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.
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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
WTI Crude-to-Gas Ratio Eases but Remains Above Year-Ago Levels
The WTI crude-to-gas ratio has softened in June but remains above year-ago levels. Check out the latest RBN Insight for the details.
