Key graphs of the week, as illustrated by our data dashboards.

Apr Propane E/W ($/mt)

The prompt propane contract has seen tremendous strength in the last couple days, after a relatively stale and rangebound start to March. Price action has rallied almost $30/mt since open on Mar 08, to reach $99/mt on Mar 13. However, a return to the magical three digit land could act as a possible psychological barrier for participants. Nevertheless, there is enough fundamental reasoning for traders to put this worry to the back of their mind. Unsurprisingly, FEI has witnessed a period of strength and this could continue into summer as LPG typical becomes the favoured feedstock for crackers. Moreover, with MOPJ cracks currently exploding and Red Sea tensions delaying naphtha cargoes from the west, FEI demand could witness a further uptick. This bullish momentum is further evidenced through the 8-day moving average, surpassing its 21-day counterpart on Mar 12.

EU Refinery Margins

European refinery margins for the Apr tenor saw overall strength of +120c/bbl for the week to Mar 12.

CFTC WTI Futures

WTI futures adopted a more risk off approach, displaying a weekly decrease in long and short managed by money positions by 3% and 30%, respectively.

Apr Gasnaph Counterparty Data

Throughout the last fortnight, refiners have been increasing their net short position. Notably, refiners dramatically increased their sell side position from -2.69mbbls on Mar 11 to -6.34mbbls come Mar 12.

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