Weekly Mont Belvieu Propane-Butane price review December 23rd, 2022
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (2.2% down and 2.7% up respectively on the weekly average):
19th December: 340.4; 418.9
20th December: 335.2; 417.2
21st December: 348.7; 417.9
22nd December: 363.4; 424.1
23rd December: 374.0; 443.7
LPG Butane prices closed 7% higher, closing at 443.7 USD/MT against the previous week's close of 412.9 USD/MT. Propane prices also closed higher by 7%; closing at 374 USD/MT against 350.7 USD/MT in the previous week.
LPG prices direction in the coming weeks is very likely to continue on the bullish trend as the winter bites harder, China releases COVID-19 restrictions, another Russia export gas pipeline gets ruptured from an attack and Oil breaks the 80 USD per barrel level - to mention a few. Nevertheless, factors that could keep prices down remain, increased alternative energy sources, improved economic numbers from the US, the likelihood of the return of COVID-19 restrictions in China, more oil supply sources, and improved oil inventories.
Local LPG prices in Nigeria
On the local side, prices dropped to 12.3 Million Naira per 20MT at NAVGAS depot and Prudent Depot, while the lowest sold at 11,95 Million per 20MT, with most depots selling between 12.1 to 12.2 Million Naira per 20MT.
There seems to be enough LPG in the system as LPG cargoes were delivered across depots during the week; which could lead to lower or sustained price levels.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.