Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (4.7% and 4% up respectively on the weekly average):
24th October: 434.7; 437.4
25th October: 443.5; 441.5
26th October: 452.9; 451.3
27th October: 453.9; 455.0
28th October: 453.8; 454.4
This time, LPG Butane prices closed by about 5% higher, closing at 454.4 USD/MT against the previous week's close of 433.6 USD/MT. Propane prices followed the same trend. This may be a confirmation of price trend reversal, although the market continues to be undecided with compounding issues.
EU gas storage facilities are nearly up to the brim ( well over 80%); as Europe braces up for the Winter and the coming ban on Russia Oil and Gas- with prices going briefly below zero last week as a result of long lines of waiting- LNG vessels (according to authentic News sources). Also, the cold winter is coming a bit late, with warmer weather being experienced. China's prolonged COVID-19-induced lockdown continues to affect global demand and has been a major cushion for oil prices.
On the local side, the increase in the Naira/USD Foreign Exchange hasn't impacted the market, if the 'LPG depot prices' is anything to go by. Prices have remained under 12.3 Million from a higher of N12.6 Million in the previous week, as NLNG resumes LPG deliveries in Port Harcourt and Apapa.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,400.00 to 11,000.00 nationwide.