As shown in the graph below, crude oil prices have surged since early February, climbing roughly 60% as the war involving Iran injected a sizable risk premium into global oil markets. The gray line representing WTI moves sharply higher after the start of March. The green line (heavy NGLs — normal butane, isobutane, and natural gasoline) rises as well, but only to about the 40–45% range, capturing part — but not all — of crude’s rally. The blue line (propane) shows a more modest gain of roughly 20%. Ethane, shown in orange, stands out most clearly: despite the surge in crude prices, ethane prices remain essentially flat over the period and even spent much of February in negative territory relative to the Feb. 1 starting point.
Featured Articles
- Analyst Insight
NGL Steam Cracker Margins — Ethane and LPG Highest vs. Naphtha since 2014
U.S. petrochemical steam cracker margins have been transformed almost overnight by the Iran war.
- Blog
Leave the Door Open – Propane Exports to Increase in 2026 as War With Iran Shifts Market Dynamics
There are three main factors affecting today’s propane market: export economics, dock space and storage levels. The Iran war has dramatically shifted export economics and filled dock space, yet storage remains at all-time highs. In today’s RBN blog, we look at what’s in store for the rest of 2026.
- Blog
Leave the Door Open – U.S. Propane Storage to Fall in 2026 as Added Dock Space Rebalances Market
The U.S. propane market is in a unique position. Production has continued to grow while domestic demand remains stagnant. The only solution for the market to balance is exports; however, those have been constrained by capacity at the dock. Today, we continue our examination of the propane market.
