Deflation! Finally, Folks Hoping For The Economy To Slow -- There May Be Light At The End Of The Tunnel -- June 3, 2024

Locator: 48040B.

Deflation: for those eager to see the economy slow, great news today --

• deflation is now the new "meme" -- not "stagflation"
• crude oil plunges below $74 -- already in the DFW area, gasoline prices are slumping, whoo-hoo!

Personal investing:

• will add to my position in ING. By rule, no recommendation.
• will add to my position in CRH. By rule, no recommendation.

See disclaimers.

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Back to the Bakken

WTI: $74.63. 

Tuesday, June 4, 2024: 50 for the month; 114 for the quarter, 313 for the year

39386, conf, BR, Watchman Peak 3-8-11MBH,

Monday, June 3, 2024: 49 for the month; 113 for the quarter, 312 for the year
None.

Sunday,  June 2, 2024: 49 for the month; 113 for the quarter, 312 for the year
40186, conf, CLR, Sloan 7-8H,
39654, conf, Hess, GO-Bergstrom-156-98-2734H-2,
39385, conf, BR, Watchman Peak 4-8-11TFH,

Saturday, June 1, 2024: 46 for the month; 110 for the quarter, 309 for the year
40185, conf, CLR, Sloan 6-8H,
39384, conf, BR, Devils Backbone 1B UTFH,
39327, conf, Hunt Oil, Alexandria 161-100-22-15H 4,

RBN Energy: Nigeria turning to US crudes to feed Dangote refinery.

If you asked someone where U.S. crude oil shipments would go when the Obama administration ended the ban on most crude exports in December 2015, it’s not likely that Nigeria would have come to mind. Yet this year marked the second time since the restrictions ended that U.S. oil has been sent to the OPEC member, this time to feed its long-awaited Dangote refinery. In today’s RBN blog, we will examine this development and the prospects for more U.S. exports to the West African nation. 

Before we dive into Nigeria’s emerging appetite for U.S. crude, let’s look at how we got to where we are today. U.S. crude oil exports have climbed by leaps and bounds since 2015, only retreating at the onset of the pandemic in 2020. Exports rebounded thereafter to set fresh records in 2023 at just over 4 MMb/d. Grades from across America’s onshore shale basins and the Gulf of Mexico have set sail to more than 50 countries. For top-buyer Europe, U.S. oil has become a go-to source since Russia’s invasion of Ukraine more than two years ago. Although quality issues have flared up occasionally, catching buyers off guard, the industry has seemingly addressed them in turn, limiting adverse impacts to demand.

Why Nigeria? from previous posts on the blog:

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Locator: 46715NIGERIA.

Link here. Nigeria, the size of Texas, will double its population in 27 years,

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Locator: 44317B.

Global Population Projections

Projections: by 2100, from July 23, 2022:

• India: goes to #1
• Nigeria: goes to #2
• China: drops significantly; goes to #3