RBN Team

Three themes from Enterprise Products Q2 2026 earnings call on Thursday were especially noteworthy: several new NGL infrastructure projects, increasing confidence that additional Permian gas and NGL production will emerge as natural gas egress expands, and a heartfelt tribute to Co-CEO Jim Teague ahead of his retirement.

The ethane ratio-to-natural gas has been on a wild ride during 2026. In late January when the price of natural gas soared in response to Winter Storm Fern, the ethane-to-gas ratio was crushed to the lowest level in at least 20 years. 

Although the emergency Jones Act waiver issued in March 2026 generated considerable attention, it has had minimal impact on the U.S. LPG/propane market. Based on MARAD voyage reports, only three propane cargoes moved under the waiver, totaling approximately 540 Mbbl.

The normal butane market in Mont Belvieu has been particularly volatile this year, rallying at the onset of the Iran war, retreating, then spiking again in mid-May before steadily easing over the following weeks.

The Midland-to-Houston crude oil differential has undergone a dramatic round trip over the past several months.