博彩对冲

China is one of the US' largest markets for LPG (propane and butane) and for ethane 鈥� key associated products from US shale wells 鈥� but the trade war between the two superpowers threatens to upend these markets. China's 125% tariffs on most US goods, levied in retaliation for even steeper tariffs on China imposed by US President Donald Trump, could, in theory, put significant pressure on LPG and ethane exports coming from the US, one of the top global suppliers of these gas liquids. But so far, that does not appear to be happening, according to numerous market watchers. Rather than manifest in lower US exports, whether to China or overall, market players say US suppliers are pricing the tariffs into exports, particularly for propane. 鈥淲e have not seen a disruption of any of our exports of ethane or LPG,鈥� said Tug Hanley, senior vice president for pipelines and terminals at midstream giant Enterprise Products Partners. That鈥檚 partly because US LPG production keeps climbing beyond domestic processing capacity 鈥� a direct result of rising domestic crude and natural gas output. Upstream operators can't slow the flow of NGLs without sacrificing production of other, more valuable commodities. China is the marginal buyer of propane, which it uses to feed its burgeoning petrochemical sector, so its behavior can have an outsized effect on prices. The US sends some 556,000 barrels per day of LPG and ethane to China. Most of that is propane, of which China accounts for about 20% of US exports, according to Energy Information Administration (EIA) data. Sources say US LPG prices might have to fall low enough to offset the costs associated with tariffs. If not, LPG would most likely go into storage 鈥� and rising inventories will put downward pressure on prices anyway. To wit, the EIA鈥檚 most recent outlook revised its propane price forecast down by 18% this year and by almost 41% in 2026 to 80垄 and 50垄 per gallon, respectively, citing trade policies as the key driver to the downgrade.