From Bearish to Bullish
The NGL market is in the midst of a bearish-to-bullish reversal led by ethane and propane. In the 12-month forecast period, fundamentals for both products will essentially follow the same path. Waterborne exports and lower NGL production will chip away at oversupply. As a result, fundamentals will continue to strengthen and the composite NGL price will rise to 45 percent of WTI.