Weekly Mont Belvieu Propane-Butane Price Review March 29th 2024

By Godwin Okoduwa ــ Last Update 01 April 2024

Weekly Mont Belvieu Propane-Butane price review March 29th 2024

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

25/03/2024 431.6 455.3

26/03/2024 430.5 456.1

27/03/2024 429.0 449.9

28/03/2024 429.5 441.8

LPG price trend still bullish:

LPG prices remain bullish but not with a significant price increase. Butane and Propane increased by 1 and 1.7% respectively. While Butane ended the week with an average price of 450.8 against 446.5 in the previous week , propane ended the week with an average weekly price of 430.2 against 423 USD/MT in the previous week.

Bullish run continues for Oil Prices

Oil prices seem to be on a bullish trend as Brent Crude closes at 87 USD per barrel well ahead of the previous weeks close. Geopolitical sentiments and recent economic news suggest strong demand from high-consuming countries like India and China. Also, with the sustained production cuts from OPEC+, there are indications that we may see a 90 USD price soon.

The regional Dichotomy in LPG prices continue to close up in Nigeria:

The depot price differential between depots in Lagos and depots in the South-South closed up during the week for the 3rd consecutive week. By Friday the lowest price in Lagos was about 20.5 Million or lower, while at Stockgap, prices fell to 20.3 Million per 20 MT. Factors to look out for are the CBN USD exchange rate which is gradually dropping and Mont Belvieu prices which aren't changing much. We don't see much changes in prices as we enter this new week. But it's important to watch Stockgap depot as the off-takers finish their sell-off from the last NLNG cargo.

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.