U.S. propane exports reached a record 1.7 million barrels per day (b/d) in March 2023, the highest level since we began collecting this data in 1973. Propane is consumed globally for space heating and is used as a petrochemical feedstock. Low U.S. demand for propane this past winter and higher propane production led to lower U.S. propane prices relative to Northwest Europe and Asia, underpinning the record export levels. Propane production, a byproduct of natural gas processing, has increased rapidly over the past 10 years as U.S. natural gas output has expanded. Expansion projects at U.S. propane export terminals in ... (full story)