Combined natural gas production of the equity partners in LNG Canada was estimated to be 2.14 Bcf/d in March 2025 (combined height of the rightmost colored bars in chart below), a small gain from 2.09 Bcf/d estimated for February, and 0.13 Bcf/d higher than one year ago.
Analyst Insights
Analyst Insights are unique perspectives provided by RBN analysts about energy markets developments. The Insights may cover a wide range of information, such as industry trends, fundamentals, competitive landscape, or other market rumblings. These Insights are designed to be bite-size but punchy analysis so that readers can stay abreast of the most important market changes.
By Martin King - Wednesday, 4/30/2025 (2:00 pm)
Alberta’s crude oil output in March 2025 reached a record high for the month at 4.19 MMb/d (rightmost blue column and text in chart below), 0.15 MMb/d above one year ago (itself the prior record holder for March), up 0.17 MMb/d from February and the fourth highest monthly output on record.
By Christine Groenewold - Wednesday, 4/30/2025 (1:30 pm)
Report Highlight: U.S. Propane Billboard
The EIA reported that total U.S. propane/propylene inventories had a build of 576 Mbbl for the week ended April 25. That was less than industry expectations for an increase of 1.9 MMbbl and the average build for the week of 769 Mbbl. Total U.S.
By Liz Dicken - Tuesday, 4/29/2025 (2:00 pm)
Report Highlight: TradeView Report
Last week marked the expiration of the May WTI contract at $64.31/bbl April 22, and the conclusion of the May pipeline shipping cycle three days later April 25.
By Kristen Holmquist - Tuesday, 4/29/2025 (1:45 pm)
Reuters reported early on April 29 that China has decided to drop its 125% recipricol tariff on ethane imports. This comes after at least one cargo for ethane was scrapped following the implementation of the tariffs.
By Liz Dicken - Tuesday, 4/29/2025 (10:45 am)
Report Highlight: Crude Voyager
The Louisiana Offshore Oil Port (LOOP), the only terminal in the U.S. capable of fully loading a Very Large Crude Carrier (VLCC), continued to experience a decline in its share of the crude oil export market in the first quarter of 2025.
By Lisa Shidler - Tuesday, 4/29/2025 (10:15 am)
Report Highlight: LNG Voyager
U.S. LNG feedgas demand dropped again last week, driven by lower intake at Sabine Pass and Corpus Christi.
By RBN Team - Tuesday, 4/29/2025 (10:00 am)
After hitting a two-year high on March 10 of $4.49/MMbtu, the Henry Hub front month futures price crashed, falling below $3/MMbtu on Friday, April 25. The weekly EIA storage report was blamed for the most recent decline, with working gas in storage coming in at 1,934 Bcf as of April 18. That was
By Christine Groenewold - Tuesday, 4/29/2025 (9:15 am)
Report Highlight: Chart Toppers
The U.S. Gulf Coast 3-2-1 crack spread is currently around $23.72/bbl. The diesel crack led the rally, climbing from just above $22/bbl to about $26/bbl.
By John Abeln - Monday, 4/28/2025 (3:30 pm)
Report Highlight: NATGAS Permian
Production in the Permian dipped midweek as maintenance on Permian Highway cut pipeline capacity out of the region. However, supply rebounded strongly over the weekend, pushing back above 21 Bcf/d.
By Jeremy Meier - Friday, 4/25/2025 (3:15 pm)
US oil and gas rig count gained two rigs vs. last week, climbing to 587 for the week ending April 25 according to Baker Hughes data. One rig each was added in the Haynesville and Anadarko, while all other basins were unchanged for the week.
By Martin King - Friday, 4/25/2025 (12:45 pm)
For the week of April 25, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 47 (blue line and text in left hand chart below), 15 less than one year ago and remained within the five-year range.
By Jason Lindquist - Friday, 4/25/2025 (10:30 am)
ExxonMobil will transport and permanently store up to 2 million metric tons per annum (MMtpa) of carbon dioxide (CO2) captured at Calpine’s Baytown Energy Center near Houston, the companies announced April 23.
By John Abeln - Thursday, 4/24/2025 (3:30 pm)
Report Highlight: NATGAS Appalachia
During its recent quarterly earnings report, Kinder Morgan discussed a potential expansion of the Elba Express pipeline called Elba Express Bridge.
By Noel Copeland - Thursday, 4/24/2025 (2:00 pm)
Summit Carbon Solutions just hit another speed bump on the road to building what it hopes will be the world’s largest carbon dioxide pipeline.
By Liz Dicken - Thursday, 4/24/2025 (1:45 pm)
More U.S. crude oil found a home in Africa last week than any time since 2023, despite trade tensions and tariff disputes.
By Taylor Noland - Thursday, 4/24/2025 (11:30 am)
Report Highlight: Crude Oil Permian
Enbridge has completed Phase 1 of the Gray Oak Pipeline expansion, increasing the system’s capacity by 80 Mb/d to a total of 980 Mb/d. Phase 2 of the expansion project is scheduled to come online in April 2026, which would add 40 Mb/d.
By TJ Braziel - Wednesday, 4/23/2025 (3:30 pm)
Report Highlight: Crude Oil Billboard
Total U.S. crude oil imports declined by 410 Mb/d to 5.59 MMb/d. Over the past 10 weeks, imports have averaged just 5.885 MMb/d—590 Mb/d below the 6.475 MMb/d average during the same period last year.
By TJ Braziel - Wednesday, 4/23/2025 (3:15 pm)
Report Highlight: Crude Oil Billboard
Net refinery input rose by 325 Mb/d to 15.89 MMb/d, matching the same level seen in 2024. Input should begin climbing above 16 MMb/d in the next two to three weeks and could reach over 17 MMb/d by early July if it follows last year’s trend.
By Christine Groenewold - Wednesday, 4/23/2025 (2:15 pm)
Report Highlight: U.S. Propane Billboard
The EIA reported total U.S. propane/propylene inventories had a build of 2.3 MMbbl for the week ended April 18, surpassing industry expectations of a 1.3 MMbbl increase and the average build for the week of 1.2 MMbbl. Total U.S.
