Weekly Mont Belvieu Propane-Butane Price Review: August 2nd, 2024

Weekly Mont Belvieu Propane-Butane Price Review: August 2nd, 2024

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

29/07/2024: Propane $403.6/ Butane $436.2

30/07/2024: Propane $400.0/ Butane $433.7

31/07/2024: Propane $404.4/ Butane $438.0

01/08/2024: Propane $393.4/ Butane $435.7

02/08/2024: Propane $376.1/ Butane $414.1

International LPG prices continue to drop:

LPG prices dropped for the 4th consecutive week, closing at an average weekly price of 431.5 USD/MT by the end of Friday Tuesday the 2nd of August, 0.09% lower than the 435.6 USD/MT of the previous week. Propane also closed lower; at an average weekly price of 395.5 USD/MT 2.10% lower than the last week's price of 404.1 USD/MT. Butane prices closed at 414.1 USD/MT ; the lowest in almost 2 months, suggesting a confirmation of the bearish trend.

Oil demand issues continue to impact Crude oil prices:

Crude Oil prices continue to struggle as demand struggles continue. WTI and Brent closed the week at 73.6 USD/barrel and 77.38 USD/barrel respectively.The tension caused by the Hamas'leader assassination caused some initial hike, but prices returned to the bearish trend by Friday.

Nigeria LPG depot prices respond to scarcity in the market. 

LPG depot prices sold at levels as high as 20.5 million at Stockgap depot. Prices have continued to rise into the weekend. It is expected that depot prices will increase as a result of low stock in the market.

LPG retail prices:

Retail prices are rising again. Discussions from our WhatsApp platform suggests that LPG prices is now in the range of 15000.00 per 12.5kg .

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Godwin Okoduwa

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