North America is an integrated energy market so deeply connected that it functions as one massive, interdependent system for the three “drillbit hydrocarbons”: crude oil, natural gas and NGLs. But the rapid changes happening in the market now — driven not …

The EIA reported total U.S. propane/propylene inventories had a build of 3.2 MMbbl for the week ended August 29, which was more than industry expectations for an increase of 2.1 MMbbl and the average build for the week of 2.4 MMbbl. Total U.S. propane …

APA, an E&P with assests in the Permian, Egypt and Suriname among others, recently highlighted significant efficiency gains in the Permian. Like we've seen with some other producers, APA aims to maintain current production despite dropping their rig count …

Waterborne crude oil exports from the Trans Mountain Pipeline (TMP) averaged 402 Mb/d in August 2025 (rightmost stacked columns in chart below), a gain of 13 Mb/d versus July and an increase of 77 Mb/d from a year ago based on tanker tracking data …

Re-exports of Canadian heavy crude oil are estimated to have been 160 Mb/d in August 2025 (rightmost stacked columns in chart below), a gain of 46 Mb/d from July, 48 Mb/d more than a year ago and the highest volume since July 2024 (210 Mb/d) based on …

Which is true, A or B? (A) Data center demand to power AI applications is the most transformative force to hit energy markets in years, or (B) This is one of the most overhyped, inflated narratives ever. We hear a constant stream of announcements, …

The monthly natural gasoline price for September 2025 stands at 85% of NYMEX crude, reflecting a modest uptick of one percentage point from August’s 84%. However, the ratio remains slightly below year-ago levels, down one point from 86% in September …

U.S. crude exports soared to 4.1 MMb/d last week, edging past the rolling four-week average (far right of red dashed line in chart below) and rising well above the 2025 YTD average of 3.75 MMb/d, with higher volumes seen out of the Houston, Beaumont, and …

Natural gas use in Alberta’s oil sands has been very strong this summer and running well above the top end of the five-year range (blue line in chart below). Using data from RBN’s Canadian NatGas Billboard gas use in the oil sands reached a high of 3.11 …

Alberta’s crude oil output in July 2025 rose to a record 4.32 MMb/d (height of stacked columns inside dashed rectangle in chart below), a gain of 0.26 MMb/d versus June, 0.31 MMb/d greater than a year ago, and edged out the previous record holder of 4.26 …

For most of us, matching spending with income is the logical path to financial stability. However, after decades of aggressive investment in search of growth, the “dollars in equals dollars out” method of allocating free cash flow has been an adjustment …

Western Canada’s propane inventories at the end of July (red line and text in left hand chart below) were posted at 5.4 MMbbl, with a seasonal average build of 1.5 MMbbl versus June and stand 1.4 MMbbl (-21%) below the five-year average (blue line) …

It was announced this morning (Tuesday, September 2) that Plains All American Pipeline, L.P. and Plains GP Holdings (collectively “Plains”) have entered into an agreement to acquire a 55% non-operated interest in EPIC Crude Holdings, LP from subsidiaries …

U.S. LNG feedgas demand rose last week from stronger intake at several terminals, even as Freeport and Corpus Christi had feedgas disruptions. U.S. LNG feedgas demand averaged 15.2 Bcf/d last week, up 0.43 Bcf/d from the prior week. Freeport began the …

The price differential for physical crude oil that is delivered from the heart of the Permian into Midland, TX, known as WTI Midland (the real WTI), recovered to a six-month high near the end of August. As discussed in RBN’s TradeView report, WTI Midland …

After a decade of regulatory and legal challenges, Mountain Valley Pipeline (MVP) finally came into service in the middle of last year. The 2-Bcf/d pipeline — soon to be expanded to 2.5 Bcf/d via additional compression — was designed to ease natural gas …

Crude oil production in the Permian may or may not have peaked — that’s TBD. What we do know is that even if the shale play’s oil output flatlines, the Permian will generate increasing volumes of natural gas (and NGLs) and virtually all of it will need to …

US oil and gas rig count ended the month of August with another week-on-week decline, dropping two rigs for the week ending August 29 and marking the fourth week of declines  this month according to Baker Hughes data. Rigs were lost in the Haynesville …

For the week of August 29, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 55 (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. The oil-directed …

Natural gas intake at the LNG Canada liquefaction site in Kitimat, BC pushed higher in July, averaging 468 MMcf/d (green column in chart below) based on publicly available data released by the British Columbia Energy Regulator (BCER), and just slightly …