Weekly Mont Belvieu Propane–Butane Market Update – April 3rd, 2026

By Godwin Ehijele Okoduwa ــ Last Update 07 April 2026

Weekly Average LPG Prices:

30/03/2026: Propane $438.0 | Butane $519.3

31/03/2026: Propane $403.8 | Butane $489.4

01/04/2026: Propane $377.1 | Butane $450.5

02/04/2026: Propane $384.6 | Butane $462.9

LPG Prices – LPG prices reversing?

LPG prices made an unexpected reversal last week, with propane and butane prices dropping by 5.7% and 7.5%, respectively, from the average weekly prices. Several reasons can be attributed to the reversal in prices due to the expected de-escalation of the Middle East war. Prices may have dropped as a result of profit-taking by traders, after trading at higher prices. So this is a temporary price correction; a return to higher prices is expected in the current week, if there is no peace deal or ceasefire on the table.

Propane: averaged $400.8/MT, down from $425.1/MT

Butane: averaged $480.5/MT, down from $519.6/MT

The market is still watching the muted US-Iran negotiations going on in Pakistan, with news of a deal refusal by Iran; they want complete cessation of the war, reparations for war damages, and complete control of the Strait of Hormuz. The US, through Trump, in response, has threatened to blow up transport and power infrastructures in Iran.

Crude Oil – Prices are still up.

Crude Oil prices continue to remain at elevated levels, as the Strait of Hormuz (SOH ) remains relatively shut. The week had a 1 million barrel crude oil Iraqi vessel allowed through it, with the Iranian state media stating they had given the permission. However, escalations have continued with the reported refusal of a negotiation deal from the US and the threat of an Iranian infrastructure attack by the US.

Interestingly, the WTI closed higher than the Brent crude price, closing the week at 111.54 and 109.03 USD per barrel, respectively; the last time it exhibited this trend was during the COVID-19 era in 2020. It is necessary to state that Crude Oil price differentials are influenced by factors such as refining complexity, the location of production, transportation costs to delivery points, and the prevailing political and economic conditions in the markets where the oil is traded. In this case, according to Ahmad Damicida of Energy culture https://energyculture-ng.com/, the divergence is due to the lag in supply dynamics as more demand shifts to American crude oil, which is mainly benchmarked in WTI; the pressure from large refineries like Dangote in Nigeria and others from Asia and Europe due to lower inventories is driving prices higher for the WTI. We have seen reports (from Javier Blas of Bloomberg) of prices with a plus 30 to 50 USD per barrel premium for spot buys; this could reach unprecedented levels soon, as we enter the 6th week of the US -Iran war.

Weekly Close:

WTI: $111.54 (up from $98.01)

Brent: $109.03 (down from $110.81)

Outlook:

Oil prices: We see Crude oil prices staying well ahead of 100 USD per barrel, even when a cease-fire comes through. As crude oil inventories stock out globally, we could see prices hit 200 USD per barrel for Spot transactions if the war persists.

Nigeria LPG Market – Depot prices settle at 21m in Apapa

LPG Depot prices increased as international prices fell last week. Interestingly, Apapa sold for about 21.3m per 20MT, as prices at other locations in the South - South, apart from Stockgap depot, in Port Harcourt, remained at circa 19m per 20MT. We expect newer cargoes from NLNG and other local sources to land lower as a result of last week's significant drop in international LPG prices. Reports from Dangote suggested lower volumes coming from the refinery, with delayed loadings also reported.

Retail Cooking Gas prices still irregular nationwide.

Cooking gas prices continue to show an irregular trend across states nationwide. Information from followers of LPGINNIGERIA via WhatsApp showed that prices ranged from 1100 to 1400 Naira per 12.5kg. It was noted that gas plants with access to lower-priced LPG from Dangote could afford to sell at lower prices.

Please feel free to reach out, DROP A COMMENT, if you require further clarification or a deeper analysis of these market developments. Our team remains committed to providing timely insights to support effective decision-making in this dynamic market.