Weekly Mont Belvieu Propane-Butane Price Review: July 5th, 2024

By Godwin Okoduwa ــ Last Update 07 July 2024

Weekly Mont Belvieu Propane-Butane Price Review: July 5th, 2024

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

01/07/2024: Propane $443.5/ Butane $454.1

02/07/2024: Propane $442.2/ Butane $456.1

03/07/2024: Propane $443.5/ Butane $454.7

LPG prices bullish trend continues:

LPG prices continue the bullish run; inventory draw in the US is one of the factors driving the bullish run of Oil with the trend followed by LPG prices. This week, Butane prices closed with an average price of 455.0 by the end of Friday the 5th of July, 2.8% higher than the 442.5 USD/MT of the previous week. Propane also closed higher; at an average price of 443.1 USD/MT, 3.60% higher than the previous week's price of 423.6 USD/MT.

Crude oil prices continue bullish:

Crude oil prices continued to move upwards finishing stronger than the previous week; 84.05 USD/barrel and 87.54 USD/barrel for WTI and Brent crude respectively. A major factor driving the trend, as earlier mentioned is the low oil inventories.

Nigeria LPG depot prices continue the bullish trend:

LPG depot prices went further upwards, with NIPCO and NAVGAS Apapa announcing sales at 18 million per 20MT by Friday the 5th of July. Stockgap in Port Harcourt received NNPC Limited products, with some marketers selling for as low as 16.35 million per 20MT. Prices are expected to be at the current barring any intervention by NNPC Limited, as international LPG price move upwards and the Naira / USD Exchange remains at the current 1500 levels.

The USD/Naira exchange rate continues to be unfavorable for the Naira, and now sell at 1517 at the official CBN website.

LPG retail prices:

In Lagos, plants are selling at approximately 12,500 per 12.5kg cylinder.

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