Feedstock Switching Trend

Chemical crackers that had switched to propane to avoid high naphtha costs are now expected to revert to their traditional slates. This is removing a critical support pillar that had kept propane prices elevated through the spring.

Inventory Accumulation

US propane stocks are building rapidly during the shoulder season. With heating demand non-existent and export logistics normalizing, the path of least resistance for propane prices remains downward.