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.
Featured Articles
- 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.
- Blog
And the Thunder Rolls – Iran War Roils Pricing Just After U.S. E&P Returns Hit Four-Year Lows
The upstream oil and gas sector has been periodically roiled by dramatic price swings triggered by world events over the last five decades. Today, we analyze the impact of bottoming oil prices on earnings and cash flows as the industry girds for an unpredictable 2026.
