August Crude Exports Rebound to Six-Month High

U.S. Gulf Coast (USGC) crude oil exports surged in August to average 3.9 MMb/d (far right of bar chart below), the highest monthly average since February 2025. Shipments rebounded strongly month-on-month, with August volumes exceeding July by more than 700 Mb/d, reflecting a resurgence in Asia-Pacific (APAC) buying interest following a period of weaker demand, as discussed in our Crude Voyager.

NextDecade Signs New Deals for Rio Grande Project

U.S. LNG developer NextDecade just signed new agreements aimed at commercializing Train 5 at its Rio Grande LNG project in South Texas.

Gas Production in Permian Reached New Highs

Production of natural gas in the Permian Basin averaged 22.2 Bcf/d over the week ending September 8, up 0.1 Bcf/d from the week prior. Production in August averaged 21.9 Bcf/d, up 0.4 Bcf/d month-on-month and about 1 Bcf/d higher than production levels in the spring.

Mont Belvieu Non-TET Propane Losing Ground Versus TET Propane – Differential Widening

Over the past two weeks, the average price of non-TET propane (traded in Enterprise storage) has averaged 2.6 c/gal below TET propane (Energy Transfer), well below the 0.9 c/gal average for 2025. As shown in the left figure below, since April 2025 that differential averaged between 0.5 c/gal and

US Oil and Gas Rig Count Opens September With Small Gain

US oil and gas rig count opened the new month with a small gain, adding one rig vs. a week ago and climbing to 537 for the week ending September 5 according to Baker Hughes. Rigs were added in the Haynesville (+1) and All Other (+1), while the Permian (-1) was the only basin to post a decline.

Canadian Drilling – Dull as Dishwater

For the week of September 5, Baker Hughes reported that the Western Canadian gas-directed rig count rose three to 58 (blue line and text in left hand chart below), nine less than one year ago and is the lowest for this time of year since 2020.

Mitsubishi, Portland General Electric Drop Out of Hydrogen Hub: Report

Mitsubishi Power and Portland General Electric (PGE) have dropped out of plans to participate in the Pacific Northwest Hydrogen Hub (PNWH2; #7 in map and table below from our weekly Hydrogen Billboard report),

APA Puts a New Twist on Productivity Improvements

APA, an E&P with assests in the Permian, Egypt and Suriname among others, recently highlighted significant efficiency gains in the Permian.

U.S. Propane Inventories Rise; Exports Hold Near Recent Averages

The EIA reported total U.S. propane/propylene inventories had a build of 3.2 MMbbl for the week ended August 29, which was more than industry expectations for an increase of 2.1 MMbbl and the average build for the week of 2.4 MMbbl. Total U.S.

Waterborne Crude Oil Exports from Trans Mountain Pick Up Slightly in August

Waterborne crude oil exports from the Trans Mountain Pipeline (TMP) averaged 402 Mb/d in August 2025 (rightmost stacked columns in chart below), a gain of 13 Mb/d versus July and an increase of 77 Mb/d from a year ago based on tanker tracking data compiled by Bloomberg.

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