Weekly Mont Belvieu Propane-Butane price review March 14th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (2.3% and 11.4% down respectively on the weekly average):
6th March: 473.1; 493.8
7th March: 456.5; 483.0
8th March: 443.8; 475.8
9th March: 432.6; 468.1
10th March: 422.2; 457.5
LPG Butane prices continued on a downward trend last week, closing 7% lower at 457.5 USD/MT against the previous week's close of 490 USD/MT.
Propane prices also followed the downward trend; closing at 422.2 USD/MT against the previous week's close of 473.3 USD/MT - an 11% price decrease.
The increase in the US interest rates which has a direct correlation to the failed Silicon Valley Bank ( SVB), may be linked to the fall in prices and demand for various commodities; including Oil & Gas fall.
The downward trend will continue in the near term and may break the 400 USD mark before reversing
Local LPG prices in Nigeria
Local prices continued to fall; the lowest being 11.2 Million Naira per 20MT. We should expect more drop in prices. Although we have seen price increases in Apapa this week, which seems to suggest low volumes of LPG in the market.
On the retail side, generally, prices remain in the N9,000.00 to N10,000.00 range.