Saudi Aramco released on Monday its November contract prices (CPs) for LPG, with that for propane up by US$15/mt to US$750/mt and butane down by US$5/mt to US$810/mt, according to the company's announcement.
Most traders said the November CPs were higher than expected.
However, a trader said the rise in propane CP was reasonable because the demand will increase as the weather turns cold.
Saudi Aramco sold a propane cargo at a FOB price of about US$750/mt on Oct 28, the trader added.
Lower butane CP was within the expectations because of declining demand from chemical industry, market sources said. In addition, butane prices became less competitive compared with the substitute naphtha as prices of the latter product were in downtrend, according to the sources.
