Weekly Mont Belvieu Propane-Butane Price Review: May 31st, 2024

By Godwin Okoduwa ــ Last Update 02 June 2024

Weekly Mont Belvieu Propane-Butane Price Review: May 31st, 2024

Here's a recap of the LPG price trends for the week, highlighting the average prices for Propane and Butane each day:

27/05/2024: Bank Holiday

28/05/2024: Propane $382.9/ Butane $395.5

29/05/2024: Propane $380.2/ Butane $394.4

30/05/2024: Propane $371 / Butane $389.7

LPG prices continue on a bullish trend:

LPG prices have continued on a bullish trajectory, with Butane prices finishing with an average price of 393.2 USD/MT ; a 2.82% increase from the previous week's average. Similarly, propane prices saw a 2.83% increase in the average weekly price, reaching 378 USD/MT, higher than the previous week's average of 367.6 USD/MT. The bullish trend for LPG is quite surprising , as its not aligning with the struggling Oil prices - we expect a resumption to bearish trend soon.

Challenges with Crude oil prices persist:

Crude oil prices finished a bit higher than the previous week, with minimal changes; WTI with 77.83 from 76.70 USD/barrel while Brent finished at 81.65 from 81.13 USD/barrel. The continued production cut of OPEC+ countries hasn't helped the push desired, because of weak demand.

Nigeria LPG depot prices struggle persist:

LPG depot prices dipped further to a new low ; selling at 15.8 Million naira per 20MT at some depots in Apapa, despite relatively high landing cost, with some offtakers complaining of huge loses incurred on NLNG product. LPG sold at 16.2 Million at some depots in the South-South.

The USD/Naira exchange rate continues to be unfavorable for the Naira, and now sell at 1475 at the official CBN website. We anticipate another week of cautious trading by marketers.

LPG retail prices:

In Lagos, plants are selling at approximately 14,000 and lower per 12.5kg cylinder.

For further inquiries or detailed analysis of these market developments, please feel free to contact us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.