Wednesday, April 10, 2024

CPI "Hotter" Than Expected; Several Wells Coming Off Confidential List These Next Two Days -- April 10, 2024

Locator: 46967B.

Weekly EIA petroleum report: pending.

March CPI: pending. Estimates:

  • the consumer price index will be released Wednesday morning and is expected to register increases of 0.3% both for the all-items measure as well as core.
  • on a year-over-year basis that would put respective inflation rates at 3.4% and 3.7%.
  • markets have grown nervous about the state of inflation and how it will affect Fed policy.

March CPI, actual

  • up 0.4%
  • same as previous number
  • Dow slumps over 300 points
  • NASDAQ drops over 200 points

Delta: link here. Up over 4% in pre-market trading. Over past two days will have gained over 5%.

Mortgage refinance demand: surges

Tech:

  • TSM up almost 2% yesterday; looking to add another !% today
  • Cramer, contrarian: says to avoid INTC

US equity markets before March CPI numbers came out:

Personal investing, will add to positions in:

  • ORCL -- by rule, 
  • MU -- by rule and great buying opportunity
  • ENB, and CVX -- short-term plays
  • no recommendations
  • see disclaimers

Comic strips, funny pages: Sheila Jackson Lee, speech on space, eclipse. NY Post

The former top Democrat on the House Science Committee’s space subcommittee badly botched elementary lunar facts while speaking during the gathering at Booker T. Washington High School in Houston. ["Botched" -- the reporter is being "generous."]
One of many examples:“You’ve heard the word ‘full moon.’ Sometimes you need to take the opportunity just to come out and see a full moon is that complete rounded circle, which is made up mostly of gases,” Jackson Lee, 74, told teenage pupils who gathered on a sports field ahead of the rare celestial event.

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Back to the Bakken

WTI: $85.78. Remember when we were happy with $60-WTi and said that $60-WTI was the sweet spot? Apparently, $85-WTI is the new $60-WTI.

Thursday, April 11, 2024: 21 for the month; 21 for the quarter, 220 for the year
40232, conf, Empire ND, Wigeon 29-1 1H,
40135, conf, CLR, Veigel 2-9H,
38010, conf, BR, CCU Plymouth 31-29TFH,
36084, conf, Hess, BB-Federal A-LS-151-95-1615H9, 

Wednesday, April 10, 2024: 17 for the month; 17 for the quarter, 216 for the year
38011, conf, BR, CCU Plymouuth 34-29MBH,
37484, conf, SOGC, Saetz Federal 5-36H,
35076, conf, Oasis, Slagle 5101 43-12 6B,
35075, conf, Oasis, Slagle 5101 43-12 5B,
20860, conf, Petro-Hunt, Hartman 144-97-5A-8-1HR,

 RBN Energy: deepwater port license in hand, Enterprises' SPOT at front of export terminal race.

In the race to build the next deepwater crude oil export terminal along the U.S. Gulf Coast, there’s a lot of competition but one project now has a clear advantage: Enterprise Product Partners’ planned Sea Port Oil Terminal (SPOT), which has made the most progress in moving through the regulatory morass and announced that it had received its deepwater port license on April 9. In today’s RBN blog, we provide an update on SPOT’s progress and look at some of its inherent advantages, including a potentially shorter time to market and extensive pipeline connectivity.

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