Weekly Mont Belvieu Propane-Butane Price Review May 3rd 2024

By Godwin Okoduwa ــ Last Update 06 May 2024

Weekly Mont Belvieu Propane-Butane Price Review: May 3rd, 2024

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

29/04/2024: Propane $400.2 / Butane $412.1

30/04/2024: Propane $391.7 / Butane $403.7

01/05/2024: Propane $379.8 / Butane $387.5

02/05/2024: Propane $370.9 / Butane $377.7

03/05/2024: Propane $359.5 / Butane $370.2

Butane Prices reach a new low in 2024 and the lowest since November 2023:

Butane prices dropped further finishing at an average price of 370.2 USD/MT, 5.1% lower than the previous week's average. Propane also finished below the 400 USD mark finishing at an average price of 359.5 USD/MT, 5.1% lower than the previous week's average. We may have entered a confirmed bearish trend which may end after the summer season.

Crude Oil Prices retrace over several factors:

Crude oil prices closed lower, with Brent crude finishing at 83.3 USD per barrel. Factors affecting prices include higher crude inventories, lower tension in the Middle East and warmer weather. Potential for bullish trend includes supply disruptions caused by the tensions in the Middle East - so as long as the region remains calm, prices will continue to fall which will also affect Gas prices.

Nigeria LPG depot prices drop further

LPG Depot prices fell lower to 16.5 million at most depots, consolidating around that region, a little bit higher than the previous week's low of 16 million. We expect lower prices as international prices continue to fall and the naira USD Exchange rate consolidates. We don't expect higher than 1400 USD for the USD/Naira Exchange rate in the parallel market.

LPG Retail Prices:

We expect that retail prices will begin to respond to lower depot prices and sell lower than 14,500.00 per 12.5kg in 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.