Tuesday, April 23, 2019

Making America Great: US To Be Net Exporter Of Gasoline This Summer -- April 23, 2019

I assume this means that refiners are getting better prices for their refined products overseas than stateside?

Form Platts, data points:
  • US refining margins trended higher last week
  • EIA forecasts the US to be a net exporter of 90,000 bgpd during the summer driving season
  • if that happens, first time that US would be a net gasoline exporter for a whole summer since 1960
  • refinery outages and maintenance could "upend" forecasts
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The market, at opening, market up but look at all the profit-taking; slight sector rotation:
  • Dow: up 30 points
  • WTI: $66.12
  • Tesla reports tomorrow; loss expected; MuskMelon talking robots
    • TSLA fell more than $10 yesterday; down another $2.00 today
  • Anadarko: up 12 cents;
  • Apache: up 3.4% yesterday;  down 24 cents today;
  • CVX: down 13 cents today; profit taking;
  • EOG: after closing up $3.20 yesterday,  down 64 cents today; profit taking;
  • COP: down 3 cents today;
  • OXY: gained 2% yesterday; down 1.7% today;
  • UNP: after gaining another $1.06 yesterday, down 70 cents;
  • JAG: up 28 cents yesterday or about 2.6%; down 11 cents at the open;
  • NOG: up 12 cents yesterday (almost 5%);  wow, up another 9 today; completely unexpected; trading; really, really surprising considering news yesterday; in round numbers, WLL, 100,000 boepd; NOG, 40,000 boepd? I'm sure I'm under-reporting WLL and over-reporting NOG, but I may not be far off; 
  • WLL: trading at $30; a $2.7 billion market cap; NOG, a $1 billion market cap;

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