UNP: reminder to watch tomorrow.
Earnings tomorrow, according to Yahoo!Finance:
- BRK-A; GOEV; RRC; TGT; FSF (Fisker); OKE (Oneok);
- RIVN: reports Tuesday, February 27, 2023
WTI: if WTI opens even one penny "in the green," this will be the first Monday in a "month of Mondays" in which WTI opens "in the green." LOL.
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Focus On Fracking
Lede:
- natural gas hit $2 for the first time in 29 months;
- lower 48 oil production at a 33 month high;
- commercial crude oil inventories are at a new 20 month high as oil supplies that cannot be accounted for tops two million barrels per day (see below);
- DUC backlog at 4.9 months after largest increase since June 2020
Also: the "fudge factor" seems a bit larger than usual:
To account for that disparity between the apparent supply of oil and the apparent disposition of it, the EIA just inserted a [+2,073,000] barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet in order to make the reported data for the daily supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil,” thus suggesting there was an omission or error of that magnitude in this week’s oil supply & demand figures that we have just transcribed....
However, since most everyone treats these weekly EIA reports as precise, and since these weekly figures often drive oil pricing, and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it's published, and just as it's watched & believed to be reasonably accurate by most everyone in the industry...
... (for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil, see this EIA explainer)….
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Pool Time
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