No Wells Coming Off Confidential List Today; WTI Up Slightly But Still Well Below $70 -- June 28, 2023

Locator: 44821B.   

US crude oil production record: not quite yet but almost guaranteed

• Reuters: record to be reached in July, 2023? 
• CNBC: back in March, 2023, Pioneer's CEO Scott Sheffield says "it" won't happen -- "ever again."
• Forbes, April 29, 2023: yup.

Recession: this is pretty funny -- posted several months ago on the blog (actually, more than once), the next US recession pushed out to ... 2026 -- three years from now ...

• Yahoo!Finance: link here.

Low unemployment: apparently one can have high employment even with a recession. I read that somewhere

Economic data: to be released tomorrow, Thursday --

• first quarter GDP, third estimate (+1.4% annualized rate expected, +1.3% previously
• first quarter personal consumption, third estimate (3.8% expected, 3.8% prior); 
• initial jobless claims, week ended June 24 (265,000 expected, 264,000 previously); 
• continuing jobless claims, week ended June 17 (1.78 million expected, 1.76 million previously); 
• pending home sales month-over-month, May (-0.5% expected, 0.0% previously)

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Back to the Bakken

WTI: $68.02.

Thursday, June 29, 2023: 38 for the month; 146 for the quarter, 401 for the year
None.

Wednesday, June 28, 2023: 38 for the month; 146 for the quarter, 401 for the year
None.

RBN Energy: midstream giants prepare for more NGLs bound for export docks, part 2. 

Natural gas and NGL production growth in the Marcellus/Utica slowed and then leveled off in the early 2020s, largely due to gas-pipeline takeaway constraints. Still, the Northeast remains a key supplier of natural gas and NGL “purity products,” and Energy Transfer’s NGL pipelines and Philadelphia-area marine terminal continue to play critical roles in balancing the region’s ethane and LPG markets.

In today’s RBN blog, we continue our series on the U.S.’s robust-and-growing networks of NGL pipelines, fractionators and export terminals, this time with a look at Energy Transfer’s Mariner West and Mariner East pipeline systems and the company’s Marcus Hook terminal.