The U.S. monthly propane-to-crude ratio has risen to 48% so far in December (red bar in chart below), with WTI crude averaging $58.61/bbl for the month and propane averaging 66.91¢/gal. This marks a 6-percentage-point increase from November’s 42%, consistent with typical early-winter seasonal strengthening, though the ratio remains below the spring peak of 56%.
While the recent rebound reflects normal seasonal demand, the magnitude of the increase has been relatively modest, leaving the broader trend lower compared with earlier in the year.
