As of September 2025, the frac spread has averaged $3.55/MMBtu—a 5% increase from August’s $3.39/MMBtu, but still 9% lower than the $4.02/MMBtu recorded in September 2024. Propane remains the largest single contributor at $1.37/MMBtu, followed by natural gasoline at $0.97/MMBtu.

In most U.S. motor gasoline markets, normal butane blending season begins immediately after the federal summer RVP (Reid Vapor Pressure) restrictions end. That is today, September 15. This day marks the official end of the summer ozone season under EPA rules for conventional gasoline areas.

US oil and gas rig count climbed to 539 for the week ending September 12 according to Baker Hughes data, a gain of two rigs vs. a week ago. Rigs were added in the Eagle Ford (+2) and Appalachia (+1), while the Anadarko (-1) was the only basin to decline.

Much political and industry intrigue this year has surrounded the potential comeback of the Constitution Pipeline, which would bring gas from Pennsylvania to New York and Ne

The EIA reported total U.S. propane/propylene inventories had a build of 1.5 MMbbl for the week ended September 5, which was less than industry expectations for an increase of 2.1 MMbbl and the average build for the week of 1.6 MMbbl.  Total U.S.