Saudi Arabia, Russia Foreign Exchange Reserves -- February 28, 2025

Locator: 48439SAUDI.

Saudi:

Link here. 

Russia: link here.

Pemex Crude Oil Exports Decrease By Nearl 50% In One Month -- February 28, 2025

Locator: 48438PEMEX.

Pemex: more bad news. Link here.

1.8 million bopd? Same ballpark as four counties in North Dakota:

Eighteen Wells Coming Off Confidential List Today -- February 28, 2025

Locator: 48437B.

"Come back when you're ready to make a deal," Trump to Z. "Make a deal or we're out."

• Zelenskyy: "there should be no 'compromises.'"
• BBC:
• Z told to leave the White House
• a planned news conference with the two presidents was abruptly canceled

US equity markets: up strongly. Rounded up at the close:

• Dow: up 600 points
• S&P 500: up 100 points
• NASDAQ: up 300 points

Other market indicators:

• numbers
• unemployment numbers came in higher than forecast, albeit, not much -- yesterday
• inflation came exactly as forecast: 2.6%
• Atlanta Fed, 1Q25: tracking to come in negative
• sentiment
• can anyone say stimulus?
• is recession back on the table?
• tariffs not yet in place
• market
• consumer tech / electronic bellwether: up 1.75% one-half hour before the close 
• most trusted US investor? Up 2.3% at  the close.
• Big US oil: up 1.1% one-half hour before the close

Pocahontas takes an arrow for the consumer: link to The Wall Street Journal.

• CNBC  reporting: "Trump administration, Musk's DOGE plan to fire nearly all CFPB staff and wind down the agency, workers say."
• wiki
• the CFPB's status as an independent agency has been subject to many challenges in court
• in June 2020, the United States Supreme Court ruled that the president can remove the director without cause but allowed the agency to remain in operation. 
• in 2024, the Supreme Court affirmed the constitutionality of the CFPB funding mechanism prescribed by Congress -- reaffirmed constitutionality of the funding mechanism ... but that was all ...
• Donald Trump, at the outset of his second presidential term, appointed an acting director who immediately ordered the Bureau to stop regulatory activity.

Saving government money:

• low-hanging fruit:
• entire agencies (or as much of an agency as possible) instead of piecemeal
• for example, USAID: 
• statute law places USAID under "the direct authority and policy guidance of the Secretary of State."
• salami cuts at large departments (e.g., DOD, 8% across the board)

Long overdue:

BRK-B: hits another 52-week high today.

Pemex: more bad news. Link here.

Skype: another Microsoft product gone.

Illegal immigration: comes to a stop.

Inflation: Goldilocks numbers.

******************************
Back to the Bakken

WTI: $69.45.

New wells:

• Sunday, March 2, 2025: 8 for the month, 124 for the quarter, 124 for the year,
• 40355, conf, Grayson Mill, Alfred South 20-22 3H,
• 39833, conf, Hess, EN-Meiers-154-93-1324H-8,
• 39832, conf, Hess, EN-Meiers-154-93-1324H-6,
• 30433, conf, BR, Manchester 2C,
• Saturday, March 1, 2025: 4 for the month, 120 for the quarter, 120 for the year,
• 40566, conf, BR, Burned Edge 2A-ULW,
• 40498, conf, Hess, EN-Weyrach A-LW-154-93-1720H-1
• 39976, conf, BR, Manchester 2B,
• 39954, conf, Hess, EN-Wefald-156-94-2413H-5,
• Friday, February 28, 2025: 71 for the month, 116 for the quarter, 116 for the year,
• 40997, conf, Murex, MK-Grace Sophia 6-7H TF,
• 40996, conf, Murex, MK-Mila Kate 6-7H MB,
• 40952, conf, Empire North Dakota, Woodpecker 29-2H,
• 40914, conf, BR, Phantom Ship 7A, 
• 40877, conf, Oasis, Barnes Federal 5202 43-11 5B,
• 40567, conf, BR, Burned Edge 1A-ULW,
• 40444, conf, Grayson Mill, Alfred South 20-22 2H,
• 40436, conf, Enerplus, Prowess 150-94-06B-18H,
• 40435, conf, Enerplus, Gallant 150-94-06A-18H,
• 40434, conf, Enerplus, Purpose 150-94-06A-18H,
• 40432, conf, Enerplus, Fearless 150-94-06A-18H-LL,
• 40368, conf, Enerplus, LK Erickson 147-97-11-2-7H,
• 40367, conf, Enerplus, LK Erickson 147-97-11-2-6H,
• 39975, conf, BR, Manchester 2A,
• 39831, conf, Hess, EN-Meiers-154-93-1324H-6,
• 25864, conf, Grayson Mill, Holm 150-98-5-8-3H
• 25863, conf, Grayson Mill, Holm 150-98-5-8-10H,
• 25862, conf, Grayson Mill, Holm 150-98-5-8-2H,

RBN Energy: logistical challenges, price tag complicate Trump's goal of refilling SPR. 

Strategic Petroleum Reserve (SPR) inventories have been climbing for more than a year, but they could go much higher if President Trump has his way, as one of his major campaign promises was to refill the SPR “to the very top,” a goal he has repeated since his return to the Oval Office. Current inventories sit just below 400 MMbbl, leaving the SPR about 320 MMbbl shy of maximum capacity. But the refilling process may not be as straightforward as one might think, as three of the four SPR storage sites have experienced construction upgrades in the last year — which means things could go slower than anticipated. In today’s RBN blog, we’ll discuss the challenges of filling up the SPR and detail four scenarios for how the process might play out.