For Tomorrow -- August 13, 2021

Link here. 

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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.