Northwest Europe is experiencing a surge in liquefied petroleum gas (LPG) imports from the United States, reaching unprecedented levels in the first quarter of 2025. According to recent data from shipping analytics firm Vortexa, the region imported a staggering 1.78 million metric tons of U.S. LPG between January and March 2025. This marks a significant increase from the 1.44 million mt recorded in the previous quarter and the 1.58 million mt imported in the first quarter of 2024.

This surge has propelled Northwest Europe past the Mediterranean as the primary destination for U.S. LPG in Europe. The Mediterranean, which held the top spot throughout 2024, saw its imports drop to 1.58 million mt in Q1 2025.

Key Trends Driving the Surge

• North Sea Maintenance: Maintenance work at key North Sea processing and export hubs, such as Karsto and Kollsnes, reduced Norwegian LPG exports, creating a gap that the U.S. readily filled.
• Price Arbitrage and Re-injection: The significant premium of the Intercontinental Exchange (ICE) front-month TTF (Dutch Natural Gas Title Transfer Facility) price over propane and butane incentivized LPG re-injection as a feedstock.
  • In Q1, the TTF price averaged a premium of $2.64/MMBtu over propane and $1.97/MMBtu over butane, peaking at $6.40/MMBtu and $5.05/MMBtu on February 10th, respectively.
• Increased U.S. Market Share: The U.S. now accounts for a commanding 63.2% of all LPG imports in Northwest Europe, up from 55.3% in Q4 2024.
• Specific Country Increases: The Netherlands, Belgium, and Sweden saw substantial increases in U.S. LPG imports.
  • The Netherlands led with 768,000 mt, a 35% quarterly rise.
  • Belgium followed with 506,000 mt, a 24% increase.
  • Sweden saw the largest increase of 68% reaching 414,000 mt.
• Mediterranean Market Shifts: While Northwest Europe saw a surge, the Mediterranean region experienced a decline in U.S. LPG imports, with Morocco, France, and Turkey seeing decreases.
• U.S. LPG Costs Hamper Moroccan Imports: The OPIS’ Mont Belvieu Delivered (OMBD) Morocco price for propane averaged around $570.50/mt in Q1, up from $552/mt in Q4. The OMBD Morocco price for butane averaged $589.75/mt compared to $570.50/mt in Q4. Higher U.S. product pricing, as well as fog throughout the first quarter hampered shipping from the U.S. Gulf Coast.

Market Dynamics and Freight

Despite a narrowing arbitrage between the U.S. Gulf Coast and Northwest Europe, imports continued to climb. The propane arbitrage averaged $102/mt in Q1, with freight rates averaging $52/mt.

Looking Ahead: Join OPIS at the European Liquid Gas Congress 2025!

These dynamic shifts in the European LPG market highlight the importance of staying informed and connected. OPIS will be participating in the European Liquid Gas Congress 2025, where we’ll delve deeper into these trends and provide expert analysis on the factors shaping the industry.

Join us at the congress to:

• Gain insights into the latest market developments
• Connect with industry leaders and experts
• Explore the future of the European LPG market

We look forward to seeing you there! Stay tuned to OPIS for ongoing coverage and analysis of the global energy markets.

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