
Record global butane flows to douse butane price premiums
Global butane prices are exhibiting strength relative to their regional propane counterparts, but robust exports could cap this strength

India crude imports fall in August due to lower arrivals into Nayara Energy refinery. We expect crude flows into India to rise in September and October.
Global distillate margins showed remarkable strength this summer, with levels unseen since Feb 2024. Meanwhile, gasoline margins had to wait until August.
Iran exports steady near 1.2mbd; Venezuela lags at 540kbd on diluent shortages. Sanctioned flows hold but hinge on China demand, deep discounts.
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Global butane prices are exhibiting strength relative to their regional propane counterparts, but robust exports could cap this strength
In this piece, we take a look at Atlantic and Pacific basin crude export dynamics, the state of OPEC+ and South America exports, and price dynamics.
Russia-India crude flows can rebound to normal levels, contingent on additions to vessel supply of shadow fleet.