Propane prices at the Mont Belvieu distribution hub in Texas steadied around $0.80 per gallon, close to over 1-month lows touched on April 22nd, as worries over tighter crude oil supply retreated after Iran downplayed Israel's attack. Being a by-product of crude oil, propane is intricately connected to the availability of the latter. Additionally, the commodity faced pressures from the latest report by the EIA which indicated a further acceleration in propane production. The week ending April 12th saw a propane output surge to 2.74 million barrels, well above the 2.51 million barrels in the same period last year and the four-week average of 2.685 million barrels. Also, exports growth slowed to 1.575 million barrels on the week to April 12th from 1.851 million barrels in the corresponding week of 2023 and the four-week average of 1.628 million barrels.
Propane increased 0.13 USD/GAL or 20.05% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Propane reached an all time high of 1.67 in February of 2014. Propane - data, forecasts, historical chart - was last updated on April 26 of 2024.
Propane increased 0.13 USD/GAL or 20.05% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Propane is expected to trade at 0.84 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.90 in 12 months time.