Weekly Mont Belvieu Propane-Butane price review January 27th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (3.2% and 0.2% up respectively on the weekly average):
23rd January: 467.8; 526.0
24th January: 471.5; 526.6
25th January: 480.0; 527.7
26th January: 490.1; 533.0
27th January: 483.4; 532.0
Butane prices ended their bull run last week. LPG Butane prices really didn't move, closing lower by 0.06%; closing at 520 USD/MT against the previous week's close of 532.3 USD/MT. On the other hand, Propane prices also closed higher by just 2% ( at 483.4) than the previous week's close, which was 471.7 USD/MT.
China's economic recovery continues and there seems to be more oil flowing into the market from new sources; Iraq just announced they would be supplying the market with claims of increased Oil & Gas inventory, just as Libya's National Oil Company (NOC) and Eni sign agreement to develop two plots with 6 trillion cubic feet of gas reserves. More oil and gas in the market means lower prices, but China is here; which means raising demand and prices - the price war continues.
Local LPG prices in Nigeria
Unexpectedly, local prices didn't move as much as prices remained at the previous week's levels with NAVGAS reverting to 11.7 Million by Friday. Depots in the South-South region sold for 11.8 and 11.9 Million per 20MT. We expect prices to remain at these levels.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.