Weekly Mont Belvieu Propane-Butane Price Review April 5th 2024

By Godwin Okoduwa ــ Last Update 08 April 2024

Weekly Mont Belvieu Propane-Butane price review April 5th 2024

LPG average prices for each day during the week for Propane and Butane respectively.

01/04/2024: 424.3 438.8

02/04/2024: 431.9 448.3

03/04/2024: 435.8 473.4

04/04/2024: 442.9 500.8

05/04/2024: 441.5 480.5

LPG price hit the 500 USD mark again:

LPG prices remain bullish and Butane hit the 500 USD mark for the first time since early February, we could see prices go way off if the recent crude prices direction is anything to go buy. While Butane added an average weekly price increase of 3.9% with an average price of 468.4 USD/MT against the previous price of 450.8, Butane finished with an average price of 435 USD /MT against a previous price of 430.2, a marginal increase of 1.2%.

Crude oil prices go past 90 USD per barrel

This week saw a rally in oil prices, propelled by geopolitical tensions and supply concerns that added to the bullish momentum. Brent crude notably breached the $90 per barrel mark, advancing past $91 ( way off the 87 USD level, last week) on Friday morning. This surge was influenced by several factors, including the anticipated response from Iran against Israel, a looming shortage in Mexico's oil exports, and persistent production reductions by OPEC+

LPG prices manage to stay above 20 Million :

LPG price differential between depots in Lagos and depots in the South-South persists, with Lagos selling for as low as 20.1 Million 20MT, with news of some depots selling below 20 Million, while Prudent Energy Oghara and Stockgap Depot Port Harcourt continue to sell at 21 Million and 21.3 Million respectively. Depots like Kwale Hydrocarbon Ltd seem to have adjusted to Lagos price by selling at about 21.1 Million. However, with the surge in Crude oil prices, we may see higher prices in the coming week. It may not be a bad idea to buy now, as prices could easily go northwards as a result of the Middle East tension. The pressure from the USD/Naira exchange rate is low with the USD at 1200 levels, it's most likely to stay at those levels.

Retail Prices:

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

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