Rigs Dip For Second Consecutive Week In June

US oil and gas rig count declined for the second consecutive week, falling to 590 for the week ending June 14, a decline of 4 vs. a week ago according to Baker Hughes.

Canadian Drilling - Oil Rig Count Reaches Triple Digits, Gas Still in the Doldrums

As of June 14, Baker Hughes reported that the Western Canadian gas-directed drilling rig count rose one rig to 55 (blue line in left hand chart below) and one less than a year ago.

Matador Buying Some Ameredev Assets for $1.9 Billion

Matador Resources aims to buy natural gas producing properties and undeveloped acreage in southeastern New Mexico and Loving and Winkler counties in West Texas from a subsidiary of Ameredev II Parent LLC for $1.9 billion in an all-cash deal.

U.S. Power Demand Set to Climb on Warmer Weather, Data Center Expansions

U.S. electricity consumption is expected to increase by 3% in 2024 and 2% in 2025 due to warmer temperatures and an expansion of data centers, the Energy Information Administration (EIA) said this week in its latest Short-Term Energy Outlook (STEO).

Mountain Valley Pipeline Finally Complete After Years of Delay

A decade after it was first announced and following six years of construction, Mountain Valley Pipeline (MVP) is finally ready to enter service.

Rio Grande LNG Considering Fourth Train; Aramco Agrees to 20-Year Offtake Deal

Saudi Aramco has agreed to buy 158 Mcf/d of LNG from a fourth train at NextDecade’s Rio Grande LNG export facility at the Port of Brownsville in South Texas.

Wink-to-Webster Maintenance in Rearview Mirror as Full Operations Restored

The largest crude oil pipeline exiting the Permian Basin by volume — Wink to Webster (W2W) — has completed its planned maintenance to reroute a small section of the pipeline. W2W (teal line on the Permian-to-Houston below map) is now back to full service.

Explosive Crude Oil Import Surge

U.S. crude oil imports soared by a massive 1.25 MMb/d, reaching 8.3 MMb/d last week—the highest weekly average since August 2018! Unaccounted volumes plummeted by 2.5 MMb/d, dropping from a positive 1.33 MMb/d to a negative 1.15 MMb/d.

U.S. Propane Stocks Build 1.4 MMBbbl Less Than Industry Expectations While Exports Remain Strong

The EIA reported total U.S. propane/propylene inventories built by just under 1 MMbbl for the week ended June 7, well below industry expectations of 2.4 MMbbl and the average for the past five years.

Enbridge and Plains Midstream Looking to Restart Bakken Export Pipeline to Canada

On June 5, Enbridge applied to the Canada Energy Regulator (CER) to reactivate a connection between its Mainline that transports crude oil and NGLs from Western Canada and the Plains Midstream Canada-owned and -operated Wascana Pipeline.

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