Weekly Mont Belvieu Propane-Butane Price Review: July 19th, 2024

By Godwin Okoduwa ــ Last Update 21 July 2024

Weekly Mont Belvieu Propane-Butane Price Review: July 19th, 2024

Here's a recap of the LPG price trends for the week, highlighting the average prices for Propane and Butane each day:

15/07/2024: Propane $416.8/ Butane $440

16/07/2024: Propane $411.1/ Butane $436.9

17/07/2024: Propane $408.5/ Butane $438.4

18/07/2024: Propane $409.5/ Butane $441

19/07/2024: Propane $408.2/ Butane $440.3

LPG prices drop for the 2nd consecutive week:

LPG prices dropped for the 2nd consecutive week, closing at an average weekly price of 439.3 USD/MT by the end of Friday the 19th of July, 1.1% lower than the 444.3 USD/MT of the previous week. Propane also closed lower; at an average weekly price of 410.8 USD/MT 3.70% lower than the last week's price of 426.6 USD/MT. While the drop in butane prices was modest, Propane prices seem to have kept the tempo dropping by 3.7% for the second consecutive week, which may be a confirmation of a bearish trend.

China Oil demand impacts Crude oil prices:

Though there was crude oil stock reduction in the US which should have consolidated the bullish trend, less than impressive Oil demand from China has impacted the rise in oil prices. WTI and Brent closed the week at 82.16 USD/barrel and 84.45 USD/barrel respectively, a drop from last week's 83 and 86 USD/barrel.

Nigeria LPG depot prices continue the bullish trend:

LPG depot prices went further upwards, with Ardova PLC and 11PLC Apapa announcing sales at 20 million per 20MT by Friday the 19th of July. Matrix in Warri also announced a new high of 19.5 Million per 20MT. The increase is due to the rising USD rate against the Naira and some scarcity in the market. By Thursday the 19th of July, the USD was selling for 1585. LPG prices are expected to continue upwards due to foreign exchange and LPG availability pressures.

LPG retail prices:

Retail prices are rising again. In Lagos, plants are selling at approximately 13,500 per 12.5kg cylinder.

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