Weekly Mont Belvieu Propane-Butane price review June 16th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (7% and 6.9% down respectively on the weekly average):
12th June: 284.6; 270.5
13th June: 296.5; 286.5
14th June: 290.8; 288.5
15th June: 288.7; 289.4
16th June: 300.2; 295.6
Though there was a very strong average bearish trend during the week for Butane, it ended the week on an upward trend against the previous week. Closing at 295.6 USD/MT; 3% higher than the previous week's close of 287.1 USD/MT.
Propane prices continued the bearish trend and closed by just 1% lower than the previous week's close; propane prices closed at 300.2 USD/MT against the previous week's close of 302.5 USD/MT.
The international oil and gas price trend is still largely bearish but could change due to more signs of good news coming on the demand side from China's oil demands prospect, which may help to raise prices.
Local LPG prices in Nigeria
There were minimal changes in prices at the Nigeria local LPG depots. The lowest depot price per 20MT at the weekend was 9.3 in Lagos from 9.35 Million last week. The highest local lpg price was at Prudent Energy, Oghara; at 9.85 Million from a high of 9.87 Million last week.
On the retail side, a 12.5kg LPG cylinder sold for as low as N6,600.00 in Lagos.