Weekly Mont Belvieu Propane-Butane Price Review February 2nd 2024

By Godwin Okoduwa ــ Last Update 04 February 2024

Weekly Mont Belvieu Propane-Butane price review February 2nd 2024

LPG price average prices for each day during the week for Propane and Butane respectively.

29th January 461.9 465.9

30th January 462.6 475.5

31st January 488.4 479.9

1st February 498.2 475.4

2nd February 506.3 473.4

Butane stays below 500 USD/MT

Butane prices hardly moved ending the week with an average price of 473.4 USD/MT, but propane moved significantly, closing with an average price of 506.3 - 6.4 % higher than the previous week.

Oil Prices and Geopolitical Dynamics:

Last week, the tensions in the Middle East abated with the news of a potential ceasefire between Israel and Hamas.

Oil prices went below 80 USD. If the ceasefire materializes, we could see oil and gas prices go lower. The Opec+ member countries met but did not change their oil production targets. So we expect production to remain the same till March when they meet again.

Nigeria LPG Depots:

In Nigeria, LPG depot prices continue to move at an unprecedented trajectory due to the Naira/USD exchange rate which is about 1400 Naira to a USD. LPG sold at 19 Million per 20MT in Apapa . Prudent Energy depot at Oghara also sold at 19 Million during the week. The coming week could see prices hit 20 Million per 20MT as the CBN exchange rate also moves closer to the Black market levels. The coming week is one to watch.

LPG Retail Prices:

The January report for LPG retail prices has been published see LINK for details.

Please feel free to reach out if you have any questions or require a more in-depth analysis of these market developments. Our team is committed to providing the insights and guidance necessary for effectively navigating this dynamic market.