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LPG IN NIGERIA - Get LPG Daily Price Updates and LPG industry related information
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LPG IN NIGERIA - Get LPG Daily Price Updates and LPG industry related information
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Report/Analysis

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Weekly Mont, Belvieu Propane-Butane prices, September 16th 2022

Our assessment for last week daily Mont Belvieu propane and butane in USD/mt (1.3% and 4% down respectively on weekly average):
12th September: 548.7; 502.3
13th September: 550.0; 498.6
14th September: 556.2; 506.5
15th September: 541.8; 492.6
16th September: 536.6; 493.1
LPG Butane prices closed lower for the week ending 16th September 2022, closing at 493.1 USD/MT, the first time trading under 500 since June 2021. The bearish momentum continues as consumers continue to consider alternative sources, coupled with reduced demand from China. Propane prices also followed the downward trend closing at 536 USD/MT against the previous week's 543.8 USD/MT.
This period is about the best time to secure LPG cargoes as prices could spiral back up in a couple of months when heating pressures resume in response to Winter.
On the local side, prices haven't changed much at different depot locations; prices remained the same with the lowest prices in Apapa ( 12.05 Million per 20MT) and the highest price in Oghara ( 12.55 Million per 20MT).
We expect prices to go lower in the short term in response to the international price trend.
The retail prices from the LPG plants also remained unchanged, ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country.

LPG Nigeria
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Weekly Mont, Belvieu Propane-Butane prices, September 9th 2022

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (4.3% and 5.4% down respectively on weekly average):
5th September: Bank holiday
6th September: 569.2; 540.5
7th September: 554.9; 524.3
8th September: 547.1; 511.0
9th September: 543.8; 502.1
LPG Butane prices moved significantly downwards to close at 502/1 USD/MT - the lowest since June 8th, 2021; when it closed at 500.6 USD/MT. The trend has followed the bearish momentum of oil prices. We may see Butane prices break the 500 USD mark in the coming week. Propane prices too although higher closed significantly lower than they did in the previous week - closing at 543.8 USD/MT against the previous week's close of 570.3
The global energy market remains uncertain, with many factors that could push prices back up lingering in the background. Reasons for the fall in prices are mainly; demand destruction; customers shifting to other fuels and reduced demand as a result of high prices. Also, the Chinese COVID-induced lockdowns persist which is a significant source of demand cuts. Factors that could drive prices back up remain sudden weather changes and the coming winter.
On the local side, prices didn't change much at different depot locations; prices remained the same with the lowest prices in Apapa ( 12.1 Million per 20MT) and the highest prices in Oghara ( 12.6 Million per 20MT).
We expect prices to go lower if international prices stay at the September 9th price or lower.
The retail prices from the LPG plants, also remained unchanged; ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country.

LPG Nigeria
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Weekly Mont, Belvieu Propane-Butane prices, September 2nd 2022

Our assessment for last week daily Mont Belvieu propane and butane in USD/mt (0.6% and 1.4% down respectively on weekly average):
29th August: 591.2; 559.7
30th August: 583.2; 551.5
31st August: 581.6; 550.4
1st September: 566.6; 539.9
2nd September: 570.3; 544.6
LPG Butane and Propane prices continue to range around the mid -500 region. This week, LPG Butane price closed lower than the previous week's end , closing at 544.6 USD/MT for the week ending 1st of September 2022, against 551 USD/MT in the previous week. propane prices also closed at 570.3 USD/MT for the week ending September 1st 2022 , lower than the previous week's 582.9 USD/MT.
China sustained COVID-19 driven lockdowns continue to affect Oil prices, International Gas prices may have reached their higest peak as consumers seek other energy sources and demand destruction continues.
Local prices downward trend continues, albeit gradual, with some depot selling as low as 12.1 Million per 20MT.
We expect prices to remain in this range or lower if international prices of Butane continue to range as it has done in the past weeks.
The retail prices from the LPG plants, also remained unchanged ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country.

LPG Nigeria
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Weekly Mont, Belvieu Propane-Butane prices, August 30th 2022

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.1% and 0.5% up respectively on weekly average):
15th August: 556,5; 543,9
16th August: 554,2; 537,9
17th August: 554,9; 539,4
18th August: 568,9; 546,0
19th August: 573,8; 558,3
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (3.6% and 2.2% up respectively on weekly average):
22nd August: 571.5; 552.9
23rd August: 582.9; 566.0
24th August: 588.1; 562.3
25th August: 584.5; 552.9
26th August: 582.9; 551.0
This report is based on a 2-week assessment period. Within the two weeks, Butane prices hovered along the lowest points touching areas under 540 USD, and closed lower than the close on the 12th of August, closing at 551 USD/MT against 552.2 USD/MT two weeks ago.
International Gas prices are still highest in Europe - the direction of price could move downwards, as industries and governments embrace Energy sources hitherto regarded as 'dirty', the likes of Coal for instance and the renewed move towards Nuclear energy.
Local prices began a gradual dip 2 weeks ago and this has been sustained despite the renewed upward swing in the USD/Naira exchange rate.
We expect prices to remain in this range or lower if international prices of Butane continue to range as it has done in the past weeks.
The retail prices from the LPG plants, also remained unchanged ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country.

LPG Nigeria
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Weekly Mont, Belvieu Propane-Butane prices, August 18th 2022

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (3% and 1.8% down respectively on weekly average):
8th August: 553.1; 532.3
9th August: 553.7; 533.6
10th August: 557.1; 539.5
11th August: 572.5; 554.6
12th August: 569.4; 552.2
Butane prices continue to test their lowest points for the year having reached 532.3 USD on the 8th of august 2022.
LPG prices closed higher than for the week ending 12th August 2022: closing at 552.2 against 539.8 in the previous week for Butane but lower for Propane; 569.4 USD/MT against 559.9 USD/MT.
International Gas prices are still at the highest levels in Europe.
Local prices began a gradual dip last week which has been sustained in the current week. Local supplies haven't reached previous levels, causing supply pressures in the industry and increasing reliance on imports.
The retail prices also remained unchanged ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country

LPG Nigeria

Blog/Article

Shafa Energy Receives First Cargo

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Shafa Energy, a leading Oil and Gas product marketing and distribution company with Depot in Warri, Delta state has finally received their first LPG cargo on the 31st of August 2022.
The cargo size was 41OO MT. LPG Offtakers may now proceed to the depot which is directly opposite the Matrix Energy depot in Warri.
The commissioning of the Shafa Energy depot further helps to ensure availability of LPG in the South South region and by Extension South - East. Hence reducing the occurence of scarcity in the region.
Shafa Energy has LPG plants at strategic locations for their Retail business and also provide transportation services for delivery on behalf of their customers nationwide.

Tags - lpg, lpgdepot, shafa Energy, cookinggas, warri,matrixenergy, scarcity

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