It’s been a tough Spring and Summer for U.S. propane markets. Netbacks from the international markets  have come under severe pressure due to COVID-19. While  prices bottomed out in March 2020, most benchmarks have still not recovered to year-ago levels, and export volume levels have only recently rebounded to year-ago levels. Looking ahead, we don’t see much good news in the near-term. Netbacks and arbs remain at low levels, lower crude prices are increasing naphtha’s competitiveness in Asian petrochemical markets, freight rates are trending higher, and propane storage levels in the U.S. are elevated. Propane may be in for a tough time for the next several months.