Weekly Mont Belvieu Propane-Butane Price Review: November 15th, 2024

Weekly Mont Belvieu Propane-Butane Price Overview: November 15, 2024

Here’s a summary of this week’s LPG price trends, with daily average prices for propane and butane:

04/11/2024:Propane $416.6 / Butane $520.2

05/11/2024:Propane $416.6 / Butane $516.1

06/11/2024:Propane $413.2 / Butane $502.1

07/11/2024:Propane $409.6 / Butane $489.8

08/11/2024:Propane $404.4 / Butane $471.5

LPG Prices Decline

As expected, LPG prices fell after weeks of modest average increases. Butane prices averaged $500.0 per metric ton, a 4.5% drop from last week’s $523.5, making the lowest level in a month and signaling a potential bearish trend. Propane also declined, closing at $412.1 per metric ton, down 2.2% from $421.3.

Crude Oil Prices Slip Amid Weak Demand

Crude oil prices declined, driven by reduced demand from China and OPEC’s lowered demand forecasts for 2024 and 2025. Even a drawdown in U.S. oil inventories couldn’t offset the bearish momentum. WTI and Brent closed at $68.27 and $72.13 per barrel, respectively, reflecting a notable drop from the previous week.

LPG Depot Prices Edge Higher

Depot prices for LPG ranged between 23.5 and 24 million Naira per metric ton during the week, with some South-South depots selling slightly lower. Market demand appears robust, supported by approximately 90,000 metric tons of offshore supply over the past month.

Retail Prices Cross N18,500 Nationwide

Retail LPG prices now exceed N18,500 for a 12.5kg cylinder in most locations across the country.

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Godwin Okoduwa

Godwin is an Oil and gas professional with over 20 years of experience.