Weekly Mont Belvieu Propane-Butane price review January 6th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (3.7% and 2.1% up respectively on the weekly average):
2nd January: Bank holiday
3rd January: 402.1; 466.9
4th January: 389.1; 460.9
5th January: 380.8; 457.5
6th January: 384.7; 457.4
LPG Butane prices closed lower by 3.46% reversing from a 3 weeks upward trend; closing at 457.5 USD/MT against the previous week's close of 473.8 USD/MT. Propane prices also experienced a price reversal by 2.36%; closing at 384.7 USD/MT against the previous week's closing of 394 USD/MT.
As discussed last week, the reversal could be linked to the sentiments around China's upward cases of COVID-19 deaths and struggling medical facilities in the aftermath of the relaxation of COVID-19 restrictions and recent reports of a weak 2023 economy globally. According to an energy analyst, Oil prices experienced the worst start to the year in over three decades this week, falling by more than 9% over the first two days of trading.
Local LPG prices in Nigeria
On the local side, prices stayed at 12 Million Naira at most depots apart from A.Y. Shafa depot where the price was 12.25 Million Naira per 20MT.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.