In the fast-moving NGLs, opportunities and threats lurk around every corner. China, the prize sought by North American and Middle Eastern exporters, has built a terminal that could open the door to 100,000 b/d of overland LPG supply from Russia. The ramifications are far-reaching, ranging from the geography of trade flows to demand for VLGCs, and North American and Middle Eastern market share in China are in the crosshairs. This issue provides insight into the reality of progress and actual market impact. In the current market of plenty, bearish factors continue to weigh on NGL prices relative to crude. For the balance of 2018, soaring petchem demand for ethane and LPG will be the main source of support for prices. However, the upside in the Mt Belvieu composite NGL price is limited and will only fully emerge at the end of the year.