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.
AltaGas posts record LPG exports, delays Reef project
AltaGas posts record LPG exports, delays Reef project
Asia's supply diversification drive helped boost LPG exports as the firm also aims to become the first ethane exporter outside the US, writes Dennis Kovtun Calgary, 4 August (Argus) — Canadian midstream operator AltaGas has posted another LPG export record for the second quarter, supported by energy security and supply diversification efforts in Asia-Pacific driven by the Iran war. But the company has delayed the start-up of its 56,000 b/d (1.8mn t/yr) Ridley Island energy export facility (Reef) near Prince Rupert in British Columbia to March 2027 from the end of this year because of problems constructing the 1.2km jetty. AltaGas exported 144,400 b/d of LPG to Asia in the second quarter, up by 13pc from a year earlier. This was shipped on 23 VLGCs, of which 13 were carrying 84,800 b/d of propane from its Ridley Island propane terminal (Ripet) and 10 loaded with 59,600 b/d of LPG from its Ferndale facility in the Washington state. "Energy security and supply diversification have become increasingly important in Asia as recent geopolitical events have reinforced the value of reliable supply," AltaGas chief executive Vern Yu says. The challenges faced constructing Reef's in-water jetty that have postponed the project have also raised the overall cost by around 12pc to C$1.5bn ($1.1bn), AltaGas says. "We have lost over 450 rig days due to extreme weather, extreme ocean swells and marine mammal activity," Yu says, adding that the disruption exceeded normal contingency allowances. Reef is about 85pc complete, and its main loading platform is set to be shipped for installation in early September. A methanol removal unit at Ripet is on track for completion by the end of 2026. A separate project to expand Reef's propane export capacity by 30,000 b/d is still scheduled for completion in the second half of 2027. AltaGas has also secured key regulatory permits for a second upgrade that would add 60,000 b/d of LPG capacity and is carrying out engineering work to establish final costs. AltaGas has contracted more natural gas liquids (NGLs) production from Canadian upstream independent Tourmaline under a long-term deal, according to the latter company, without disclosing the volume or duration. The NGLs will be exported from Reef after Tourmaline's Groundbirch-Monias gas processing plant in northeast British Columbia starts up, expected in the fourth quarter of 2027. The two companies also agreed to develop a 10,000 b/d rail terminal beside the plant. Tourmaline will own the terminal and AltaGas will operate it. Tourmaline expects direct rail shipments to the west coast to improve NGL margins by bypassing the transportation, fractionation and storage hub at Fort Saskatchewan, Alberta. AltaGas also plans to add 6,000 b/d of NGL fractionation capacity and improve liquids handling in northeast British Columbia by mid-2028. Train dreams AltaGas is aiming to become the first exporter of ethane outside the US. The company is eyeing the Chinese market as it looks to diversify from its dependence on US ethane, backed by the government and the wider Canadian NGL sector. AltaGas says it has received approval from Canada's transport ministry to move ethane in pressurised railcars, removing an initial barrier to potential exports to Asia by enabling ethane produced at gas processing facilities in Alberta to reach the British Columbia coast by rail. Western Canada rejects around 500,000 b/d (10.3mn t/yr) of ethane into the natural gas stream because of limited domestic demand, Yu says. AltaGas thinks it could initially export 60,000 b/d with scope for substantial growth. That kind of volume would require about 84 railcars, or less than one unit train, assuming each carries roughly 30,000 USG. AltaGas still needs to determine a competitive export rate and would seek a high proportion of tolling or take-or-pay contracts because ethane would be a new product serving one buyer or a small group of buyers in one location. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
NWE propane prices weaken on rising imports
NWE propane prices weaken on rising imports
Despite growing petrochemical demand, prices were pressured by US imports that hit an eight-month high, writes Yasmin Zaman London, 4 August (Argus) — Northwest European propane prices declined relative to crude and northeast Asian prices last month despite a flare-up in Middle Eastern hostilities and stronger petrochemical sector interest as a strong flow of imports from the US weighed on values. European cif Amsterdam-Rotterdam-Antwerp (ARA) propane swaps fell by 4.5pc to $530/t over 8-28 July following the resumption of the Mideast Gulf conflict, while Ice Brent crude increased by 13pc and the equivalent northeast Asian Argus Far East Index (AFEI) propane swap firmed by almost 10pc to $707.50/t from $644.50/t. The spread between front-month cif ARA and AFEI paper consequently widened to $195.50/t from $90.25/t. This softening in Europe came after the region was sufficiently competitive in early July to attract a significant number of US cargoes to its shores. But the more recent shift in pricing has made Asia-Pacific more appealing again. Physical large cargo prices in northwest Europe, meanwhile, fell by $2/t to $7.50/t against the front-month cif ARA swap, reflecting a weaker market. This was despite softer prices making propane increasingly competitive as a petrochemical feedstock. The propane discount to naphtha widened to as much as $304/t on 31 July from $138/t on 8 July. The stronger discount to naphtha lifted demand from petrochemical producers with flexible steam crackers. Demand also grew following the restart of US chemical firm Dow's 600,000 t/yr cracker at Terneuzen in the Netherlands in June after a year off line, as well as the restart of Spanish firm Repsol's 410,000 t/yr cracker in Sines, Portugal, in May after around three years of downtime. The former can run up to 80pc LPG feedstock and the latter up to 70pc, according to Argus. Imports to Terneuzen and Sines combined are expected to have reached 261,000t in July, up by almost 195,000t a year earlier, according to Kpler data. This added demand nevertheless failed to support prices because of pressure from strong and resilient arrivals of US LPG to northwest Europe despite the intensifying conflict between the US and Iran in the Mideast Gulf. Imports from the US are forecast by Kpler to have stood at around 591,000t in July, an eight-month high. Additional inflows from Africa reached 80,000t, with almost 60pc of this from Algeria and the balance from Equitorial Guinea, further boosting regional supply and taking total import availability well above recent norms. Taking stock European inland demand from LPG distributors remained seasonally weak in July because of a lack of heating needs and backwardated forward prices discouraging stockbuilding. The unusual backwardated structure this summer, in line with crude, is largely due to global market expectations that LPG prices will soften once the war ends, freeing up supplies from the region. An El Nino event may also reduce heating demand this winter in core northern hemisphere markets. The weakening physical premium to front-month paper on the cif ARA large cargo propane market suggests prompt supply remains more than sufficient to absorb additional buying interest from the petrochemical sector. While stronger Asian prices have recently reopened arbitrage opportunities for US cargoes to Asia-Pacific, the impact on northwest European balances is unlikely to be felt immediately given the volume of product already en route. As a result, prices are likely to remain under pressure this month unless US export flows slow materially or distributors begin building inventories ahead of winter. Any sustained reduction in imports to northwest Europe this month could help stabilise the market. But for now, ample supply is set to keep northwest propane prices under pressure and at a discount to competing regions and naphtha. NWE large cargo price and phys spreads NWE LPG imports from US Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Sonatrach August LPG SPs set at C3 $540/t, C4 570/t
Sonatrach August LPG SPs set at C3 $540/t, C4 570/t
London, 31 July (Argus) — Algerian state-owned Sonatrach's LPG contract prices (SPs) for August have been set at $540/t for propane and $570/t for butane, up by $100/t and $90/t, respectively. Values rebounded sharply after respective losses of $135/t and $130/t in July from June. The sharp outright gains belie the relative weakness of the local LPG market, and are instead a result of underlying Atlantic basin crude benchmark North Sea Dated rising by around $159/t since the last Sonatrach posting. Crude prices, and values in much of the wider energy sector, surged this month as optimism faded about a conclusion to the US-Iran conflict. US president Donald Trump declared the US-Iran ceasefire "over" on 8 July. While this has lent flat-price support to the LPG postings, there is significant weakness in eastern Atlantic basin markets for both grades. Benchmark cif Amsterdam-Rotterdam-Antwerp (ARA) large cargo assessments, which serve as a marker for the wider region, and assessments for smaller Mediterranean coaster cargoes have lost ground against crude as slack demand meets abundant supply. Demand is seasonally low, with residential heating buying absent for propane in northern and southern Europe and for butane into north Africa. On the supply side, local refineries continue to run at high rates to capture strong margins, North Sea supply has recovered from recent lows to sit around the prevailing five-year average, and transatlantic imports have remained robust in the face of strong Asia-Pacific demand. Logistical challenges — Panama Canal transit costs, or the high additional costs of moving via the Cape of Good Hope — have deterred some product from heading east of Suez. By Peter Wilton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European naphtha pricing in Red Sea disruption risk
European naphtha pricing in Red Sea disruption risk
London, 22 July (Argus) — European naphtha market participants are increasingly pricing in the risk of disruptions in the Bab el-Mandeb strait, although market participants said the Yemen-based Houthi militant group's threat to Saudi shipping is yet to result in meaningful changes to physical cargo flows. The east-west naphtha swap spread was $72.75/t on 21 July, wider by $18/t on the day and by $30/t on the week, with heightened concern about supply to destinations east of Suez. The possibility of Red Sea disruption comes as Russian naphtha exports are in decline and Chinese buying interest shows signs of improvement. Naphtha exports through Bab el-Mandeb averaged around 388,000t/month in the past two months, roughly double the 2025 monthly average. A trader active in west-to-east naphtha arbitrage trade told Argus that at least one cargo was recently fixed from Europe to Asia via the Suez Canal, providing an early test of shipowners' willingness to continue using the route. The trader said some owners have suspended Red Sea transits, and others are waiting to see how the Houthis will enforce any restrictions. The group has said it will only target vessels carrying Saudi cargo, or that have left or are heading to Saudi ports. The uncertainty has started to affect trading behaviour. A European naphtha broker said liquidity is weakening, with market participants becoming cautious about committing supply until the implications for Asian buying requirements become clearer. "Traders will buy and sell less volume as the market becomes more volatile," the broker said. "There will be less liquidity in the market overall." An Asia-based light-ends analyst said balances "are gradually tightening", with supply risks outweighing concerns about demand. Cargoes can be rerouted around the Cape of Good Hope if the Red Sea situation worsens. But doing so would substantially increase freight costs and voyage times, raising the cost of supplying Asia-Pacific buyers. Argus estimates sending a Long Range 2 (LR2) tanker from the Mediterranean to Japan around south Africa would add around 19 days to the journey and nearly $600,000 to the fuel bill at current prices. Market participants said the naphtha east-west spread may need to widen significantly further before long-haul Cape routing becomes routinely economic. The light-ends analyst estimated the spread may need to approach $80/t, depending on freight costs. Russian exports are likely to fall because of refinery disruptions, while restrictions on gasoline exports could divert additional naphtha into domestic blending, limiting global availability. By Jide Tijani and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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