The price of natural gas liquids is going to be dropping in 2014 and 2015 as major natural gas producers such as Chesapeake energy and Encana increase drilling for these liquids. The price of liquids is impacted by all this drilling and processing this increased supply.
This is going to drive prices lower as it has in 2013.
It isn't likely to hurt ethane any more than present. We are seeing massive ethane rejection. Once you are selling ethane btu's for the same price as natural gas btu's, it isn't likely to get much worse so long as they can accomodate the ethane.
Hey, look on the bright side, the coal bed methane properties don't have to worry about ethane rejection! (said tongue in cheek)
Propane is actually subject to rising with the export terminals expanding (Enterprise and Targa and now Energy Transfer).
I think whole barrel NGL pricing is closer to the bottom than many think.
I think the NE Pennsylvania pricing issue is going to have to get resolved for ARP to successfully continue developing NE Penn. Marcellus acreage.
In the interim, they can drill Marble Falls and boost oil production. Margins should still be good with oil hovering around $100/bbl.