U.S. oil and gas rig count was unchanged at 588 for the week ending August 28 according to Baker Hughes data, as one-rig gains in the Haynesville and All Other were offset by one-rig declines in Appalachia and the Gulf of Mexico.
VLCC freight has quickly emerged as a growing headwind for U.S. Gulf Coast crude exports to Asia.
U.S. Gulf Coast crude is returning to Nigeria after a roughly five-month absence, with two Aframax cargoes loaded for the Dangote refinery in Lekki.
The diesel crack has become a key focal point for the market. After surging more than 11% last week to $92.75/bbl, 264% above year-ago levels, it pushed to a record $99.125/bbl yesterday, bringing the $100/bbl mark within striking distance.
Gulf Coast crude exports rose 20% week-over-week to 3.6 MMb/d, but the more telling development was the renewed strength in Houston. Enterprise Houston loadings increased 21% to 786 Mb/d, while Seaway Freeport returned to the export market for the first time in eight weeks.
U.S. oil and gas rig count climbed five rigs to 593 for the week ending August 14 according to Baker Hughes data, as gains in Haynesville (+3), Permian (+2), Anadarko (+1) and All Other (+1) outpaced a two-rig decline in Gulf of Mexico.
According to the EIA’s Weekly Petroleum Status Report (WPSR), U.S. crude net imports surged 1.8 MMb/d in the week ended August 7 to 4.3 MMb/d (red dashed oval in chart below), their highest weekly level since June 2025. Put simply, net imports measure the amount of crude entering the U.S.
U.S. rules around decommissioning offshore oil and gas platforms were rewritten in 2024, but the Trump administration paused their implementation in 2025. Today, we examine the proposed revisions, which aim to reduce regulatory costs without shifting decommissioning liabilities to taxpayers.
U.S. oil and gas rig count was unchanged at 588 for the week ending August 7 according to Baker Hughes data, as a three-rig gain in Permian and a one-rig gain in Gulf of Mexico were offset by a one-rig decline in Appalachia and a three-rig decline in All Other.
Genesis Energy said its Offshore Pipeline Transportation segment performed slightly below expectations during Q2 2026 as some operators experienced operational challenges and unplanned downtime at several fields connected to its offshore infrastructure, CEO Grant Sims said during the company’s earnings call August 6.
