A majority of the crude oil shipped by tanker from the expanded Trans Mountain Pipeline (TMP) has been sent to the U.S. (blue bars in chart below) since the pipeline’s expansion came into service in late May 2024.

For the week ending November 8, Baker Hughes reported that the Western Canadian gas-directed rig count fell two to 65 (blue line in left hand chart below), nine less than one year ago and holding very much in the same range where it has been since the start of July.

US oil and gas rig count was unchanged for the third consecutive week, holding at 585 rigs for the week ending November 8 according to Baker Hughes. Rigs were added in the Anadarko (+2) and Appalachia (+1), while the Gulf of Mexico (-2) and Haynesville (-1) both lost rigs.

Based on data from the U.S. Census Bureau, re-exports of Canadian heavy crude oil from the Gulf Coast in September 2024 averaged 84 Mb/d (height of the rightmost stacked columns in chart below), a pullback from 114 Mb/d in August and 76 Mb/d less than a year ago.

Eight countries in the OPEC+ alliance have agreed to extend their crude oil production cuts through the end of the year.