Frac spreads edged lower in July 2026, averaging $4.03/MMBtu so far—down 1% from June but about 20% above the $3.34/MMBtu recorded a year ago. Propane remains the largest contributor at $1.43/MMBtu, with natural gasoline next at $1.31/MMBtu. Both are above year-ago levels and remain the primary drivers of the overall spread. Normal butane and isobutane provide additional support at $0.69/MMBtu and $0.44/MMBtu, respectively. The ethane frac has increased to $0.16/MMBtu, up 60% from June and about 130% from a year ago. Overall, the frac spread has declined about 24% from its May 2026 peak of $5.30/MMBtu but remains about 20% above 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
Chart Toppers: Frac Spreads Get a Modest December Boost, But the Stocking Isn’t Full
Chart Toppers: Frac spreads have strengthened modestly so far in December, supported by heavier NGL values—but remain well below year-ago levels.
- 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.
