Normally the start of spring signals the beginning of the shoulder season in the natural gas market, where demand dips as the weather becomes warm enough that heating demand dissipates but not hot enough that air conditioners trigger a big boost in power demand.
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 Noel Copeland - Thursday, 3/27/2025 (12:30 pm)
Today marks Opening Day for Major League Baseball in the U.S.
By TJ Braziel - Wednesday, 3/26/2025 (2:45 pm)
Report Highlight: Crude Oil Billboard
Total U.S. crude oil imports surged last week, climbing 810 Mb/d to 6.2 MMb/d—driven largely by a sharp rebound in Canadian volumes. Imports from Canada jumped 850 Mb/d to just under 4 MMb/d, bouncing back from the prior week’s drop to the lowest level since August 26, 2022.
By Martin King - Wednesday, 3/26/2025 (2:30 pm)
Report Highlight: Canadian Natgas Billboard
Natural gas use in Alberta’s oil sands has been setting seasonal records since the start of this year, averaging 3.2 Bcf/d to date in 2025 (blue line in chart below).
By Christine Groenewold - Wednesday, 3/26/2025 (2:00 pm)
Report Highlight: U.S. Propane Billboard
The EIA reported total U.S. propane/propylene inventories had a withdrawal of 190 Mbbl for the week ended March 21, which was less than industry expectations of 1.2 MMbbl and the average draw for the week of 545 Mbbl. Total U.S.
By Liz Dicken - Wednesday, 3/26/2025 (11:45 am)
Report Highlight: Crude Voyager
Various ports in the U.S. Gulf Coast (USGC) continue to pursue strategies to boost market share and enhance operational efficiency, with many undergoing various long-term expansion and dredging projects to accommodate larger vessels and increase loading capabilities.
By Lisa Shidler - Tuesday, 3/25/2025 (12:00 pm)
Report Highlight: LNG Voyager
Total U.S LNG feedgas demand soared to 15.73 Bcf/d last week, up 0.51 Bcf/d from the previous week – once again driven by the newest rising star – Plaquemines LNG.
By John Abeln - Monday, 3/24/2025 (3:30 pm)
Report Highlight: NATGAS Permian
Production in the Permian Basin has grown by over 1.4 Bcf/d year-on-year supported by Matterhorn Pipeline’s startup.
By RBN Team - Monday, 3/24/2025 (11:45 am)
There is typically a 10-20 c/gal difference between the price of Mont Belvieu normal butane and propane, but most years at the end of the winter season that difference gets tight. This year the March differential has dropped to the lowest level since January 1, 2023, hitting 4.9 c/gal on Friday,
By Taylor Noland - Monday, 3/24/2025 (10:45 am)
Report Highlight: Crude Oil Permian
Permian-to-Corpus crude oil flows fell by just 9 Mb/d to 2.45 MMb/d in October, nearly matching September’s record (see blue line in the graph below), according to data from the Texas Railroad Commission.
By Jeremy Meier - Friday, 3/21/2025 (2:45 pm)
In another uneventful week for US oil and gas rig count, total rigs climbed to 593 for the week ending March 21 according to Baker Hughes data. Rigs were added in the Anadarko (+2) and All Other (+1), while the Permian (-1) and Bakken (-1) both posted weekly declines.
By Martin King - Friday, 3/21/2025 (2:00 pm)
For the week ending March 21, Baker Hughes reported that the Western Canadian gas-directed rig count rose one to 61 (blue line and text in left hand chart below), 17 less than one year ago and little changed in the past three weeks.
By Jason Lindquist - Friday, 3/21/2025 (10:45 am)
The planned restart of the Palisades Nuclear Plant in Michigan (see map below) took another step forward this week when the Department of Energy (DOE) announced that it had disbursed $57 million of a $1.52 billion loan guarantee to help Holtec International finance the restoration and resumption
By Martin King - Thursday, 3/20/2025 (2:15 pm)
On March 11, ARC Resources, one of the largest natural gas producers in Western Canada, announced that it had entered into a long-term sales and purchase agreement (SPA) with ExxonMobil LNG Asia Pacific, an affiliate of ExxonMobil, for the supply of 1.5 MMtpa (million tonnes per annum) of LNG fro
By Martin King - Thursday, 3/20/2025 (1:15 pm)
Western Canada’s propane inventories at the end of February (red circle in left hand chart below) were posted at 1.8 MMbbl, with a larger than average decline of 1.4 MMbbl versus January and stand 1.1 MMbbl (-38%) below the five-year average (blue line) according to data from the Canada Energy Re
By Liz Dicken - Thursday, 3/20/2025 (11:00 am)
This Friday marks the conclusion of Caliche Development Partners III’s non-binding open-season for up to 30.75 Bcf of firm natural gas storage at their FERC regulated Golden Triangle Storage (GTS) facility in Beaumont, Texas (pictured below). Caliche - an acquisition and development company speci
By TJ Braziel - Wednesday, 3/19/2025 (3:30 pm)
Report Highlight: Crude Oil Billboard
Total U.S. crude oil imports continue to decline, driven by a sharp drop in supplies from Canada. Canadian imports fell by 540 Mb/d to 3.13 MMb/d, the lowest volume recorded since the week ending August 26, 2022.
By Martin King - Wednesday, 3/19/2025 (2:30 pm)
What is to be LNG Canada’s first and only imported cool down cargo of LNG is expected to arrive at the liquefaction site in Kitimat, BC on or about March 31.
By Christine Groenewold - Wednesday, 3/19/2025 (1:15 pm)
Report Highlight: U.S. Propane Billboard
PADD 3 (Gulf Coast) propane inventories fell by 1.8 MMbbl and total stocks in the region are now at 28.6 MMbbl, which is 2.6 MMbbl, or 8%, below 2024, and 16 MMbbl, or 36%, below the 5-year maximum. Inventories are 3.1 MMbbl, or 10%, below the 5-year average.
By Martin King - Tuesday, 3/18/2025 (3:30 pm)
Re-exports of Canadian heavy crude oil are estimated to have been 191 Mb/d in February (rightmost columns in chart below), more than double the 76 Mb/d rate of January, and 62 Mb/d less than a year ago.
