Ethane Prices Hammered by Strong Production, Lower demand and Crushed Gas Prices

So far, 2024 has been a bad year for ethane prices, and it’s getting worse. As shown in the right graph, on Friday Mont Belvieu ethane dropped below 13 c/gal, the first time that has happened since the bad old days of 2020 COVID. In fact, the average ethane price for July 2024 is lower than at an

US Rig Count Posts Gain Led By Addition in Anadarko

US oil and gas rig count posted a gain for the second consecutive week, with total rig count climbing to 589 for the week ending July 26, a gain of three vs. a week ago according to Baker Hughes.

Canadian Drilling – Another Big Gain for the Oil Rig Count, Gas Rigs Limp Higher

For the week ending July 26, Baker Hughes reported that the Western Canadian gas-directed drilling rig count rose one to 67 (blue line in left hand chart below) and five less than a year ago.

Goldman Says Maturing Permian To See Slower Crude Oil Supply Growth

Growth in crude production in the prolific Permian Basin will slow in the years to come as geology deteriorates and rig counts slump, according to a Goldman Sachs Research report.

ExxonMobil, CF Industries Reach Agreement on CCS Project

ExxonMobil has agreed to transport and permanently sequester 500,000 MT per year of captured carbon dioxide (CO₂) from a CF Industries complex in Yazoo City, MS, that makes nitrogen products for agricultural fertilizer and other uses.

EQT Aims to Expand MVP Quickly After Closing Equitrans Acquisition

Leading Appalachian pure-play producer EQT aims to pursue an expansion of the Mountain Valley Pipeline (MVP) as soon as possible, executives said this week, days after the company closed its acquisition of MVP operator Equitrans Midstream months earlier than originally planned.

Crude Inventories Drop Despite Falling Demand

According to the EIA's WPSR, there was a drop in commercial crude inventories of 3.7 MMb/d last week, but most key volumes suggest we should have seen inventories rise.

EQT Finalizes Agreement to Provide Half of Texas LNG's Export Capacity

Back on January 11 of this year, EQT announced that they entered into an informal tolling agreement to provide 65 MMcf/d in feedgas to the proposed Texas LNG facility in Brownsville. That amount was quadrupled to 260 MMcf/d with a subsequent agreement announced in April.

U.S. Propane Inventories Build Below Expectations, Exports Still Affected by Beryl

The EIA reported total U.S. propane/propylene inventories built by 1.9 MMbbl for the week ended July 19, which was lower than industry expectations for an increase of 2.4 MMbbl but about 0.5 MMbbl above the average for this time of year.

Iraq, Kazakhstan, Russia Plan Output Cuts to Offset Past Overproduction: OPEC

Three members of the OPEC+ alliance plan to roll out monthly crude oil output cuts to compensate for overproduction during January-June 2024.

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