From Bloomberg's daily note:
It isn’t too early to say it’s been a wild year. Few, outside of US intelligence, predicted Russia invading Ukraine (again). Perhaps fewer still had Morocco knocking Spain out of the World Cup. But I doubt anyone at all predicted 2022 ending with oil prices down and the cost of batteries going up.
India: the story today --
Keystone spill:
Either *someone* has heard that the leak is small/outage short-lived, or, more likely, this market isn't in the mood for price-positive news at the moment.
Or it just doesn't matter.
Later: wow, wow, wow. The spill turned out to be one of the largest ever onshore spills in the US -- 14,000 bbls. That contributor over at twitter had no idea what he was talking about. My comment, "or it just doesn't matter" -- right on target.
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Back to the Bakken
The Far Side: link here.
WTI: $72.07.
Natural gas: $5.948.
Sunday, December 11, 2022: 23 for the month, 132 for the quarter, 676 for the year.
38487, conf, Hess, GO-Johnson-156-98-2635H-5,
Saturday, December 10, 2022: 22 for the month, 131 for the quarter, 675 for the year.
38897, conf, CLR, Bonney 7-3HSL1,
38896, conf, CLR, Bonney 11-3HSL,
38852, conf, Crescent Point, CPEUSC Lowe 4-18-19-158N-99W-MBH,
RBN Energy: Tier 3 gasoline mandate tests refiners, US octane production, part 2.
A potentially important factor affecting the supply of octane — the primary yardstick of gasoline quality and price — has been lurking in the background over the last few years. The Environmental Protection Agency’s (EPA) Tier 3 gasoline sulfur standard applies to all refiners and importers who deliver gasoline to the U.S. market, and while delayed compliance requirements and the onset of the pandemic have blunted its full impact to refiners and consumers so far, the implications of meeting the new standard are beginning to take shape. In today’s RBN blog, we explain how the Tier 3 specs are linked to octane supply, where octane destruction comes into play, and how refiners are adapting to the octane-sulfur squeeze.
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