Weekly Mont Belvieu Propane-Butane Price Review: October 11th, 2024

By Godwin Okoduwa ــ Last Update 13 October 2024

Weekly Mont-Belvieu Propane-Butane Price Review: October 11th, 2024

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

07/10/2024: Propane $438.3/ Butane $549.3

08/10/2024: Propane $426.2/ Butane $539.9

09/10/2024: Propane $420.4/ Butane $534.1

10/10/2024: Propane $411.9/ Butane $540.8

11/10/2024: Propane $406.7/ Butane $540.2

Butane LPG Mont Belvieu prices hit new highs since February 2023.

Butane prices set new highs, reaching 549.3 USD/MT, the highest since 28 th of February 2023, when it hit 564. Butane prices finished at an average price of 540.9 USD/MT on Friday the 11th of October, a significant 7.2% increase over the previous week's average price of 504.5 USD/MT ( Friday 4th Oct.). Propane prices finished not so significantly higher; finishing by 4.8% higher than the previous week's value; 420.7 USD/MT against 401.3 USD/MT. The continuation of the strong bullish trend is in response to the continued crisis in the Middle East and news about Hurricane Milton and its potential impact on U.S. oil output.

A calmer-than-expected Middle East

Oil markets spent the week anticipating an Israeli retaliatory strike on Iran, but as time passed without any action, prices moved rather cautiously; the WTI and Brent Crude finished at 75.19and 78.68 USD per barrel respectively, a marginal increase from the previous week's close.

LPG Depot prices increase across Nigeria.

Prices reached an average of around 22 million per 20MT across depots, influenced by international prices and the rising devaluation of the Naira, which has reached 1700/USD in some areas. We anticipate higher prices this week, as the market continues to closely monitor international Mont Belvieu prices.

LPG Retail Prices

LPG retail prices have risen again, reaching as high as 1400 per KG in Lekki, Lagos. Please check the LPG forum and share your local retail prices to contribute to the discussion.