US Rig Count Posts Largest Gain In Five Months, Up Five vs. Week Ago

US oil and gas rig count posted its largest gain since September 2023, climbing five rigs vs. a week ago to 626 for the week ending February 23 according to Baker Hughes.

Canadian Drilling Rig Counts – Gas Rigs Steady, Oil Rigs Slip Lower

For the week ending February 23, Baker Hughes reported no change versus the prior week for the Canadian gas directed rig count, holding steady at 90 (blue line in left hand chart below) and four higher than a year ago.

U.S. to Retire Lowest Amount of Electric Generating Capacity since 2008

U.S. power-plant operators are expected to retire 5.2 GW of electric generating capacity in 2024, the lowest total since 2008, the Energy Information Administration (EIA) said in a report this week. That would represent a steep drop from last year, when 13.5 GW were retired.

Sad But True: U.S. Ethylene Producers See Little Margin Improvement

Many U.S.

Canadian Propane Stocks Seasonally Fall in January, Butane Stocks Still Getting Tighter

Data reported by the Canada Energy Regulator (CER) for Western Canada’s propane inventories (left hand chart in top figure below) were reported to be 4.76 MMb, a well below average drop of 0.87 MMb versus December, but are 0.91 MMb (+24%) above the five-year average.

I Want It All: Enterprise Buys Out Western Midstream’s Crude, NGL Pipeline Interests

Enterprise this week (2/21) announced it has acquired Western MIdstream Partners' minority stakes in its 620 Mb/d Midland-to-ECHO1 crude oil pipeline and two NGL fractionators at its Mont Belvieu, Texas hub for $375 million.

Chesapeake Announcement Arrests Gas Price Plunge

Natural gas prices declined severely over the last two weeks, and on Tuesday afternoon the March contract settled at $1.576/MMBtu. In nominal dollars, this was the lowest front month price since the summer of 2020, but in real terms it was the lowest price of the 21^st century.

U.S. Propane Inventories Draw In-Line with Industry Expectations as Exports Remain Robust

THe EIA reported that total U.S. propane/propylene inventories recorded a draw of 2.3 MMbbl for the week ended February 16, which was slightly below the average of industry expectations for a draw of 2.5 MMbbl and the 3.1 MMbbl average decline for the week. Total U.S.

Freeport LNG Flirts with Level 3 Nitrogen Alert

Freeport LNG’s inert gas problem has reared its head once more.

US Crude Exports Jump Nearly 1 MMb/d

U.S.

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