Weekly Mont Belvieu Propane-Butane Price Review: August 16th, 2024

Weekly Mont Belvieu Propane-Butane Price Review: August 16th, 2024

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

12/08/2024: Propane $397.9/ Butane $423.1

13/08/2024: Propane $396.6/ Butane $425

14/08/2024: Propane $395.5/ Butane $430.9

15/08/2024: Propane $394  / Butane $445.5

16/08/2024: Propane $389.4/ Butane $447.6

LPG prices make a U-turn:

LPG prices make a sharp U-turn after 5 weeks, with Butane ending the week with an average price of 434 USD/MT by the end of Friday the 16th of August, 5.5% higher than the previous week's average of 411.8 USD/MT. Propane also closed higher; at an average weekly price of 394.9 USD/MT; 2.8% higher than the previous week's average price of 383.9 USD/MT. As earlier warned in the previous week's analysis, LPG prices made the u-turn, going bullish after a sustained bearish trend of 5 weeks. 

Oil prices unmoved:

Crude Oil prices hardly moved last week , with both the WTI and Brent Crude prices closing slightly higher than the previous week; closing at 76.65 USD/barrel and 79.68 USD/barrel respectively. 

Nigeria LPG depot prices unmoved. 

LPG depot prices remained at the same levels as expected; selling at 22 Million in Apapa, while in the South - South, prices where around 21.5 million level. We expect prices to remain at current levels this week and may go higher next week if international prices continue to go upwards.

LPG retail prices:

Retail prices still sell for between 1200 to 1300/ KG across the country.

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Godwin Okoduwa

Godwin is an Oil and gas professional with over 20 years of experience.