WTI Surges -- No Back Story -- Simply What WTI Does -- May 5, 2023

Locator: 44564B. 

Batalla de pueble: link here.

Couldn't resist. Sorry, not sorry. For those who care.

Katie Ledecky. 9-year streak ended. Macht nichts.

Paramount. February, 2023, was bad. May, 2023, was incredibly worse.

Apple earnings. A quarter never goes by that CNBC finds significant shortcomings. Despite incredible headwinds and major shifts in production sites, AAPL soundly beats expectations.

MacBook Air: being stockpiled for release as early as June 5, 2023. Link here.

US signal intelligence.

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Back to the Bakken

Active rigs: 41.

WTI: $70.37.

Natural gas:

Peter Zeihan newsletter.

Monday, May 8, 2023: 11 for the month; 63 for the quarter, 318 for the year 
None.

Sunday, May 7, 2023: 11 for the month; 63 for the quarter, 318 for the year
31210, conf, BR, Gladstonoe 8-1-13MBH,

Saturday, May 6, 2023: 10 for the month; 62 for the quarter, 317 for the year
None. 

Friday, May 5, 2023: 10 for the month; 62 for the quarter, 317 for the year
38774, conf,  Whiting, Crane Creek Sstate 11-16-2TFH,
31258, conf, BR, Gladstone 7-1-13TFH,

RBN Energy: Canadian heavy oil prices increasingly align with other North American trading hubs.

In the past, Canadian heavy oil was all too often the sick man of the North American oil market. Plagued by a limited number of refinery outlets and numerous episodes of insufficient pipeline export capacity from Western Canada, it was often subject to far larger price discounts versus the light crude oil price benchmark of West Texas Intermediate (WTI) than was justified by quality and pipeline transportation costs alone. In the past few years, however, improved pipeline export capacity to and through the U.S. has expanded the number of refineries Canadian heavy oil can reach, and the expansion of crude oil export terminals along the Gulf Coast has resulted in greatly improved exposure for Canadian barrels to buyers in international markets. The end result has been a closer alignment of Canadian heavy oil pricing in its home base of Alberta with those in the Midwest and Gulf Coast.

The machinations of Western Canadian Select (WCS), the price benchmark for the region’s heavy oil production, remain a hot topic for the crude oil market and RBN blog readers. With more than 90% of Canada’s crude oil exports to the U.S. being heavy in nature — and typically linked to the WCS benchmark in some way — the price drivers of this closely watched price marker have affected billions of dollars in investment decisions from the production to the refining side of the business. They also generated an overt political response a few years ago in Alberta, home to the vast majority of Western Canada’s heavy oil production in the form of bitumen from the oil sands.