Acceptances of term LPG nominations has been announced by ADNOC for July loading without cuts or delays, similar to that for June loading.
Even after Aramco had cancelled or deferred cargoes for May and June loadings in line with production cuts by OPEC+ members, traders said they expect lifters to reduce nominated volumes from usual levels, ahead of Saudi Aramco's announcement of July-loading term cargo acceptances next week.
Up to 10 cargoes for June loading have been cancelled or deferred by Aramco, also due to less demand from Indian lifters. To defer some term Saudi cargoes in July expected again by Indian buyers. Traders said Indian buyers might not return to buy next month. However, if distribution bottlenecks following the previous buying spree to secure April-July supply have eased and stocks are drawn down, they may return in August.
Traders said FOB Middle East shipments are being pressured by preference among North Asian buyers for cheaper CFR Western cargoes and the prevailing absence of Indian and Indonesian demand for mixed cargoes from the Middle East.
