Two Wells Coming Off Confidential List Today -- April 5, 2023

Locator: 44310B.

Link of the day: how the US became a natural gas giant. Alex Kimani, link here.

India: fuel demand hits 24-year high. All those mo-peds! LOL. Does one really think we're going to see all those batteries in India in 2060? I doubt there's enough lithium in the universe for all the batteries India would need.

Derivatives: a lot of oil companies are going to report worse earnings, getting crushed by derivatives; no one saw the OPEC cut coming. Companies were betting on much lower prices due to "coming" recession.

Bloomberg energy newsletter. Link here.

• both Saudi and Texas comfortable with "profit over production." 

Eggs: here we go again. Flat earthers will says it's a conspiracy. Link here. Lack of space to bury dead birds? I know a nuclear facility not currently being used.

Apple's earnings: 1Q23 income statement. A groundbreaking announcement might be in store at the June, 2023, conference.

Apple: time to play hardball. Show up for work if you want to keep your job.

Politics: forever blue -- Wisconsin. Link here.

Mountain Valley pipeline: nixed by US Appeals Court. Is that constructive, asks Janet Yellen. Activists find new way to stymie projects.

XOM quits Brazil. Link here.

XOM earnings: negatively affected by derivatives. Again. How often have we heard this story? Also, here.

$110: Rystad Energy. Link here.

Gold: along with oil, surges. Up $6.30; trading at $2,044.50. Could see new records.

Russia: from RBN Energy, see below:

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Back to the Bakken

Active rigs: 45.

Peter Zeihan newsletter.

WTI: $80.50.

Natural gas: $2.117.

Thursday, April 6, 2023: 14 for the month; 14 for the quarter, 269 for the year
38874, conf, Iron Oil Operating, Antelope 6-31-30H,
37568, conf, Iron Oil Operating, Antelope 4-31-30H,

Wednesday, April 5, 2023: 12 for the month; 12 for the quarter, 267 for the year
38690, conf, Ovintiv, Clear Creek Federal 152-97-36-25-5H,
38627, conf, Whiting, Kannianen 11-4-3H,

RBN Energy: US crude oil helps replace Russian barrels in Europe.

Russia supplied significant volumes of crude oil and refined products to Europe for many years. Its primary crude oil export grade, medium-sour Urals (approximately 30 API and 1.7% sulfur), was a benchmark, both in quality and price, that European refiners long relied on to plan refinery processing configurations and that served as a signal for crude oil pricing dynamics in Northwest Europe and the Mediterranean.

In addition to crude oil, Russia was a large supplier of gasoil (diesel) as well as a more limited supplier of other refined products such as fuel oil (including intermediate feedstocks) and naphtha.

In today’s RBN blog, we review the abrupt reduction in Russian crude oil movements to Europe following Putin’s invasion of Ukraine 13 months ago with an eye on the specific grades that have filled the gap.