Weekly Mont Belvieu Propane-Butane price review March 24th 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.7% up and 1.3% down respectively on the weekly average):
20th March: 371.9; 394.3
21st March: 380.3; 397.8
22nd March: 392.4; 410.8
23rd March: 398.4; 415.5
24th March: 391.1; 411.2
LPG Butane prices reversed from a strong downtrend in the previous weeks, to close at 411.2 USD/MT; 4% higher than the last week's close of 396 USD/MT.
Propane prices followed the upward trend by closing at 391 USD/MT; 4% higher than the previous week's close of 375.3 USD/MT.
As expected LPG prices rebounded after breaking the 400USD mark. Market direction is quite uncertain, as the US inventory shows low Strategic Petroleum Reserve (SPR) which would have suggested huge oil demand by the US, but the US is not refilling the SPR soon enough; which could send oil prices back up. However low gasoline inventories could lead to an upsurge in demand.
Local LPG prices in Nigeria
Local prices continued to fall; the lowest being 10.6 Million Naira per 20MT at Kwale Hydrocarbon, Kwale, and the highest being Prudent Energy and Shafa Energy at Oghara and Warri respectively - both sold above 11.2 Million. Prices at Apapa were in the range of 11.2 Million Naira per 20MT. Prices should remain within last week's range - we don't expect any changes.
On the retail side, generally, prices remain in the N9,000.00 to N10,000.00 range.