Weekly Mont Belvieu Propane-Butane Price Review April 19th 2024

By Godwin Okoduwa ــ Last Update 20 April 2024

Weekly Mont Belvieu Propane-Butane Price Review: April 19th, 2024

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

15/04/2024: Propane $409.3 / Butane $429.5

16/04/2024: Propane $415.2 / Butane $432.3

17/04/2024: Propane $409.3 / Butane $425.5

18/04/2024: Propane $403.4 / Butane $419

19/04/2024: Propane $406.2 / Butane $420.6

Butane Prices return to its lowest since November 2023:

In a week that was filled with uncertainty about Oil & Gas price direction due to the tension in the Middle- East, LPG prices declined further, with Butane hitting its lowest since November 2023, finishing at 420.6 USD. Propane ended with a 406.2 USD average price, finishing the week at 2.7% lower than the average weekly price of the previous week.

Crude Oil Price retraces:

Israel finally retaliated to the Iranian attack earlier in the week, but it was with little or no damage, and prices responded by going lower. Brent Crude finished the week at 86 USD per barrel against the previous week's 90 USD per barrel. Oil prices may have made a U-turn to lower figures as the threat of the Middle East conflict escalation has since abated.

LPG Prices Break the 17 Million Mark:

LPG Depot prices have dipped below 17 Million Naira per 20MT at Techno Depot at Kirikiri, Lagos - the market prices have dipped by about 15% in a week in response to the direction of the Naira - USD Exchange rate . The Naira appreciated sharply from 1700 to about 1150 Naira in weeks which affected the landing cost of LPG, leaving many in loses. Going by the Mont belvieu price and the Naira USD Exchange rate which is about 1200 per USD, we should not expect much decline - the market should stabilise.

Retail Prices:

Retail prices remained relatively stable, selling from 14500 per 12.5kg in Lagos to up to 17000 outside Lagos. We expect a significant drop in price this week.

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.