***********************************
Back to the Bakken
Active rigs: this data may not be current. Active rig data is reported by the NDIC at close of business every non-holiday weekday.
| $69.00 | 8/12/2021 | 08/12/2020 | 08/12/2019 | 08/12/2018 | 08/12/2017 |
|---|---|---|---|---|---|
| Active Rigs | 23 | 11 | 61 | 60 | 57P |
No wells coming off confidential list.
RBN Energy: propane exports continue to pull US inventories lower.
The EIA report on propane inventories that came out yesterday was a shocker. This time of year, stocks are supposed to be building toward the levels needed to get U.S. propane markets through the winter season. But the numbers released on Wednesday showed an inventory decline, resulting in inventory balances now below the five-year minimum.
The culprit, of course, is exports, with 1.4 MMb/d of them reported last week, a 17% gain over the year-to-date average. And these cargoes to overseas markets are happening even with propane prices in the stratosphere: more than double where they stood this time last year.
Propane marketers were hoping that higher prices would slow down exports, but so far that is not happening. In today’s blog, we examine U.S. exports of LPG — propane plus butane — and discuss what may be ahead for these markets.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.