2017 was a good year for NGLs as the market became more balanced. Weighted NGL barrel prices increased $1.9/mmbtu to $6.9/mmbtu while gas averaged $3.0/mmbtu. NGL price recovery was driven by strong LPG export demand which catapulted propane to price parity with crude. Propane stocks averaged lower than last year and the 5-year average. Meanwhile, ethane party fell short of expectations owing to steam cracker delays. However, ethane stocks built to new highs with the market buying ahead of the curve. 2017 saw more investment in the Permian. Several midstream companies announced new Permian NGL pipelines, perhaps one too many. In this insight, we discuss the key NGL themes to remember for 2017.