The U.S. propane market typically follows predictable trends. With much of domestic demand occurring in the colder months, storage volumes build in the summer and are withdrawn in the winter. Over the past month, that trend has been upended, with storage withdrawals in three of the last five weeks. Since mid-April, inventories have increased by only 1.2 MMbbl; in 2025, they grew by 9.6 MMbbl over the same period. In today’s RBN blog, we’ll explore what is going on in the propane market and why.
Figure 1 below shows U.S. storage levels for propane/propylene as reported by the Energy Information Administration (EIA) in its Weekly Petroleum Status Report (WPSR). The gray area shows the five-year high/low range for storage, while the green line shows the five-year average. The blue line shows storage for 2025, and the red line shows it for 2026 through May 22.
Figure 1. Total U.S. Weekly EIA Propane/Propylene Inventories. Source: EIA
Negative Permian Gas Price Persists, but Change is on the Horizon
The price of natural gas remains negative at Waha. But movement in the forward curve suggests that the market is looking to a brighter future in the second half of the year.
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About the song
“Wind of Change” was written by Klaus Meine and appears as the fourth song on Scorpions’ 11th studio album, Crazy World. Meine composed the song's lyrics after the Scorpions’ visit to the Soviet Union during the height of Perestroika and the country's socioeconomic reforms. The song’s lyrics are a plea for peace and unity in a crazy world. The song has been associated with the fall of the Berlin Wall. The band also recorded versions in Russian and Spanish. Released as a single in January 1991, it went to #4 on the Billboard Hot 100 Singles chart and #1 in the band’s native country of Germany. It has been certified Gold by the Recording Industry Association of America (RIAA). Personnel on the record were: Klaus Meine (vocals, whistling), Rudolf Schenker (lead guitar), Matthias Jabs (rhythm guitar), Francis Buchholz (bass), Herman Rarebell (drums) and Koen van Beal (keyboards).
Crazy World was recorded in 1990 at Goodnight LA Studios in Los Angeles and Wisseloord Studios in Hilversum, Netherlands. Produced by Keith Olsen and Scorpions, the album was released in November 1990. It went to #21 on the Billboard 200 Albums chart and has been certified 2X Platinum by the RIAA. It would be the only Scorpions album to date to reach #1 in their native country of Germany. It was their first album in over a decade not to be produced by Dieter Dierks. Four singles were released from the LP.
Scorpions are a hard-rock band formed in Hanover, Germany, in 1965 by guitarist Rudolf Schenker. The most successful version of the group played from 1978 to 1992 and included Meines (vocals), Schenker, Jabs (guitars), Bucholz (bass) and Rarebell (drums). They have released 19 studio albums, six live albums, 29 compilation albums and 92 singles and have sold more than 75 million records worldwide. They have won two World Music Awards and have a star on the Hollywood Walk of Fame. Twenty-eight members have passed through the band since its formation. Scorpions continue to record and tour with longtime members Meine, Schenker and Jabs joined by bassist Pawel Maciwoda and drummer Mikkey Dee. Their latest release was Coming Home, Live, which was released in December 2025. They will begin an Eastern European tour in June and will begin a residency in Las Vegas at PH Live, with Buckcherry opening, in September.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
