The U.S. monthly propane-to-crude ratio has fallen to 42% so far in November (red bar in chart), with WTI crude averaging $60.20/bbl and propane at 60.15¢/gal, down from 46% in October and well below the spring peak of 56%. Although the ratio has fluctuated in recent months, the overall trend remains lower amid weak seasonal propane demand and ample inventories. Despite lower crude oil prices, the monthly average ratio is 7 percentage points below the same period last year, as strong storage builds continue to weigh on propane prices relative to crude. The direction of the ratio through winter will depend largely on weather-driven demand and export strength, which together will determine how quickly inventories draw down and whether propane prices can regain ground relative to crude.
Featured Articles
- Analyst Insight
Chart Toppers: Propane-to-Crude Ratio Increases
Propane-to-crude climbs in December — spring levels still rolling their eyes.
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Propane Continues to Lag Crude in January - Chart Toppers
Propane remains under pressure relative to crude, with the propane-to-WTI ratio averaging 43% in January.
- Blog
Cracking the Code – What 2026’s Record Crack Spreads Tell Us About Refining Economics
Crude oil may get the headlines, but the fuels made from it have delivered some of the market’s biggest surprises of 2026. With supply disruptions, strained trade flows and compliance costs all shaping this year’s numbers, let’s look at what goes into a crack spread and what we can learn from it.
