If there was ever a year that proves NGLs march to the beat of a different drummer, 2021 was it. Compared to pre-pandemic volumes, production is up, not down. It’s the same story for exports. Price behavior has been even more extraordinary. We’ve seen startling counter-seasonal price swings in propane and butane markets. Ethane has been dancing to the tune of volatile natural gas prices. The wackiness has even extended to natural gasoline, which this summer enjoyed seven weeks as the preferred feedstock for U.S. flexible steam crackers. Heck, it’s not even winter yet. And 2022 is likely to be every bit as chaotic. In today’s RBN blog, we begin a blog series discussing recent developments in NGL markets and take a look at what lies ahead.
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Given that the markets for crude, gas, and NGLs are intensely interrelated — a central tenet of RBN’s energy-world view — it should come as no surprise that the massive dislocations caused by the COVID-19 pandemic over the past 21 months have had an impact on every nook and cranny of the hydrocarbon universe. We’ve chronicled the oil and natgas parts of all this (most recently in In the Mood? and How Long Can This Keep Going On for crude and Play It Again and the four-part Go West series for gas).
We’ve also talked a lot this year about propane (see What's Price Got To Do With It and Do You Really Want To Hurt Me), which has been especially volatile and counterintuitive, with prices going to the moon in the off-season this summer and early fall — soaring 125% higher than in the summer of 2020 — then dropping like a rock by 30% over the past couple of weeks (Propane is trading at 103 c/gal this morning on ICE). A number of factors have played a role in the propane market’s roller-coaster journey this year and we’ll cover them all in this blog series.
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About the song
"Different Drum" was written by Michael Nesmith in 1964. After Nesmith became a member of The Monkees, it was offered to the producers of their TV show, but they passed on it. It was first recorded and released by the bluegrass band The Greenbriar Boys in 1966. The song became a hit when it was released as a single by The Stone Poneys in September 1967. It appeared as the first song on side two of The Stone Poneys' second studio album, Evergreen, Vol. 2. It went to #12 on the Billboard Hot 100 Singles chart. Personnel on the record were: Linda Ronstadt (vocals), Al Viola, Bernie Leadon (guitars), Jimmy Bond (bass), Jim Gordon (drums), Don Randi (harpsichord), and Sid Sharp (strings). "Different Drum" has been covered by many artists such as Susanna Hoffs, The Jayhawks, Paul Westerberg, and Carrie Underwood. The song's author, Michael Nesmith, included it in his 1972 solo album, And the Hits Just Keep on Comin'.
Evergreen, Vol. 2 was recorded during the spring of 1967 at Capitol Studios in Hollywood, CA, with Nick Vanet producing. Released in June 1967, the album went to #15 on the Billboard Top 200 Albums chart. Two singles were released from the LP.
The Stone Poneys were an American folk-rock trio formed in Los Angeles in 1965 with Linda Ronstadt on vocals, Bobby Kimmel on rhythm guitar and vocals, and Kenny Edwards on lead guitar. The band released three studio albums and five singles before breaking up in 1969 when Linda Ronstadt began her solo career with the release of her first studio album, Hand Sown...Home Grown. Ten members passed through The Stone Poneys since its formation. Original member Kenny Edwards died in August 2010, and Bobby Kimmel, at the age of 81, still occasionally plays shows in the Phoenix area, where he resides. After a hugely successful solo career spanning five decades, Linda Ronstadt retired from the music business in 2013 due to Parkinson's disease.
