For the week ending March 28, Baker Hughes reported that the Western Canadian gas-directed rig count fell seven to 54 (blue line and text in left hand chart below), 21 less than one year ago and its second lowest point this year.

Normally the start of spring signals the beginning of the shoulder season in the natural gas market, where demand dips as the weather becomes warm enough that heating demand dissipates but not hot enough that air conditioners trigger a big boost in power demand.

Total U.S. crude oil imports surged last week, climbing 810 Mb/d to 6.2 MMb/d—driven largely by a sharp rebound in Canadian volumes. Imports from Canada jumped 850 Mb/d to just under 4 MMb/d, bouncing back from the prior week’s drop to the lowest level since August 26, 2022.

The EIA reported total U.S. propane/propylene inventories had a withdrawal of 190 Mbbl for the week ended March 21, which was less than industry expectations of 1.2 MMbbl and the average draw for the week of 545 Mbbl. Total U.S.

Total U.S LNG feedgas demand soared to 15.73 Bcf/d last week, up 0.51 Bcf/d from the previous week – once again driven by the newest rising star – Plaquemines LNG.