Recent declines in the price of crude oil have caused the Energy Information Administration (EIA) to adjust its price forecast through the end of 2024, with West Texas Intermediate (WTI) and Brent edging higher in the next few months before easing lower toward the end of 2023 and through 2024.

Following last week's plunge, US oil and gas rig count continued to decline for the week ending May 19, falling to 720 rigs, a decline of 11 vs. a week ago according to Baker Hughes.

U.S. ethane oceangoing exports are on pace to set an all-time high in May as the Enterprise Morgans Point and Energy Transfer Nederland (ET) terminals on the Texas Gulf Coast operate close to capacity.  As shown on the left-hand chart below, total U.S.

The EIA reported that total U.S. propane/propylene inventories increased by 2.2 MMbbl for the week ended May 12, which was slightly above industry expectations for a build of 1.8 MMbbl. Total U.S. propane stocks are now at 63.6 MMbbl, which is 14.7 MMbbl, or 30%, above the 5-year average.

A small fraction of crude oil that is imported into the U.S. is re-exported onto seaborne vessels. The latest monthly data from the U.S.