Canadian Drilling – Still Looking for Love

For the week of August 15, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 57 (blue line and text in left hand chart below), nine less than one year ago and is the lowest for this time of year since 2020.

Treasury Tightens Tax Credit Eligibility for Wind, Solar Projects

Wind and solar projects face a narrower path to tax-credit eligibility after the Treasury Department issued a notice Friday that removes a “safe harbor” provision that applied to most projects.

Crude Oil Imports Skyrocket to 2025 High

According to the EIA’s Weekly Petroleum Status Report (WPSR), U.S. crude oil imports rose nearly 1 MMb/d last week to average 6.92 MMb/d (yellow line in chart below).

U.S. Propane Build Tops Industry Expectations as Exports Slip

The EIA reported total U.S.

Giddy-Up! Ontario Gas Storage Injections Need to Accelerate

Natural gas storage levels in Canada’s most populous province of Ontario have dipped below the low end of the five-year range in the past few days based on data in RBN’s Canadian NatGas Billboard.

Cheniere Locks in 21-Year-Deal to Boost Capacity at Corpus Christi

Cheniere announced a new deal with JERA that could support the recently greenlit Corpus Christi Midscale Expansion or the proposed expansion at Sabine Pass.

Volatility in the Mars Crude Differential Continues

Just over two weeks ago, the price differential for Mars sour crude oil that is delivered from Gulf Coast offshore platforms to Clovelly, LA closed ($1.20)/bbl below the price of NYMEX-CME Domestic Sweet (DSW) - the commonly quoted prompt month futures contract price of crude oil.

August Propane in Mont Belvieu Falls Below Conway

So far in August, OPIS data shows Mont Belvieu propane prices have tumbled 11%, pressured by lower crude values, strong production, and steady export levels.

Small Dip In US Rig Count On Losses in Permian, Eagle Ford

US oil and gas rig count posted a small decline for the week ending August 8, falling by one rig vs. a week ago to 539 according to Baker Hughes. Rigs were added in the Anadarko (+2) and All Other (+1), while the Permian (-3) and Eagle Ford (-1) both lost rigs.

Canadian Drilling – Still in Search of Direction

For the week of August 8, Baker Hughes reported that the Western Canadian gas-directed rig count rose four to 57 (blue line and text in left hand chart below), 12 less than one year ago and is the lowest for this time of year since 2020.

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