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.
