Three Wells Coming Off Confidential List Today -- March 15, 2023

The market: wasn't all this predicted some time ago? Now that "higher, sooner, longer" is working, why would the Fed pivot now?

EVs today:

• Lordstown (RIDE): down 5.5%. Trading at 75 cents.
  
• Nikola (NKLA): down 3%. Trading at $1.62.
  
• ARVL: down another whopping 8%. It was down 14% yesterday.
  
• LCID: down 1.6%. Trading at $7.43.
  
• RIVN: up 0.4%. Trading at $13.26.
• FSR: down 2%. Trading at $6.00.
• GOEV: down 3%. Trading at 57 cents. Back on December 7 (a day that will live in infamy), 2020 — really not that long age, trading above $20/share.
• F: down almost 5%. Trading at $11.38.

Apple EV: Apple supplier Foxconnn to expand US EV business. It's going after the battery market. 

Apple 5G modem: multiple suppliers interested in assisting with final assembly of the chip. Link here.

SLB: looking good.

ENB: looking good. Building a North American "super system" through investment, M&A.

Supply, demand:

*************************
Back to the Bakken

Active rigs: 45.

Peter Zeihan newsletter.

WTI: $68.59. Below $70 for first time since December, 2021.

Natural gas: $2.482.

Thursday, March 16, 2023: 53 for the month; 215 for the quarter, 215 for the year
39151, conf, Petro-Hunt, USA 146-97-29A-32-3H,
39141, conf, CLR, Micahlucas 10-5H1,
39127, conf, Crescent Point Energy, CPEUSC Szarka 2-36-25-159N-100W-MBH,
37650, conf, BR, Tailgunner 2F MBH-ULW,
37570, conf, Iron Oil Operating, Antelope 2-31-30H,

Wednesday, March 15, 2023: 48 for the month; 210 for the quarter, 210 for the year
39150, conf, Petro-Hunt, USA 146-97-29A-32-2H,
39140, conf, CLR, Micahlucas 9-5H,
39128, conf, Crescent Point Energy, CPEUSC Claire Rose 6-31-30-159N-99W-MBH,

RBN Energy: European gas markets avoided mayhem this winter, but challenges remain. 

Russia’s invasion of Ukraine in February 2022 caused panic in European gas markets that were already on the brink due to low winter inventories. Near-term supply/demand balances suddenly took on a heightened urgency, and everyone knew that policy and infrastructure changes were needed, pronto. The most immediate concern was the very real possibility that the winter of 2022-23 could see gas rationing within the European Union (EU) due to supply shortages. However, with winter now in retreat, Europe is emerging with record volumes of stored gas accompanied by prices that have fallen to pre-invasion levels. This is no time for complacency, though. While it’s many months away, the winter of 2023-24 looms, with dire warnings that things could be considerably worse in gas markets. In today’s RBN blog, we evaluate how European gas and LNG markets have managed over the last 12 months and discuss the implications for the next year. In particular, we look at the European Commission’s (EC) efforts to inject reforms into European gas markets, not only to accommodate supply disruptions but also to set the stage for a gas market no longer reliant on Russian supplies.