Weekly Mont Belvieu Propane-Butane price review July 7th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.8% and 3.4% up respectively on the weekly average):
3rd July: Bank holiday
4th July: Bank holiday
5th July: 276.5; 287.2
6th July: 282.6; 289.6
7th July: 296.6; 301.2
Both Butane and propane prices rebounded with higher weekly averages compared to the previous week. Butane was up by 3.4%, while Propane price increased by 0.8% on average. This could mean a trend reversal, but not much is expected due to the summer period which is characterized by lower heating requirements and less demand.
Though the US oil inventory continues to show a decline in volumes and Oil production caps from Saudi Arabia and Russia are in play, we don't see any significant upward price push. We would have to wait a bit till the end of summer.
Local LPG prices in Nigeria
Again, LPG depot prices showed signs of return to the upward trend. The Lowest price was 9.4 Million from a previous 9.1 Million per 20MT in Apapa in the previous week. But the highest local lpg price dipped to show a more realistic price at Prudent Energy, Oghara; selling at 9.65 Million.
On the retail side, prices are still the same N7000 to N9000.00 per 12.5kg nationwide. Expect our June retail report this week.