Everything Seems To Be In A Holding Pattern -- April 16, 2024

Locator: 47012B. 

Later: JPow has put doubts in any further cuts this year in statements made today. Analysts will interpret his statements many, many wasy; for me, it's very clear -- no more cuts this year. An increase? Always possible.

Original Post 

EU: don't let the European Central Bank's managing director Christine Legarde about lowering their union's lending rate fool you. 

ECB recognizes that the EU economy is in recession territory and needs a boost; completely different situation in the US.

EVs: everything suggests this could be the watershed year for EVs.  

US economy: continues to surprise on the upside.

Personal investing, adding to my positions in the following today (already have):

• TSM, by rule
  
• MU, by rule
  
• ENB
• no recommendation; see disclaimers
  

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Back to the Bakken

WTI: $85.14.

Wednesday, April 17, 2024: 37 for the month; 37 for the quarter, 236 for the year 
40140, conf, CLR, Veigel 7-9H1,
39466, conf, Hess, EN-Erickson-157-93-1003H-3,

Tuesday, April 16, 2024: 35 for the month; 35 for the quarter, 234 for the year
40139, conf, CLR, Veigel 6-9H,
40073, conf, Neptune Operating, Britt 4-9 6H,
39548, conf, Petro-Hunt, Terres 144-98-13B-24-1H,
39070, conf, Whiting, Safely Federal 32-7-3H,
37516, conf, BR, Mazama 4A UTFH,

RBN Energy: new JV's focus is moving Permian natural gas to LNG export terminals. Archived here.

The U.S. may be in a monthslong pause in approving new LNG exports but that doesn’t change the fact that U.S. LNG export capacity will nearly double over the next four years, that most of the new liquefaction plants are being built along the Texas coast, and that their primary source of natural gas will be the Permian Basin. That helps to explain why three big midstream players — WhiteWater/I Squared, MPLX and Enbridge — recently formed a joint venture (JV) to develop, build, own and operate gas pipeline and storage assets that link the Permian to existing and planned LNG export terminals. In today’s RBN blog, we examine the new JV and discuss the ongoing development of midstream networks for crude oil, natural gas and NGLs. 

The Biden administration’s announcement in late January that the Department of Energy (DOE) would be taking ”a temporary pause” on pending decisions on exports of LNG to non-Free Trade Agreement (FTA) countries cast a dark cloud over what has become a blockbuster business — namely, liquefying many billions of cubic feet of natural gas every day and shipping that LNG to Europe, Asia and other global markets. But while the pause is likely to set back a few LNG export projects and may derail others, a number of projects that already have their needed approvals from the DOE (and the Federal Energy Regulatory Commission, or FERC) in hand are advancing toward commissioning and full operation over the next one to four years. Together, they are expected to increase U.S. LNG export capacity to about 25 Bcf/d from the current 14 Bcf/d.