Normal is an elusive concept.
NGL is trying to adapt. Most of the demand destruction has been in gasoline with diesel demand holding up reasonably well in the pandemic. NGL, accordingly, was exiting the gas blending business by 31 Mar.
With the oil markets in such a state of contango now, NGL can bank profits on longer term storage, barring a renewed collapse of the energy markets. In fact, the Strategic Petroleum Reserve is said to be offering up leased storage as well now.
The falling rig count is a bit of a concern to me for their well-head services of water disposal going forward, but should the crude price increase sufficiently and stabilize (closed up nearly 12% today), the rigs should come back and wells will come back on line.
The supply glut needs to be brought under control for our oil market to stabilize and lift the entire sector. Glut due to decreased demand and oversupply.
All imo and still, any geopolitcal pressure could blow all conjecture out of the water.
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