Weekly Mont Belvieu Propane-Butane Price Review May 17th 2024

By Godwin Okoduwa ــ Last Update 19 May 2024

Weekly Mont Belvieu Propane-Butane Price Review: May 17th, 2024

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

13/05/2024: Propane $356.2/ Butane $366.5

14/05/2024: Propane $356.1/ Butane $367.2

15/05/2024: Propane $354.3/ Butane $365.5

16/05/2024: Propane $348.7/ Butane $365.4

17/05/2024: Propane $355.7/ Butane $370.5

LPG Prices maintain the same weekly levels

Butane prices hardly moved during the week, with the same average price of 367.0 USD/MT recorded. Propane also hardly moved; finishing at an average price of 354.2 USD/MT, just 0.1% higher than last week's average price of 353.9. Though there seems to be a retracement going on, there are no strong fundamentals to suggest a return to a bullish trend - therefore a return to a bearish trend is expected in the coming weeks.

Crude Oil Prices remain rangebound:

Crude Oil prices have remained relatively stable, fluctuating within a tight range of $82 to $84 per barrel. Despite the US positive macroeconomic outlook observed this week, Brent futures persist in maintaining a narrow trading range.

Nigeria LPG depot prices settle below 17 Million Naira per truck

LPG Depot prices stayed just below 17 Million mainly in Lagos, while prices were much lower in the South-South Depots. Kwale Hydrocarbon sold at 16.3 Million per truck. The Exchange rate is still not in favour of the Naira - reaching 1550 in the parallel market. NAVGAS announced that they will sell at 18 Million per 20MT starting Monday the 20th. See CBN website to monitor the official exchange rate at website. We expect another week of cautious trading by marketers.

LPG Retail Prices:

In Lagos, plants are beginning to sell less than 14,000 per 12.5kg.

For further inquiries or in-depth analysis of these market developments, please do not hesitate to reach out to us. Our dedicated team is committed to providing the insights and guidance necessary for navigating the dynamic landscape of the LPG market.