Weekly Mont Belvieu Propane-Butane Price Review: November 8th, 2024

Weekly Mont Belvieu Propane-Butane Price Overview: November 8, 2024

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

04/11/2024:Propane $423.0 / Butane $519.0

05/11/2024:Propane $422.0 / Butane $521.2

06/11/2024:Propane $419.4 / Butane $525.6

07/11/2024:Propane $421.7 / Butane $528.3

08/11/2024:Propane $420.5 / Butane $523.5

LPG Prices See Modest Increase

LPG prices held a mild bullish trend, with butane closing the week at an average of $523.5 per metric ton, up 1.6% from last week’s $515.4. Propane also rose slightly, ending at an average of $421.3, a 0.8% increase from the previous $418.1.

Crude Oil Prices Steady Despite New President and Gulf Hurricane

Oil prices showed minimal movement, with WTI and Brent closing at $71.19 and $74.59 per barrel, respectively, barely changing from last week. This comes despite Donald Trump's return as president and the impact of Hurricane Rafael in the Gulf of Mexico. Traders will watch U.S. policy shifts under the new administration, alongside ongoing issues in the Middle East and Ukraine, for potential market direction.

LPG Depot Prices Mostly Stable

LPG depot prices held at 23 million Naira or above in most locations. South-South inland depots faced high demand but limited sales due to maxed-out inventories. NAVGAS closed the week at 24 million Naira per 20 MT, hinting at possible price increases next week. Meanwhile, Dangote’s loading operations gained momentum, with sales around 22 million Naira per truck, though its lower volumes are unlikely to significantly impact the market.

Retail Prices at N18,500 for 12.5kg in Lagos

Retail LPG prices reached N18,500 for a 12.5kg cylinder in Lagos. Visit the LPG forum to share local retail prices and participate in the discussion.

• Lpg
• Butane
• Propane
• Montbelvieu
• Weekly

Godwin Okoduwa

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