U.S. Propane Spot Prices have Fallen from Multi-year Highs

The price of propane is tied to crude prices, just like the price of other types of petroleum products.

Cover Image Attribute: Aerial view of Enterprise Products Partners' Mont Belvieu Distribution Hub, Texas
Cover Image Attribute: Aerial view of Enterprise Products Partners' Mont Belvieu Distribution Hub, Texas 

The propane spot price at the Mont Belvieu distribution hub in Texas has been progressively decreasing since reaching multi-year highs in March. Propane prices hit $1.64 per gallon (gal) for the week ending March 11, 2022, the highest price since February 2014 when adjusted for inflation. This was the first time that the price had reached this level. According to data provided by Refinitiv, a corporation owned by LSEG, the price of a gallon of propane has decreased by 32 percent since March, coming in at $1.14 for the week ending July 29.


Data source: Refinitiv, an LSEG business Note: Prices are adjusted for inflation using the Consumer Price Index.

Data source: Refinitiv, an LSEG business

Note: Prices are adjusted for inflation using the Consumer Price Index.


The price of propane is tied to crude prices, just like the price of other types of petroleum products. The propane price followed the trend of an increasing price for Brent crude oil and had been going up. In addition, inventories of propane in the United States that were below average during the winter of 2017–2018 also contributed to price increases. However, propane prices have been falling since March due to the rise in available stocks.


Although the demand for propane in the United States has remained essentially constant, the country's propane exports have expanded due to the robust demand for it worldwide. Since 2017, the United States has consistently been able to export more propane than it has consumed on an annual basis. This trend began in 2017. In addition, the utilization of propane as a petrochemical feedstock in propane dehydrogenation units and flexible feedstock crackers, particularly in Asia, has contributed to an increase in the demand for propane on a global scale.


According to our Petroleum Supply Monthly findings, during the first five months of 2022, propane exports from the United States went to Asian markets at a rate of 53%, with the majority of these shipments going to Japan, China, and South Korea. In addition, in the first five months of this year, U.S. propane exports to Europe accounted for 18 percent of total U.S. propane exports, whereas in the first five months of 2021, only 14 percent of total U.S. propane exports went to Europe. Again, this was a direct consequence of Russia's full-scale invasion of Ukraine, which caused a shift in Europe's energy supply.




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IndraStra Global: U.S. Propane Spot Prices have Fallen from Multi-year Highs
U.S. Propane Spot Prices have Fallen from Multi-year Highs
The price of propane is tied to crude prices, just like the price of other types of petroleum products.
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