Monday -- May 22, 2023

Locator: 44716B. 

Debt ceiling: some argue that a bill can't be passed and signed by June 1, 2023. 

The Google Doodle: link here.

NBA: can't wait to hear Steven A. talk about the playoffs over the weekend.

UNP: declared dividend. Unchanged.

Ticker in the news: CRH.

CVX: to buy PDC Energy. $6.3 billion. 

Lithium, brine: link here. Mississippi Lime tracked here.

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Back to the Bakken

Active rigs: 35.

WTI: $71.90.

Natural gas: $2.518.

Peter Zeihan newsletter.

Tuesday, May 23, 2023: 37 for the month; 89 for the quarter, 344 for the year
37850, conf, Slawson, Genekat Federal 6-13-12TFH,
37849, conf, Slawson, Loon Federal 3-24-35H,

Monday, May 22, 2023: 35 for the month; 87 for the quarter, 342 for the year
38854, conf, Whiting, Littlefield 11-21HU,
37851, conf, Slawson, Loon Federal 6-24-25TFH,

Sunday, May 21, 2023: 33 for the month; 85 for the quarter, 340 for the year
38970, conf, Hess, GO-Aslakson-156-97-2734H-3,
37852, conf, Slawson, Loon Federal 7-24-25TFH,

Saturday, May 20, 2023: 31 for the month; 83 for the quarter, 338 for the year
39287, conf, CLR, Smouse 9-28H,

RBN Energy: clash over force majeure in the natural gas industry's master sale and purchase agreement.

The NAESB Contract is a familiar element in the day-to-day dealings between natural gas buyers and sellers in the U.S. — a standard form that serves as a useful draft for short- and long-term gas supply agreements — just fill in its blanks and use it, or adjust it until you have a deal. Winter Storm Uri, the devastating deep-freeze event that brought much of Texas to an icy standstill and a deadly blackout in February 2021, raised all kinds of questions about how to interpret the contract’s boilerplate force majeure provisions. As part of the aftermath, some electric industry participants (primarily in other states, not Texas) are pushing at NAESB for changes to the force majeure provisions with the aim of clarifying things and maybe reducing their use to forgive a failure for gas to show up. But nothing is uncomplicated in the world of contracts and force majeure, as we discuss in today’s RBN blog.