As of July 2025, the frac spread has averaged $3.29/MMBtu—a 5% increase from June 2025’s $3.14/MMBtu, but still 31% lower than the $4.77/MMBtu recorded in July 2024. Propane remains the largest single contributor at $1.37/MMBtu, followed by natural gasoline at $0.94/MMBtu.

The price spread of U.S. Gulf Coast diesel over crude oil (MEH WTI Houston) has surged over the past four weeks from $20/bbl to $32/bbl. As shown in the right graph below, this is the highest diesel spread over crude in over a year. However, the diesel vs.

For the week of July 18, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 52 (blue line and text in left hand chart below), 14 less than one year ago and the lowest for this time of year since 2020.

Northeast gas demand moved upward during the week ended July 15 relative to the prior week, driven by strong power demand as weather in the region was significantly hotter than the 5-year average. Overall Northeast demand averaged 19.1 Bcf/d, up 0.8 Bcf/d week-on-week.