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Oracle LDC, Stargate, Michigan: reaches goal, $16 billion. Link here. Backstory: Stargate. Additional information, October 5,2025, link here.
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Back to the Bakken
WTI: $96.12. Up $1.72; up almost 2%.
New wells reporting:
- Tuesday, April 28, 2026: 95 for the month, 95 for the quarter, 252 for the year,
- 42081, conf, XTO, GBU Hera 33X-7B,
- 41861, conf, Devon Energy, Finn 13-25F 3H,
- Monday, April 27, 2026: 93 for the month, 93 for the quarter, 250 for the year,
- 42185, conf, BR, Omlid 7-8-7 MBH,
- 42110, conf, Prima Exploration, Gummy Bear 1H,
- 42082, conf, XTO, GBU Hera 33X-7G,
- 41482, conf, Devon Energy, Barbara 31-30F 7H,
- 41139, conf, Hunt Oil, Shell 153-89-17-6H-1,
- 40571, conf, Hess, EN-Hilleren-157-94-1336H-1,
- Sunday, April 26, 2026: 87 for the month, 87 for the quarter, 244 for the year,
- 42111, conf, Prima Exploration, Gummy Bear 2H,
- 42084, conf, GBU Hera 33X-7H,
- 42083, conf, XTO, GBU Hera 33X-7D,
- 41098, conf, Enerplus, Hamilton 146-97-35-26-4H-WLL,
- Saturday, April 25, 2026: 83 for the month, 83 for the quarter, 240 for the year,
- 42085, conf, XTO, GBU Hera 33X-7C,
- 41097, conf, Enerplus, Lind 145-97-2-11-6H,
- 41096, conf, Enerplus, Lind 145-97-2-11-5H,
RBN Energy: US propane storage to fall in 2026 as added dock space rebalances market. Link here. Archived.
The U.S. propane market is in a unique position today. Production has continued to grow while domestic demand remains stagnant. The only solution for the market to balance is exports; however, those have been constrained by capacity at the dock. This combination of factors has left propane storage extremely high. In today’s RBN blog, the second in a two-part series, we continue our examination of the factors affecting the propane market and the expectations for storage dynamics through the end of the year.
In Part 1 of this blog series, we reviewed recent supply/demand dynamics of the U.S. propane industry. The three most important takeaways of that post were that (1) production continues to grow but is not expected to surge as a result of the war with Iran; (2) export levels are forecast to increase with the startup of Enterprise’s expansion of its EHT terminal on the Houston Ship Channel; and (3) storage levels are extremely high in today’s market. In Part 2, we will begin by examining export economics and how they are calculated. After that, we will wrap the story up with the outlook for 2026 storage levels.
Export economics are a key metric to watch because they help illustrate how strong the markets to Asia and Europe are. There are four key metrics influencing export economics, measured here as the arbitrage (or spread) between U.S. and Asian/European prices. The first is the cost of U.S. propane, the second is shipping costs, the third is the dock fee, and the fourth is the price of propane in Europe or Asia. In today’s analysis, the focus will be on economics with Asia.
Figure 1. Non-TET Mont Belvieu Propane Price. Source: OPIS
