Weekly Mont Belvieu Propane-Butane Price Review: June 21st, 2024

By Godwin Okoduwa ــ Last Update 24 June 2024

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

17/06/2024: Propane $407.2/ Butane $426.2

18/06/2024: Propane $407.2/ Butane $424.1

20/06/2024: Propane $412.2/ Butane $437

21/06/2024: Propane $408.7/ Butane $438

LPG prices bullish trend, sustained.

LPG prices have historically fallen during summer when less power is required for heating. But this year seems different; LPG prices sustained the bullish trend last week Propane and Butane. Butane prices closed with an average price of 431.3MT ,5.4% higher than 409.4 USD/MT of the previous week. Propane also closed higher; at an average price of 408.8 USD/MT, 2.6% higher than the previous week's price of 398.4 USD/MT. The bullish trend correlates with the oil price trend.

Crude oil prices continue bullish:

Crude oil prices continued to move upwards finishing stronger than the previous week; 81.3 USD/barrel and 85.7 USD/barrel for WTI and Brent crude respectively. Factors driving the trend include; the Hurricane season, seemingly improved demand and reduction in both U.S. crude and gasoline inventories (according to oilprice.com). Political tensions round the world have added to the bullish trend in crude oil prices.

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

LPG depot prices went further upwards , with NAVGAS Apapa announcing sales at 17 million per 20MT, although depots sold at around 16.5 million in Apapa. Prices sold at the 15 Million range at the Southern depots and just below 16 Million at Stockgap depot Port Harcourt.

The USD/Naira exchange rate continues to be unfavorable for the Naira, and now sells at 1480 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 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.