Stronger natural gas prices and slipping NGL prices cut into NGL margins at both the Mont Belvieu, Texas and Conway, Kan., hubs last week, even as the Mont Belvieu hypothetical barrel remained above $40 for the first time in over four years.

This is not your father’s commodities environment. This is not even your own commodities environment from last year.

Crude oil traders are bullish, despite higher inventories and an easing of prices that typically takes place this time of year following the summer driving season, said EnVantage Inc. in a report. But the global markets are roiling because the globe is roiling.