U.S. Nat Gas Liquids Exports Hit Record—Even With China Playing Hardball

As it turns out, a trade war with your biggest customer isn’t the death knell some made it out to be. U.S. exports of natural gas liquids (NGLs) hit an all-time high in April, defying concerns that the escalating trade war with China would choke off demand. Ship tracking data from Kpler and Vortexa pegged NGL exports at 2.9 million barrels per day (bpd)—a record level—even as exports to China tumbled 35% month-over-month. NGLs like ethane, propane, and butane—key inputs for everything from plastics to home heating—have…