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.
Like the classic tune, “Rock the Boat,” U.S. LNG feedgas demand hit choppy water last week, slipping as intake dropped at Sabine Pass, Corpus Christi, Cameron, and Plaquemines.
The differential in the price of WTI crude oil in Corpus Christi, TX and WTI crude oil in Midland, TX has been volatile for more than a year, with more recent differential action pointing to persistent tightness in available pipeline capacity to ship crude from Midland to Corpus (red dashed recta
Permian gas production rebounded slightly last week as Gulf Coast Express came back online following scheduled maintenance that ended April 15.
Natural gas production in Western Canada has been extremely robust as part of a gradual upward push underway since late 2024.
Permian Basin crude oil flows to Houston extended their recovery in December, rebounding from the sharp June 2024 decline — the lowest volume since September 2023 (see chart below) — according to the latest monthly data from the Texas Railroad Commission.
US oil and gas rig count grew to 585 for the week ending April 17 according to Baker Hughes data, a gain of two vs. a week ago. Three rigs were added in Appalachia, while the All Other group fell by one rig. All other basins were flat this week.
The announcement by Valero to shutter its Benicia refinery by April 2026 may have come as a surprise to city leaders, but it fits with recent trends.
Efforts to reduce greenhouse gas (GHG) emissions in steelmaking via carbon-capture technology and a switch to green hydrogen are unlikely to be economically viable before 2030, steelmaker ArcelorMittal said in its Sustainability Report 2024, which was published April 17.
Duke Energy recently filed with the Indiana Utility Regulatory Commission to build two new gas-fired power plants at Cayuga Station in Indiana. The plants would replace existing coal-fired generation and would be able to provide up to 1,510 MW of power.
It’s been a long, winding road for Enbridge’s Line 5, the 645-mile 540 Mb/d pipeline that’s been moving light crude and NGLs from Superior, WI, to Sarnia, ON, for more than seven decades.
For the week of April 18, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 47 (blue line and text in left hand chart below), 20 less than one year ago and remains within the five-year range.
Venture Global has officially begun long-term contractual LNG deliveries from its Calcasieu Pass export terminal, marking a major turning point in the ongoing saga between the company and its heavyweight European offtakers.
The EIA reported total U.S. propane/propylene inventories had a withdrawal of 1.3 MMbbl for the week ended April 11, marking an unusual off-season withdrawal, which was flipped from industry expectations for an increase of 1.3 MMbbl and the average build for the week of 803 Mbbl.
Last week, U.S. developers pushed ahead big projects with Energy Transfer announcing a new deal for Lake Charles LNG and NextDecade moving forward on Rio Grande Train 4.
Gulf Coast monthly gasoline prices for April 2025 have climbed to 97% of diesel prices—an increase of three percentage points from March—marking their highest level since August 2024.
Permian-to-Corpus crude oil flows fell by 41 Mb/d to 2.41 MMb/d in November (see blue line in the graph below), just 50 Mb/d below September’s record, according to the latest monthly data from the Texas Railroad Commission.
Last week once again brought extreme volatility to the crude oil market, echoing chaos not seen since the COVID era.
