Alberta Gas Storage Close to Year Ago Levels, But Storage Deficit Primed to Grow As Gas Availability Tightens

Gas storage in the Western Canadian province of Alberta, the region in Canada with the greatest amount of storage capacity, reached 387 Bcf as of May 13 (blue circle and text in chart below).

Crude Oil Exports Hit Third Lowest Weekly Volume of 2025

Crude oil exports from the U.S. Gulf Coast declined once again last week.

U.S. Propane Inventories Rise Above Expectations

The EIA reported that total U.S. propane/propylene inventories had a build of 2.2 MMbbl for the week ended May 9. That was more than industry expectations for an increase of 1.7 MMbbl and the average build for the week of 1.9 MMbbl. Total U.S.

Brent / WTI Spread Tightens to January Levels

The Brent-WTI spread (July-versus-July contracts) narrowed once again last week, constricting to $3.33/bbl (far right of red line on chart below) - the tightest the spread has been since mid-January (excluding days of Brent expiration when price swings are commonly seen).

U.S. LNG Feedgas Demand Dropped Due to Maintenance and Outages

It was a challenging week for U.S. LNG feedgas demand, which slipped nearly 1 Bcf/d last week, driven by maintenance and outages.

Gulf Coast Gasoline to Diesel Ratio - Chart Toppers

Monthly Gulf Coast gasoline prices for May 2025 have risen to 102% of diesel prices, up from 97% in April—a five-percentage-point month-over-month gain. This marks the highest gasoline-to-diesel price ratio since April 2024, indicating a notable strengthening in gasoline relative to diesel.

U.S./China Tariffs Swing Again

Today, the U.S. and China announced that they are reducing tariff rates on imports. The U.S. dropped the rate on imports of Chinese goods from 145% to 30%. China also dropped its tariff on U.S. imports from 125% to 10%.

NRG Energy Acquires LS Power Assets in $12 Billion Deal

NRG Energy will acquire a portfolio of natural gas generation facilities and a virtual power plant (VPP) platform from LS Power Equity Advisors to help it meet expected increases in power demand, the companies announced May 12.

US Rig Count Declines To 578 Led By Losses In Permian, Gulf of Mexico

US oil and gas rig count declined to 578 for the week ending May 9, a decline of six vs a week ago according to Baker Hughes. The Gulf of Mexico (-2), Permian (-2), Niobrara (-1) and All Other (-1) all posted declines, while no basins reported gains.

Canadian Drilling – One More Down Week To the Bottom of Spring Break Up

For the week of May 9, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 46 (blue line and text in left hand chart below), 10 less than one year ago and remained within the five-year range.

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