Weekly Mont Belvieu Propane-Butane price review November 17th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (0.3% and 4.1% up respectively on the weekly average):
13th November: 328.4; 385
14th November: 328.2; 391.8
15th November: 326.8; 394.4
16th November: 322.9; 391
17th November: 337; 409.7
The trajectory of LPG prices continues its fluctuation, marking a rebound towards a bullish trend this time. Butane prices surged significantly by 4.1%, reaching 409.7 USD/MT, a notable increase from the previous week's 380.5 USD/MT. Meanwhile, propane experienced a marginal decline of 0.3%, concluding the week at 337 USD/MT, compared to the previous week's 326.6 USD/MT. In the realm of oil prices, there was a rebound after a series of losses, closing the week with a weekly increase. However, this upward movement might be a temporary deviation from the overall trend, as no significant developments justify a strong bullish trend. The 400 USD support level, in place since April, has been crucial, with the highest level reaching 421 USD. Observing closely, a break of the 421 support could potentially lead to an upward movement, especially as winter approaches, contingent on the escalation of the Middle East crises.
Turning to depot operations and supply dynamics, Port Harcourt is experiencing a shortage of LPG, leading many gas plants to seek support from inland depots due to Stockgap depot selling out. Prices at Prudent and NAVGAS depots fell to 16.35 Million and 16 Million per 20 MT, respectively. The inadequate supply of LPG in the East and South-South regions could exert pressure on prices. Regarding retail prices, the October report indicates stability in LPG prices in Nigeria. You can access the full report HERE.
We strongly encourage your active participation in our FORUM to register and contribute to our retail price records, as your engagement significantly aids us in maintaining accurate and up-to-date data.
Please feel free to reach out if you have any further questions or require a more in-depth analysis of these market developments. Our team is committed to providing the insights and guidance necessary for effectively navigating this dynamic market.
Thank you for your attention to this report, and we look forward to addressing any further inquiries or requests for assistance.