March 31, 2023

Re-posting to correct formatting.

First things first! Wes Anderson in theaters, June 16, 2023! Link here.

For the archives: Trump indicted; likely to be arraigned Tuesday next week.

Market, last day of the first quarter, and we're in a recession, so "they" say:

NKLA: shares crash; company needs more cash now. Link here. Down 13% today; trading at $1.22.

EVs: today, all up a bit (except NKLA).

Ford: raises prices again its F-150 Lightning. 

The cheapest of the company’s electric trucks now costs $59,974, marking the latest in a series of price increases since the full-size, battery-powered pickup trucks began rolling off Detroit assembly lines in April of last year. At that time, the starting price was roughly $40,000. By August, it had jumped to $46,974. In October, Ford executives raised it to $51,974, and in December, it increased to $56,000. 

The company has attributed the price increases to the rising costs of raw materials. 

Ford sold 15,600 Lightnings in 2022, and 3,600 through February of this year. The company said it wants to increase output to an annualized rate of about 150,000 vehicles by late this year.

Ford: link here. And, in seven years, a new battery will be needed.

Buffett: the second stock Warren Buffett ever bought, ended FY22 with a 67% profit margin. Link here. 

Apple Pay: banks at war. Hey, wait, when did "everyone" start using Apple Pay?

 Exodus: from "large city, USA." Link here. Which two cities did you look at first? 

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Back to the Bakken

Active rigs: 44.

Peter Zeihan newsletter.

WTI: $74.82.

Natural gas: $2.184.

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,

Saturday, April 1, 2023: 2 for the month: 2 for the quarter, 257 for the year
38692, conf, Ovintiv, Clear Creek Federal 152-97-36-25-6H,
38543, conf, Whiting, Marlys Olson 31-1H,

Friday, March 31, 2023: 91 for the month: 255 for the quarter, 255 for the year
None. Six months ago, September has only 30 days.

Thursday, March 30, 2023: 91 for the month: 255 for the quarter, 255 for the year
3550, conf (no typo), Empire North Dakota, Waddle-Olson 1,
38864, conf, Liberty Resources, CA S 158-93-21-23-5MBHX,
38762, conf, Whiting, Locken 12-11TFX,

RBN Energy: when price does not matter -- exchange trading, differentials, 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.