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Monday, May 16, 2022

Finally, Traders Are Reading The Headlines -- May 16, 2022

The headlines:

  • no spare capacity;
  • Permian operators holding "the line";
  • Bakken's DAPL at risk (yawn);
  • demand coming out of the global pandemic;
  • Shanghai, China, "might" be "opening";
  • Russian production / exports at risk;

WTI: already high is higher. Up 2% by midday; up $2.20; trading at $112.70. 

  • Fortunately the SPR release will keep oil prices from getting too high. And banning new leases in Alaska and the Gulf of Mexico will help. And talk about excessive profits --- all this will help. 
  • What would really help: changes in attitude, changes in latitude.

Natural gas:

  • back to $8 as additional European exports secured;
  • this blows me away: Sempra Energy is poised to supply LNG to Poland's PGNiG, Poland's largest gas company;
    • PGNiG's liquefied natural gas supply portfolio with U.S. partners currently stands at 7M tons, or 9B cm; the Sempra contract would raise that amount by more than 40%.
    • SRE: off to a slow start earlier this morning, is up slightly in mid-day trading.

US crude oil exports, link here:

  • 4-handle: October, 2013
  • 5-handle: December, 2015
  • 6-handle: February, 2017
  • 7-handle: October, 2017
  • 8-handle: October, 2018
  • 9-handle: October, 2019
  • the pandemic: 2020
  • 9.6-handle: December, 2022

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