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.
Featured Articles
- 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.
- Blog
And the Thunder Rolls – Iran War Roils Pricing Just After U.S. E&P Returns Hit Four-Year Lows
The upstream oil and gas sector has been periodically roiled by dramatic price swings triggered by world events over the last five decades. Today, we analyze the impact of bottoming oil prices on earnings and cash flows as the industry girds for an unpredictable 2026.
- Analyst Insight
Crude Price Surge Outpaces Ethane, Propane and Other NGLs
Crude oil prices have surged since early February, climbing roughly 60% as the war involving Iran injected a sizable risk premium into global oil markets.
