Sixteen Active Rigs; No Wells Coming Off Confidential List -- March 9, 2021

TSLA: up over 11% in early morning trading! FOMO, YOLO. LOL. EIEIO. 

US shale: no "roaring USA shale industry to respond to OPEC+ -- Rigzone. 

European whining: Paris says US growth surge could unbalance fragile global economy. LOL. Stand-along post later. Link here. But look at this:

• OECD doubles its growth forecast for world's largest economy; warns that surge could suck capital away from faltering emerging markets. Say what?

Saudi Aramco: dividend -- safe with recent oil rally. Was it ever in doubt?

• But then this: Saudi Aramco could raise the divided. LOL. Link here.

PSX: 

• almost two years with no dividend hike. Recent announcement maintains same dividend.
• why Phillips 66 rose 22.5% in February; link here.

Dak: highest paid NFL player ever? If so, only in Dallas. Everything is bigger in Texas.

China car sales, link here:

• more than quadrupled in February, 2021, year-over-year but a year ago, Covid-19 emerged;
• but look at this, EVs sold in China declined 38% month-over-month;

China grain demand: top concern. Link to S&P Global Platts. 

• China showing huge potential to remain key grain importer;
• revival of food nationalism; restrictive trade strategies worrisome;
• impact of trade measures seen limited so far;
• if extended, Russia's export curbs may lift global wheat prices;
  

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Back to the Bakken

Active rigs:

$64.42	3/9/2021	03/09/2020	03/09/2019	03/09/2018	03/09/2017
Active Rigs	16	55	67	59	43

No wells coming off confidential list today. 

RBN Energy: after the Deep Freeze; announcing RBN's virtual propane conference. 

We started off this propane season worried about the threat to U.S. propane markets from big-time exports. With exports now exceeding total U.S. propane demand, how would propane markets respond if we ever got a really cold winter? Well, now we know. Frigid weather finally arrived in February with a vengeance. 

But the propane market handled it pretty well. 

Now, as we approach the end of propane winter and examine where the market stands with inventories, prices, and especially exports, the big question is, what happens next? Will production volumes replace depleted stocks now sitting near a five-year low, or will those barrels move overseas? Will strong global petchem demand pull supplies out of U.S. markets? And if so, what does that imply for the 2021-22 retail propane season here in the U.S. In today’s blog, we’ll begin an exploration of these issues and introduce our upcoming RBN virtual conference covering developments in the propane market scheduled for May 12. Warning! Some of today’s blog is an unabashed advertorial for the conference.