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
A Matter of Trust – Variations in Crude Oil Quality Make On-Spec Delivery Critical for Global Refiners
Two vehicles may look identical from the outside, but what’s under the hood can make all the difference. Today, we look at how the same principle applies to crude oil, as barrels that meet the same basic specifications can still behave very differently once they reach a refinery.
- 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.
