Buffett's headache: link here.
SEATTLE (AP) — A federal judge ruled Monday that BNSF Railway intentionally violated the terms of an easement agreement with the Swinomish Indian Tribal Community in Washington state by running 100-car trains carrying crude oil over the reservation.
The ruling in the civil case comes after two BNSF engines derailed on Swinomish land earlier this month (March, 2023), leaking an estimated 3,100 gallons of diesel fuel near Padilla Bay. BNSF operates a rail line through the Swinomish Reservation under a 1991 easement agreement that allows trains to carry no more than 25 cars per day.
It also required BNSF to tell the tribe about the “nature and identity of all cargo” transported across the reservation. In his written order U.S. District Court Judge Robert Lasnik said the railway made a unilateral decision in increasing the number of trains and cars crossing the reservation without the tribe’s consent, The Seattle Times reported.
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Back to the Bakken
Active rigs: 44.
Peter Zeihan newsletter.
WTI: $80.30.
Natural gas: $2.125.
Tuesday, April 4, 2023: 10 for the month' 10 for the quarter, 265 for the year
38847, conf, Enerplus, Seam 149-93-05A-08H,
38823, conf, Whiting, Ryder Olson 31-1HR,
38605, conf, Hess, EN-Farhart-156-93-0409H-H
38322, conf, Whiting, Braaflat 11-11-2H,
Monday, April 3, 2023: 6 for the month; 4 for the quarter, 261 for the year
38880, conf, Whiting, Richard Olson 31-1HR,
38879, conf, Whiting, Mariah Olson 31-1HR2,
38691, conf, Ovintiv, Clear Creek Federal 152-97-36-25-12H,
31214, conf, BR, Gladstone 4-1-13TFH,
Sunday, April 2, 2023: 3 for the month; 3 for the quarter, 258 for the year
38848, conf, Enerplus, Pattern 149-93-05A-08H-LL,
38692, conf, Ovintiv, Clear Creek Federal 152-97-36-25-6H,
38543, conf, Whiting, Marlys Olson 31-1H,
RBN Energy: when price does not matter -- exchange trading, diffferentials, and the cash roll.
As crude oil exports have become an integral part of US/Canadian trading, the market has evolved to accommodate this profound transformation. But the mechanisms used to price many of the most significant export grades are obscure and little understood outside a small cadre of professional traders and marketers. This is particularly true for the most liquid grades that employ a trading approach known as “exchange trading” or “spread trading,” in which volumes at regional hubs are valued in buy-sell transactions against domestic sweet crude at Cushing. In this context, “exchange trading” does not mean trading on a regulated exchange. Instead, it means trading via an exchange of barrels between buyer and seller. In today's RBN blog, we delve into some of the most complex aspects of this trading mechanism.
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