Over the past two weeks, we have seen trade houses maintain their net long position in the front LST/FEI arb. However, open interest along the curve has been increasing w-o-w with the exception of the LST/FEI arb as players take a more risk-off approach given recent disruption to freight routes. A key macroeconomic factor this fortnight has been the Texas freeze, which has not only increased LPG demand, but has also stymied production, with as much as 650kpbd offline.
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