The RBN Crude Voyager report shows that after two weeks of muted activity, during which crude oil exports from the U.S.

Eligibility requirements for the Energy Community Tax Credit Bonus, an element of last year’s Inflation Reduction Act (IRA) intended to drive investment in communities that have seen fossil-fuel industries decline, were detailed Thursday by the Internal Revenue Service.

Crude oil production and imports remained at 18.8 MMb/d last week as refinery demand and exports lifted total demand by 750 Mb/d to 19.9 MMb/d resulting in a supply-side deficit of 1.1 MMb/d. However, despite the apparent deficit, inventory built by 8 MMbbl.

The EIA reported that total U.S. propane/propylene inventories increased by 3.1 MMbbl for the week ended June 9, which was above industry expectations for a build of 2.1 MMbbl. Total U.S. propane stocks are now at 75.5 MMbbl, which is 18.3 MMbbl, or 32%, above the 5-year average.

In our NATGAS Appalachia report published every week, we forecast basis for Eastern Gas South – in other words, at what premium or (more often) discount will Appalachian gas trade at compared to benchmark Henry Hub.