ICAP Plc’s energy-brokerage unit appointed Jim Bass to head its expansion into the U.S. natural gas-liquids market, the company said in a statement.
Bass, a broker of physical NGLs with more than 20 years of experience, previously ran Bass Liquids LLC.
ICAP said it’s expanding into NGLs, which include hydrocarbons such as propane, ethane, butane and pentanes, as supplies surge as a byproduct of natural gas production from shale deposits.
U.S. gas output will grow for the sixth consecutive year as new wells are brought online at shale reserves such as the Marcellus in the Northeast, according to the Energy Information Administration, the statistical arm of the Energy Department.
Marketed production will increase 1.2 percent to a record 70.01 billion cubic feet a day versus 2012, the EIA said in its June 11 Short-Term Energy Outlook.