Weekly Mont Belvieu Propane – Butane prices – October 8th, 2021
Our assessment for last week daily Mont Belvieu propane and butane in USD/MT (4.5% and 3.6% up respectively on weekly average):
4th October: 791.3; 733.0
5th October: 788.2; 733.7
6th October: 785.6; 727.9
7th October: 759.8; 714.0
8th October: 759.8; 722.5
LPG Butane (Mont Belvieu) prices continue to rise weeks to the start of the ‘scary winter’ ; and indeed Winter is coming. Butane prices hit the highest prices yet at 733 USD/MT and closed at 722.5 USD/MT from 719.7 USD/MT in the previous week. Propane closed at 759.8 after testing 791 at the beginning of the week – a sign of what is to come ; the 800 range now seems realistic in the coming week.
Factors that could lower prices , like OPEC decision and improvement in Oil supplies which could drop prices and drive gas users to oil derivatives, didn’t happen. Oil and Natural gas prices continue to maintain historical highs.
On the local side, depots prices continued LPG prices hit 10 Million Naira per 20MT . We expect some ease in prices when NLNG cargo hit the market this week. The planned NUPENG strike which was called off would have made the situation worse. Hopefully we don’t experience further market disruptions of such, to an already tensed market soon.
Retail prices for cooking gas continue to increase as LPG sell for between N7,500 to N8,000 per 12.5kg in locations nationwide.