Canadian Drilling – Rig Counts Creep Higher to Start July

For the week of July 4, Baker Hughes reported that the Western Canadian gas-directed rig count rose three to 49 (blue line and text in left hand chart below), 11 less than one year ago and the lowest for this time of year since 2021.

FERC Oil & Liquids Pipeline Index Rates Hold Steady After Record 2023 Surge

Effective July 1, 2025, oil and liquids pipelines that are regulated by the Federal Energy Regulatory Commission (FERC) and charging “index” rates will be able to increase their rates by just under 2%.

Propane Inventories Climb Again; Exports Remain Strong

The EIA reported a second consecutive strong build, with inventories rising by 3 MMbbl—exceeding industry expectations of 2.7 MMbbl and the average build for the week of 2 MMbbl. Total U.S.

LNG Canada’s Inaugural Export Cargo Leaves for South Korea

The LNG Canada consortium, the operator of the LNG Canada liquefaction plant in Kitimat, British Columbia (BC), confirmed that the LNG tanker, Gaslog Glasgow (image below), departed Kitimat on June 30 with Canada’s inaugural export cargo of LNG to overseas markets.

LOOP Loads Zero Crude Vessels for Export in June

The Louisiana Offshore Oil Port (LOOP) is the only U.S. terminal equipped to fully load Very Large Crude Carriers (VLCCs). In June 2025, zero crude oil vessels were loaded for export out of the terminal.

Senate Passes Budget Bill With Two-Year Extension of Hydrogen Tax Credit

The budget reconciliation bill approved by the Senate on Tuesday would extend the 45V tax credit for clean hydrogen production by another two years, enough to provide a boost for projects nearing construction but still significantly shortening the credit’s eligibility window.

U.S. LNG Feedgas Soared Last Week

U.S. LNG feedgas demand shot up last week as Sabine Pass ramped up following maintenance, with national demand above 15 Bcf/d by the end of the week.

Permian Natural Gas Flows Westbound Jump Back to Normal

Outflows of natural gas from the Permian were down 0.13 Bcf/d week-on-week, with higher outflows to the West partially offset by lower outflows to the East. Outflows to the West averaged 2.41 Bcf/d, up 0.28 Bcf/d week-on-week, with higher outflows on El Paso towards the California markets.

Senate Adds Two-Year Extension of Hydrogen Tax Credit to Budget Bill

An amendment to the Senate’s version of the budget reconciliation bill would extend the 45V tax credit for clean hydrogen production by another two years, a boost for projects nearing construction.

LNG Canada Partners’ May Gas Production Nearly Unchanged and First LNG Tanker for Export Docked at Kitimat

Combined natural gas production of the equity partners in LNG Canada was estimated to be 2.13 Bcf/d in May 2025 (combined height of the rightmost colored bars in chart below), little changed from April and a very modest increase of 0.02 Bcf/d from a year ago.

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