Just Getting Started -- Thursday, January 4, 2024

Locator: 46452B.

Stories on the docket for later today, tomorrow:

• iPad: the best tablet out there; link here.
  
• recession last year? 
• Auto industry marks best year (2023) since 2019; 
• how could so many be so wrong! Pending.
  
• Ford to re-price the F-150: pending.
  
• Chevy Corvette: pending.
  
• Xerox: to cut workforce: pending.
• Walgreen's: beats earnings estimate -- what recession in 2023? Pending.
• huge European supermarket will drop many PepsiCo products; 
• fighting "outrageous" price increases;
  
• US payrolls jump; exceed estimate; what stagflation? Pending.
  
• embiggen and cromulent: pending.
• Biden to choose new VP running mate: tea leaves: pending.
• Rivian downgraded: pending.
• online spending: hits new record. What recession? What stagflation? Pending.
  
• road to Germany; folks are misreading the energy story. Link here. And, here.
  
• blow to Intel: link here and more pending.
  
• links to BRK-B to start the new year: pending.
• one guy I won't watch: pending.
• chips for 2023: pending.
• Equinor, BP say "no" to wind project: pending.
• Permian well performance: pending.
• API numbers: pending.
• EIA weekly petroleum report: see below.
  

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Weekly EIA Petroleum Report

Link here.

• US crude oil in storage: down a whopping 5.5 million bbls; 
• WTI plunges after report; 
• US crude oil inventories now 2% below the five-year average;
• crude oil imports increased; 7% greater than four-week average last year
• refiners: 93.5%
• glut of gasoline in storage
• distillate fuel increased by a whopping 10.1 million bbls and are now only 6% below the five-year average; huge turnaround; what does it mean?
• jet fuel product supplied was up 2.1% compared to same four-week period last year

API data, from yesterday:

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Back to the Bakken

WTI: $72.32.

Monday, January 8, 2024: 6 for the month; 6 for the quarter, 6 for the year
39929, conf, Neptune Operating, Jacobson 17-8-5 3H,

Sunday, January 7, 2024: 5 for the month; 5 for the quarter, 5 for the year
39930, conf, Neptune Operating, Jacobson 17-8-5 2H,

Saturday, January 6, 2024: 4 for the month; 4 for the quarter, 4 for the year
39025, conf, Hess, GO-Golden Valley-157-96-283H-2,
39024, conf, Hess, GO-Golden Valley-157-96-2833H-3,

Friday, January 5, 2024: 2 for the month; 2 for the quarter, 2 for the year
None.

Thursday, January 4, 2024: 2 for the month; 2 for the quarter, 2 for the year
None.

RBN Energy: Michigan gives Line 5A a nudge, but pipeline still ensnared by controversy.

After a roughly three-year wait for a critical state permit, Enbridge’s Great Lakes Tunnel and Pipe Replacement project for its Line 5 pipeline across the Straits of Mackinac in Michigan has taken a step forward. The Army Corps of Engineers’ permits for the tunnel project would seem to be the only major obstacle standing in the way of construction, but there may well be more challenges ahead. Like a few other oil and gas projects — namely, Mountain Valley Pipeline (MVP) and Dakota Access Pipeline (DAPL) — Line 5 has become entangled in controversy, including local opposition worried that a spill would irreparably damage their surroundings and spoil the state’s natural resources. In today’s RBN blog, we take a closer look at the Line 5 project, its next steps, and the opposition it continues to encounter.

Ticker ENB: Enbridge has had a great one-month run and pays 7.38%. Whoo-hoo!