RBN Energy Blogcast

U.S. LNG has been on the fast track as new export capacity along the Texas and Louisiana Gulf Coast draws in increasing volumes of U.S. natural gas. The impact of that unprecedented buildout only intensified over the past several weeks with the war in Iran and its effects on Persian Gulf LNG.

The roiling of global energy markets by war in the Middle East has magnified the importance of domestic oil output and heightened interest in capital spending. Today, we look at the 2026 forecasts and offer some far-too-early speculation about the industry response to the recent surge in oil prices.

Permian wells are churning out 22 Bcf/d of residue natural gas, but for many producers that gas abundance is a hindrance. A persistent shortfall in takeaway capacity has made negative prices at Waha an all-too-regular thing. But the situation will soon be changing for the much-better.

There’s no shortage of work to be done to revive Venezuela’s crude oil industry, much of which suffered from years of poor management and minimal investment. One rehabilitation effort that could deliver a lot of bang for the buck would be to repair and restart the industry’s crude upgraders.

Data center development is booming across the country. But power and water supplies, fiber connectivity, and regulatory environments differ across states. Today’s RBN blog compares seven leading states for data centers on the key factors that help determine development outcomes.

The war-related loss of LNG export capacity in Qatar suggests that existing and planned LNG export terminals along the U.S. Gulf Coast will be running flat-out over the next few years, and that the Texas/Louisiana region will need even more natural gas storage capacity than previously figured.

End markets for Canadian crude oil have evolved as production and export capacity have grown, especially in the past few years. Today, we dig into the data to see where Western Canadian Sedimentary Basin crude oil supply goes, how it gets there, and how those destination markets have evolved.

The ongoing conflict between the U.S. and Iran and the near-total closure of the Strait of Hormuz isn’t just stranding significant volumes of refined products in the Persian Gulf. It’s also resulting in potentially extensive and long-lasting damage to some refineries there and trapping crude oil that Asian refiners depend on.

A regulatory topic that had long been very backburner — the so-called “311” transportation of natural gas — is suddenly front and center because it applies to the slew of new, mostly intrastate pipelines that have been built across Texas to get Permian gas to LNG terminals on the Texas and Louisiana coasts.

The upstream oil and gas sector has been periodically roiled by dramatic price swings triggered by world events over the last five decades. Today, we analyze the impact of bottoming oil prices on earnings and cash flows as the industry girds for an unpredictable 2026.

Crude oil supply from the Western Canadian Sedimentary Basin continues to grow. At times, it has exceeded the region’s outbound pipeline capacity. Today, we’ll take a close look at the periods of pipeline surplus and scarcity, and how they correlate with WCSB price discounts relative to U.S. price benchmarks.

More Canadian heavy crude barrels are on their way to the U.S. Gulf Coast and some, if not most, of that oil could be taking a somewhat circuitous route — through the Rocky Mountain states. Today, we discuss highlights from RBN’s new multiclient study on this important topic, developed with Plainview Energy Analytics.

While most of the discussion about Venezuela involves crude production, it’s important to know that the country was also once a major refiner before it began a decade-long downturn. Today, we look at the history of Venezuela’s refining sector and the prospects for a turnaround.

A lot of attention has been paid to the massive volumes of crude oil and LNG currently trapped in the Persian Gulf. What’s sometimes overlooked, however, is that Kuwait, Saudi Arabia and the United Arab Emirates are also major exporters of refined products, and that they and Qatar also send out copious amounts of LPG.

The U.S. LNG industry has experienced monumental growth and there’s a hefty slate of additional projects somewhere along the path to a final investment decision, each with its own hurdles and timelines. Getting across that FID finish line can be quite arduous. 

The White House has issued a 60-day waiver of the Jones Act, which will allow foreign tankers to move crude oil and refined products between U.S. ports in a bid to cool gasoline prices. Today, we dive into what the waiver could mean for U.S. refiners, consumers, and other market participants.

Today, we detail U.S. plans to release 172 MMbbl from the Strategic Petroleum Reserve, examine how it compares with U.S. actions after the Russian invasion of Ukraine in 2022, and why the SPR could drop to levels not seen since the Reagan administration.

It’s been a busy few years for big-money M&A in the oil and gas industry. Now, having acquired their targeted assets — often running up debt in the process — several E&Ps have been selling off non-core holdings and, with those deals, zeroing in on the shale basins they see as the keys to their success.

Russia’s 2022 invasion of Ukraine not only led to the demise of Russian pipeline gas supplies to Europe and caused prices to spike, but it also helped create new arbitrage opportunities for U.S. LNG shippers. In today’s RBN blog, we look at the different approaches the U.S. upstream has adopted in response.

Despite ongoing efforts by Pemex to boost production of gasoline, diesel and jet fuel, the Mexican market still depends on imports from the U.S. for just over half of its refined product needs. And moving nearly 700 Mb/d of transportation fuels to population centers south of the border is no easy task.

There’s no shortage of debate around ethanol and gasoline with the summer driving season just around the corner. Farm and biofuels groups are pushing hard for policies favoring expanded ethanol use, while refiners are lobbying for changes to the Renewable Fuel Standard to make it less complex and unpredictable.  The current spike in fuel prices adds another (though likely short-term) component to the debate. Today, we’ll dive into the debate, focusing on ethanol blending policies.

With Canadian crude oil production continuing to grow, the industry and politicians are considering options to add pipeline export capacity out of Western Canada. In today’s RBN blog, the second of a series, we review the major pipeline projects that have expanded markets for Western Canadian Sedimentary Basin crude oil since 2010, and how those expansions lined up with supply growth.

A major theme under the second Trump administration has been “energy dominance,” with a focus on expanded drilling, increased oil and gas production, and an easier path to project approvals. Today, we explain why the goal of “energy dominance” doesn’t mean going it alone, especially when it comes to the refining sector.

“Location, location, location” doesn’t just apply to residential and commercial real estate. It also holds true for natural gas storage, which is in high-and-rising demand along the Texas/Louisiana border, where a slew of new LNG export capacity is coming online — new gas-fired power plants, too.

Propane has powered Olympic kitchens, lifted hot-air balloons across the English Channel and helped turn a quiet patch of southeastern Texas into the center of the NGL universe. It has also had many larger-than-life “wild” characters push the business forward. 

The world is hungry for more natural gas. But where will it come from and what are the biggest issues facing the market? Those are among the major questions addressed at GasCon 2026 and the focus of today’s RBN blog. 

New and expanded natural gas storage facilities near the Texas/Louisiana border are coming online and being planned, mostly in response to the ongoing buildout of LNG export capacity along the Gulf Coast and new gas pipelines to those terminals.

U.S. exports of gasoline, diesel and jet fuel to Mexico have been mostly rising the past 15 years. Over that same period, the Mexican government’s policy on the import-related roles of state-owned Pemex and private companies has zigged and zagged, slowing efforts to develop new midstream infrastructure.

Houston and Corpus Christi dominate crude oil exports, but the balance between the two hot spots has been shifting in interesting ways recently. In Houston, Enterprise could extend its lead and in Corpus Christi, South Texas Gateway is fighting for the top spot after adding a new pipeline connection last fall. 

For E&Ps, differences in financial performance often stem from accounting methodology, specifically from whether a company uses the Full Cost (FC) or Successful Efforts (SE) method to account for its oil and gas properties. Today, we examine why this seemingly mundane topic really matters.

Canadian crude oil production has reached highs and is expected to continue growing. But, in an area where steep price discounts have been a frequent problem, and in a world that is seemingly awash in crude, what does that mean for Canadian producers, and how will all this supply get to market? 

New LNG export capacity near the Texas/Louisiana border, rising natural gas production in the Haynesville (and the West Haynesville), and new pipelines transporting that gas south to the Gulf Coast have spurred a lot of interest in gas storage — and storage developers are responding.

This year will be a tale of two halves for the Permian. Natural gas production and pricing figure to remain fairly stable until the back half of this year, when more than 5 Bcf/d of new pipeline capacity comes online, giving the basin room to grow for the first time in a long time.

Northeast Texas is increasingly a key conduit for natural gas supply pushing toward rising Gulf Coast LNG demand. The region’s supply is poised to surge over the next decade, driven by new inflows from the Permian and rising local production, including from the emerging Western Haynesville play.

One of the biggest questions surrounding Venezuela centers on its now-moribund oil sector, which has suffered from decades of neglect. It’s widely understood that a recovery will take time, but there are some concrete steps that could boost production in the short, medium and long term. 

The U.S. is on the brink of a major transformation in refined products. New pipelines into the Desert Southwest and connecting out to California, along with refinery shutdowns along the West Coast, are poised to usher U.S. refiners into a new era shaped by consolidation, efficiency and market power. 

Utah legislators seeking to lower the state’s at-the-pump tax on gasoline and diesel have proposed a tax of up to 24 cents on every gallon of motor fuel produced at Utah’s five refineries. That has raised the ire of refiners and out-of-state consumers of Utah-sourced fuels, who cite several reasons why the move would be a mistake.

The U.S. has been drilling for oil and gas for more than 160 years, and what to do with those wells once they are no longer productive has long been an issue, as they can also be significant emitters of methane, a major greenhouse gas. Today, we discuss a new approach that aims to address both issues.

The retail propane market delivers 9 billion gallons to U.S. consumers annually, with its heart anchored in “mom-and-pop” retailers serving rural and small-town communities. These small, owner-operated businesses know their customers, regions, and challenges. 

The six states in EIA’s PADD 1C subregion — Florida, Georgia, South Carolina, North Carolina, Virginia and West Virginia — consume massive volumes of refined products but produce very little themselves. That dichotomy spurred a multi-decade buildout of highly efficient pipeline, marine and trucking networks.

Florida is the nation’s fourth-largest consumer of natural gas, and its consumption has tripled since 2000, mostly due to the development of nearly 30 GW of new gas-fired power plants. In today’s RBN blog, we examine the state’s remarkable growth and whether additional pipeline capacity might be needed.

There’s more interest than ever in increasing coordination between the U.S. gas and electric sectors. Each market now depends more heavily on the other than ever. Yet significant hurdles remain, many stemming from fragmented and distinct regulatory regimes and deeply entrenched operating practices on both sides.

The U.S. midstream sector experienced a massive infrastructure buildout in the 2010s, followed by a sharp pullback after 2020, and then a new era of financial discipline and deleveraging. Now, AI-propelled power load growth and a wave of LNG export expansion are pushing midstream capex higher again.

The next four years will reshape the future of North America’s natural gas market. LNG exports are set to surge as new terminals across the U.S., Canada and Mexico come online, causing ripple effects through global energy trade and fueling new demand from Europe and Asia.

Devon Energy and Coterra Energy’s newly announced merger didn’t come as a huge surprise. They have highly complementary assets in the Permian and the Anadarko and their deal promises $1 billion or more in synergy-related savings. Finally — and this is important — their combination had been urged on by an activist investor.

For the past several years, a potent combination of market developments has incentivized PADD 2/Midwest refiners — and their midstream partners — to move increasing volumes of refined products east. In today’s RBN blog, we’ll discuss what’s been happening lately and how it’s affecting refiners.