In the early 2000s, prices for West Texas Intermediate (WTI) were becoming increasingly disconnected from global fundamentals. WTI reflected conditions in the Midcontinent at the Cushing, OK, crude oil storage hub, where bottlenecks repeatedly distorted …

TotalEnergies is set to acquire a 49% stake in natural gas-producing assets operated by Continental Resources in the Anadarko Basin of Oklahoma, strengthening its foothold in the U.S. natural gas market. The assets are expected to deliver gross production …

The EIA reported total U.S. propane/propylene inventories had a build of 3.5 MMbbl for the week ended September 26, which was more than industry expectations for an increase of 1.7 MMbbl and the average build for the week of 1.5 MMbbl.  Total U.S. …

Natural gas intake at the LNG Canada liquefaction site in Kitimat, BC pushed higher in August, averaging 606 MMcf/d (red column in chart below) based on publicly available data released by the British Columbia Energy Regulator (BCER), and just slightly …

After setting an annual record of 4.1 MMb/d in 2024, U.S. crude exports started off this year relatively strong, but cracks soon began to show, with volumes falling all the way to 3.2 MMb/d in July, one of the weakest months since 2023. But just when it …

The NYMEX crude-to-gas ratio for October 2025 — shown by the green bar in the chart below — stands at 18.6, down from 21.3 in September, with crude at $59.89/bbl and gas at $3.25/MMBtu. By contrast, October’s ratio is still notably lower than a year ago, …

U.S. LNG feedgas demand averaged 15.4 Bcf/d last week (see blue-dotted line in figure below), up 0.1 Bcf/d from the previous week despite lower intake at Cove Point.  Cove Point shut down for annual maintenance on September 20 and is currently not taking …

More than 70 new data centers are under development in Virginia, which is already the world’s leading hub for the massive, high-tech facilities. But given the rapid pace of the buildout and the challenges that come with it, it’s probably no surprise that …

Dry natural gas production in the Permian Basin averaged 22 Bcf/d for the week ended September 29, down slightly from the week prior, with small changes across most pipelines in the basin last week. The past few weeks, El Paso Pipeline has been the …

For the week of September 26, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 60 (blue line and text in left hand chart below), five less than one year ago and is holding at its highest point since mid-March. The …

It’s well understood today that the U.S. natural gas market turned from potential domestic shortages to major LNG exports thanks to the Shale Revolution. What is not so well remembered is that the dramatic shift in the U.S. gas market wasn’t widely …

US oil and gas rig count climbed to 549 rigs for the week ending September 26, an increase of seven rigs vs. a week ago and the largest gain since July according to Baker Hughes data. Rigs were added in the Eagle Ford (+4), Appalachia (+1) and All Other …

Low-carbon steel that utilizes green hydrogen in the production process will be used in Microsoft data centers under an agreement announced this week with Swedish steelmaker Stegra. Microsoft also agreed to purchase the environmental attribute …

Before data centers were the hot topic everywhere, Virginia was already rolling out the red carpet and it seemed that tech firms were constructing facilities as fast as humanly possible, drawn by the state’s robust fiber-optic network and low power …

Late summer and early fall weather continue to cause a slump in regional demand for natural gas. However, the shoulder season impacts demand for gas not only in the Northeast but elsewhere. As Northeast Asian and European demand for LNG is typically low …

2025's frenetic pace of U.S. LNG liquefaction development has been fueled, in large part by three industry giants: ConocoPhillips, EQT and JERA.  As shown in the graph below, so far this year ConocoPhillips has signed up for 5 MMtpa of capacity while EQT …

The popularity of weather derivatives has ebbed and flowed since their introduction in the late 1990s but trading activity has rebounded in recent years as the trading community has increasingly begun to reassess the need to hedge weather-related risks — …

Natural gas prices at the Waha hub in West Texas plunged below zero again recently after force majeure and maintenance events across multiple pipelines left Permian producers scrambling to move their gas out. Persistent congestion will remain a big …

Sempra Infrastructure announced today that it has taken a positive final investment decision (FID) on Phase 2 of the Port Arthur LNG project.  Phase 2 includes two liquefaction trains, each with a capacity of 6.5 MMt/y (1.0 Bcf/d), bringing the site’s …

Crude oil exports out of the U.S. Gulf Coast (USGC) soared to over 5 MMb/d last week (far right in chart below), extending gains from the prior week’s surge and matching the all-time high in our  Crude Voyager  data set during the same week in …