Weekly Mont Belvieu Propane-Butane price review March 3rd, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (6.9% up and 7.9% down respectively on the weekly average):
27th February: 433.1; 640.4
28th February: 449.2; 564.0
1st March: 457.8; 500.7
2nd March: 466.3; 489.8
3rd March: 473.3; 490.4
LPG Butane prices rebounded strongly last week, closing 18% lower at 490.4 USD/MT against the previous week's close of 596.8 USD/MT.
Propane price movement seems to be a correction; closing at 473.3 USD/MT against the previous week's close of 432.8 USD/MT - a 9 % increase.
The butane price decrease is likely a correction from the ongoing bearish news on increased oil inventory increase globally and the OPEC split.
Local LPG prices in Nigeria
Local prices continued to fall but slightly; the lowest being 11.2 Million Naira per 20MT. More cargoes are expected into the market which may lead to further drop this week.
On the retail side, there is news that some LPG plants have started selling lower than N9000 per 12.5kg, as depot prices fall. Generally, prices remain in the N9,000.00 to N10,000.00 range.