The frac spread, which compares the value of a typical Mont Belvieu NGL barrel with Henry Hub natural gas on an MMBtu basis, reached $7.80/MMBtu on October 19, up 36% from $5.74/MMBtu a month earlier. NGL prices did the heavy lifting, rising 26% over the past month, while natural gas gained just 5%. Through October 19, the frac spread is averaging $6.95/MMBtu, more than double the $3.16/MMBtu averaged in October 2025.
Butanes have led the way so far in October, with normal butane (dark blue bars) rising to $1.41/MMBtu from $1.03/MMBtu in September and isobutane (light blue bars) rising to $0.93/MMBtu from $0.67/MMBtu, together accounting for nearly half of the frac spread’s increase from September. Propane (purple bars) remains the largest piece of the spread at $2.32/MMBtu. WTI is averaging $94/bbl so far in October, up from $60/bbl a year ago, while Henry Hub natural gas is averaging $3.14/MMBtu, below its October 2025 average of $3.31/MMBtu. If those conditions hold, NGLs should keep the spread wide.
