Weekly Mont Belvieu Propane-Butane Price Review: August 9th, 2024

Weekly Mont Belvieu Propane-Butane Price Review: August 9th, 2024

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

05/08/2024: Propane $371.4/ Butane $404.9

06/08/2024: Propane $373.8/ Butane $404.4

07/08/2024: Propane $389.3/ Butane $416.3

08/08/2024: Propane $393.8/ Butane $418.5

09/08/2024: Propane $391.1/ Butane $415.1

LPG prices continue to drop:

LPG prices dropped for the 5th consecutive week, closing at an average weekly price of 411.8 431.5 USD/MT by the end of Friday Tuesday the 9th of August, 4.6% lower than the 431.5 USD/MT of the previous week. Propane also closed lower; at an average weekly price of 383.9 USD/MT 2.9% lower than the last week's price of 395.5 USD/MT. We should be mindful of the fact that Butane prices closed at 415.1 higher than 414.1 USD/MT in the previous week. 

Oil price gets a breather:

Crude Oil prices got lucky last week , with both the WTI and Brent Crude prices closing higher than the previous week; closing at 76.56 USD/barrel and 79.47 USD/barrel respectively.The tensions in the middle east and stronger economic data from the US contribute to the recent rise in oil prices. 

Nigeria LPG depot prices move higher. 

LPG depot prices increased and sold for as high as 22 Million in Apapa, while in the South - South, prices were around 21.5 million. We expect prices to remain at current levels as international prices drop and the Naira/USD exchange remains unchanged.

LPG retail prices:

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

• Lpg
• Butane propane

Godwin Okoduwa

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