Weekly Mont Belvieu Propane-Butane Price Review January 12th 2024

By Godwin Okoduwa ــ Last Update 15 January 2024

Weekly Mont Belvieu Propane-Butane price review January 12th 2024

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

8th January 2024 358.8388 447.9038

9th January 2024 380.0044 447.3375

10th January 2024 403.4494 453.0000

11th January 2024 414.8463 458.0963

12th January 2024 426.5688 464.8913

Propane and LPG Price Trends:

LPG prices experienced a marginal decrease of just 1.5%. However, the spotlight is on propane prices, which saw a substantial increase of approximately 10% for the week ending January 12, 2024. This surge can be attributed to recent geopolitical events affecting oil commodity prices.

Oil Prices and Geopolitical Dynamics:

A series of events on the geopolitical scene, specifically the US and UK attacks on Houthi rebel positions in Yemen, have propelled crude oil prices to new highs for the year 2024, reaching $80 USD per barrel for Brent crude. This development has drawn criticism from Iran and other Middle Eastern countries. Additionally, ongoing diversions of ships from the Suez Canal, a vital route for marine vessels, are contributing to the volatility of oil prices. The Houthi rebels, in retaliation to the Israeli-Gaza conflict, have disrupted the Red Sea, and there is a potential for prices to surge further if the situation escalates.

While the conflict in the Middle East remains a key factor in higher petroleum commodity prices, we anticipate a bearish trend once the crises subside. Factors such as the global economic downturn, current low demand from China, and improved stock from the US could exert downward pressure on prices.

Nigeria LPG Depots:

In Nigeria, LPG depot prices are moving closer to normalization, with Apapa selling for 15.8 million by midweek. In contrast, depots in the South-South region reported the highest price at 16.3 million Naira.

Retail Prices:

Retail prices for LPG range from 11,000 Naira per 12.5kg to approximately 11,500 Naira in Lagos State.

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.