Weekly Mont Belvieu Propane-Butane Price Review: September 30th, 2024

By Godwin Okoduwa ــ Last Update 30 September 2024

Weekly Mont Belvieu Propane-Butane Price Review: September 27th, 2024

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

23/09/2024: Propane $336.5/ Butane $466.7

24/09/2024: Propane $348.7/ Butane $476.2

25/09/2024: Propane $331.8/ Butane $468.6

26/09/2024: Propane $299.9/ Butane $454.7

27/09/2024: Propane $343.2/ Butane $459.9

Recent trends show a divergence in propane and butane prices. Butane experienced a slight uptick of 1.8%, closing at an average weekly price of $465.20 per metric ton (MT) by Friday, September 27. This marks an increase from the previous week’s average of $457.00 per MT. In contrast, propane prices saw a notable decline of 4.4%, finishing at an average of $332.00 per MT, down from last week’s $347.40 per MT. This discrepancy indicates a developing bearish trend, particularly influenced by the modest rise in butane prices.

Unpredictable Oil Prices

Crude oil prices have been volatile, with WTI closing at $67.59 per barrel and Brent at $71.46, down from last week’s figures of $71.76 and $74.50, respectively. Market insights suggest that Saudi Arabia is planning to increase production to capture market share, contributing to a sell-off driven by concerns over potential oversupply. Despite economic stimulus efforts in the U.S. and China, alongside ongoing geopolitical tensions in the Middle East, oil prices continue to decline, signaling a prevailing bearish trend.

LPG Depot Prices Steady?

LPG pricing remained stable over the past week, with Apapa reporting sales at approximately 20.5 million naira per 20 MT. However, the South-South depot faced challenges, struggling to sell above 21 million naira per 20 MT. Reports indicated some depots selling as low as 20.35 million per truck, despite most listing prices above 21 million naira, suggesting a potential market glut.

Drop in LPG Retail Prices

Retail prices for LPG have stabilized, with costs not exceeding 1,200 naira per kg in Lagos and other regions across the country. We will provide updated pricing information soon.