RBN Energy Blogcast

The NGL business is one of the most logistically complex segments of the energy industry. To really make sense of it you need to step back and look at the big picture. That's exactly what our new U.S. NGL Infrastructure Map provides — a comprehensive view of the entire NGL value chain.

Three new U.S. LNG projects have reached a positive final investment decision this year: Venture Global's CP2 Phase 2, Caturus's Commonwealth LNG, and now, most recently, Delfin Midstream's Delfin LNG, which will be the U.S.'s first floating LNG project. 

The early signs of a rebound can be seen in Venezuela, where crude oil production and exports are on the rise, although plenty of unknowns remain. Today, we look at how much Venezuelan crude is reaching the U.S., how the U.S. import slate has changed, and preview our latest Drill Down Report.

There's an interesting aspect to the buildout of new Permian gas processing capacity, NGL pipelines, fractionators and NGL export terminals, namely that virtually all of the projects are being undertaken by midstream companies that handle NGLs along their entire value chain, from wellhead to water.

The Marcellus/Utica still has vast amounts of natural gas to supply the ongoing surge in demand from power generators and LNG exporters. But there's a catch: A significant step-up in Appalachian production can only occur if new pipeline infrastructure is built to transport that gas to where it's needed.

The U.S. is at the tail end of an incredible wave of LNG expansion that has so far seen nine new projects across seven terminals reach a final investment decision in a little over a year. Today, we take a closer look at the Commonwealth LNG project and what comes next for U.S. LNG development.

Given that the Iran war-driven surge in oil prices doubled Q1 E&P profits, a surge in capex to capture fatter cash flows seemed like a sure thing, but that would have been a losing bet. Today, we review oil and gas producers' investment and production guidance and analyze potential future strategy.

The rapid buildout of Permian gas processing plants and other NGL-related infrastructure in Texas and southeastern New Mexico isn't just continuing, it's accelerating. In today's RBN blog, we discuss the latest project announcements and why gas and NGL production in the Permian are still rising.

The U.S. propane market typically follows predictable trends. With much of domestic demand occurring in the colder months, storage builds in the summer and is withdrawn in the winter. But since mid-April, storage levels have increased by only 1.2 MMbbl. Today, we explore what is going on and why.

One of the most discussed and often misunderstood aspects of the midstream world is the pipeline open season. It is how midstreamers go out to the market to test shipper interest and lock in commercial commitments for new projects and can effectively determine whether a project will get built. 

As the Marcellus/Utica became the U.S.'s premier natural gas production region in the 2010s, a larger portion of its output headed out of the Northeast. An increasingly important part of the story has involved greater demand for gas from within the Northeast, especially the power sector.

Launch a company built around energy market fundamentals and rock & roll song titles. Then … give it away for free. Not exactly a textbook business plan. Today we turn the page. Novi Labs has acquired RBN Energy. Today's blog is all about the logic of this deal and what it means for our customers.

The global oil market has been especially volatile this year, but the United Arab Emirates' decision to cease its OPEC membership provided another jolt. Today, we dig into why the UAE chose this path and the potential implications for the global market and U.S. producers.

It's been quite a year already, with energy markets roiled by the Iran war. To survive such swings, you need a deep understanding of market fundamentals so that you can anticipate their effects. That's today's subject and the focus of our upcoming School of Energy: Foundations. 

The White House gave the green light on March 18 for foreign-flagged tankers to move crude oil and refined products between U.S. ports by waiving the Jones Act. In less than two months, about 60 waivers have been recorded. Today, we'll dig into the new patterns that have emerged. 

Just as upstream producers settled into a lower-growth, shareholder-return-focused era, commodity prices moved sharply higher during Q1 2026. Today, we chronicle a massive rebound in profitability and cash flow from a dismal Q4 2025 for the 38 E&P companies we cover.

The competition for upstream assets in the Permian is fierce. It's a different story in the Anadarko, where production has been flat and some larger E&Ps have been exiting. But there's been a lot of big-money M&A in the Anadarko lately, most for steady-as-she-goes production assets at reasonable prices.

With their scale and 130-gigawatt pipeline of new large-load customers, the planned combination of electric utility and wholesale power giants NextEra Energy and Dominion may substantially accelerate the buildout of new gas-fired power plants and, with that, the need for more pipeline capacity.

The prospect of procuring steady production assets at reasonable prices has been spurring interest in the Anadarko Basin. In the past few weeks, two privately held producers closed on deals totaling more than $4 billion, with another $1-billion-plus agreement announced this month. What's going on?

Last year, Alaska produced only 421 Mb/d of crude oil, barely one-fifth the state's peak output in 1988. But two new projects — one already producing and the other only weeks away from “first oil” — will add a combined 100 Mb/d and a third, even bigger one will contribute another 180 Mb/d by 2030. 

An emergency fuel waiver by the Environmental Protection Agency is allowing refineries and refined product terminals to supply gasoline with a higher Reid vapor pressure this summer than previously permitted. As we discuss in today's RBN blog, the waiver may well increase gasoline supply and improve refinery and blender economics.

A lot of work must be done to revive Venezuela's crude oil industry, which has suffered from years of poor management and underinvestment. Exports have rebounded sharply in early 2026, but much more could be done. Today, we outline the additional steps that could boost export volumes.

It's been quite a year already, with energy markets roiled by the Iran war. To survive such swings, you need a deep understanding of market fundamentals so that you can anticipate their effects. That's today's subject and the focus of our upcoming School of Energy: Foundations. 

After being in virtual limbo the past couple of years, the U.S. Northeast gas market is reawakening. New pipeline development is, well, no longer a pipe dream. Today, we begin a series evaluating the impacts of these changing fundamentals on the Northeast gas market outlook.

The monthslong closure of the Strait of Hormuz and the related surge in crude oil exports from the U.S. Gulf Coast has prompted two big questions: (1) how much oil can the region's marine terminals reliably send out on a sustained basis and (2) does the USGC need more export capacity.

U.S. crude oil production averaged a record 13.6 MMb/d in 2025, up nearly 1.6 MMb/d from 2023, but crude export volumes remained remarkably stable — at or very near 4.1 MMb/d — until a recent Iran-related surge. A key reason: “capacity creep” expansion projects at several Gulf Coast refineries.

Oil markets have been pushed higher by supply disruptions and geopolitical tensions, while natural gas prices have strengthened on weather-driven demand, reinforcing a powerful near-term earnings tailwind. The question is a familiar one: What will producers do with these additional cash flows?

Nearly all the recent analysis of Venezuela has centered on crude oil and refined products, but its gas reserves shouldn't be overlooked. Today, we look at those reserves, compare domestic production and consumption, and explain how Trinidad & Tobago could play a role in boosting Venezuelan output.

The U.S. is seeing softer domestic demand for traditional fuels, but pockets of the country remain highly dependent on imported gasoline, jet fuel and diesel. Today, we'll zero in on which PADDs are at the highest risk for shortages and price spikes if the Iran war drags on for an extended period.

Shell's plan to acquire Western Canadian E&P ARC Resources Ltd. affirms the global energy giant's new strategic focus, enhances the prospects for Phase 2 of LNG Canada, and supports the view that the Montney Shale may be replacing the Permian as the epicenter of oil and gas M&A.

Natural gas demand is building fast along the Gulf Coast. New LNG export terminals, data centers and power generation — and new pipelines to deliver the incremental gas. That's all baked in. What's still far from certain is where all the gas will come from, and how intense the battle for gas supply will become.

It's been eight weeks since the steady flow of crude oil and refined product tankers out of the Persian Gulf ended, and the impacts on refineries and product suppliers in key parts of the world are becoming clearer. In today's RBN blog, we discuss the state of refining in the U.S., Europe and the Asia-Pacific region.

A data center developer's top priorities are speed, speed, and speed, with cost and other factors coming next. Today, we look at how developers must solve the issues around offtake agreements and power generation and also preview our latest Drill Down Report.

We've blogged about rising demand for natural gas in the southeastern U.S. and the pipeline projects being planned there. But there's more to the story — a bigger picture — namely, that gas consumers in the region increasingly find themselves competing for supply with LNG exporters.

The U.S. propane market is in a unique position. 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. Today, we continue our examination of the propane market. 

There are three main factors affecting today's propane market: export economics, dock space and storage levels. The Iran war has dramatically shifted export economics and filled dock space, yet storage remains at all-time highs. In today's RBN blog, we look at what's in store for the rest of 2026.

The rapid expansion of data centers is one of the biggest stories in the energy sector and the Monarch Compute Campus, which will soon start taking shape in West Virginia, could be a compelling test case for future development. Today, we look at the strategy behind it.

The energy industry touts vast U.S. oil and gas resources, but increasingly limited volumes that can be practically and profitably developed have left producers struggling to replace proven reserves. Today, we analyze the trends that are limiting the industry's ability to ramp up future output.

Crude oil production from the Western Canadian Sedimentary Basin continues to grow, but U.S. PADD 2 refiners are already taking nearly as much as they can. Growing production could move into Cushing, OK, and Patoka, IL, but will there be enough pipeline capacity to reach the Gulf Coast? 

The West Coast, particularly California, has been the U.S. region hardest hit by the war with Iran and the closure of the Strait of Hormuz, particularly regarding the Golden State's ability to obtain refined product imports. Today, we discuss the impact of the closure.

A combination of new natural gas takeaway capacity out of the Permian, rising feedgas demand from LNG export terminals and stronger gas prices at the Waha Hub will support a steady increase in associated gas production. But an important question looms: Will there be enough gas processing capacity?

Nashville is known for its music, but it's also a fast-growing gasoline and diesel market, uniquely positioned between the Gulf Coast and Midwest. With major development projects planned, such as the new Tennessee Titans stadium, it's getting to be a tight squeeze for the area's fuel terminals.

Managements in Q4 2025 stuck to the capital discipline that won back the hearts and wallets of investors, but surging oil and gas prices this year are putting more cash back into E&P coffers. Will that discipline hold, or will temptation take over?

As rising AI-driven demand for data centers has supported growth in key markets like Virginia and Texas, developers are increasingly casting a wider net. Today, we examine the factors drawing large-scale projects to “non-key” states, with a close look at Indiana, Louisiana, North Carolina and Pennsylvania.

U.S. refineries are, of course, far less dependent on crude oil from the Middle East than they were before the Shale Revolution. But the cutoff in oil supplies from the Persian Gulf is forcing several U.S. refiners to look elsewhere for the mostly medium-sour crude they had been sourcing from the region.

As crude oil production continues to grow in the Western Canadian Sedimentary Basin, more pipeline capacity will be needed. The 590-Mb/d Trans Mountain Expansion in 2024 temporarily provided a period of surplus capacity, but that is shrinking. Today, we go through all the projects in the works.

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.