Hydrogen Update

News and Highlights

Say You'll Be There - Crude and Gas Reserves In Doubt

One of the hottest topics in the energy space lately is the question of how long the major producing regions in the U.S. onshore will hold out.

Record Number of VLCCs Depart with U.S. Crude in March

Crude oil exports in March were estimated at 4.1 MMb/d — the highest monthly volume from the U.S. Gulf Coast. A record number of Very Large Crude Carriers (VLCCs), 46, hauled these cargoes and departed the Gulf Coast with U.S.

MVP Loses Critical Water-Crossing Permit in West Virginia

The Fourth Circuit Court of Appeals on April 3 revoked Mountain Valley Pipeline’s (MVP) water quality permit from the West Virginia Department of Environmental Protection (WVDEP) that would have allowed the project to complete waterb

Propane Gas Plant Production Slowly Recovering

As shown on the left-hand chart below, monthly propane gas plant production for January 2023 partially recovered from the weather-related curtailments in December.

Army Corps of Engineers Kicks the Line 5 Tunnel Can Down the Road

The environmental review of Enbridge's plan for a Line 5 pipeline tunnel under the Straits of Mackinac will take much longer than planned, until spring 2025 according to the US Army Corps of Engineers.

New SPR Release Starts Early

The Strategic Petroleum Reserve (SPR) released 600 Mbbl of sweet crude and added 200 Mbbl of sour crude, for a total drop of 400 Mbbl over the week ending March 31^st. This marks the start of a 26 MMbbl spring sale that wasn't anticipated to begin until April 1^st.

Brent vs. WTI Spread Collapses to $4.10/bbl

On the final day of May trading for Brent on Friday, the differential between Brent and WTI dropped to the lowest level in 2023, down to $4.10/bbl. The graph on the left below shows the differential since January 2022, indicating that the spread was narrow for the first half of 2022, then widen

After 2021 Rebound, U.S. Coal Consumption Continues its Steady March Lower

U.S. utilities are expected to burn about 400 million tons of thermal coal in 2023, down 61% from the 2003-08 period when the U.S.

US Rig Count Falls to 755 After Two Consecutive Weeks Of Gains

US oil and gas rig count declined this week after two consecutive weeks of growth, falling to 755 for the week ending March 31 vs.

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