Weekly Mont Belvieu Propane-Butane Price Review November 24th 2023

Weekly Mont Belvieu Propane-Butane price review November 24th 2023

Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (2.7% and 1.8% up respectively on the weekly average):

20th November: 342.4; 411.8

21st November: 337.3; 400.3

22nd November: 332.6; 392.8

23rd November: US Thanksgiving Holiday

24th November: US Thanksgiving Holiday

LPG prices experienced a rise in average weekly prices during the second week. However, a bearish trend prevailed as prices closed lower than the week's opening figures. Butane concluded at 392.8 USD from 411.8 USD, and Propane closed at 332.6 USD from 342.4 USD. It's important to note that data for the 23rd and 24th were unavailable due to the annual US Thanksgiving Holiday.

Market Influencers:

Several factors played a role in shaping the price trajectory:

• Increased oil inventories in the US supported lower prices.
  
• The suspended OPEC+ meeting created uncertainties; potential extension of oil production cuts might lead to higher prices.
• Positive economic data from China may drive market sentiments in favor of increased demand, potentially pushing prices higher.
• The easing of tensions in the Middle East (Hamas-Israeli conflict) contributed to a reduction in market uncertainty.
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Nigeria LPG Depots:

Prices at Nigerian LPG depots remained lower during the week. The highest prices were observed at Prudent Energy depot, Oghara, and A Y Shafa - Warri depots (16.25 million per 20MT). In contrast, NAVGAS, Apapa, and Rainoil, Ijegun, both in Lagos state, reported the lowest prices at 16 million. Port Harcourt experienced some scarcity, particularly at the Stockgap depot, with expectations of incoming vessels during the week.

Retail Prices:

There are indications of varied retail prices in different areas. In Lekki, Lagos, a 12.5 kg LPG cylinder is reportedly sold at 12,000.00. Other sources suggest prices ranging from 11,875 to 15,625.00 per 12.5kg in Ebonyi, Cross River, and Gombe. We encourage your active participation in our FORUM to contribute to our retail price records.

Please do not hesitate to reach out if you have any questions or require a more in-depth analysis of these market developments. Our team is dedicated to providing the insights and guidance necessary for effectively navigating this dynamic market.

Thank you for your attention to this report, and we are ready to address any inquiries or requests for assistance.

• Lpg
• butane
• Propane
• Montbelvieu

Godwin Okoduwa

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