The Mont Belvieu propane price continues to lag crude despite recent weather-driven demand. The propane-to-WTI ratio is averaging 43% so far in January, based on monthly average prices, with WTI crude at $59.22/bbl and propane at 60.67¢/gal. The ratio is down from 47% in December and remains below the spring peak near 56%. While parts of the country experienced a winter storm this week that likely supported near-term heating demand, its influence on the monthly propane-to-crude ratio has been muted so far, with broader fundamentals still dominating price relationships. At current levels, the ratio is approximately 7 percentage points below the same period last year.
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- Analyst Insight
U.S. Monthly Propane to Crude Ratio - Chart Toppers
Propane’s slipping against crude. The U.S. propane-to-crude ratio has dropped to 42% so far in November, down from 46% in October and a 56% spring peak. With winter ahead, weather and exports will decide if propane can regain ground.
- Analyst Insight
U.S. Propane-to-WTI Crude Ratio Falls to Multi-Month Low
The U.S. propane-to-WTI crude ratio continues to slide, averaging 35% in March—down from 40% in February and well below last spring’s highs. With crude holding strong and propane lagging, the spread has widened to a multi-month low.
- Analyst Insight
Chart Toppers: Propane-to-Crude Ratio Increases
Propane-to-crude climbs in December — spring levels still rolling their eyes.
