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CPI: core year/year inflation slightly higher than expected.
Energy: it looks like it's going to be a huge day for oil and gas.
Dow: might actually open slightly higher; slightly in the green;
NASDAQ: down 300 points at the open?
WTI: up 3%; trading at $101.10.
Locator: 50790BETH.
Nvidia: will generate more than $400 billion free cash flow across calendar 2026 and 2027, more than Apple, META, Amazon, and Google combined. Let that sink in.
TSM: reportedly accelerating its 3nm ramp this year -- looking to increase capacity by 40% y/y and 20% higher than original expectations.
Amazon: from the company -- it's going to cost a lot more to build, and the faster we grow/build, the faster the increase in CAPEX -- it typically takes 6 to 24 months to monetize what we're doing.
Locator: 50789B.
CPI: numbers not unexpected but generally a bit higher than expected. If that makes sense.
Tech: Mag 7 -- the decline in raw numbers will get the attention of a lot of folks but the change in percentage numbers, and particularly looking at year numbers -- not alarming. Most surprising: AAPL.
WTI: reflects Trump's comments on the ceasefire.
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Back to the Bakken
WTI: $101.40.
New wells being reported:
RBN Energy: changing dynamics have the northeast gas market poised for a reawakening. Link here. Archived.
After being in virtual limbo the past couple of years, the U.S. Northeast gas market is reawakening. New pipeline development is, well, no longer a pipe dream. Pipeline projects to expand connectivity between Appalachia and demand centers are moving forward for the first time in years, including into the previously off-limits New York/New Jersey and New England market areas. Regional flow dynamics are poised to shift as expansions debottleneck production and pathways out of the Appalachia producing region, deepening seasonal patterns. At the same time, structural changes, such as coal retirements and data centers, are driving baseload demand growth in parts of the region. Today’s RBN blog begins a series evaluating the impacts of these changing fundamentals on the Northeast gas market outlook.
While all eyes in the gas market have been on the dramatic changes happening along the Gulf Coast, the Northeast has been quietly evolving in ways that will not only shift flow patterns within the region but also affect flows to the Gulf Coast. (For more on the Gulf Coast, see RBN’s Arrow Model, a proprietary analytic model that tracks and forecasts shifting gas pipeline flows in Texas and Louisiana.) Before looking ahead to the inflection points on the horizon, it’s worth considering how the Northeast got here, which is the focus of today’s blog.
We start with some definitions. The Northeast gas market comprises 14 states (green-shaded areas in Figure 1): Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and West Virginia. These states are further broken up into the demand-driven New England and Mid-Atlantic market areas, including the New York and New Jersey metros, and the Appalachia producing region, with the Marcellus/Utica shale plays situated primarily within Pennsylvania, Ohio and West Virginia. We further delineate production in Pennsylvania by northeastern counties (blue area in the inset), which yield more dry gas supply, and western and southern counties (yellow area), which yield more liquids-rich gas.
Figure 1. Northeast Gas Market Region. Source: RBN