34 days ago • Posted by William Ramstein
NGL and oil prices could remain strong well into H2 2021
Robust international demand for liquefied petroleum gas drove a sharp spike in realized prices during the first quarter, boosting the Natural Gas Liquids (NGL) revenues of some U.S. shale producers more than 100% above the prior-year period. The 10 largest shale producers recorded year-over-year gains in realized NGL prices of 77% to as much as 180% during the quarter. Both oil and NGL prices improved from the same period a year earlier and even from fourth-quarter 2020 levels. The average Brent crude oil futures prompt month contract gained 22% from the year-ago period, while the average Mont Belvieu NGL spot price grew more than 130%.