The Voice Of Adrian Calcaneo, VP, Energy & Feedstocks at OPIS
The Voice is delighted to chat with Adrian Calcaneo, VP, Energy & Feedstocks at OPIS, a Dow Jones company and the global benchmark provider for Mont Belvieu LPG prices. OPIS has long been a champion of market transparency and trusted insight. Today, we get Adrian’s take on where the LPG market is heading, and what’s driving the change.
The Voice: Adrian, tell us a little about yourself. How did your journey lead you to the world of Liquid Gas?
Adrian Calcaneo: My path into LPG has been anything but linear, but that’s what keeps it interesting! I started out in energy markets with a focus on oil and natural gas, working in management consulting. But over a decade ago, I found myself drawn to LPG because it sits at a fascinating crossroads, It’s both a fuel and a feedstock, touching everything from residential energy to petrochemicals.
My background combines public policy and data science, so I’ve always been curious about how markets interact with politics and economics. Joining OPIS was a perfect fit, it gave me a chance to blend deep industry knowledge with advanced tools like AI and machine learning. What really keeps me hooked is LPG’s global impact: from powering homes in Africa to driving plastics production in Asia, it’s everywhere, yet historically, the market was a bit of a black box. I love the challenge of making it clearer and more accessible.
TV: For those who don’t know, tell us more about OPIS and what’s shaping your focus over the next few years.
AC: OPIS is now part of Dow Jones, and we provide trusted pricing benchmarks and market intelligence across the energy landscape, from refined products to renewables and, of course, LPG. In fact, we’re the publisher of the industry’s go-to reference: the Mont Belvieu benchmark, which anchors North American LPG pricing and plays a pivotal role globally.
Looking ahead, we’re focused on broadening and deepening our coverage. We already track supply, demand, and pricing in more than 200 countries, by far the most comprehensive coverage in the market. This is combined with the most granular understanding of chemical markets, giving our clients unparalleled insight. A big priority is bringing greater visibility to renewable LPG markets, which are becoming increasingly relevant, especially in Europe and California. Another key area is integrating real-time supply chain intelligence with pricing data, helping our clients not only see the price but understand the ‘why’ behind it.
We’re also expanding our work on petrochemical demand modeling in partnership with Chemical Market Analytics by OPIS. That’s critical, because chemicals are the single largest global demand source for propane. The better we understand those dynamics, the better we can help the industry navigate what’s next.
TV: What big trends are you watching in the Americas LPG market?
AC: The Americas LPG scene is buzzing with activity. First and foremost, U.S. exports, particularly out of the Gulf Coast, continue to surge, reshaping global trade patterns. Mont Belvieu pricing isn’t just a U.S. story anymore; it’s steering decisions across Asia and Latin America.
On the demand side, petrochemical consumption is a big swing factor. What happens in Asian petrochemical plants directly influences fuel availability in the Americas. Add to that the growing buzz around renewable propane, especially in Europe and California, and you’ve got a market being pulled in multiple directions.
Regionally, I’m keeping a close eye on Africa’s rising demand for clean cooking solutions, Asia’s balancing act between fuel growth and petrochemical downcycles, and in Latin America, the tug-of-war between market liberalisation and government interventions. I’ve worked closely with the Latin American market for years, and ensuring market efficiency there is crucial because LPG plays a huge role in everyday life.
TV: And what’s your outlook for the rest of 2025? What should the industry be preparing for?
AC: The back half of 2025 promises to be eventful. Geopolitical uncertainty and logistical pinch points, think major shipping lanes, will continue to cause ripples. At the same time, supply growth from the U.S. and Middle East could offer some breathing room.
A lot hinges on how quickly Asia’s petrochemical sector recovers, especially in China, South Korea, and India. That recovery will be a key indicator for Mont Belvieu pricing pressures globally.
On the innovation front, we expect the conversation around bioLPG and renewable propane to accelerate. While these markets are still relatively small, their growth is crucial to hitting decarbonisation goals, particularly in Europe and parts of North America.
The overarching challenge, but also the opportunity, is balancing the reliability of traditional energy with the momentum of renewables, all while modernising infrastructure to keep pace with both.
TV: You’ve been involved in various WLGA initiatives. Why is that connection important to you?
AC: The WLGA is a fantastic platform as it brings the whole LPG value chain together under one roof. From producers to regulators, you get a global view of the challenges and opportunities facing the industry.
For OPIS, it’s invaluable. We contribute data-driven insights that help move the conversation forward, whether it’s during Liquid Gas Week or industry council sessions. The exchange of ideas keeps us sharp and ensures we’re delivering intelligence that really meets the needs of the sector. Personally, it’s also incredibly rewarding to be part of a community that’s focused on making LPG cleaner, more accessible, and more sustainable.
TV: Any parting thoughts for our readers?
AC: Absolutely. I believe the LPG sector stands at a pivotal moment. With the global energy system undergoing transformation, LPG, and renewable LPG, have a unique role to play in balancing affordability, reliability, and emissions reduction.
At OPIS, we’re committed to being a reliable partner during this transition. We’ll keep delivering clarity where there’s complexity, and data where there’s uncertainty.
And for those heading to Liquid Gas Week, I’m excited to connect in person, especially in one of my favorite cities, Rio de Janeiro. Whether at our booth, during Latin American Day, or in the main sessions, let’s make time to exchange ideas and shape the future of LPG together.
