Locator: 49665B.
First Take: this is the first time I've seen Shae Cornett moderating "First Take." My first take: Shae is not Molly. Shae is two years younger than Molly but looks significantly older. Shae is much less a moderator and much more an equal member of the panel. It's going to take awhile for viewers to forget Molly, accept Shae. It will be interesting to see ratings / daily viewers last year (2024) versus next year (2026).
Coal is dead; long live coal: the other day, there was a headline story that India had no plans to add any more coal to their energy portfolio after 2035. Today: it is being reported that India added 7.2GW of coal power to bolster energy security. Link here.
Nvidia: anyone asking the question whether China "wants" the Nvidia blades is ... in one word ... nuts.
Investing: I have really, really strict rules about investing, but having said that, it's really, really difficult not initiating a position in Boeing. That may be the only hole in my portfolio. Along with JPM. See disclaimer for this blog.
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Back to the Bakken
WTI: $58.31.
New wells reporting:
- Wednesday, December 10, 2025: 20 for the month, 143 for the quarter, 727 for the year,
- 41325, conf, Hess, EN-Rice-155-94-1102H-7,
- Tuesday, December 9, 2025: 19 for the month, 142 for the quarter, 726 for the year,
- 28514, conf, CLR, Berlain 5-30H,
RBN Energy: more Permian barrels headed to Corpus Christi, Nederland, as pipelines thrive. Link here. Archived.
Houston and Corpus Christi have been locked in a battle for the top spot as the primary outlet for Permian crude. Lately, the pendulum has been swinging toward Corpus — and not by accident — as most major new or expanded Permian pipelines in recent years have pointed straight there. In today’s RBN blog, we’ll discuss the significant shifts that have reshaped the market along the South Texas coast, sending crude to Corpus and Nederland, and preview our latest Drill Down Report.
First, let’s offer up some background. There’s been fierce competition between Houston and Corpus Christi for Permian barrels for some time; Corpus took a tiny lead earlier this year and the two destinations — which together handle about 75% of Permian output — are in a dead heat. Through June, roughly 2.45 MMb/d of Permian crude had flowed to Corpus in 2025, just ahead of the 2.44 MMb/d headed to Houston, according to RBN’s Crude Oil Permian report, with about 860 Mb/d destined for Nederland. And the pipelines feeding Corpus — Cactus I, Cactus II, Gray Oak and EPIC Crude — have in total been cranking above 90% utilization almost every month since late 2022.
All of this is helping to lock in Corpus Christi as one of the Gulf Coast’s leading export hubs. It supports 857 Mb/d of refining capacity — Valero (370 Mb/d), Flint Hills (320 Mb/d) and CITGO (167 Mb/d) — but Corpus’s key strength is its export capabilities. According to our Crude Voyager report, 2.25 MMb/d has been exported from Corpus Christi so far this year, with the majority of that coming from the Permian Basin. Enbridge Ingleside Energy Center (EIEC) and South Texas Gateway (STG) are the region’s top two crude export terminals by volume, and each can partially load Very Large Crude Carriers (VLCCs). EIEC has exported 1.09 MMb/d as of the end of November and STG has exported about 661 Mb/d in the same time period.
Four pipelines constructed over the last 10 years have been a major catalyst for getting rising Permian oil to Corpus Christi. Cactus I (light-green line in Figure 1 below) was an early mover. The original Cactus Pipeline, a 310-mile, 20-inch-diameter line from McCamey to Gardendale, began operations in 2015 to move Permian and Eagle Ford crude. Capacity grew from 250 Mb/d in 2015 to 390 Mb/d today via additional pumps and other upgrades. It is owned and operated by Plains All American.
