Liquified Petroleum Gas Price In USA
- United States: 1020 USD/MT
The price of liquified petroleum gas (LPG) in the United States for Q4 2023 reached 1020 USD/MT in December.
The latest report by IMARC Group, titled "Liquified Petroleum Gas Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of Liquified Petroleum Gas prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Liquified Petroleum Gas Prices December 2023:
- United States: 1020 USD/MT
- China: 1170 USD/MT
- Europe: 1140 USD/MT
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The study delves into the factors affecting Liquified Petroleum Gas price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Liquified Petroleum Gas Price Trend- Q4 2023
The increasing demand for clean and efficient energy sources is a significant driver. LPG serves as a versatile fuel alternative, emitting fewer greenhouse gases compared to traditional fuels like coal or wood. Besides this, urbanization and industrialization in developing regions propel the demand for LPG for cooking, heating, and powering various industrial processes. Additionally, government initiatives promoting LPG as a clean cooking fuel, especially in rural areas, further stimulate market growth. Moreover, the expanding automotive industry contributes to the demand for autogas, a type of LPG used as an automotive fuel, driven by its cost-effectiveness and environmental benefits. Furthermore, advancements in LPG infrastructure, storage, and distribution systems enhance accessibility and convenience, fueling market expansion.
Liquified Petroleum Gas Market Analysis
The global LPG market size reached US$ 139.9 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 192.4 Billion, at a projected CAGR of 3.50% during 2023-2032. During the fourth quarter of 2023, the North America liquefied petroleum gas (LPG) market encountered a blend of sentiments impacting pricing dynamics. LPG prices exhibited a downward trend in October and November but rebounded in December. This downturn was attributed partly to subdued demand from European nations; however, there was noticeable resilience in demand from the Asian market. Despite this, the supply of LPG remained ample to meet market needs, as stockpiles enabled traders to adjust costs amidst fluctuating crude oil prices. Notably, US Mont Belvieu Propane prices underwent a decrease, largely influenced by oversupply conditions within the country, compounded by increased logistical challenges arising from limitations in the Panama Canal. In the fourth quarter of 2023, the liquefied petroleum gas (LPG) market in China displayed a consistent upward trend compared to the previous quarter. However, October and November saw steady increases, while December remained predominantly stable. October 2023 witnessed a rise in China's LPG market, primarily driven by increased imports of LPG from Middle Eastern countries following announcements from Saudi Arabia's Aramco and Algeria's Sonatrach to raise the official selling prices (OSPs) by 4–10% over the previous month. In early November, the Shandong Propane market experienced low on-site inventory levels, facilitating smooth sales. Additionally, the northern region saw a surge in civilian demand with the onset of winter, contributing to a steady increase in demand that supported market growth. Concurrently, consistent chemical demand for Propane maintained a balanced market supply and demand ratio.
During the fourth quarter of 2023, the Liquefied Petroleum Gas (LPG) market in Europe faced considerable challenges, with various factors influencing prices. Firstly, there was a modest supply of LPG in the domestic market, alongside a relatively high consumption rate in downstream sectors. Moreover, Europe grappled with the looming threat of recession, characterized by a rapid tightening of monetary policy and significant economic hurdles. The predominant concern of stagnant or decreasing real wages across the continent contributed to the stability of LPG prices during October. Whereas, the fourth quarter of 2023 for Liquefied Petroleum Gas (LPG) in the Middle East and Africa (MEA) region was characterized by a balanced supply and demand scenario. However, there was a steady increase in October, while December remained largely stable. The rise in prices was attributed to announcements from Algeria's Sonatrach and Saudi Arabia's Aramco, who increased the official selling prices (OSPs) for LPG in October by 4-10% compared to the previous month. This adjustment was prompted by the upward trend in oil prices and a constrained global supply of LPG, according to market reports. Additionally, robust demand from the Asian market has exerted notable influence on LPG prices.
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Key Points Covered in the Liquified Petroleum Gas Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Price of Liquified Petroleum Gas
- Liquified Petroleum Gas Price Chart
- Liquified Petroleum Gas Demand
- Liquified Petroleum Gas Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Liquified Petroleum Gas Price Analysis
- Liquified Petroleum Gas Industry Drivers, Restraints, and Opportunities
- Liquified Petroleum Gas News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand.
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece.
- North America: United States and Canada.
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco.
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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