For the week ending February 28, Baker Hughes reported that the Western Canadian gas-directed rig count rose one to 71 (blue line and text in left hand chart below), 16 less than one year ago and at the bottom of the five-year range.

There was plenty of speculation about whether the long-delayed rules around the 45V tax credit for clean hydrogen production, which were published in the waning days of the Biden administration after more than two years of debate, would be at risk of reversal by the Republican-led Congress under

Western Canada’s propane inventories at the end of January (red circle in left hand chart below) were posted at 3.2 MMbbl, with a larger than average decline of 1.5 MMbbl versus December and stand 0.7 MMbbl (-17%) below the five-year average (blue line) according to data from the Canada Energy Re

The EIA reported total U.S. propane/propylene inventories had a withdrawal of 3.7 MMbbl for the week ended February 21, which was on par with industry expectations and more than the average draw for the week of 2.2 MMbbl. Total U.S.

Combined natural gas production of the equity partners in LNG Canada is estimated to be 2.21 Bcf/d in January 2025 (combined height of the rightmost colored bars in chart below), a slight drop from 2.25 Bcf/d recorded in December, and 0.21 Bcf/d higher than one year ago.