One Well Comes Off Confidential List Today -- Used Car Inflation -- Transitory? November 7, 2023

Locator: 45972GASOLINE. 

Gasoline prices continue to fall:

Used car pricing: so you had to wait a year ... well, la de da ...

• sedans down 16% y/y here in Texas
• crossovers: down 10% year/year in Texas
• EVs: some of the biggest price declines here in Texas

Used car pricing: "a more normalized market" -- CNBC -- national data out today

• y/y: down 4% 
• m/m: down 3%

Used car pricing, Austin, TX, link here: 

Rentals in Texas: deflation being reported, particularly in Austin.

Personal investing:

• bought: AAPL
• bought: MSFT [I bought MSFT at the open; at 12:17 p.m. it was noted that MSFT just hit an all-time high.]
  
• bought: NVDA
• will sell today: --

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Back to the Bakken

WTI: $79.36.

Wednesday, November 8, 2023: 104 for the month; 104 for the quarter, 674 for the year
38097, conf, Enerplus, Narwhal 148-94-05D-06H,
38096, conf, Enerplus, Brydes 148-93-05D-06H, Bryde's whale;

Tuesday, November 7, 2023: 102 for the month; 102 for the quarter, 672 for the year
39600, conf, CLR, Brooks 8-9H1,

RBN Energy: why western Canada's heavy oil discount has widened again. Archived.

The price discount for Western Canada’s benchmark heavy crude oil has seen yet another widening in the past few months. Increased pipeline access to the U.S. was believed to be the key to solving this problem in the long term, but more recent fundamental developments surrounding pipeline egress, refinery demand and increasing heavy oil supplies demonstrate that larger discounts can — and do — still happen. This problem could persist for several more months until a better balance is achieved in downstream markets. In today’s RBN blog, we discuss the latest drivers of the wider price discounts for Western Canada’s heavy oil. 

The twists and turns in the pricing saga of Western Canada’s heavy crude oil marker, Western Canadian Select (WCS), are seemingly endless. Used as the benchmark for heavy crude pricing, its value at the price hub of Hardisty, AB, is determined as a discount to the price of light crude oil benchmark WTI at Cushing, OK. The magnitude of that discount is a very important determinant in the price netback realized by heavy oil producers, which account for about 80% of all the crude produced in Western Canada. With that kind of weighting, the price of WCS and its discount is a very big deal.