Weekly Mont Belvieu Propane-Butane Price Review April 26th 2024

By Godwin Okoduwa ــ Last Update 28 April 2024

Weekly Mont Belvieu Propane-Butane Price Review: April 26th, 2024

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

22/04/2024: Propane $399.5 / Butane $415.5

23/04/2024: Propane $399.1 / Butane $410.2

24/04/2024: Propane $398.1 / Butane $409.3

25/04/2024: Propane $399.7 / Butane $406.1

26/04/2024: Propane $407.4 / Butane $415.6

Butane Prices continues the bearish trend:

Butane prices dropped further finishing at an average price of 411.4 USD/MT, 3.3% lower than the previous week's average. Propane tested the 300 regions but returned with an average price of 400.7 USD/MT , 1.9% lower than the previous week's average. We may have a consolidated trend as we move to warmer temperatures in the temperate regions.

Crude Oil Prices return to bullish trend:

Crude oil prices returned to higher grounds, finishing at 89.64 USD per barrel by Friday the 26th, from the previous week's 86 USD. The week witnessed decreasing crude oil inventories and continued Middle East conflicts, which may have been the reason for the price action.

Nigeria LPG depot prices uncertain direction

LPG Depot prices behaved rather directionless during the week, with prices falling to 16 Million per 20MT in some depots in the early part of the week and finishing at 17.2 million by the end of the week. Depot price movement was affected by the trend reversal in the Naira/USD exchange rate, with naira closing at around 1400 per USD at the parallel market. The USD at the CBN still showed a rate under 1200; this means there would be a significant difference in landing cost between NLNG cargoes and imports- an opportunity for NLNG cargo holders. we expect higher prices in the coming week despite the lower international prices seen in the previous week.

LPG Retail Prices:

Retail prices remained relatively stable, selling from 14500 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.