RBN Team

Although the emergency Jones Act waiver issued in March 2026 generated considerable attention, it has had minimal impact on the U.S. LPG/propane market. Based on MARAD voyage reports, only three propane cargoes moved under the waiver, totaling approximately 540 Mbbl.

The normal butane market in Mont Belvieu has been particularly volatile this year, rallying at the onset of the Iran war, retreating, then spiking again in mid-May before steadily easing over the following weeks.

The Midland-to-Houston crude oil differential has undergone a dramatic round trip over the past several months.

U.S. Gulf Coast ethane cracker margins have come back to earth after several weeks of extraordinary profitability. 

The Iran war has significantly increased the value of Gulf Coast propane relative to inland markets.