This course delivers an in-depth, market-focused understanding of global NGL and LPG markets - from supply sources and infrastructure to pricing mechanisms, arbitrage economics, and petrochemical linkages. It explains not just what these markets look like, but why they behave the way they do.

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Why This Matters Now

US NGL export volumes continue to break records, with Mont Belvieu remaining the gravitational centre of global LPG pricing - but infrastructure bottlenecks, fractionation capacity constraints, and growing competition among export terminals are creating new basis risks. The arbitrage window between US and Asian markets is increasingly sensitive to freight rates and Panama Canal transit conditions. On the demand side, Asian PDH capacity growth and LPG's emerging role in the energy transition are reshaping demand forecasting. For anyone operating in NGL and LPG markets, commercial precision has never mattered more.

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Course Outline

Definitions and Market Terminology: Product definitions, industry conventions, and the commercial language used across the NGL and LPG value chain.

NGL Supply Sources: US shale basin dynamics, Middle East and North African supply, gas processing economics, and how upstream investment cycles shape NGL availability.

End Uses and Demand Drivers - Fuels: Regional LPG demand profiles, LPG's role displacing solid biomass in emerging markets, autogas, and substitution dynamics versus competing fuels.

End Uses and Demand Drivers - Petrochemicals: Ethane cracking economics, rapid growth of Asian PDH capacity, butane and mixed NGL feedstock use, and how petrochemical margins drive NGL price formation.

NGL Regional Supply, Demand, and Imbalances: How surplus and deficit positions across North America, the Middle East, Europe, and Asia-Pacific create the trade flow dynamics and arbitrage opportunities defining global NGL markets.

Global NGL Infrastructure - Supply: Gas processing plants, fractionation facilities, storage infrastructure, and the US Gulf Coast export terminal landscape.

Global NGL Infrastructure - Transportation: Pipeline networks, VLGC shipping dynamics, freight rate drivers, Panama Canal constraints, and how logistics economics influence arbitrage and regional price spreads.

Global NGL Infrastructure - Demand-Side Assets: Import terminals, PDH plants, steam crackers, and how demand-side infrastructure investment shapes regional market access and pricing.

Pricing - Price Discovery and Benchmarks: Mont Belvieu, Saudi Aramco Contract Price, and the role of S& Global Commodity Insights in NGL price assessment; how physical and derivatives markets interact.

Pricing - Types of NGL Prices: Spot versus contract pricing, formula and index-linked structures, FOB versus CIF terms, and the commercial implications of each.

Transportation Costs: Calculating freight costs across routes and vessel types; variables driving rate movements; incorporating transport costs into netback and arbitrage analysis.

Trading and Contract Concepts: Standard NGL contract structures, spot and term trading dynamics, the role of trading houses and end-users, and key commercial terms in practice.

NGL Valuation Economics: Frac spread analysis, netback calculations, ethane rejection economics, and comparing NGL value across end uses and regional markets.

Major Players in the NGL Value Chain: US producers, midstream operators, Middle East NOCs, Asian importers, petrochemical operators, and trading houses - who they are and how the competitive landscape is evolving.

Trends and Issues: US export capacity expansion, Asian PDH growth, energy transition dynamics, emerging market LPG demand, and the regulatory and technology trends shaping the medium-term outlook.

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What You Will Learn On This Course

• Explain how global NGL and LPG supply, demand, and trade flows are structured and why they behave the way they do
• Identify and assess regional supply-demand imbalances and the arbitrage opportunities they create
• Navigate NGL pricing structures - benchmarks, contract types, and S& Global price assessment methodology - with confidence
• Calculate transportation costs, netbacks, and frac spreads to evaluate the commercial value of NGL streams
• Understand petrochemical linkages that drive NGL demand and how feedstock economics influence price formation
• Identify the key trends that will shape NGL markets over the medium term

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Who Should Consider Attending This Course

This course is ideally suited for anyone who wants a commercially grounded understanding of global NGL and LPG markets. This could include:

• Trading, commercial, procurement, business development, finance, and strategy professionals across NGL and LPG producers
• NGL and LPG importers and exporters
• Petrochemical companies
• Trading houses
• Financial institutions