Weekly Mont Belvieu Propane-Butane Price Review: July 23rd, 2024

Weekly Mont Belvieu Propane-Butane Price Review: July 23rd, 2024

Here's a recap of the LPG price trends for the week ( 2 days ) , highlighting the average prices for Propane and Butane each day:

22/07/2024: Propane $403.5/ Butane $436.9

23/07/2024: Propane $402.3/ Butane $432.6

LPG prices drop for the 3rd consecutive week:

LPG prices dropped for the 3rd consecutive week, closing at an average weekly price of 434.75 USD/MT by the end of Tuesday the 23rd of July, 1.05% lower than the 439.3 USD/MT of the previous week. Propane also closed lower; at an average weekly price of 402.3 USD/MT 1.96% lower than the last week's price of 410.8 USD/MT. The price drops are not significant due to the low number of days, being two days in the week. We had issues getting the data and would update during the week. There seems to be a confirmation of a bearish trend for LPG prices.

China Oil demand issues continue to impact Crude oil prices:

Crude Oil prices continue to struggle as Chinese news dominates the sentiment, keeping oil prices down. Widespread tech stock selloff and a commodity-wide disappointment in China suppressed prices. WTI and Brent closed the week at 77.06 USD/barrel and 81.15 USD/barrel respectively.

Nigeria LPG depot prices unmoved, despite FX issues and high landing cost:

LPG depot prices remained at 20 Million levels and lower at most depots. Prices had dropped to 19 million per 20MT by Friday the 26th in Apapa. But prices were higher at Matrix and sold for 21 million per 20MT. It is expected that depot prices will rise as a result of low stock in the market.

LPG retail prices:

• Lpg
• Propane
• Butane

Godwin Okoduwa

Godwin is an Oil and gas professional with over 20 years of experience.