U.S. Crude Exports Sink, Hurricane Beryl Likely to Impact This Week's Loadings

Crude oil loadings across the U.S. Gulf Coast, which decreased by 0.5 MMb/d to 3.9 MMb/d last week, could move lower this week due to the impact of Hurricane Beryl. The four-week moving average (dashed-red line in chart below) now sits at 3.9 MMbbl.

Cheap Natural Gasoline Getting Cheaper

Mont Belvieu natural gasoline, a.k.a., pentane plus or plant condensate has slipped below 80% of WTI crude oil at Cushing over the past few weeks, holding at the lowest level in years with the exception of the 2020 COVID meltdown. The left graph tracks the price of natural gasoline as a percent

Permian Crude Oil Flows to Houston Continue Record Setting Trend

Enterprise’s Midland-to-ECHO II (ME II) pipeline was converted to NGL service, temporarily removing 220 Mb/d of crude oil capacity from the Permian to Houston. Additionally, Permian Basin oil production decreased nearly 4% in January due to a cold snap.

US Rig Count Posts First Gain Since May Led by Gulf of Mexico

US oil and gas rig count posted its first weekly gain since May, adding four rigs and climbing to 585 for the week ending July 5 according to Baker Hughes. Rigs were added in the Gulf of Mexico (+2), Eagle Ford (+1) and All Other (+1), while no basins posted losses.

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Canada's Wolf Midstream FIDs NGL North Phase II Project

Canada’s Wolf Midstream this week announced it has made a final investment decision (FID) to move ahead with a $1 billion expansion of its NGL North System.

Canadian Drilling – Gas Rig Count Creeps Higher, Oil Remains Near Seasonal High

For the week ending July 5, Baker-Hughes reported that the Western Canadian gas-directed drilling rig count rose one to 60 (blue line in left hand chart below) and four less than a year ago.

Wildfire Prompts Suncor to Curtail Output at its Firebag Oil Sands Production Site

On July 4, Suncor Energy Inc., one of the largest oil sands producers in Canada, elected to curtail production at its Firebag production site due to the proximity of a nearby wildfire.

Overhead Resistance? Alberta Gas Storage Inching Toward Full Capacity by End of July

Utilizing data from RBN’s Canadian NatGas Billboard, working gas storage in Alberta, the region in Canada with the largest working gas capacity, was pegged at 449 Bcf as of July 1 (red line in chart below).

Going Out With the Tide? Gulf Coast Re-Exports of Canadian Heavy Crude Oil Fell to a 17 Month Low in May

Based on data from the U.S.

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