Weekly Mont Belvieu Propane-Butane Price Review: October 25th, 2024

By Godwin Okoduwa ــ Last Update 28 October 2024

Weekly Mont-Belvieu Propane-Butane Price Review: October 25th, 2024

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

21/10/2024: Propane $386.2/ Butane $490.4

22/10/2024: Propane $395.3/ Butane $495.8

23/10/2024: Propane $403.3/ Butane $508.4

24/10/2024: Propane $407.4/ Butane $510.5

25/10/2024: Propane $419.2/ Butane $517.6

Butane LPG prices decline further

Butane prices declined further by the end of last week, with an average of $504.5, down by 2.7%, against the previous week's average price of $518.6 per metric ton. However, there was a correction for Propane prices, with prices finishing at an average of $402.3, 2.5% higher than the previous week's $389.8 per metric ton.

Crude Oil and the Middle East impact

Oil prices saw only slight gains, with WTI and Brent crude closing at $71 and $75 per barrel, up from last week’s $69.01 and $72.98, respectively. Prices could rise in the coming week due to Israel's recent retaliatory strikes on an Iranian military facility; however, many consider these limited and unlikely to impact oil prices significantly. Meanwhile, a larger-than-expected oil inventory report from the U.S. could exert downward pressure on prices.

LPG depot prices hit new high

LPG prices hit a new high last week, hitting 24 Million at Ardova PLC depot Apapa. Other depots in Lagos posted 23 Million. In the South-South, the outlier was Kwale Hydro Carbon reduced from 22 Million to 21.5 Million Naira per 20MT. We may experience some correction in prices as cheaper LPG enters the market from the Dangote refinery; which is not so certain and as the Naira makes some gains against the USD. The week ended with an announcement from the NMDPRA; of its intention to regulate prices and end LPG Export for good - it is yet to be seen what the pricing structure would be. Generally, there seems to be a strong bearish trend looming in the weeks ahead.

Retail Prices Rise in Lekki

LPG retail prices have risen again, reaching as high as 1400 per KG ( 17500/12.5kg) in Lekki, Lagos. Please check the LPG forum and share your local retail prices to contribute to the discussion.