Net petchem margins have strengthened in July 2026 for ethane, propane and butane. Ethane remains the highest-margin feedstock, averaging about 14¢/lb so far for July, up 7% from 13¢/lb in June and on par with a year ago. Propane is averaging about 7¢/lb, up 154% from 3¢/lb in June and more than three times the 2¢/lb average a year ago. Butane is averaging about 2¢/lb, up from 1¢/lb in June but in line with the year-ago level. Natural gasoline is averaging -18¢/lb, compared with -14¢/lb in June and -7¢/lb a year ago, widening the margin gap between natural gasoline and the other NGL-based feedstocks.
