U.S. oil and gas rig count gained ten rigs to 573 for the week ending June 26 according to Baker Hughes data, as Anadarko (+2), Permian (+2), Gulf of Mexico (+1), Haynesville (+1), the Niobrara (+1) and All Other (+3) all posted gains with no basin reporting a decline.
The sourcing of crude oil for the 14 refineries in Louisiana has been shifting over the past few years and the pace of that shift is picking up as more U.S. Gulf production flows to Texas (and less flows to the Bayou State), new pipeline projects come online, and refineries modify their crude slates.
According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, the Strategic Petroleum Reserve (SPR) recorded its 13th consecutive weekly draw for the week ended June 19, reducing stocks to levels not seen since 1983.
U.S. Gulf Coast (USGC) crude exports remained remarkably resilient last week despite a sharp decline in crude prices and weather-related disruptions along the Texas coast.
The Permian region’s marketed natural gas production grew from 17.2 Bcf/d in 2021 to 27.6 Bcf/d in 2025, a 60% increase, the Energy Information Administration said in a June 18 report, citing its latest Short Term Energy Outlook. Over the same period, crude oil production grew by 39%, going from 4.7 MMb/d to 6.6 MMb/d.
U.S. oil and gas rig count edged up one rig to 563 for the week ending June 18 according to Baker Hughes data, with the Niobrara (+1) the week's sole basin mover as all other basins held steady.
U.S. Gulf Coast crude exports fell to 4.7 MMb/d for the week ending June 12 (far right of chart below), but still remain above the 2026 year-to-date (YTD) average of 4.5 MMb/d. Europe reclaimed its position as the primary destination for U.S.
With a line of sight to expanding pipeline capacity from the Western Canadian Sedimentary Basin, producers plan to grow crude oil production. Today, we go through all the Alberta oil sands growth projects planned over the next several years.
The Midland-to-Houston crude oil differential has undergone a dramatic round trip over the past several months.
U.S. oil and gas rig count slipped one rig to 562 for the week ending June 12 according to Baker Hughes data, as a two-rig decline in Gulf of Mexico outweighed gains in Anadarko (+1), the Eagle Ford (+1) and Haynesville (+1), while Permian (-1) and All Other (-1) also declined.
