Weekly Mont Belvieu Propane-Butane Price Review: October 3rd, 2024

By Godwin Okoduwa ــ Last Update 06 October 2024

Significant increase in Mont Belvieu prices: How will this impact Nigerian LPG prices?

Weekly Mont Belvieu Propane-Butane Price Review: October 3rd, 2024

Here's a recap of the LPG price trends for the week , highlighting the average prices for Propane and Butane each day ( Unfortunately, data for October 4 was unavailable due to logistical issues).

30/09/2024: Propane $359.8/ Butane $468.6

01/10/2024: Propane $374.0/ Butane $486.4

02/10/2024: Propane $407.5/ Butane $504.5

03/10/2024: Propane $432.8/ Butane $525.5

This time we see a significant increase in prices of Butane and Propane prices. Butane prices finished at an average price of 496.25 USD/MT on Thursday the 3rd of September, a significant 6.67% increase over the previous week's average price of 465.20 USD/MT. Propane prices also finished significantly higher by a massive 18.53% higher than the previous week's value ; 393.52 USD/MT against 332.0 USD/MT. The strong bullish trend is in response to the development in the middle-east which oil prices have responded to.

Middle-East; crisis driving Oil Prices

Last week saw Crude oil prices jump to new highs; The WTI and Brent Crude finished at 74.35 and 78.36 per barrel , massive jumps from $67.59 and $71.46, from last week, respectively. Oil prices ' behaviour is in response to the recent attack on Israel by Iran and the expected response , which could affect oil logistics and ultimately supply disruptions and shortages in the market.

LPG Depot Updates

LPG depots have announced a potential price increase to 22 Million; however, prices are still around 21 Million and under. We anticipate a real adjustment at the depots in light of the rising international LPG prices and will continue monitoring the market closely.

Retail Prices

For up-to-date retail price information, please refer to the LPG forum and share your local retail prices to contribute to the discussion.

Conclusion

The ongoing situation in the Middle East is likely to keep prices elevated as supply concerns persist. Stay informed and prepared for potential further increases in LPG prices in the coming weeks.