Weekly Mont Belvieu Propane-Butane price review December 30th, 2022
Compliments of the Season
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (6.5% and 6.4% up respectively on the weekly average):
26th December: Bank holiday
27th December: 365.0; 436.6
28th December: 367.6; 440.3
29th December: 374.1; 455.0
30th December: 394.0; 473.8
LPG Butane prices continued on an upward trend, closing at 473.8 USD/MT; 7% higher than the previous week's close of 443.7 USD/MT. Propane prices also continued the upward trend, closing at 394 USD/MT; 5 % higher than the previous week's closing of 374 USD/MT
LPG price Upward trend may have been due to the hard-biting winter and the sentiments around China's release of COVID-19 restrictions, but the consequence in upward cases of COVID-19 deaths and struggling medical facilities in China, and recent reports of a weak 2023 economy globally may keep prices low and stem the bullish trend. Other factors initially mentioned last week are still valid to keep prices down.
Local LPG prices in Nigeria
On the local side, prices didn't change much. The highest price was at Prudent energy at 12.3 Million Naira per 20MT but it was stock-out by the weekend. NAVGAS dropped to 12 Million by the end of the week.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.