Weekly Mont Belvieu Propane-Butane Price Review: December 15th, 2024

Weekly Mont Belvieu Propane-Butane Price Overview: December 13th, 2024

Here’s a summary of this week’s LPG price trends, with daily average prices for propane and butane:

9/12/2024:  Propane $398.4 / Butane $493.2

10/12/2024: Propane $397.3 / Butane $493.2

11/12/2024: Propane $401.2 / Butane $490.9

12/12/2024: Propane $402.8 / Butane $495.2

13/12/2024: Propane $400.5 / Butane $498.3

LPG Prices Show Minimal Movement

LPG prices remained largely unchanged last week. Butane averaged $492.2 per metric ton, a slight increase of 1.2% from the previous week’s $488.4. Propane, however, continued its downward trend, closing at $400.0 per metric ton, a 1.7% drop from $407.0 the prior week.

Crude Oil Prices Rebound Amid Geopolitical Tensions

Crude oil prices gained ground, driven by the potential imposition of new sanctions on Russia's energy sector and looming nuclear-related sanctions on Iran's oil exports. WTI and Brent crude closed higher at $70.73 and $74.00 per barrel, respectively, up from $67.82 and $71.54 the previous week. This marks the first weekly gain in three weeks, hinting at a possible trend reversal. However, concerns about weak global demand and rising non-OPEC+ supplies persist.

OPEC revised its global oil demand growth forecasts for 2024 and 2025 for the fifth time, projecting a 2025 increase of 1.45 million b/d, still above the IEA’s projection of 1.1 million b/d.

Nigerian LPG Depot Prices Steady as Exchange Rate Rebounds

Depot prices for LPG remained stable, influenced by a recovery in the USD-Naira exchange rate in the parallel market, dampening hopes for further price reductions. In Lagos, prices hovered around 22.8 million Naira per 20 MT, with NAVGAS offering a lower price of 22.4 million. In the South-South, higher prices prevailed, with Shafa, Prudent Energy, and Stockgap selling at 24 million Naira. There are opportunities for good discounts from NNPC and NLNG cargoes, due to the CBN-based exchange rate (about 200 Naira discount on the Parallel market Exchange rate used for import cargoes.) used for purchase of the cargoes.

Retail Prices Remain Stable

Retail LPG prices are expected to hold steady across the country.

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Godwin Okoduwa

Godwin is an Oil and gas professional with over 20 years of experience.