The U.S. propane-to-WTI crude ratio started June 2026 at 38%, recovering from May's 35% average and April's 33%, which was the lowest monthly average since October 2023. Based on June 1 prices, WTI crude settled around $92/bbl while propane settled at 83¢/gal, allowing propane to regain some ground relative to crude after several months of weakness. Despite the stronger start to June, the ratio remains well below the levels seen throughout much of 2025, when it peaked at 56% in April and remained above 40% for the entire year.
