The frac spread (black line) averaged $7.61/MMBtu in October, up 35% from $5.65/MMBtu in September and 141% above the $3.16/MMBtu averaged in October 2025. Propane (purple area) led the increase, adding $0.72/MMBtu, followed by normal butane (dark blue area) at $0.50/MMBtu and isobutane (light blue area) at $0.29/MMBtu. Together, propane and butanes accounted for more than three-quarters of the $1.96/MMBtu September-to-October gain, while Henry Hub natural gas prices held steady at about $3.00/MMBtu.
The rally faded in early November. The frac spread peaked at $9.39/MMBtu on October 30 and then fell 23% to $7.23/MMBtu by November 9 as NGL prices pulled back and Henry Hub rose to $3.22/MMBtu. Even after the pullback, the frac spread remains more than double its October 2025 average.
