Alberta October Crude Oil Production Reaches Second Highest Level on Record

As reported by the Alberta Energy Regulator (AER), Alberta’s oil production was 4.18 MMb/d in October 2024 (rightmost stacked bars in chart below), 360 Mb/d higher than September and a year ago, and is the second highest oil output on record behind 4.19 MMb/d set in December 2023.

Canadian Drilling – Gas Rigs Reach Highest Level in Seven Months, Oil Rigs Inch Ahead

As of November 27, Baker Hughes reported that the Western Canadian gas-directed rig count rose three to 70 (blue line in left hand chart below), three less than one year ago, its highest reading in 34 weeks, and marks the first break out above the 60s range since mid-April.

U.S. Crude Imports From Mexico and Colombia Retreat

Crude imports dropped to 6.1 MMb/d last week, declining by 1.6 MMb/d after a previous increase

U.S. Propane Inventories Down 1 MMbbl and Exports Drop From Last Week's Strong Rate

The EIA reported total U.S. propane/propylene inventories had a withdrawal of 1 MMbbl for the week ended November 22, which was below industry expectations for a decrease of 1.2 MMbbl but above the average draw for the week of 185 Mbbl (green bar in the second graph below).

LNG Canada Partners’ Gas Production Pushes to New Record

RBN estimates that combined natural gas production of the equity partners in LNG Canada rose 0.14 Bcf/d to a new record of 2.16 Bcf/d in October 2024 (combined height of the rightmost colored bars in top chart below), 0.24 Bcf/d higher than a year ago, and is the ninth month this year in which ou

U.S. Crude Oil Exports Slide, Mixed Short-Term Global Demand Signals

U.S. crude oil loadings dropped to 3.6 MMb/d last week, a decrease of 0.8 MMb/d from the previous week.

Waha Back to Positive as Gas Pipeline Maintenance Winds Down

The completion of Matterhorn Express was widely expected to relieve the outflow constraints that made Waha natural gas prices negative over much of 2024.

Winter’s Chill Sends Alberta Gas Power Burn to New Record

Alberta’s natural gas use for power generation (“power burn”) rose to a new single day record of 2.67 Bcf on November 22 based on estimates from RBN’s Canadian NatGas Billboard (red dashed oval in chart below).

Fall Natural Gas Storage Peaked at 8-Year High

A withdrawal of 3 Bcf from natural gas storage in the Lower 48 states was announced by the Energy Information Administration (EIA) for the week ended November 15. This first withdrawal of the heating season means that we very likely reached peak storage for fall 2024 the prior week at 3.972 Tcf.

Rig Count Posts Small Weekly Decline, Falls To 583

US oil and gas rig count posted a modest decline for the week ending November 22, declining by one rig vs. a week ago to 583 according to Baker Hughes. Rigs were added in the Eagle Ford (+2) and Anadarko (+1), while the Haynesville (-2) and All Other (-2) both posted declines.

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