December Gas Production for the LNG Canada Partners Remains Strong

Combined natural gas production of the equity partners in LNG Canada was 2.25 Bcf/d in December 2024 (combined height of the rightmost colored bars in chart below), a slight drop from the record 2.26 Bcf/d recorded for November, and 0.3 Bcf/d higher than one year ago.

There Is A Lot More Than Canadian Crude Oil Getting Slapped With the 10% Energy Tariff

Over the past two days there has been considerable attention given to the tariff impact of Canada’s crude oil, but there is a lot more involved.

Permian Crude Oil Flows to Nederland Hold Steady

Crude oil flows from the Permian Basin to Nederland, TX, remained stable in September 2024 for the fourth consecutive month, according to latest data from our Crude Oil Permian report.

March Natural Gas Contract Tests $3.00 Mark As Weather Warms

Only a week ago on January 24, the February contract was the prompt month gas contract and traded above $4.00/MMBtu. That contract rolled off the board on Wednesday at $3.535/MMBtu after falling nearly 50 cents in just three trading days.

US Rig Count Rebounds, Climbs to 582 On Gains In Permian

US oil and gas rig count posted its first weekly gain of the year, climbing to 582 for the week ending January 31 - an increase of six vs. a week ago according to Baker Hughes. This marks the first gain for rig count since December 6 of last year.

Canadian Drilling – Gas Rigs Dull as Dishwater; Oil Rigs Again Push to Near Seven-Year High

For the week ending January 31, Baker Hughes reported that the Western Canadian gas-directed rig count rose one to 72 (blue line and text in left hand chart below), 19 less than one year ago and remained below the low-end of the five-year range.

Data Centers, Power Demand Boosting Nuclear Revival

Expectations for increases in power demand, particularly from energy-intensive data centers, and decarbonization goals have helped spark renewed interest in nuclear power.

Outflows of Gas from Northeast Plunged During MLK Day Snowstorm

The Northeastern United States was pummeled by frigid weather for the four days starting on Martin Luther King Day (January 20) and ending on January 24. During this period, total Northeast gas demand averaged 37.7 Bcf/d, which is 4.6 Bcf/d higher than the month-to-date average.

Crude Inventories Up; A First in 10 Weeks

Total U.S. commercial crude stocks increased by 3.46 MMbbl, marking the first inventory build in ten weeks. This rise was primarily driven by continued weakening demand, as the refinery maintenance season has reduced net input by 1.7 MMb/d since the beginning of the year.

Cold Weather Brings Record High Propane Draw

In today’s EIA report, total U.S. propane/propylene inventories had a withdrawal of 7.8 MMbbl for the week ended January 24 (red bar), which was nearly twice the average draw of 4 MMbbl for the week (green bar). This withdrawal was the highest in the past 10 years for the reporting week and second highest withdrawal on record. The all-time high withdrawal of 8.4 MMbbl occurred during the third week of January 2024.

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