Weekly Mont Belvieu Propane-Butane Price Review: April 12th, 2024

By LPG in Nigeria ــ Last Update 15 April 2024

Weekly Mont Belvieu Propane-Butane Price Review: April 12th, 2024

Here's a recap of the LPG price trends for the week, highlighting the average prices for Propane and Butane each day:

08/04/2024: Propane $431.9 / Butane $462.6

09/04/2024: Propane $427.2 / Butane $445.8

10/04/2024: Propane $418.1 / Butane $443.1

11/04/2024: Propane $410.5 / Butane $435.2

12/04/2024: Propane $412.9 / Butane $435.3

LPG Prices Retrace:

In a surprising turn, LPG prices retraced, nearing the 400 mark. Butane saw a notable decline of 5.1%, averaging at $435.3 USD/MT compared to the previous week's $480.5. Propane also dipped by 3.5%, closing at $412.9 USD/MT, down from $441.5 the previous week.

Crude Oil Price Stalls:

The upward momentum of crude oil prices hit a snag, attributed to growing inventories and concerns in the US market regarding potential interest rate cuts. Brent crude closed just over $90 USD per barrel, while WTI settled at $86 USD per barrel. However, tensions stemming from the Iranian attack on Israel may potentially disrupt oil supplies, hinting at a possible sharp increase in prices.

LPG Prices Break the 20 Million Mark:

LPG Depot prices have dipped below the 20 Million mark per 20MT, largely influenced by the strengthening Naira. Apapa recorded sales at 19.8 Million per 20MT, with some depots selling even lower. Pressure is also evident in the South-South depots, now selling at or below 20 Million in select locations. Further reductions are anticipated in the upcoming week, barring any significant shifts prompted by the Middle East crisis, the ramifications of which could reverberate in the following weeks.

Retail Prices:

Retail prices remained relatively stable, selling from 15000 per 12.5kg in Lagos to up to 17000 outside Lagos.

For further inquiries or in-depth analysis of these market developments, please do not hesitate to reach out to us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.