Weekly Mont Belvieu Propane – Butane prices – September 3rd, 2021
Our assessment for last week daily Mont Belvieu propane and butane in USD/mt (4.8% and 8.4% up respectively on weekly average):
30th August: 590.4; 603.2
31st August: 598.8; 613.4
1st September: 610.9; 647.5
2nd September: 620.0; 669.0
3rd September: 624.2; 664.8
LPG Butane (Mont Belvieu) prices jumped by more than 10% from settling below 600 USD/MT in the previous week to 664 USD/MT. It’s scary as 700 USD/MT now seems possible soon after crossing the 650 mark. The huge jump may be connected to the recent Hurricane Ida in the USA which caused much devastation in its wake shutting down millions of barrels in oil production. We may experience some retracement this week.
On the local side, depots prices increased to 8.1 Million during the week. We expect a further increase in the coming week. It’s not clear if price increase has affected LPG consumption negatively, however, we expect PPPRA figures later in the week to reveal how the industry reacted to prices in the month of August 2021.
Retail prices for cooking gas continue to increase as LPG sell for N6,000 to over N7,000 per 12.5kg in locations nationwide.