Weekly Mont Belvieu Propane – Butane prices – October 1st, 2021
Our assessment for last week daily Mont Belvieu propane and butane in USD/mt (7% and 4.2% up respectively on weekly average):
27th September: 717.7; 690.0
28th September: 744.5; 703.8
29th September: 742.1; 697.1
30th September: 744.1; 694.8
1st October: 770.4; 719.7
LPG Butane (Mont Belvieu) prices jumped massively closing at 719.7 USD/MT from 680 USD in the previous week. Propane closed at a scary 770.4 . The difference in prices may be due to the more versatile use of propane in more developed countries as Energy demand soars worldwide.
Monday the 4th of October portends a major confirmation of price movement as the OPEC community decides on the volumes of crude oil to add to its daily production. LPG prices are now close to 2012 figures and could break those lines if nothing happens in the Energy market.
On the local side, depots prices continued LPG prices hit 9.5 Million Naira per 20MT but settled at 9.4 million at most depots. We are not sure if adjustment was made as a result of the increase during the week. Most depots in the south were dry , putting more demand pressures on the market.
Retail prices for cooking gas continue to increase as LPG sell for between N6,000 to N8,000 per 12.5kg in locations nationwide.