ET - NGL Update: How Are Macro Headwinds Impacting Midstream
Natural gas liquids (NGLs) have grown in importance for midstream in recent years as US production has accelerated, providing growth opportunities including new fractionation facilities for processing NGLs, new NGL pipelines, and export projects. How do recent macro headwinds and declining energy production in the US impact the outlook for NGLs? Are the demand drivers for NGLs more or less impacted by coronavirus countermeasures than those for oil? Today's note provides an update on NGL production, prices, and midstream projects in light of the dynamic macro backdrop created by the ripple effects of the COVID-19