Weekly Mont Belvieu Propane-Butane price review February 24th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.7% down and 6.6% up respectively on the weekly average):
20th February: Bank holiday
21st February: 431.1; 573.0
22nd February: 422.0; 585.5
23rd February: 420.7; 577.9
24th February: 432.8; 596.8
LPG Butane prices rebounded strongly last week, closing 8% higher than the previous week's close - at 596.8 USD/MT against 554.6 USD/MT.
The price change for propane was on average lower but closed higher by 2% at 432.8 USD/MT against the previous week's close of 423 USD/MT.
The butane price increase may be a result of price action and may return to a bearish trend as oil prices continued to fall last week from increased oil inventory worldwide and other bearish news.
Long-term price direction is still tricky; factors to watch that could drive prices higher include Russian oil production cuts and the expected increase in Chinese Oil imports.
Local LPG prices in Nigeria
Local prices continued to fall but slightly; the lowest being 11.4 Million Naira per 20MT. The market is well-serviced with LPG cargoes and continues to be wet. We should expect more drop in prices.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.