Friday, March 17, 2017

The Market And Energy Page, T+56 -- March 17, 2017

Low-Cost Flights

An airfare war is raging over the Atlantic, and the owner of British Airways has just fired a new weapon.
International Consolidated Airlines Group, BA’s parent company, said Friday (March 17) that it’s launching a low-cost carrier called Level that will offer no-frills service from Spain to two airports in California and two in Latin America, beginning in June.
One-way fares start at €99 ($106) from Europe and $149 from the US, the company said. (The US destinations: Los Angeles [southern CA] and Oakland [northern CA]).
Mid-Afternoon Trading

Crude oi: flat, at $48.78
Dow 30: unremarkable, up 20 points

Penny's: releases its list of 138 store closures; includes three stores in ND -- Dickinson (Prairie Hills Mall), Jamestown (Buffalo Mall), and Wahpeton (downtown)


From John Kemp, via twitter, change in rigs this past week, down in Permian; up everywhere else:
  • Permian, down 1
  • Everywhere else, rigs increased:
  • Williston Basin: up 4!
  • Mississippian: up 3
  • Arkoma-Woodford: up 3
  • Eagle Ford: up 2

Do you remember the severe propane shortage back in 2014? See this post From the EIA this week:


Saudi: if crude oil stockpiles remain above the five-year average, OPEC will extend production cuts beyond June when the cuts are due to expire. His statement allowed plenty of wiggle room but it's pretty clear what he was saying.   

Iraq: will increase crude oil production and exports this year -- Bloomberg. Data points:
  • February: produced 4.57 million bopd
  • by end of 2017: 5.0 million bopd
  • apparently Saudi will absorb the difference -- LOL

The market: green.

WTI: green, but still below $50

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