Total U.S. propane/propylene stocks had a draw of 3.6 MMbbl for the week ended February 14 (red bar in chart below), which was about 312 Mbbl more than the average draw of 3.3 MMbbl for the week (green bar in chart below).

In the past week, the price of the WTI cash roll turned negative, falling to $(0.10)/bbl (red dashed circle in chart below), suggestive of weak immediate demand for crude oil that is delivered to the Cushing, OK hub.

The Department of Energy (DOE) pause on LNG export licenses is officially over as the department issued its first permit for a U.S. terminal since the Biden administration’s ban was enacted more than a year ago.

US oil and gas rig count posted its third consecutive weekly increase, adding two rigs and climbing to 588 for the week ending Fegruary 14 according to Baker Hughes. Rigs were added in the Permian (+1), Anadarko (+1) and All Other (+1), while the Bakken (-1) was the only basin to post a decline.

For the week ending February 14, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 71 (blue line and text in left hand chart below), 19 less than one year ago and holding at the bottom of the five-year range.