US Exports to Northwest Europe Up 22% in April
LPG in World Markets
May 2022
This current feature was extracted from the latest edition of Poten’s LPG in World Markets, a monthly service published on May 10, 2022.
Seaborne LPG imports into Northwest Europe from the US rose 22% in April from the previous month to 510,000 t amid robust demand from the European petrochemical sector with favorable propane-naphtha spreads. European traders are avoiding imports from Russia following the invasion of Ukraine which has also increased reliance on US imports to meet demand in the retail sector. Meanwhile, supplies from the North Sea and regional refineries were tight.
LPG imports from the US are expected to decline in May based on loadings in 2H April and US arbitrage economics indicating more May loading should be heading to Asia where the netbacks are higher. LPG production from the North Sea fell more than 30% in 1Q from the same period in 2021, according to Norwegian Petroleum Directorate.
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