Weekly Mont Belvieu Propane-Butane Price Review: September 20th, 2024

By Godwin Okoduwa ــ Last Update 22 September 2024

Weekly Mont Belvieu Propane-Butane Price Review: September 20th, 2024

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

16/09/2024: Propane $344.3/ Butane $445.4

17/09/2024: Propane $353.8/ Butane $459.1

18/09/2024: Propane $350.9/ Butane $458.7

19/09/2024: Propane $343.9/ Butane $462.1

20/09/2024: Propane $344.3/ Butane $460.4

LPG prices rebound significantly:

LPG prices changed course in trend by a significant rebound to a bullish trend. Butane prices closed at an average weekly price of 457 USD/MT by the end of Friday the 20th of September, a massive 9.9% higher than the previous week's average of 416 USD/MT. Propane prices also rebounded significantly; closing at an average weekly price of 347.4 USD/MT; 5.4% higher than the previous week's average price of 329.5 USD/MT.

Oil prices turn bullish:

Crude Oil prices consolidated the bullish trend by finishing stronger last week. Closing at 71.76 and 74.50 USD/barrel for the WTI and Brent crude respectively. Monetary decisions in the US, escalating crisis in the middle-east and low crude oil inventories in the US are some of the reasons for the turn in crude oil price trend. Unlike our prediction last week, the weak demand for crude did nOt hold prices down. We shall continue to follow up with events.

LPG depot prices drops further.

The past week experienced a further drop in the Nigerian LPG prices; Apapa sold for about 20.5 Million per 20 MT while Stockgap Port Harcourt, recorded 21.150 Million by Friday the 20th. the USD/Naira FX rate is hardly unchanged so we do not expect a change in trend. However, should the bullish trend for international prices be sustained we would see a change in trend in the two weeks. We shall keep watching the trend.

LPG retail prices:

Retail prices have stopped climbing past 1300/per kg in Lagos and so at other parts nationwide. We will be sharing the latest prices in due course.