Tuesday, April 30, 2024

Locator: 47105B.

CNBC: quarter to date (one month?):

• loser: INTC leads the list
• winner: CVX

Market: futures slumped when wage data released this morning. 

• the employment cost index, a measure of wages for civilian workers, jumped 1.2% in the March quarter, above the 1% consensus estimate from economists polled by Dow Jones. Treasury yields jumped following the data.
• by noon, this data point will have been forgotten.
  

Surging: PayPal, Eli Lilly, 3M.

Bloomberg:

• Cocoa plunged by the most ever — slumping as much as 27% in just two days — with price swings becoming more extreme as fewer investors and companies can afford to maintain trading positions. 
• Southeast Asia’s heat wave is pushing temperatures and power demand to records, straining grids and prompting traders to bulk up on natural gas cargoes. Europe’s summer is also forecast to be hotter than usual. 
• Chevron Corp. expects a resolution to a dispute with Exxon Mobil Corp. over a Guyana oil contract in coming months that would allow its $53 billion acquisition of Hess Corp. to complete this year.

McDonald's earnings:

"Free speech" is not free.

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Back to the Bakken

WTI: $83.10. Recovers a bit in early morning trading.

Wednesday, May 1, 2024: 2 for the month; 66 for the quarter, 265 for the year
40120, conf, Slawson, Teapot Federal 6-15-14TFH,
39526, conf, Kraken, Alamo 3-34-27 3H,

Tuesday, April 30, 2024: 64 for the month; 64 for the quarter, 263 for the year
40233, conf, Empire North Dakota, Bufflehead 29-3A 1H,
40122, conf, Slawson, Teapot Federal 7-15-14TFH,
40121, conf, Slawson, Teapot Federal 1 SLH,
39525, conf, Kraken, Alamo 3-34-27 4H,
39463, conf, Hess, EN-Bakke-157-93-1522H-5, 
39347, conf, Hess, Ti-T Lalim-157-95-0214H-4, 

RBN Energy: upcoming W2W maintenance will tighten Permian oil takeaway, wreak havoc on prices. Archived.

The largest crude oil pipeline exiting the Permian Basin by volume — Wink to Webster (W2W) — is planned to be offline for maintenance for the first 10 days of June. This is inclusive of Enterprise’s Midland-to-ECHO III (ME III), which reflects the company’s 29% undivided joint interest in W2W. Although the outage has not been publicly confirmed, it’s our understanding that 1.5 MMb/d of capacity will be offline to reroute a small section of pipeline. In today’s RBN blog, we’ll examine how the planned maintenance will impact Permian Basin oil takeaway capacity and what it may mean for Midland WTI pricing.