Weekly Mont Belvieu Propane-Butane Price Review: November 1st, 2024

By Godwin Okoduwa ــ Last Update 03 November 2024

Weekly Mont-Belvieu Propane-Butane Price Review: November 1st, 2024

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

28/10/2024: Propane $409.0/ Butane $513.3

29/10/2024: Propane $408.8/ Butane $511.3

30/10/2024: Propane $423.5/ Butane $518.7

31/10/2024: Propane $426.1/ Butane $518.4

01/11/2024: Propane $423.0/ Butane $515.3

Butane LPG Prices Exhibit Choppy Trend

LPG prices have been erratic over the past two weeks, lacking a clear direction but showing a bullish trend since September. Last week, butane prices rose, averaging $515.4 per metric ton, a 2.7% increase from the previous week's average of $504.5. Propane prices also increased, closing at an average of $418.1, up 3.9% from $402.3 the prior week.

Crude Oil Prices Remain Choppy Due to Conflicting Factors

Oil prices showed little movement by the end of the week, with WTI and Brent closing at $71.11 and $74.48 per barrel, slightly up from the previous week's $71 and $75, respectively. This volatility is influenced by several conflicting factors, including the delay in OPEC+'s 2.2 million barrel per day cut, disappointing demand from China, and the potential for Iranian retaliation against Israel.

LPG Depot Prices Retrace from Recent Highs

LPG prices have pulled back from a high of 24 million in Apapa, settling at an average of 23 million in Lagos. An exception is the Stockgap depot in Port Harcourt, which recorded a depot price of 23.8 million last Friday. Loading from Dangote is slow and is not expected to significantly impact market dynamics due to low volumes from the depot.

Retail Prices Increase to N18,750.00 for 12.5kg

LPG retail prices have risen again, reaching as high as N18,750.00 per 12.5kg in Port Harcourt, Ojo, CMS (Lagos State), and Edo State. Please visit the LPG forum and share your local retail prices to contribute to the discussion.