NGL Tracker Middle East Supply Disruptions Present Attractive Export Opportunities; Price Insensitive Production Continues to Test Capacity Constraints; Favor TRGP

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NGL Tracker Middle East Supply Disruptions Present Attractive Export Opportunities; Price Insensitive Production Continues to Test Capacity Constraints; Favor TRGP

he group at large, TRGP remains our

preferred pick given best-in-class wellhead to water Permian torque, with volume

growth into 2027 providing increased confidence in the outlook. Key Reports:

NGL January 2026 Tracker

• US exporters poised to capture incremental demand amidst the current NGL January 2025 Tracker environment. Highlighting select 1Q26 earnings commentary: TRGP sees

record 2Q LPG loadings as a higher butane mix shift frees dock space for NGL January 2024 Tracker

incremental cargoes. Management noted more inbound interest in multiyear NGL February 2024 Tracker

LPG export contracts than ever before. EPD framed Middle East supply losses JPM Chemicals Team 2025 Outlook

as a shock fracturing Asian petrochemical supply chains, with China PDHs

Commodities Trump’s Tariff Toolbox

operating at <50% utilization levels and downstream destocking tightening

balances, driving incremental import pull toward US NGL and petrochemical

feedstocks. EPD expects international demand pull through the remainder of

2026 and potentially into 2027. In tandem, OKE highlighted increased

customer requests on their previously announced Texas City LPG terminal. ET

cited sharply improved US petrochemical margins as an immediate driver for

stronger NGL/petrochemical feedstock pull. Specifically, ET pointed to some

spot volumes at Flexport project 2 ramp that could benefit from stronger

spreads. That said, management framed long-term strategy of extending

contracts into 2030s/2040s, keeping limited spot exposure.

• LPG export volumes continue to track near operating capacity limits. We