No Wells Coming Off Confidential List -- Enbridge Heads To Federal Court -- November 17, 2021

Line 5: Enbridge invited to federal court. Link here. 

Buried? Why was this not the headline? Most recent filing, we learn what Warren Buffett bought, sold. Buried in the story: "...ramped up a bet on Chevron Corp., boosting that 24% to an investment valued at $2.91 billion at the end of the quarter."

EU / UK energy crisis: European natural gas prices post biggest one-day jump since the crazy days of mid-October. UK NBP rises 17% and Dutch TTF jumps 18%. Cold weather is yet to hit. Link here. 

EU natgas situation becomes ugly in December. Germany's suspension of Nord Stream II certification is a reaction, not the cause. The Russians were unable to deliver. Cold weather hits Europe next week. Link here.

US gasoline: 

• New York gasoline supply crunch spurs hunt for pipeline space. Bloomberg. Paywall but headline says it all. Colonial Pipeline at capacity. Writer says pipeline raised its price; gasoline rose four cents / gallon.
• California: record-high gas prices. Link here.
  

Lucid: will overtake GM in market value. 

Adios, Staples. Crypto.com Arena will be home of the LA Lakers this season. Rolls right off the tongue. Naming rights: $700 million.

Apple, Qualcomm:

• Qualcomm hit all-time highs yesterday after rising 8% in one day; up 30% for the month;
• Apple ready to break out, some say; has not participated in bull market this year;
• iPhone 13 holiday demand appears robust: Wedbush; demand outstrips supply;
• Apple could smash its iPhone holiday sales record: Barron's.
• Qualcomm will combat Apple Silicon with new generation of PC chips; link here.

Say what? Do they know something we don't? Yes. The top 15 stocks bought by US congressional members. Excluding AOC, I assume. Link here. Ten of the top 15 stocks by US congressional members in the last month have been oil and gas companies. 

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Back to the Bakken

b-value for the Bakken: 1.6. Link here. 

CRK: closes Bakken divestiture. To realize a $160 million loss. Part of proceeds to fund acquisition of 23K acres in Haynesville area of ETX for $36 million. About $1,600 / acre in the Haynesville. Link here.

Active rigs:

$79.99	11/17/2021	11/17/2020	11/17/2019	11/17/2018	11/17/2017
Active Rigs	32	15	57	63	56

No wells coming off confidential list. 

RBN Energy: increased OPEC+ crude oil supply depends on the Group's powerhouses.

The November 4 decision by the Organization of the Petroleum Exporting Countries and its collaborators — collectively known as OPEC+ –– to stay the course on crude oil production surprised few and disappointed many. Officials from leading oil-consuming nations, including the U.S., Japan and India, want the group to relax its production restraint by more than the scheduled 400 Mb/d in December. They see extra crude supply as an antidote for high prices that have been hampering recovery from the global economic slump caused by the COVID-19 pandemic. 

But OPEC+ leaders made clear that they’re in no mood to accelerate their phase-out of production cuts. They know the market pressures now elevating crude prices won’t last forever and can change unexpectedly. They also face internal strains that might weaken the quota discipline that has kept the group’s supply management intact, despite the occasional upset, for nearly five years. 

One of those strains is the number of OPEC+ participants already producing as much crude as they can while falling short of existing ceilings — a number that grows as the ceilings rise. Today’s RBN blog looks at oil-market expectations underlying OPEC+ members’ cautious approach and at the growing divide among those unable to keep up with output targets and the relatively few but volumetrically overpowering counterparts with capacity to spare.