The oil and gas industry has presented President-elect Donald Trump with a five-point policy agenda, urging him to expand LNG exports, increase drilling on federal lands, ease pipeline permitting, repeal strict vehicle emission standards, and maintain corporate tax rates. Trump plans to establish a National Energy Council, chaired by North Dakota Gov. Doug Burgum, to streamline energy policy and cut regulatory red tape. The council will coordinate efforts across federal agencies to promote U.S. energy dominance, with industry insiders expecting significant deregulation under Trump’s picks for key energy roles. Analysts believe Trump’s approach aims to boost the U.S. share of the global oil and gas market, especially against OPEC producers. The American Petroleum Institute is pressing for an end to the Biden administration’s pause on new LNG export projects and more federal leases for oil and gas development in areas like New Mexico, Alaska, and the Gulf of Mexico

OPEC has reduced its forecasts for global oil demand growth for both 2024 and 2025, marking its fifth consecutive downward revision. The cuts reflect weaker demand from key regions, including China, India, and other parts of Asia, Africa, and the Middle East. OPEC now expects global demand to rise by 1.61 million barrels per day (bpd) in 2024, down from the previous forecast of 1.82 million bpd. The shift highlights challenges for OPEC+, which delayed plans to increase production until April 2025 amid declining oil prices. While OPEC’s demand outlook remains more optimistic than the International Energy Agency’s forecast of 920,000 bpd growth in 2024, market uncertainty persists over China’s economic trajectory and the global energy transition.

This week’s DOE report is listed below. Please contact your Energy Account Manager with any needs you may have.

Propane

The EIA reported a draw of 2.98 million bbls on US propane inventories down to 93 million bbls overall (report below). The draw was above the industry expectations calling for an average draw of 2.1 million barrels, and above the 5-year week 49 average draw of 792,000 bbls. Propane exports decreased 26% / 579,000 bpd, production decreased 66,000 bpd, while domestic demand was up 104% / 858,000 bpd from last week. The bulk of the overall draw was from the Gulf Coast region with a regional draw of 2.42 million bbls.

Please contact your Energy Account Manager with any needs you may have.

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