Four Wells Coming Off Confidential List Today -- May 24, 2023

Locator: 44736B. 

Lordstown (RIDE): reverse stock split, 1:15, coming -- necessary to meet NASDAQ's listing requirements. For the archives:

• ticker, RIDE, yesterday, closed at 28 cents
• it appears the pricing has already reflected the reverse split
• yesterday: down $3.98 (93.33%)
• pre-market today trading at $4.05; up $3.77 (up 1,325.55%)
• 15 shares yesterday x 28 cents, during the day = $4.20
• today, one share, pre-market = $4.05

GS: predicts an oil price rally. 

Cash: link here.

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Back to the Bakken

Active rigs: 37.

WTI: $73.95.

Natural gas: $2.331.

Peter Zeihan newsletter.

Thursday, May 25, 2023: 43 for the month; 95 for the quarter, 350 for the year
39239, conf, CLR, Skachenko FIIU 5-31H1,
39170, conf, WPX, Pennington 16-15HCL,

Wednesday, May 24, 2023: 41 for the month; 93 for the quarter, 348 for the year
39238, conf, CLR, Skachenko FUI 4-31HSL,
38969, conf, Hess, GO-Aslakson-156-97-2734H-4,
38943, conf, Iron Oil Operating, Antelope 4-32-29H,
37848, conf, Slawson, Genesis 3-13H,

RBN Energy: North American crude oil price differentials explain and foretell market shifts.

There is no debate about it: The CME/NYMEX domestic sweet (DSW) crude oil futures prompt-month contract at Cushing, OK, is the most closely followed benchmark in U.S. energy markets. It’s the price quoted in nightly news reports and general media publications. And now, with U.S. exports of WTI deliverable on the Brent contract, domestic sweet at Cushing is arguably setting the price for crudes around the world. But the fact is, most crudes traded in physical markets across North America are not priced at the DSW-at-Cushing benchmark but instead at a differential to Cushing — higher or lower on any given day based on each crude’s unique quality, location, and supply/demand characteristics. In today’s RBN blog, we discuss how the behavior of differentials from the Cushing benchmark can go a long way to explain what is happening with crude oil production, transportation volumes, storage and, of course, exports.

There are many crudes traded across North America, each with its own density (measured in API degrees), sulfur content (measured in percentages), total acid number (TAN), and other qualities. The value of all these crudes, with names like Midland Sweet (MIDSWT), Magellan East Houston (MEH), Mars, Bakken, West Texas Light (WTL), and Western Canadian Select (WCS) are typically quoted as differentials to the price of DSW deliverable on the NYMEX Cushing contract.