Weekly Mont Belvieu Propane-Butane price review June 23rd 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.1% and 1.4% up respectively on the weekly average):
19th June: Bank holiday
20th June: 295.3; 293.2
21st June: 297.0; 293.9
22nd June: 287.5; 286.4
23rd June: 290.3; 287.2
Butane prices closed lower this week; closing 3% lower than the previous week's close i.e. 287.2 USD/MT against 295.6 USD/MT.
Propane prices also close lower and below the mark also. Propane prices closed at 290.3 USD/MT ; 3% lower than last week's 300.2 USD/MT close.
The international oil and gas price trend is still largely bearish, even as interest rates in major economies were raised, suggesting recession fears which tend to send oil prices further down. We can say that prices are likely to remain in this range until the end of summer.
Local LPG prices in Nigeria
Depot prices continue to fall as prices fell to 9.1 Million per 20MT in Apapa. The highest local lpg price was at Prudent Energy, Oghara; at 9.75 Million from a high of 9.85 Million last week.
On the retail side, a 12.5kg LPG cylinder sold for as low as N6,600.00 in Lagos.