A DRAG ON OIL & GAS PRODUCERS
Thursday 6/25/2015 17:00:23 EST - Standard & Poor's

The shale revolution started with natural gas, but subsequently expanded to crude oil. In our view, shale development was a key catalyst in crude oil prices becoming unglued in late 2014, in much the same way that natural gas prices became unglued a few years earlier. Somewhere in the nexus of crude oil and natural gas development, however, are natural gas liquids (NGLs): liquid hydrocarbon molecules that are trapped within natural gas. NGLs sometimes get lumped in with their liquids cousin...