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Sharing Ideas and Updates on LPG in Nigeria and related information to enable effective collaboration within the LPG Value Chain
Weekly Mont Belvieu Propane-Butane Price Review January 20th 2023
Weekly Mont Belvieu Propane-Butane Price Review January 20th 2023
Weekly Mont Belvieu Propane-Butane price review January 20th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (12.5% and 6.6% up respectively on the weekly average):
16th January: Bank holiday
17th January: 447.4; 512.7
18th January: 463.7; 530.4
19th January: 471.5; 536.8
20th January: 471.7; 532.3
Both Propane and Butane prices continued the strong bullish trend. LPG Butane prices closed higher by 8.06%; closing at 523.3 USD/MT against the previous week's close of 492.6 USD/MT. This is the first time the week's close for butane is over 500 USD since September 2022. Propane prices also closed higher ( at 471.7) by 10.9% higher than the previous week's close, which was 425.3 USD/MT.
The bullish trend is sustained as China's economic recovery continues and as both the IEA and OPEC raise their global demand forecasts. According to the International Energy Agency (IEA), the lifting of coronavirus restrictions in China is set to propel global oil demand to its highest on record, soaring from its current 100 million b/d to almost 104 million b/d by the end of 2023.
Local LPG prices in Nigeria
On the local side, prices fell to as low as 11.6 Million per 20MT for the better part of last week and sold at 12.1 Million as the highest price at Prudent depot. However, NAVGAS seemed to have responded to the rising international prices by reviewing their LPG price to 12.4 Million per 20MT at the depot. We expect a gradual upward review of prices at most depots in the coming week as businesses return fully after the holiday season.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.
Weekly Mont Belvieu Propane-Butane price review January 20th, 2023
Our assessment for last week's daily Mont Belvieu propane and butane in USD/mt (12.5% and 6.6% up respectively on the weekly average):
16th January: Bank holiday
17th January: 447.4; 512.7
18th January: 463.7; 530.4
19th January: 471.5; 536.8
20th January: 471.7; 532.3
Both Propane and Butane prices continued the strong bullish trend. LPG Butane prices closed higher by 8.06%; closing at 523.3 USD/MT against the previous week's close of 492.6 USD/MT. This is the first time the week's close for butane is over 500 USD since September 2022. Propane prices also closed higher ( at 471.7) by 10.9% higher than the previous week's close, which was 425.3 USD/MT.
The bullish trend is sustained as China's economic recovery continues and as both the IEA and OPEC raise their global demand forecasts. According to the International Energy Agency (IEA), the lifting of coronavirus restrictions in China is set to propel global oil demand to its highest on record, soaring from its current 100 million b/d to almost 104 million b/d by the end of 2023.
Local LPG prices in Nigeria
On the local side, prices fell to as low as 11.6 Million per 20MT for the better part of last week and sold at 12.1 Million as the highest price at Prudent depot. However, NAVGAS seemed to have responded to the rising international prices by reviewing their LPG price to 12.4 Million per 20MT at the depot. We expect a gradual upward review of prices at most depots in the coming week as businesses return fully after the holiday season.
LPG retail prices at the LPG plants should remain within the same prevailing levels; between N9,000.00 to 10,000.00 nationwide.
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