Propane to Natural Gasoline Ratio at Historic Low; Get Your Propane Now While It’s Cheap

Before the shale era, the price relationship between two NGLs – propane and natural gasoline, was relatively stable, at about 65%. Both varied primarily with crude prices, with the relationship diverging during periods of high propane demand such as cold winters. But the shale revolution put a

Rig Count Continues To Slide, Falls Below 650 For First Time Since Early 2022

The slow decline for US oil and gas rig count continued this week, with total rig count at 642 for the week ending August 18, a decline of 12 vs. a week ago according to Baker Hughes. No basins added rigs, while most posted declines including Appalachia (-3), Anadarko (-2), Bakken (-2), Haynesville (-1), Niobrara (-1), Gulf of Mexico (-1) and All Other (-2). Total rig count is down 78 in the past 90 days, and down 120 vs. this week one year ago. Oil directed rigs were down five, while gas directed rigs were down six and miscellaneous rigs were down one.

Natural Gas Storage Surplus As Hurricane Season Approaches

The gas market surplus in storage compared to last year could shrink to less than 500 Bcf for the first time in months in the coming weeks.

ONEOK To Expand Elk Creek NGL Pipeline

With associated gas volumes continuing to rise in the Williston basin, NGL production has also been driven higher. To accommodate the increasing NGLs, ONEOK has announced plans to expand the 300 Mb/d Elk Creek pipeline.

Webcast - Let’s Get Physical: Shifting Crude Quality Specs and Flows: Impact on Prices and Differentials

Webcast on U.S. crude qualities and price differentials
Presenters: Rusty Braziel & Martin King from RBN Energy and Scott Nelson from Link Data Services
Watch the replay here

Re-Exports of Canadian Heavy Crude Oil from the Gulf Remain Near Record Levels

Based on the latest data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the U.S. Gulf Coast remain near record levels as of June 2023. Over the past four months, re-exports have been above 200 Mb/d, with March 2023 marking a record high of 315 Mb/d, while the latest data for June is a strong 246 Mb/d (top chart below). While reflecting improved pipeline access for Canadian heavy crude to the Gulf Coast in the past couple of years and, more recently, attractive heavy crude oil prices, the single largest reason for the surge in re-exports of Canadian heavy oil from the Gulf is more tied to increased buying by nations that have seen a reduction in their crude oil imports from some nations as a result of production cuts by OPEC+ nations. In this context, re-exports refers to crude oil that is sourced and exported from Canada to the U.S. and then exported from the U.S. to other nations.

U.S. Propane Stocks Increase by 671 Mbbl, 1.8 MMbbl Less Than Industry Expectations

The EIA reported that total U.S. propane/propylene inventories increased by 671 Mbbl in the week ended August 11, which was below average industry expectations for a 2.4-MMbbl gain and the 1.8 MMbbl average build for the week. Total U.S.

Exports Rise to 3.74 MMb/d in June, the Netherlands Top Buyer: U.S. Census Bureau

Recently released data from the U.S. Census Bureau shows that crude oil exports from the U.S. rose by 43 Mb/d to 3.74 MMb/d in June. For the second straight month, Europe imported the highest share of U.S. oil at 1.8 MMb/d, accounting for 49% of overall exports.

Louisiana Region Loads Highest Weekly Volumes of Crude Oil in 4 Months

Data from the Crude Voyager report shows that crude oil exports from the U.S. Gulf Coast rose by 342 Mb/d to 3.6 MMb/d for the week ended August 11. The slow and steady rise in loadings was supported by increased shipments from the Corpus Christi and Louisiana regions.

Energy Transfer to Acquire Crestwood Equity Partners

Hot on the heels of their Lotus Midstream acquisition, Energy Transfer (ET) and Crestwood Equity Partners (Crestwood) announced that the two have entered into a definitive, all-equity merger agreement valued at approximately $7.1 Billion.

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