Northwestern Europe Bhutan $1,125 (1.51 million won), highest in 30 years... Daesan bidding failed

Northwest European butane prices hit a 30-year high of $1,125 per tonne earlier this month, surpassing the peak reached immediately after Russia's invasion of Ukraine, while Hanwha TotalEnergies' tender to buy 23,000 tonnes of Daesan-bound butane was cancelled after attracting no bids. Mont Belvieu butane in the U.S. reached a 14-year high of $920 per tonne, and Argus' AFEI butane index stood at $1,180 per tonne on November 3. The record rally reflects tight global supply for the heating and petrochemical feedstock, and the failed Daesan tender signals buyers are balking at current prices. Watch whether Asian petrochemical makers delay purchases or cut operating rates, and whether the supply squeeze eases as winter demand peaks.