Our assessment for last week daily Mont Belvieu propane and butane in USD/mt (1.3% and 4% down respectively on weekly average):
12th September: 548.7; 502.3
13th September: 550.0; 498.6
14th September: 556.2; 506.5
15th September: 541.8; 492.6
16th September: 536.6; 493.1
LPG Butane prices closed lower for the week ending 16th September 2022, closing at 493.1 USD/MT, the first time trading under 500 since June 2021. The bearish momentum continues as consumers continue to consider alternative sources, coupled with reduced demand from China. Propane prices also followed the downward trend closing at 536 USD/MT against the previous week's 543.8 USD/MT.
This period is about the best time to secure LPG cargoes as prices could spiral back up in a couple of months when heating pressures resume in response to Winter.
On the local side, prices haven't changed much at different depot locations; prices remained the same with the lowest prices in Apapa ( 12.05 Million per 20MT) and the highest price in Oghara ( 12.55 Million per 20MT).
We expect prices to go lower in the short term in response to the international price trend.
The retail prices from the LPG plants also remained unchanged, ranging from about N9, 000 to N10,000.00 per 12.5kg cylinder across the country..
Please let us know in the comments what you think...