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Thursday, November 5, 2026. Oil prices crashed this week, but home propane prices are still climbing. The US average residential price rose to $2.820 a gallon in EIA’s week of November 2. See your state on our propane price by state page and catch up on all our propane and LPG news.
Today’s News at a Glance
- Oil just crashed 9%, so why is your propane bill still going up? Home propane hit $2.820 a gallon this week. See why prices haven’t dropped yet
- US butane just hit a 14-year high. Asia is buying up American LPG, and that can squeeze supply at home. What it means for winter supply
- India just cut US LPG orders by 36%. Could that free up more propane for US buyers? Find out what changed
- US oil stocks are now 4% below normal, and still falling. Here’s why that matters even after the price crash. See the numbers
- Qatar, a top gas exporter, is about to become America’s biggest LNG buyer. It’s a big shift in the global gas trade. Read the full story
- One school district is saving about $49,000 a year by switching to propane. See how they did it
Propane Price Update Today
Home propane prices rose again this week. The US average is up 8.9 cents from the week before and 37.5 cents from a year ago.
| Item | Latest | Previous | Year ago |
|---|---|---|---|
| US average residential propane | $2.820/gal (week of Nov 2, 2026) | $2.731/gal (week of Oct 26) | $2.445/gal (week of Nov 3, 2025) |
| Mont Belvieu wholesale propane | $1.195/gal (Nov 3) | $1.209/gal (Nov 2) | Not shown |
| Henry Hub natural gas | $2.63/MMBtu (Nov 3) | $2.54/MMBtu (Nov 2) | Not shown |
| WTI crude | $87.35/bbl (morning of Nov 5) | $99.64/bbl (Nov 3 spot) | Not shown |
Previous prices: the US average was $2.731 a gallon in the week of October 26 and $2.686 the week before that. A year ago it was $2.445. North Dakota is cheapest at $1.838 and Florida the most expensive at $5.149 (EIA, week of November 2, 2026).
All 50 states are on our state-by-state propane price page. For a full explainer, read our state-by-state guide.
Top Story: Oil Crashes, Propane Still Climbing
- Brent fell 8.6% and WTI 8.3% on Wednesday as traders bet the midterm results could speed an end to the Iran war.
- The EIA US average residential propane price rose 8.9 cents to $2.820 a gallon (week of Nov 2, 2026).
- Mont Belvieu wholesale propane was $1.195 a gallon on Nov 3.
- US butane at Mont Belvieu hit a 14-year high of $920 a ton as Asia leans on US LPG.
- A Wisconsin school district says propane buses save it about $49,000 a year.
Brent crude fell $8.94, or 8.6%, to $94.66 a barrel on Wednesday afternoon, and WTI dropped 8.3% to $88.08, OilPrice.com reported. The White House tied Tuesday’s midterm losses to the Iran war, and traders bet on a faster peace deal. On Thursday morning Brent was near $94.30 and WTI near $87.35.
Propane does not follow crude day to day. It is mostly a byproduct of natural gas processing, and its price depends on US stocks, exports and winter demand. EIA’s weekly survey was taken on Monday, before the crash.
It showed all 38 states it tracks moving higher. If crude stays low, it may take some of the heat out of wholesale prices. But strong export demand is pulling the other way.
More Propane and Energy News
Butane hits decade highs as Asia buys US LPG
US butane at Mont Belvieu climbed to a 14-year high of $920 a ton, OilPrice.com reported. Since the Iran war began, the US share of global LPG exports rose to about 65%, and US cargoes supplied as much as 75% of Asia’s imports in April–October. That export pull helps keep US propane prices firm.
India buys less US LPG as Gulf ships return
India’s LPG imports from the US averaged 418,291 tonnes a month in September–October, down 36% from March–August, as Gulf cargoes came back, the Indian Express reported using Kpler data. An analyst warned that India could turn to US supply again this winter if the Gulf route is disrupted.
US oil stocks keep falling
US commercial crude stocks fell by 900,000 barrels in the week ending October 30, to 409.8 million barrels, EIA data showed. That is 4% below the five-year average. Distillate stocks, including heating oil, are 13% below average.
Qatar turns to US LNG
Qatar, once the world’s second-largest LNG exporter, is set to become the biggest buyer of US LNG as the Hormuz crisis blocks much of its own exports, OilPrice.com reported. Strong gas exports support US gas output, which also produces most US propane.
Propane school buses cut costs in Wisconsin
The Sturgeon Bay School District runs 7 of its 13 buses on propane and says this saves about $49,000 a year, NBC 26 reported. It cited GasBuddy figures of about $4.12 a gallon for gasoline and $6.28 for diesel.
What it means for you
- Retail propane is still rising into winter. If your tank is low, compare a few local dealers now.
- Don’t expect the oil crash to cut your bill right away. Retail propane lags wholesale by weeks.
- Check your contract for extra charges before you sign. See our guide to hidden propane fees.
- For background on how the Middle East crisis moved US prices, read our Hormuz effect report.
What to watch next
- Whether crude stays below $95 as US–Iran talks develop.
- EIA’s next weekly propane data on Thursday, November 12, 2026.
- Early cold snaps in the Midwest and Northeast, which lift demand.
More updates in US Propane Prices.
Sources
