Weekly Mont Belvieu Propane-Butane Price Review: November 22nd, 2024

Weekly Mont Belvieu Propane-Butane Price Overview: November 22, 2024

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

18/11/2024: Propane $409.0 / Butane $476.2

19/11/2024: Propane $412.7 / Butane $482.7

20/11/2024: Propane $418.3 / Butane $485.3

21/11/2024: Propane $425.1 / Butane $492.2

22/11/2024: Propane $431.3 / Butane $503.7

LPG Prices Continue to Decline

LPG prices saw further declines last week. Butane averaged $488.0 per metric ton, down 2.4% from $500.0 the previous week. However, prices rose sharply towards the end of the week, from $492 to $503, indicating a possible trend reversal in the coming days. Meanwhile, propane prices increased, closing at $419.3 per metric ton, up 1.7% from $412.1.

Crude Oil Prices Rise

Crude oil prices climbed, fueled by geopolitical tensions in Ukraine as Russia retaliated with a long-range missile strike. WTI and Brent closed higher at $70.7 and $74.20 per barrel, respectively, up from last week’s $68.27 and $72.13. The market is also anticipating the OPEC+ meeting on December 1st, where the key question will be whether OPEC+ will maintain current production cuts or increase output.

LPG Depot Prices Remain Stable

Depot prices for LPG remained steady, ranging between 23.5 and 24 million Naira per metric ton throughout the week. Despite international price drops, the rising exchange rate is driving up the landing cost for LPG, preventing a noticeable decrease in domestic prices.

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Godwin Okoduwa

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