Weekly Mont Belvieu Propane-Butane Price Review: December 6th, 2024

Weekly Mont Belvieu Propane-Butane Price Overview: December 6th, 2024

Here’s a summary of this week’s LPG price trends, with daily average prices for propane and butane:

2/12/2024: Propane $413.2 / Butane $493.2

3/12/2024: Propane $420.1 / Butane $493.2

4/12/2024: Propane $409.8 / Butane $487.8

5/12/2024: Propane $398.4 / Butane $484.7

6/12/2024: Propane $393.4 / Butane $483.0

LPG Prices Reverse Strongly

LPG prices saw a sharp bearish reversal, with significant declines in both propane and butane prices. Butane averaged $488.4 per metric ton, down 6.1% from the previous week’s $520.1. Similarly, propane closed at $407.0 per metric ton, a 5.7% drop from last week’s $431.5.

Crude Oil Prices Fall Amid Demand Concerns

Despite OPEC+ delaying its planned production increase until Q1 2025, crude oil prices fell further due to ongoing demand uncertainties. China’s reduced oil demand, partly attributed to the growing adoption of electric vehicles and LNG, continues to weigh heavily on the market. Meanwhile, geopolitical tensions in Syria and Ukraine have had little impact on prices, possibly influenced by a cooling of global tensions attributed to the "Trump effect." WTI and Brent closed lower at $67.82 and $71.54 per barrel, respectively, down from $69.08 and $73.24 the previous week.

Nigerian LPG Depot Prices Decline

Depot prices for LPG saw notable reductions, driven by a sharp drop in the USD-Naira exchange rate to 1570 and falling international prices. In Lagos, prices hovered around 22.8 million Naira per 20 MT, while Shafa in Warri and Stockgap depot in Port Harcourt sold slightly higher at above 23 million Naira. Further price decreases are anticipated this week.

Retail Prices are at N17,500.00 in Lekki  

Retail LPG prices are expected to reduce further nationwide with the reduction in the landing cost of LPG.

Visit the LPG forum CLICK HERE to share local Retail prices and participate in the discussion.

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Godwin Okoduwa

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