WTI and Brent prices crashed (again!) last week with WTI marking a loss of $(4.73)/bbl to close out at $58.29/bbl on Friday, while Brent dropped a steeper $(5.58)/bbl to land at $61.29/bbl. For both markers, it was the lowest end of week close since the first week of February 2021.

For the week of May 2, Baker Hughes reported that the Western Canadian gas-directed rig count fell one rig to 46 (blue line and text in left hand chart below), 14 less than one year ago and remained within the five-year range.

ExxonMobil is looking to add a new ethylene plant in Point Comfort, Texas - not far from Formosa's Plastics USA plant.

Combined natural gas production of the equity partners in LNG Canada was estimated to be 2.14 Bcf/d in March 2025 (combined height of the rightmost colored bars in chart below), a small gain from 2.09 Bcf/d estimated for February, and 0.13 Bcf/d higher than one year ago.

The EIA reported that total U.S. propane/propylene inventories had a build of 576 Mbbl for the week ended April 25. That was less than industry expectations for an increase of 1.9 MMbbl and the average build for the week of 769 Mbbl. Total U.S.