Weekly Mont Belvieu Propane-Butane Price Review: July 12th, 2024

By Godwin Okoduwa ــ Last Update 14 July 2024

Weekly Mont Belvieu Propane-Butane Price Review: July 12th, 2024

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

08/07/2024: Propane $434.7/ Butane $449

09/07/2024: Propane $431.3/ Butane $448.2

10/07/2024: Propane $423.3/ Butane $444.5

11/07/2024: Propane $422/ Butane $440

12/07/2024: Propane $421.5/ Butane $439.8

LPG prices retrace:

LPG prices retraced after hitting 450 USD/MT ;this week, Butane prices closed with an average price of 444.3 by the end of Friday the 12th of July, 2.3% lower than the 455.0 USD/MT of the previous week. Propane also closed lower; at an average price of 426.6 USD/MT, 3.70% lower than the previous week's price of 443.1 USD/MT. The last peak achieved before a major retracement was 500 in April 2024, it is too early to confirm if there would be a change in the trend direction.

Crude oil prices struggle with the trend:

Crude oil prices seem to have some correction, with WTI and Brent closing the week at 83 USD/barrel and 86 USD/barrel respectively. This is due to the macro-economic news from the US where Consumer prices fell for the first time in 4 years. Power generators are also burning more gas as a result of the heat wave in the US; burning more than they did in 2023.

Nigeria LPG depot prices continue the bullish trend:

LPG depot prices went further upwards, with NIPCO and 11PLC Apapa announcing sales at 18.5 million per 20MT by Friday the 12th of July, and plan to increase the price to 19.5Million per 20MT on Monday the 15th of July due to the increasing USD rate against the Naira. By Thursday the 11th of July, the USD was selling for 1560. Prices are expected to continue to be on the rise as a result of the foreign exchange pressures.

LPG retail prices:

In Lagos, plants sell at approximately 12,500 per 12.5kg cylinder, but higher in other states; see link for the latest report on LPG retail prices.

For further inquiries or a detailed analysis of these market developments, kindly contact us through our channels. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.