LPG In Nigeria
Grow Your Business with Us at LPG In Nigeria! LPG MARKETPLACE - Find LPG Products and Services easily!
Sharing Ideas and Updates on LPG in Nigeria and related information to enable effective collaboration within the LPG Value Chain

Weekly Mont Belvieu Propane-Butane Price Review December 9th 2022

Weekly Mont Belvieu Propane-Butane price review December 9th 2022
Weekly Mont Belvieu Propane-Butane Price Review December 9th 2022

Compliments of the season

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (12.1% and 6.3% down respectively on the weekly average):

5th December: 357.0; 432.0

6th December: 346.5; 418.5

7th December: 347.8; 403.7

8th December: 342.1; 392.6

9th December: 346.5; 392.6

LPG Butane prices closed significantly lower by 12%, closing at 392 USD/MT against the previous week's close of 440 USD/MT ( lowest since April 27th, 2021). Propane prices this time had a lower change in closing price (6%); closing at 346.5 USD/MT against the previous week's close of 368 USD/MT.

Factors affecting price drop include primarily, the dropping crude oil prices, lower demand from China from the COVID-19 Lockdown, and recent improved economic numbers from the US. Factors that could lead to a reversal of price trend are; Limited availability of oil and gas in Europe as a result of restricted supplies from Russia and supply gaps, increased oil and gas demand from the winter temperature, and cut in oil production among OPEC members when they meet in December. The OPEC + (PLUS) met early last week and decided not to cut supplies; according to Reuters; OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply - this is a relief to the market.

Local LPG prices in Nigeria

On the local side, prices fell slightly and peaked at 12.4 Million Naira per 20MT at NAVGAS depot (Apapa) and dropped later to 12.3 Million, with most depots selling between 12.05 to 12.2 Million Naira per 20MT. Prices could go higher as the market is experiencing some scarcity, except for that, prices should drop as LPG arrives at the depots at a lower landing cost.

LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.

Share on Social Media:
Ehi Ehijele

Ehi Ehijele

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

0 Comment.

Be the first to Comment

Already a Member? Login | New here? Register