Natural gas is produced as a byproduct of crude oil drilling, especially in the Permian Basin. It would be difficult to plateau oil drilling while growing natural gas output.
The U.S. is the world’s biggest producer of both crude oil and natural gas. One fuels our cars and airplanes. The other heats and cools our homes. But the outlook for these two...
By Frans Koster
New US restrictions on ethane exports to China, enacted by the Bureau of Industry and Security in May 2025, are creating significant challenges for US producers while having a limited impact on China's petrochemical industry. The policy, which requires special licenses for shipping and unloading ethane in China, has led to a 22.4% drop in US ethane exports, from 541,000 barrels per day in April to an estimated 420 US ethane exports by 22.4% from April to June, dropping from 541,000 to 420,000 barrels per day, with prices falling from 25¢ to under 22¢ per gallon at...
By Amanda Stephenson
The discount on Western Canada Select (WCS) crude versus West Texas Intermediate (WTI) widened slightly to $10.30 per barrel on Thursday, up from $10.05 the previous day, per CalRock data. Despite the modest shift, pricing remains historically strong, supported by summer demand for heavy crude used in asphalt production and increased export capacity via the Trans Mountain pipeline expansion. Analyst Martin King of RBN Energy expects WCS to trade within a tight band this summer, noting producers are operating at high output levels. Meanwhile,...
By Paula Duhatschek and Kyle Bakx
More than a decade after its initial LNG boom faltered, Canada is once again eyeing a place in the global liquefied natural gas market. The launch of LNG Canada and six additional proposed projects—together representing up to $109 billion in investment—signal renewed momentum, bolstered by shifting political will, Indigenous partnerships, and growing global demand.
Among the most promising projects is Ksi Lisims LNG, a floating terminal proposed by the Nisga’a Nation in B.C. “It...
June 23, 2025
Varcoe: Amid Middle East conflict, oil prices gyrate wildly and Canadian producers assess spending
By Chris Varcoe
Oil markets saw a dramatic shift at the start of the week as tensions escalated in the Middle East. After the U.S. bombed underground nuclear sites in Iran over the weekend, prices for West Texas Intermediate (WTI) crude briefly surged above US$75 per barrel. However, those gains were quickly erased by Monday, with prices tumbling over...
