Three Wells Coming Off Confidential List Today; Big Day On The Market; Oil Continues To Struggle -- January 31, 2024

Locator: 46692B.

Personal investing:

• bought WMT today

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

Reminder: I am inappropriately exuberant about the US economy and the US market.

Market: four big stories today --

• Boeing: shares --- down 50% over five years
  
• GM: "we make money not selling EVs."
• public-traded companies have a fiduciary responsibility
• California: 2030
  
• AMD: sounds like a few CNBC contributors missed AMD over the years.
  
• TSLA: what would happen if Elon Musk just walked away
• the plaintiff owned all of nine shares of Tesla
• lawyers took case on contingency basiss
  

Just noting: imagine if the x-axis was expanded by 10-point increments.

Hess: earnings reported yesterday. Historically this is the quarter Hess announces an increase in the dividend.

Saudi: pausing on production increase.

Red Sea: even Russia avoiding the Red Sea

Hezbollah: 100% of Americans killed in most recent attack were all African-American; one-third female; Hezbollah says it will suspends attacks on Americans; Biden says he's made decision on response. SecDef back at work; has something to prove? Get out the popcorn. [Later: it sounds like Biden's response will not be a military response that will satisfy many on Capitol Hill: instead he's sending SecState back to the Mideast who says the Mideast is as tense as ever. This makes it unlikely the US will make a demonstrative strike and this event -- the loss of three African-American soldiers -- will be over. ]

Has it come down to this:

• AI: META vs MSFT
• Cloud / enterprise: AMZN vs MSFT
• Spatial computing: AAPL

 *****************************
Back to the Bakken

WTI: $77.02.

Friday, February 2, 2024: 1 for the month; 60 for the quarter, 60 for the year
None.

Thursday, February 1, 2024: 1 for the month; 60 for the quarter, 60 for the year
39537, conf, Hess, EN-Enger-156-94-1423H-8,

Wednesday, January 31, 2024: 59 for the month; 59 for the quarter, 59 for the year
39728, conf, WPX, Bull Moose 28-27HEL,
39112, conf,  Hess, EN-Hegland-155-94-0508H-5,
38991, conf, Whiting, Bigfoot 42-26-2TFHU,

RBN Energy: is the G-7's price cap on Russian crude oil exports having its intended effect?

When the Group of Seven (G-7) countries placed a $60/bbl cap on the price of Russian crude oil in December 2022 — one of many responses to Russia’s February 2022 invasion of Ukraine — there were two primary goals. The first was to keep Russian barrels flowing to the market to help keep global prices in check, and the second was to slash the profitability of Russian oil exports and thereby reduce its ability to wage war against Ukraine. In today’s RBN blog, we look at how effective the sanctions have been and how Russia has tried to work around the price cap. 

As we discussed last winter, the U.S. was among the first to respond to Russia’s invasion of Ukraine with sanctions, announcing just days after the war began that it would prohibit imports of Russian oil and certain refined products (along with LNG and coal) and ban U.S. investment in Russia’s energy sector. Similar measures were soon adopted by Australia, Canada, Japan and the U.K., and Russian banks were banned from the SWIFT system, which enables financial transactions and plays a crucial role in the global oil trade. In addition, integrated oil companies such as BP, Equinor and Shell announced their intention to exit upstream oil and gas projects in Russia. The U.S. and the U.K. also rolled out foreign investment restrictions on several Russian companies and key figures in Russia’s energy industry were targeted for individual sanctions.

On the oil side, the European Union’s (EU) partial embargo against Russian imports went into effect on December 5, 2022. It prohibits the purchase, import or transfer of seaborne Russian crude unless it is purchased at or below a price cap established by the EU and the G-7 members — Canada, France, Germany, Italy, Japan, the U.K., and the U.S. The price cap was set at $60/bbl, a target intended to be high enough to incentivize Russian production but low enough to hurt financially.