Singapore — Saudi Aramco on Sunday set its March contract price for propane at $430/mt, down $75/mt from February, and the butane CP at $480/mt, $65/mt lower month on month.
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The March propane and butane CPs were well within traders' expectations.
Traders had expected the March propane CP to be set between $420/mt and $450/mt, and the butane CP to be between $460/mt and $500/mt.
The propane and butane CPs recorded the second month on month fall in March, after a fall in the February CP snapped four consecutive months of gains.
Aramco had set the propane CP for March 2019 at $490/mt and butane at $520/mt, S&P Global Platts data showed.
Aramco's CPs , which set the price of propane and butane lifted from the Saudi ports of Yanbu, Ras Tanura and Ju'aymah under term supply contracts, are closely watched by the market as they tend to set a base level for pricing for most markets east of Suez.