Weekly Mont Belvieu Propane-Butane price review June 9th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (5.3% and 1.2% up respectively on the weekly average):
5th June: 314.6; 316.1
6th June: 317.2; 315.8
7th June: 325.8; 318.7
8th June: 310.6; 298.3
9th June: 302.5; 287.1
The bearish run continues for both Butane and Propane prices. LPG - Butane prices closed lower by 6.15%; closing at 287.1 USD/MT against a previous week's close of 305.9. Last week. Butane prices remain lowest since October 2020 and have fallen by 55% since February 2023.
Propane prices also closed lower by 1.01%; 302.5 USD/MT against the previous week's 305.6 USD/MT close.
Though largely bearish, the international oil and gas price trend could head either way as Global economic news shows no positive signs and OPEC countries cut oil production to increase prices. Our projection for a change in trend could occur at the end of summer when heating demand starts to pick up.
Local LPG prices in Nigeria
There were a few changes at the Nigeria local LPG depots. The lowest depot price per 20MT at the weekend was 935 Million, at Rainoil, Kirikiri, Lagos from 9.4 Million last week. The highest local lpg price was at Prudent Energy, Oghara; at 9.87 Million from a high of 9.9 Million the previous week.
On the retail side, a 12.5kg LPG cylinder was sold for N7,000.00 at Mainland Lagos. There were reports of other 12.5kg going from N8,000.00 to N9,000.00 at different locations nationwide.