Energy Markets: Propane prices ended last week . As of 8:00AM CST, propane prices start where they left off last week in what has been a muted open. Participants await the Wednesday inventory update for what is presumed to be a large weekly stocks draw as exports (more below) recovered to pre-hurricane levels while the ramp up of propane production has been much slower.
Baker Hughes Rig Counts Decline by 7—Largest Drop since January: The weekly oil rig count reported another decline, taking the active total to 749. Producers have not added new rigs over the previous five weeks with Aguust being the first monthly drop since May 2016. Declines were seen in the Cana Woodford (-3), Eagle Ford (-2), Permian (-2), and Bakken (-1).
LPG Exports Soar 85% as Harvey Recovery Complete: Export activity averaged 1.12MM bbls per day according to a Bloomberg analysis of vessel activity for the week ending September 15th, marking the highest weekly total in five weeks. The Houston shipping region saw the largest increase with 984k bbl/day in that area alone.