If it’s true that things will get a lot worse before they get better then we’re on the right track … because everything from the pandemic to the Saudi-Russian crude war to NGL prices is definitely worse.

The Mont Belvieu, Texas, hypothetical NGL barrel continued its freefall last week, giving up 29.8% of the previous week’s record low value. The barrel’s price collapsed into single digits as all of its components recorded record lows for the 15 years that Hart Energy has tracked them.

Seemingly in defiance of the new social norms of physical distance, the Mont Belvieu five have collectively converged at around the same price, as traders wash their hands of NGL optimism.

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