NGL / Oil Ratio approaching late 2008 lows. Compression of ratio signaling US NGL oversupply. Producers using oil as a dirty hedge to NGL production watching their hedges not hedge. Composite NGL barrel below $40. Still better than $2 dry gas, but a 50/50 dry gas/NGL play getting something like $4.50/Mcfe or $27.25/BOE blended, hardly something to cheer about. Good for US ethane crackers, bad for US energy industry.