Weekly Mont Belvieu Propane-Butane price review April 14th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.3% and 0.7% up respectively on the weekly average):
10th April: 423.6; 442.5
11th April: 431.1; 446.5
12th April: 437.2; 449.7
13th April: 434.2; 446.1
14th April: 435.0; 446.8
LPG Butane prices continued the upward trend but this time by a subdued 1.15% higher than the previous week's close of 441.7 USD/MT; showing resistance and likely reversal in trend in the coming weeks.
Propane prices followed the same trend closing at 429.2 USD/MT; just 1.35% higher than the previous week's close of 435 USD/MT.
Prices fell during the week, following OPEC's reduction in demand forecast for the year 2023. Still, prices seemed to rebound on Friday after the IEA's warning of supply shortage if the OPEC countries go-ahead to cut their production for the year 2023. We expect prices to trend horizontally in the coming weeks.
Local LPG prices in Nigeria
Local prices went lower in several parts of the country; NAVGAS notably sold the lowest at 10.3 Million Naira. An unverified report suggests prices going as low as 10 Million per 20MT at NAVGAS shows supply pressures would soon take prices to sub-10 Million regions.
On the retail side, the 12.5kg LPG cylinder sells for around N9000.00 to N10,000.00 in most parts of the country.