Locator: 48589B.
Reminder: this is not an investment site.
Buffett: Buffett to remain Chairman after stepping down as CEO / president of the company. And the change is not effective until January 1, 2026, about a year from now.
Employment: from Liz Ann Sonders today, among many graphs she posted on x today -- link here. This really surprised me -- prime-age labor force participation rate in April at 84% -- but pay attention to the y axis -- it's a very, very narrow range. Having said that, compare to the non-Covid years after 2022 withthe pre-Covid years in the 20-teens. Truly amazing. And they say we're in a recession. Certainly doesn't feel like one.
And more. I'm not sure what to make of this graphic. Link here.
The graphic below is "normalized" as of the end of 2019, so "normalization" begins in 2020, the very year Covid-19 lock down began. Certainly the Biden surge must have had a lot to do with this. The answer to the real question is whether the "native-born" population (or the US economy) could have kept up without the southern surge? That answer we will never know, but there are really only two possibilities: a) yes, but the wage inflation would have been huge, perhaps not sustainable; or, b) no, and the US economy would have suffered greatly. In both cases, the Biden surge may have been the preferable route had it been handled better.
********************************
Back to the Bakken
WTI: $57.66.
New wells:
Tuesday, May 6, 2025: 20 for the month, 120 for the quarter, 312 for the year,
- 40721, conf, Petro-Hunt, USA 153-95-5D-31-5H,
- 40720, conf, Petro-Hunt, USA 153-95-5A-31-3H,
- 40523, conf, Zavana, Collie 13-25-5H XE,
- 39818, conf, Hess, RS-Nelson Farms-LE-156-91-1819-1,
- 22663, conf, Enerplus, Morgan 149-93-29B-32H,
Monday, May 5, 2025: 15 for the month, 115 for the quarter, 307 for the year,
- 40492, conf, Oasis, Lee N 5201 21-5 3B,
Sunday, May 4, 2025: 14 for the month, 114 for the quarter, 306 for the year,
- 41146, conf, BR, Devils Backbone 5C,
- 41065, conf, BR, Tilton 2C,
- 40719, conf, Petro-Hunt, USA 153-95-5A-31-3H,
- 40712, conf, Silver Hill Energy, Tank E 156-98-1-12-3MBH,
- 41066, conf, BR, Tilton 2D,
- 40718, conf, Petro-Hunt, USA 153-95-5A-31-2H,
- 39817, conf, Hess, RS-Flickertail-156-91-1720H-7,
RBN Energy: US propane pricing reflects seasonality, contract provisions, transport costs.
The U.S. propane market may appear seamless at times, but a lot is happening just below the surface to determine consumer pricing. Key factors include the high seasonality of demand, supply contracts that must account for the seasonality of product delivery and the price, and the cost of transportation from terminals to bulk plants to end users. In today’s RBN blog, we will review the final delivery steps, the impact of transportation costs, and how contracts are priced.
