Frac spreads have strengthened modestly so far in December 2025, averaging $2.15/MMBtu—up 13% from November but still 47% below December 2024 levels. Propane remains the largest single contributor at $0.85/MMBtu, followed by natural gasoline at $0.74/MMBtu. While both are down from year-ago levels, they continue to dominate the overall spread. Normal butane and isobutane provide additional support at $0.41/MMBtu and $0.27/MMBtu, respectively. The ethane frac has continued to recover but remains negative, contributing –$0.13/MMBtu. Overall, modest gains in heavier NGL values are supporting the frac spread, but economics remain well below year-ago levels.
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- Analyst Insight
Frac Spreads Strengthen in March
Frac spreads strengthened in March, averaging $4.09/MMBtu so far—up 37% from February. Propane and natural gasoline remain the largest contributors, with ethane turning positive after dipping negative earlier this year.
- Analyst Insight
Frac Spread Eases in July but Remains Above Year-Ago Levels
The frac spread edged lower in July but remains about 20% above year-ago levels, with propane and natural gasoline continuing to provide the largest contributions.
- Analyst Insight
Frac Spread Shifts Into High Gear in October
NGL prices pulled further ahead of natural gas over the past month, pushing the frac spread to $7.80/MMBtu on October 19, up 36% from a month earlier.
