In its April Short-Term Energy Outlook (STEO), the United States Energy Information Administration (EIA) increased its forecast for the 2023 Brent crude oil price by 2.5% from its previous forecast. This change came after OPEC and its partner countries (OPEC+) announced crude oil production cuts for 2023. EIA expects the Brent crude oil spot price to average $85 per barrel in 2023, $3 per barrel higher than its March forecast.
The Baker Hughes United States rig count is down three from last week to 748, with oil rigs down two to 588, gas rigs down one to 157 and miscellaneous rigs unchanged at three.
Canada's primary underground propane inventories decreased by 27.24% in April, according to the Canada Energy Regulator. The total represented a month-to-month decrease of 184.6 Mcm. Compared to a year earlier, stocks were higher, with 120 Mcm, or 32.15%, more product on hand.
During the latest mid-month period, prices at Mont Belvieu, Texas, increased as we head into spring. The posted prices increased 10 cents/gal, from March mid-month to April mid-month while the spot prices increased 15.25 cents. Conway, Kan., postings ended with a 14.124-cent increase and spots increased 16.5 cents over the month.
Frederick, Maryland. (April 7, 2023) — ThompsonGas LLC, headquartered in Frederick, Maryland, plans to unveil new autogas powered vehicles at the National Propane Gas Association’s Southeastern Convention & International Propane Expo in Nashville Tennessee this month.
MACON, Ga. — Blue Bird Corporation announced the appointment of Simon J. Newman to its board of directors, effective April 4.
RICHLAND, Wash. (April 11, 2023) — Christensen Inc. announced its expansion into the Southwest region. The company has acquired supply contracts for branded fuel locations in the greater Phoenix and Tucson, Arizona, areas from Southwest Fuel Supply, a California Fuel Supply Inc. subsidiary.
SAN MATEO, Calif.
NATIONAL — MFA Oil Company hosted district delegate meetings across its eight voting districts in February and March. Two of those districts held elections for their representative on the MFA Oil Board of Directors. Mike Moreland won re-election to the board representing the company’s West Central District at a meeting held on Feb. 16 in Harrisonville, Missouri. In the Mid-South District, Randy Pace was elected on March 8 at a meeting in Jonesboro, Arkansas. Moreland and Pace will both serve three-year terms.
In 2022, the Propane Education & Research Council's (PERC) Propane Construction Incentive Program helped eliminate more than 18 million pounds of carbon dioxide (CO2) equivalent, from the environment annually. This statistic nearly doubled the program’s impact in 2021.