Hydrocarbon liquids is a broader category than NGLs. The hydrocarbon liquids market includes NGLs, but also crude oil condensate and other liquid byproducts.

Condensate and NGLs

The [LSI keyword: hydrocarbon liquids market] includes natural gas liquids (as described). It also includes lease condensate (a light hydrocarbon liquid that condenses from raw natural gas at the wellhead, before processing). The hydrocarbon liquids market for "condensate" is used as a diluent for heavy crude oil (to enable pipeline transport) and as a feedstock for refineries (to produce gasoline and other products). The hydrocarbon liquids market for "plant condensate" (produced at gas processing plants) is similar to natural gasoline. The hydrocarbon liquids market for "field" NGLs (from the wellhead) and "plant" NGLs (from processing) are both included.

The hydrocarbon liquids market for "rich" gas (high NGL content) is more valuable than "lean" gas. The hydrocarbon liquids market for "wet" gas is a synonym for rich gas. The hydrocarbon liquids market for "dry" gas (mostly methane) has little NGL value. The hydrocarbon liquids market for "shale" gas in the US is often rich, leading to the NGL boom.

Processing and Fractionation

The hydrocarbon liquids market depends on gas processing plants. The hydrocarbon liquids market for "cryogenic" turbo-expander plants are the most efficient for NGL recovery. The hydrocarbon liquids market for "refrigeration" plants are used for smaller volumes. The hydrocarbon liquids market for "lean oil" absorption is older. The hydrocarbon liquids market for "fractionation" (distillation) separates the NGLs into individual products. The hydrocarbon liquids market for "de-ethanizer" (separates ethane), "de-propanizer" (separates propane), and "de-butanizer" (separates butane) are the key columns.

As the hydrocarbon liquids market continues to evolve, the focus will be on "petrochemical" integration (locating crackers near fractionators), on "export" infrastructure (pipelines and terminals), and on "price" risk management (hedging). The industrial end-use segment is the fastest-growing . The hydrocarbon liquids market is the liquid treasure hidden in natural gas.

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