One week after officially becoming negative, Conway ethane margins returned to a marginally profitable status thanks to improved prices at the hub. In fact, Conway margins improved across the board thanks to price corrections for propane and heavy NGLs.

While the margin is theoretically profitable at 6¢ per gallon (/gal), its status at Conway is also supported by the fact that purity ethane is not traded at the hub. Instead E-P mix is traded at the hub and these margins are supported by the much stronger propane frac spread.

Mont ...