LyondellBasell's Century Old Refinery Begins Closure

LyondellBasell Industries has begun the closure of its 264 Mb/d Houston refinery. The gradual ramp-down started the weekend of January 24, with the company emphasizing a safe transition to protect the community, environment, and workforce.

Exports Slip in Wake of Winter Storm Enzo, VLCC Activity Remains Strong

U.S. crude oil exports averaged 3.5 MMb/d last week, dropping by 1.2 MMb/d from the prior week to a rate more in line with the four-week moving average, which is now 3.6 MMb/d, down about 220 Mb/d from the previous week.

3-2-1 Crack Spread - Chart Toppers

The diesel crack has remained well above the gasoline crack since August 2024. The 3-2-1 crack spread is currently around $15/bbl.

U.S. LNG Feedgas Demand Bouncing Back after Winter Storm Enzo

Total U.S. LNG feedgas demand dropped due to cold temperatures and the weekly average was 12.45 Bcf/d last week, down 2.27 Bcf/d from the previous week, primarily driven by lower flows to the two LNG terminals in Texas, Freeport and Corpus Christi.

Permian Gas Outflows to the East Down on Lower Production

Overall outflows from the Permian Basin are down 0.3 Bcf/d week-on-week for the week ended Monday, driven by lower outflows to the East at the beginning of the week during production freeze-offs. Outflows to directions other than the East were all up week-on-week.

Permian Crude Flows to Gulf Coast Rose Nearly 2% in August

Crude oil flows from the Permian Basin to the U.S. Gulf Coast (USGC) rose nearly 2% in August 2024, reaching 5.64 MMb/d — an increase of 93 Mb/d compared to July (see graph below) — according to the latest monthly data from the Texas Railroad Commission.

Price Differential for Bakken Light Sweet Crude into Cushing Hits 4 1/2-Half-Year Low

The price differential for Bakken Light Sweet (BLS) crude oil that is shipped from North Dakota on the Pony Express Pipeline for physical delivery into Cushing, OK, has been hitting its lowest values since June/July 2020 over the past two weeks.

Waha Natural Gas Price Recovers, Basis Still Negative

After wallowing at a negative 50 cents per MMBtu between March and October last year, Permian Waha natural gas prices have rebounded this year, averaging $3.11/MMbtu so far in January and spiking up to $7.52/MMBtu over the MLK holiday weekend according to NGI. As shown in the left graph below, th

US Rig Count Slides To 576 On Losses in Permian

US oil and gas rig count fell to 576 for the week ending January 24, a decline of four vs. a week ago and marking the first week below 580 in four years according to Baker Hughes data.

Net Canadian Imports Surged to Two-Year High on Tuesday

As many energy market participants are increasingly concerned over the impact of potential tariffs between Canada and the US, data from this week underscored the importance that trade between the two countries has in the gas market.

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