RBN’s Daily Energy Blog and Insights sharpen your energy IQ through fundamentals-based analysis that makes sense of North America’s energy market dynamics.
Natural gas prices in the Permian remained extremely low over the past week, as issues stemming from apparent low takeaway on Permian Highway were exacerbated by a smaller outage on NGPL.
Mont Belvieu, TX propane prices have recently moved to a 5–6 c/gal premium over Conway, KS, a pronounced widening from the long-term average differential of about 2.5 c/gal.
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Petchem margins are off to a strong start in April, with ethane, propane, and butane all moving higher month-over-month. Ethane continues to lead, while the gap between NGL-based feedstocks and natural gasoline remains firmly in place.
ARC Resources, one of the largest Montney producers in Western Canada, announced an agreement to be acquired by Shell. ARC has four times the Montney production that Shell has, including over 800 MMcf/d of natural gas production in British Columbia, which would go along way to providing Shell with its ~840 MMcf/d of required feedstock for Phase 2 of LNG Canada, should Phase 2 get the green light. The deal would also bolster Shell's condensate-rich Montney drilling inventory, as ARC is one of the largest condensate producers in Canada.
The active oil and gas rig count in Western Canada was flat for the week ending April 24 according to Baker Hughes data. The active oil rig count gained one rig, with 76 rigs active last week, compared to 80 active rigs at this time last year. The active gas rig count fell by one rig to 52 rigs last week, compared to 47 rigs active this time last year. It looks like both rig counts will see higher spring break-up lows this year compared to 2025. The active oil rig count in Northeastern Alberta remains well above April highs from the past fifteen years.
U.S. oil and gas rig count gained one rig to 544 for the week ending April 24 according to Baker Hughes data, as the Eagle Ford (+1) and Anadarko (+1) each added a rig while Gulf of Mexico shed one; all other basins were unchanged.
Energy market executives expect traffic through the Strait of Hormuz to eventually normalize, although most believe it will take time, according to an update to the Federal Reserve Bank of Dallas’ quarterly survey published April 23. Of the executives surveyed, 20% expect traffic through the strait to return to normal levels during May, 39% expect recovery by August, 26% by November and 14% later than that.
Crude Oil Permian provides detailed analysis of the fundamental drivers impacting the Permian Basin crude oil market including weekly data, analysis and market intelligence updates of: Permian crude oil supply and demand, pipeline outflows and capacity, prices, and infrastructure updates.
In their Q1 2026 earning's call, Kinder Morgan (KMI) management reinforced the fact that as U.S. gas demand increases, the infrastructure buildout is no longer just an LNG story.
RBN Earnings Call Coverage ($EQT): EQT gave a bullish picture of gas demand in the Northeast and beyond in its earnings call on April 22.
Golden Pass Exports First LNG Cargo
