Canadian Drilling – Mid-Summer Stall

For the week of August 1, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 53 (blue line and text in left hand chart below), 16 less than one year ago and the lowest for this time of year since the COVID-driven lows of 2020.

CP2 and Pelican Highlight Recent Spate of FID’s for Gulf Coast Gas Market

Let the good times roll. It’s been a red-hot summer for natural gas infrastructure in Southwest Louisiana.

Alberta’s Crude Oil Production Rebounds Strongly in June

Alberta’s crude oil output in June 2025 rose a strong 0.46 MMb/d to 4.06 MMb/d (stacked columns inside dashed rectangle in chart below), 0.17 MMb/d above one year ago, and a record for June production according to data from the Alberta Energy Regulator (AER).

Gulf Coast Sour Crude Price Differential Collapses at the End of July

The late days of July have witnessed a significant reduction in the price differential for Mars sour crude oil that is delivered from Gulf Coast offshore platforms to Clovelly, LA, closing at the end of last week (July 25) at $(1.20)/bbl.

PADD 3 Propane Posts Surprise Draw

The EIA reported total U.S. propane/propylene inventories had a build of 1.2 MMbbl for the week ended July 25, which was less than industry expectations for an increase of 2.6 MMbbl and the average build for the week of 2 MMbbl. This was the lowest build for this week in the past 10 years.

AECO Natural Gas Cash Price Staring at Record July Low

The cash price of Western Canada’s natural gas price marker of AECO has been decimated in July 2025, despite strong natural gas pricing elsewhere in North America and LNG exports off Canada’s west coast.

West Texas Highway: Pipelines Make Houston a Key Outlet for Permian Crude

New Drill Down Report for Backstage Pass Subscribers on Permian-to-Houston crude pipelines
BridgeTex, Longhorn, Midland to ECHO, and Wink to Webster
Click here for all the details and a preview of the report

U.S. Monthly Natural Gasoline to Crude Ratio - Chart Toppers

The monthly natural gasoline price for July 2025 stands at 83% of NYMEX crude. This marks a one percentage point increase from June 2025 (82%) and a three-point gain from July 2024 (80%). However, it reflects a notable six-point drop from May 2025, when the ratio reached 89%.

North American LNG Exports Poised to Set a Record

North American LNG exports in July have already pushed past June’s level and the all-time record from April is in sight.

Venture Global Takes FID on CP2 LNG Project

Venture Global has reached a final investment decision (FID) and secured $15.1 billion in financing for Phase 1 of its CP2 LNG project (yellow-and-gray checked diamond in map below) in Cameron Parish, LA, and the CP Express pipeline (dashed green line), the company said Monday.

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