Permian-to-Corpus Crude Oil Flows on the Rise

Crude oil flows from the Permian Basin to Corpus Christi increased in May 2024, rising by 52 Mb/d to 2.4 MMb/d, compared to April’s 2.35 MMb/d (see blue line in the graph below), according to the latest monthly data from the Texas Railroad Commission.

U.S. Crude Oil Exports Edge Above Year-To-Date Levels

Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 4 MMb/d last week, an increase of 689 Mb/d from the previous week.

ONEOK Closes Acquisition of Controlling Interest in EnLink from Global Infrastructure Partners

ONEOK has completed its previously announced acquisition of Global Infrastructure Partners’ (GIP) controlling interest in EnLink Midstream for approximately $3.3 billion in cash.

U.S. LNG Feedgas Up In Week Ended October 11

Overall LNG feedgas averaged 12.54 Bcf/d last week, up 950 MMcf/d from the prior week (see chart below), with higher feedgas intake at all three Louisiana Terminals: Sabine Pass, Cameron and Calcasieu Pass.

Permian to Gulf Coast Crude Oil Differential Highest Since 2020 as Pipes to Houston Fill

The differential between Permian/Midland WTI crude oil and WTI on the Gulf Coast, represented by Magellan East Houston (MEH) is up to $0.83/bbl so far this month (right graph below), and for the past three months has averaged $0.71/bbl (red line). That’s the highest level since 2020. Permian pipe

Waha Dives Back to Negative Despite Matterhorn Gas Flows

For much of this year, Waha cash prices have languished in negative territory as high production in the Permian Basin ran up against insufficient outflow capacity.

US Rig Count Posts Small Weekly Gain, Climbs to 586

US oil and gas rig count posted a very modest gain for the week ending October 11, adding one rig vs. a week ago and climbing to to 586 according to Baker Hughes. Rigs were added in the Eagle Ford (+1), Anadarko (+1) and All Other (+1), while Appalachia (-2) lost rigs.

Canadian Drilling – Oil and Gas Rig Counts Hold in Narrow Ranges

For the week ending October 11, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 65 (blue line in left hand chart below), 11 less than one year ago and matches the level of two weeks ago.

Sentinel Midstream’s Texas GulfLink Navigating Deepwater Crude Export Regulatory Process

Over five years ago, several companies submitted applications to the United States Maritime Administration (MARAD) for licenses to establish deepwater crude export terminals.

Milton Roils Gas-Fired Power Demand

Hurricane Milton churned through the middle of Florida on Wednesday night and Thursday morning, leaving a trail of devastation from the Gulf to the Atlantic. In addition to damaged property and lost lives, the hurricane has wreaked havoc on the power sector in Florida.

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