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Growing Sideways – E15 Plays Role in Summer Gasoline Debate, But Does Little to Boost Ethanol Demand
There’s no shortage of debate around ethanol and gasoline with the summer driving season just around the corner. Farm and biofuels groups are pushing hard for policies favoring expanded ethanol use, while refiners are lobbying for changes to improve the …
Golden Pass Nears First LNG Cargo
Golden Pass LNG is nearing startup, with Train 1 expected to produce its first LNG cargo by late March, adding new capacity to the U.S. LNG system. Golden Pass has taken significant feedgas volumes since Feb. 17, when intake jumped from around 30 MMcf/d …
Frac Spreads Strengthen in March
Frac spreads strengthened in March 2026, averaging $4.09/MMBtu so far—up 37% from February and 10% above the $3.70/MMBtu recorded in March 2025. Propane remains the largest contributor at $1.46/MMBtu, with natural gasoline next at $1.29/MMBtu. Propane is …
Turn Me Loose – How Canadian Crude Oil Export Capacity Has Struggled to Keep Up With Production
Canadian crude oil production has nearly doubled over the past decade, with nearly all of those gains coming from the Western Canadian Sedimentary Basin (WCSB). With those volumes continuing to grow, producers, pipeline companies and politicians are …
U.S. LPG Terminaling Rates Soar
Gulf Coast LPG terminaling fees have spiked to 30 c/gal, a level not seen since late 2024, and a direct consequence of the Iran war. For most of the past five years, Gulf Coast spot LPG terminaling fees meandered well below their long-run average of …
With a Little Help From My Friends – For the U.S. Refining Sector, ‘Energy Dominance’ Doesn’t Mean Going it Alone
A major theme under the second Trump administration has been the concept of “energy dominance,” with a focus on expanded drilling, increased oil and gas production, and an easier path to project permitting and approvals, especially for LNG exports. …
Geopolitical Risk Premium Drives Surge in Crude Prices To Above $90/bbl
The start of March brought extraordinary volatility to crude markets. Multiple global benchmarks and regional grades posted sharp gains, with several trading at or near multi-year highs. As tensions in the Middle East escalated, markets began embedding a …
U.S. Rig Count Up One to 551; Eagle Ford Leads Gains as Gas Rigs Retreat from Recent Highs
U.S. oil and gas rig count edged up one rig to 551 for the week ending March 6 according to Baker Hughes data, as gains in the Eagle Ford (+3), Permian (+1) and Gulf of Mexico (+1) more than offset declines in Appalachia (-1), the Bakken (-1), Haynesville …
Stratos DAC Project on Target for Q2 2026 Startup
Phase 1 of the Stratos direct air capture (DAC) project in Ector County in West Texas is in the final stages of startup and is expected to be online in Q2 2026, project developer 1PointFive said in an update posted on LinkedIn. The project’s Phase 2 will …
Save Room – Existing and Planned Natural Gas Storage Facilities in East Texas and West Louisiana
“Location, location, location” doesn’t just apply to residential and commercial real estate. It also holds true for natural gas storage, which is in high-and-rising demand along the Texas/Louisiana border, where a slew of new LNG export capacity is coming …
Q4 2025 Earnings Calls: Tourmaline Oil - Montney Outperformance Plus LNG & Data Centers To Tighten Gas Markets
Tourmaline Oil Corp.'s (TRMLF) 2025 fourth quarter earnings call took place on March 5, 2026, and provided several insights into operational trends and the supply and demand balance in the Western Canadian gas market. While regional prices remain weak, …
Born To Be Wild – U.S. Propane’s Wild Journey from Lab Discovery to Vital Consumer Fuel
Today, U.S. propane is a $75 billion-a-year business involving a maze of natural gas processing plants and salt caverns connected to pipelines, fractionators, rail facilities, truck racks, retail tanks and export docks. But like many vital energy …
Surprise Propane Build Driven by PADD 3 as Exports Fall
The EIA reported total U.S. propane/propylene inventories increased by 819 Mbbl for the week ended February 27, a sharp contrast to industry expectations for a 1.3 MMbbl draw and the average draw of 1.9 MMbbl for the week. The build — largely driven by …
How Soon Is Now – Short-Term Priorities Emerge as Global Demand for Natural Gas Heats Up
The world is hungry for more natural gas. The newly reintroduced Current Policies Scenario from the International Energy Agency (IEA) sees global demand rising from today’s 400 Bcf/d to about 475 Bcf/d by 2050, roughly in line with other notable forecasts …
APA Playing the Long Game
On their 4Q and full-year 2025 earnings call, APA outlined three core initiatives—portfolio actions, cost structure improvements, and a refined development approach—that management believes have structurally enhanced the company’s long-term free cash flow …
U.S. LNG Production Ramps Up, But Qatar Shortfall Looms
Global LNG markets were jolted this week after Qatar’s Ras Laffan export complex was taken offline by an Iranian drone attack, and U.S. LNG output is expected to rise in the coming months. U.S. LNG feedgas demand held steady at full utilization. One of …
Save Room – The Expanding Role of Natural Gas Storage in East Texas and West Louisiana
New and expanded natural gas storage facilities near the Texas/Louisiana border are coming online and being planned, mostly in response to the ongoing buildout of LNG export capacity along the Gulf Coast and new gas pipelines to those terminals. In …
U.S. NGLs Hit Record 7.5 MMb/d Production on Ethane-Driven Gains
U.S. NGL production climbed to a record 7.5 MMb/d in 2025, up from 7.0 MMb/d in 2024, marking a new all-time high (left graph). The increase was led by ethane. Ethane production rose from 2.9 MMb/d in 2024 to 3.1 MMb/d in 2025 — an 8% year-over-year …
Where She Goes – For Gulf Coast Refined Products, It’s Down to Mexico by Truck, Rail, Ship and Pipe
U.S. exports of gasoline, diesel and jet fuel to Mexico have been mostly rising the past 15 years as Mexican demand for refined products stabilized, the utilization of south-of-the-border refineries sagged, Covid hit and, most recently, Pemex — the …
ONEOK Scale Helps Even Out Ups and Downs
Despite some headwinds in 2025, ONEOK was able to maintain its streak of 12 consecutive years of adjusted EBITDA growth. As shown in the slide below, lower crude prices (which resulted in reduced Bakken gas throughput) and a narrow RBOB to butane spread …
