Frac spreads strengthened in March 2026, averaging $4.09/MMBtu so far—up 37% from February and 10% above the $3.70/MMBtu recorded in March 2025. Propane remains the largest contributor at $1.46/MMBtu, with natural gasoline next at $1.29/MMBtu. Propane is below year-ago levels, while natural gasoline is higher, and both remain the primary drivers of the overall spread. Normal butane and isobutane provide additional support at $0.72/MMBtu and $0.42/MMBtu, respectively. The frac spread for ethane, which was slightly negative in January, has climbed steadily and now stands at $0.21/MMBtu.
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- 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.
- 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
NGL-to-Crude Ratio Soars, Driven by Butanes, Propane and Natural Gasoline
Over the past six weeks, the NGL-to-crude oil price ratio has climbed from 0.34 to 0.48, supported by strong exports, tightening inventories and preparations for winter demand.
