Weekly Mont Belvieu Propane-Butane Price Review: October 18th, 2024

By Godwin Okoduwa ــ Last Update 20 October 2024

Weekly Mont-Belvieu Propane-Butane Price Review: October 18th, 2024

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

14/10/2024: Propane $399.9/ Butane $542.3

15/10/2024: Propane $393.0/ Butane $525.9

16/10/2024: Propane $388.5/ Butane $514.4

17/10/2024: Propane $391.4/ Butane $513.6

18/10/2024: Propane $389.8/ Butane $496.6

Butane LPG Mont Belvieu Prices Recover

Butane prices have bounced back after reaching a new high for 2024 last week. They averaged $518.60, down 4.1% from the previous week's average of $540.90 per metric ton. Propane prices also declined, finishing at $389.80, which is 6.7% lower than the previous week's $420.70 per metric ton. This downward trend is attributed to lackluster U.S. economic data, weak oil demand from China, and recent developments in the Middle East.

Middle East Stability

Oil facilities remained unaffected, and Iran experienced no disruptions this week, contrary to expectations of Israeli retaliation. WTI and Brent crude prices closed at $69.01 and $72.98 per barrel, respectively, marking a notable decrease from last week's $75.19 and $78.68.

LPG Depot Prices Rise in Apapa

Prices at various depots in Apapa have increased, averaging around 23 million naira per 20MT. We anticipate prices will hold steady despite the decline in international prices, as the USD/Naira exchange rate remains stable. We will monitor the market closely this week; a continued bearish trend could impact local prices in the weeks ahead.

Retail Prices Rise in Lekki

LPG retail prices have risen again, reaching as high as 1500 per KG in Lekki, Lagos. Please check the LPG forum and share your local retail prices to contribute to the discussion.