Some single stage regulators, like the ones commonly used by bead makers, are sensitive to anything lower than 10-15 psi. You could try to bump up the pressure some more (so that it's around 10 psi while the torch is running) and see if it levels out.
If it doesn't, it could be that the diaphragm is going bad. They can sometimes be rebuilt by someone at a welding shop, but it might be more cost effective to buy a new one.
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