Weekly Mont Belvieu Propane-Butane Price Review March 15th 2024

By Godwin Okoduwa ــ Last Update 17 March 2024

Weekly Mont Belvieu Propane-Butane price review March 15th 2024

LPG average prices for each day during the week for Propane and Butane respectively.

11/03/2024 391.6 , 430.4

12/03/2024 390.4, 423.6

13/03/2024 396.9, 426.4

14/03/2024 400, 428.7

15/03/2024 406.2, 432.9

LPG prices sustain bearish trend:

This past week witnessed a sustained reduction in LPG prices for both Butane and Propane. Butane ended the week with an average price of 428.4 USD/MT, while Propane ended the week with 397 USD/MT, with an average weekly decrease of -2.9 and -5.10% for Butane and Propane respectively. This is quite surprising, looking at the recent happenings in the global geopolitical space.

Dramatic bullish run for Oil Prices

The week came with the Ukranian drone attack on the Russian oil facility and declining US inventories, which sent Brent price to a new high of 85 USD per barrel - the highest since November 2023. This may mean a bullish confirmation for Oil prices which could affect LPG prices.

The regional Dichotomy in LPG prices closes up in Nigeria:

The depot price differential between depots in Lagos and depots in the South-South closed up during the week. By Friday the lowest price in Lagos was 20.8 Million, with NAVGAS depot catching up with Shafa - both announcing 22 Million Naira per 20MT. Though Stockgap depot received a cargo from NLNG during the week, the depot price was yet to be announced by the end of Friday. We expect the trend in prices to remain the same as the CBN rate for USD/Naira remains at 1600 levels. The decrease in international prices seems to have less effect on local prices these days.

LPG Retail Prices:

Retail prices remained relatively stable, selling from 15000 per 12.5kg in Lagos to up to 17000 outside Lagos.

For further inquiries or in-depth analysis of these market developments, please do not hesitate to reach out to us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.