Weekly LPG Mont Belvieu And Nigerian LPG And Oil Price Review January 2nd 2026

By Ehi Okoduwa ــ Last Update 04 January 2026

Weekly Mont Belvieu Propane–Butane Market Update – January 2nd, 2025

Happy New Year, Welcome to our first Weekly LPG and Oil price analysis in 2026. Thank you for your continued followership. We appreciate you.

So, let's get to work.

Weekly Average LPG Prices:

29/12/2025: Propane $323.3 | Butane $355.9

30/12/2025: Propane $318.1 | Butane $352.9

31/12/2025: Propane $316.5 | Butane $351.5

02/01/2026: Propane $306.6 | Butane $338.9

LPG Prices – Bearish Trend Deepens, Lowest in Over Two Years

The bearish momentum in global LPG markets persisted, with both propane and butane extending losses as the downtrend appears increasingly consolidated. Butane prices fell to a fresh two-year low, touching $338.9/MT, the weakest level since July 2023. On a weekly average basis, propane declined by 2.7%, while butane recorded a sharper 3.3% drop compared to the prior week.

Propane: averaged $316.1/MT, down from $324.8/MT

Butane: averaged $349.8/MT, down from $361.8/MT

Crude Oil – Prices Slide Again

(WTI: $56.88 | Brent: $60.23)

Crude oil prices retreated once more, returning to levels seen two weeks ago despite ongoing geopolitical tensions involving the US-Venezuela standoff, heightened instability around Yemen, and stalled peace efforts related to Russia. According to Oilprice.com, crude oil prices are down 19% year-on-year in 2025, marking the third consecutive annual decline and the weakest pricing environment since 2020.

Weekly Crude Oil Price Close:

WTI: $56.88 (down from $58.40)

Brent: $60.23 (down from $62.22)

Oil Outlook:

Market direction will largely hinge on developments around Venezuela. Any escalation—such as unrestricted movement of Venezuelan oil cargoes or broader geopolitical involvement—could further pressure prices. Additionally, OPEC+’s decision to maintain current production levels reinforces concerns of an oversupplied market, suggesting prices may remain at current levels or trend lower in the near term.

Nigeria LPG Market – Prices Largely Stable Across Regions

Domestic LPG prices remained broadly unchanged. Prices hovered around ₦17.5 million per 20MT in the South-West, while the South-South traded closer to ₦18 million per 20MT. However, the market may see upward pressure in the coming week as news of a potential Dangote Refinery turnaround maintenance gains traction.

Retail Cooking Gas – Mixed Pricing Nationwide

Retail cooking gas prices continued to vary by location, ranging from ₦1,050/kg to ₦1,500/kg nationwide. Prices are expected to normalise as festive-season demand eases. That said, any disruption to loading at Dangote Refinery could trigger renewed upward pressure at the retail end.