between large and small butane cargoes during peak winter blending. At the same time, 400,000 b/d of regional refining shutdowns and high natural gas prices prompting internal product use left Antwerp as ARA's key supply source. Butane fob barge prices relative to large cargoes — the basis for Ineos imports — consequently flipped to a $83.75/t premium in March from a discount of $20/t in 2025. Barge prices then softened as blending demand eased, but prices relative to naphtha remain above the range that typically triggers petrochemical buyers to switch to butane. Waive goodbye European buyers could also face stiffer competition for US butane from the country's domestic buyers after the US Environmental Protection Agency waived Reid vapour pressure limits on 25 March for summer-grade gasoline, allowing more butane to be blended. US butane deliveries to northwest Europe usually peak in the summer months as falling blending demand frees product for export. But strong butane prices may erode the seasonal gains in petrochemical feedstock use at crackers. Butane-to-ethylene margins usually rise sharply in the second quarter, outperforming naphtha and propane by €255.25/t ($301.20/t) and €75.50/t on average. But they fell to -€554.50/t in March, an all-time low, after operators locked in monthly ethylene contracts before the war. The butane price gains have pushed them above natural gas equivalents, raising the prospect of higher North Sea supply. The large cargo price was at a $154.50/t premium to Dutch TTF gas on 10 April, up from a $102.50/t discount a month earlier. NWE butane imports NWE butane price Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
South America pushes LPG for energy transition
South America pushes LPG for energy transition
LPG is widely used across the region by households and is increasingly used in industry, with the Iran war driving uptake, writes Lucien Chauvin Buenos Aires, 15 April (Argus) — South American countries expect a surge in LPG use as part of the energy transition and, more immediately, to mitigate price volatility of other fuels. Some policies in the region to boost LPG use have gained more ground since the Iran war has roiled markets and could disrupt fuel supply chains long after fighting ends. LPG is cleaner than other options, available and easy to transport, Chilean LPG distributor Abastible's legal director, Paula Jervis, says. "We need to work with authorities to highlight the virtues of LPG in the energy transition," she adds. Chilean LPG demand from the industrial sector is increasing as a result of environmental regulations as part of the energy transition, according to Jervis. LPG is widely used across the region by households for heating and cooking but has had an increasing role in industry and transportation as part of strategies to reduce greenhouse gas emissions. This is especially true in economically developing countries where it often replaces more contaminating fuels such as wood or fuel oil. Colombian industries are switching to LPG usage, with a 17pc increase last year compared with 2024, chief executive of Colombia's Montagas El-Laythy Safa says. This is in part to meet environmental regulations but also because of declining natural gas supply in the country. Colombia can more easily import LPG than natural gas, given its limited LNG import terminals and international pipelines. The Brazilian government last November launched a new subsidy programme for LPG, Gas de Povo , that will provide low-income families with free 13kg cylinders. The scheme is expected to reach 15mn households, increasing LPG demand as it is rolled out fully. Ricardo Tonietto, legal director at Brazil's Supergasbras, one of four companies in Brazil that collectively control 83pc of the market, estimates that the programme will initially increase demand by up to 8pc/yr. In addition to combatting poverty, the scheme is designed to help Brazil lower greenhouse gas emissions by reducing the number of households that use wood as fuel. Although Brazil is the largest LPG producer in South America, it also relies on imports to meet demand. Consumption stood at around 7.9mn t in 2025, of which 1.4mn t was imported, Argus data show. Argentina, which produces around 3mn t/yr of LPG — a figure set to grow significantly — is the region's largest net exporter. It exported approximately 1.7mn t in 2025, with 60pc of that going to Brazil and 25pc to Chile. The Argentinian government forecasts production to rise to 3.4mn t in 2026. It expects two planned projects by production companies, one by Mega, the other by TGS, to double production by the end of the decade . The energy secretary has been working on new rules for LPG since last year with the goal of deregulating the sector to stimulate new domestic uses and boost exports. On the right road Buenos Aires is also working on new legislation, including a fiscal stability law, to convert vehicles to run on autogas as it eyes expansion of the sector ( see p10 ). "The fiscal stability law, which would last 10 years, would encourage private investment to develop the autogas market," the government's LPG director Paula Pellegrini says. Argentina has around 10,000 vehicles that run on LPG. The regional autogas leader, Peru, has approximately 650,000 vehicles running on LPG with nearly 1,600 service stations dispensing vehicle LPG, government data show. LPG use could help reduce energy poverty as well as emissions, service station operator Primax Peru general manager Jovan Pastor says. "LPG's use will continue to increase in the region as part of the energy transition and in programmes to reach people living in energy poverty," Pastor says. Some 77mn people in the region lack access to clean and reliable cooking fuels and 17mn lack access to electricity, according to the UN. Latin America's LPG outlook ’000t South America LPG imports Latin America LPG fundamentals Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina eyes autogas market as LPG supply grows
Argentina eyes autogas market as LPG supply grows
The government has heeded calls from industry arguing dedicated autogas market legislation is essential to unlocking investment and demand, writes Flavia Alemi Sao Paulo, 15 April (Argus) — Argentina's energy ministry has placed the development of LPG use as autogas on its formal 2026 work agenda, marking a co-ordinated push to scale the market in order to reduce dependence on road fuels such as diesel and gasoline. The move comes as industry leaders argue that autogas adoption could deliver rapid environmental and economic benefits and create new demand for Argentina's growing LPG surplus as a result of development of the Vaca Muerta shale. The establishment of dedicated autogas market legislation is essential to unlocking investment and demand, Argentinian LPG association Cegla president Pedro Cascales says. LPG as a fuel in the automotive and maritime sectors is presently underutilised in Argentina despite offering a competitive alternative, he says. The country's autogas consumption stood at negligible levels of 1,000-5,000 t/yr over the past 10 years, Argus Consulting data show. LPG consumption as autogas will be a core component of the country's new market paradigm now taking shape, the government's LPG director Paula Pellegrini says. Autogas can be deployed quickly and offers strong environmental benefits and a high level of safety, she says, adding that the country can look to mirror other large global autogas markets such as Peru's — the Peruvian autogas market stood at around 650,000 t/yr as of 2025, Argus data show. Argentina's autogas sector has "enormous potential" given rising LPG output, long-distance logistics networks and the need for affordable alternatives in regions not served by natural gas pipelines, Pellegrini says. The energy ministry agenda also includes measures to combat illegal LPG trade, update technical and safety standards, modernise fiscalisation and expand LPG export capabilities. Argentina LPG exports Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Q&A: Hormuz tensions put spotlight on marine insurance
Q&A: Hormuz tensions put spotlight on marine insurance
Singapore, 14 April (Argus) — As tensions in the Middle East disrupt global shipping routes, insurance has become a critical factor for vessel operators and cargo owners. George Grishin, chairman of UK-registered Lloyd's insurance broker Oakeshott Insurance Group, spoke with Argus on 13 April about how the shipping industry is responding to the announcement of a two-week ceasefire, the insurance options currently available, and the potential long-term implications that the US-Iran war could have for relations between shipowners and insurers. How has the insurance market reacted to the announcement of a two-week ceasefire? The announcement briefly encouraged insurers to return to the market, particularly for quoting war risk cover for vessels transiting high-risk areas, such as the strait of Hormuz. War risk premiums are extremely sensitive to geopolitical developments, and rates can change daily. A ceasefire needs to be stable and verifiable before insurers are willing to reduce prices or expand capacity. What is really happening is that insurers are reassessing risk in real time, and in some cases, they simply cannot accept it. There were reports that insurers withdrew cover entirely during the escalation. Is that accurate? Not exactly. Much of this confusion comes from a misunderstanding of different types of marine insurance. Physical damage to vessels and cargo is covered by hull and machinery (H&M) or war risks insurance. Protection and indemnity insurers (P&I) cover a shipowner's third-party liabilities, not damage to the ship itself. Typical P&I cover includes third-party liabilities, such as crew injury or pollution, for example. War risk insurance for physical damage has remained available in many cases, but often at a higher cost and with tighter conditions. How does war risk insurance work when a region is classified as high-risk? Once an area is listed by the Joint War Committee (JWC), war risk cover for calls in that area is automatically excluded. Shipowners or cargo owners then have to buy additional cover for specific voyages or periods, typically priced as a percentage of the vessel or cargo value and valid for just seven days. This applies to ports as well as sea passages. The most recent expansion of the listed areas prior to the current escalation took place in December 2023, when Guyana was added. The list was subsequently updated on 3 March 2026, with the inclusion of several countries that had not appeared on it for many years — Bahrain, Djibouti, Kuwait, Oman and Qatar. At the same time, the geographical scope was widened to cover parts of the Persian/Arabian Gulf, the Gulf of Oman, parts of the Indian Ocean, the Gulf of Aden and the southern Red Sea. What kind of costs are shipowners facing today? Additional war risks premium (AWRP) levels for tankers and bulk carriers stood at around 1pc on 13 April with a 35–50pc no claim bonus (NCB) applied to vessels remaining in the Mideast Gulf. NCB is a discount given by insurers if no claim is made during the period of cover. AWRPs for H&M in the Gulf of Oman and in the Bab el-Mandeb strait were reported at around 0.5pc and 0.75pc, respectively. Passage through the strait of Hormuz is considerably more complex. At one point during the ceasefire discussions, insurers quoted around 3pc of value for a single passage for a seven-day period on 10 April, but those quotes were quickly withdrawn. Why is the strait of Hormuz particularly difficult to insure? The probability of an incident is simply too high, especially for vessels carrying oil or gas. Insurers have to price risk based on probability, and in some scenarios the likelihood of a vessel being hit could be extremely high. Charging higher premiums of, for example, 25–50pc of vessel value would theoretically reflect that risk, but such rates are commercially unviable, no shipowner could afford them. In those cases, insurers may refuse to quote altogether. Are all vessels treated the same from an insurance perspective? No. Flag, ownership, and cargo type matter enormously. Indian- and Chinese-flagged vessels have faced fewer restrictions in recent weeks, and container ships and bulk carriers are generally seen as lower-risk than tankers. Insurers also scrutinise ultimate beneficial ownership (UBO) and compliance very carefully before offering cover. Why do some owners still insure vessels that are stuck in port? This is where the London Blocking and Trapping Addendum becomes important. It extends war risk cover to situations where a vessel is unable to leave a port or waterway for a continuous agreed period, typically six or 12 months, due to war-related closure. If that period is exceeded, the vessel can be treated as a total loss, even without physical damage. Does blocking and trapping insurance require a separate policy? No. It is an extension of existing war risk cover. It costs more, but it protects against long-term immobilisation rather than just physical damage. This type of cover proved crucial for vessels trapped, for example, in Ukrainian ports in 2022–23, where some owners eventually received full compensation for their ships. Could recent events change the relationship between shipowners and insurers? Yes. Trust has been strained, particularly when owners see insurance becoming unavailable just when they need it most. But insurers face their own constraints — they cannot price risk at levels that are mathematically accurate but commercially impossible. The long-term challenge will be finding a sustainable balance between affordability and realistic risk pricing in an increasingly unstable geopolitical environment. What needs to happen for insurance conditions to improve? Time and clarity. Insurers need a longer observation period to assess whether a ceasefire is genuinely holding. Only then will premiums stabilise and capacity return. Until that happens, insurance will remain costly, selective, and highly conditional. By Anna Cherkizova Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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Global LPG price response to the Iran war
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