Prices are one of the first signals in deciphering what is happening in the market.
Most prices track the price of crude oil.
Hence, crude oil is a major driver behind product price swings. During December 1989 and the winter of 1996-97, propane prices spiked well above crude oil. When supply begins to run short of demand, prices are bid up rapidly. This past winter and current prices are not spiking above crude oil, but following the rapid increase in crude oil prices. Propane spot prices at Mt. Belvieu have been about 55 cents per gallon, heading up towards 60 cents.