Weekly Mont Belvieu Propane-Butane Price Review: June 14th, 2024

By Godwin Okoduwa ــ Last Update 15 June 2024

Weekly Mont Belvieu Propane-Butane Price Review: June 14th, 2024

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

10/06/2024: Propane $380.2/ Butane $391.4

11/06/2024: Propane $389.8/ Butane $399.8

12/06/2024: Propane $404.9/ Butane $414.4

13/06/2024: Propane $407.2/ Butane $417.3

14/06/2024: Propane $410.0/ Butane $424.3

LPG prices rebound upwards

LPG prices went the opposite way - upwards during the week for both Propane and Butane. Butane prices closed with an average price of 409.4 US/MT, 9.7% higher than 373.2 USD/MT of the previous week. Propane also closed higher; at an average price of 398.4 USD/MT, 11.2% higher than the previous week's price of 358.1 USD/MT. The rebound seems to correspond to that of crude oil.

Crude oil prices continue upwards:

Crude oil prices continued to move upwards finishing stronger than the previous week; 79.07 USD/barrel and 83.38 USD/barrel for WTI and Brent crude respectively. The price gain comes in a week of the Oil demand strength debate or argument between the IEA and OPEC. The IEA released a report that suggests declining oil demand that would peak in 2029, while OPEC thinks demand would peak in 2045.

Nigeria LPG depot prices begin to adjust to landing cost realities:

LPG depot prices went upward, selling at 16.5 Million per 20MT in some depots. Prices sold at the 15 Million range at the Southern depots including Stockgap depot. Prices may continue on an upward trend in the new week, when we consider the international prices and USD/Naira FX situation.

The USD/Naira exchange rate continues to be unfavorable for the Naira, and now sells at 1473.65 at the official CBN website.

LPG retail prices:

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

For further inquiries or a detailed analysis of these market developments, please feel free to contact us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.