US production to fall sharply between May and October

LPG Market Outlook

May 2020

The number of US drilling rigs in operation continues to fall and is now at its lowest level on
record at 339, according to data from Baker Hughes (see graph on page 1). This is even lower than the
previous low of 404 that occurred during the oil downturn in 2016. In addition to laying down rigs, US oil
and gas producers are shutting in production especially in the Permian in West Texas and the Bakken in
North Dakota. These regions produce a very liquids rich gas stream, so there will be an impact on LPG

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