The Energy Information Administration said on Thursday that commercial crude oil inventories fell by 14.5 million barrels. Analysts had expected a build in inventories by 0.225 million barrels. The drop was the largest dating back to 1999.
"This was primarily due to Hurricane Hermine which prevented ships docking in the Gulf of Mexico. As such we think that last week's plunge in imports and stocks is likely to be a one-off. In fact, stocks will probably rebound sharply this week as those tankers which were prevented from unloading last week unload."
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Where the Deer and the Antelope Play
Where the Deer and the Antelope Play
Updates
Later, 10:31 p.m. Central Time: Keystoned! Link here.
Original Post
North Dakota National Guard activated. Does the governor know something we don't know? By the way, speaking of the Dakota, has anyone noted that no bones (animal or human remains) have been found where the Standing Rock protesters say the pipeline is going through a sacred burial ground? It turns out there's an explanation, as reported on CBS Evening News the other night (a reader provided the update; I never, ever watch CBS Evening News):
Native Americans consider all land in any watershed "sacred." Before the white man decimated the huge herds of American Bison bison bison, Native Americans, I am not making this up, used the hills and buttes along any creek or river to search for game (where the deer and the antelope play) and to hold religious services, sort of like our mega-churches in Texas. Apparently, like the "three-mile international water rule, " Native Americans claim a three-mile riparian zone on either side of all waterways from the Little Muddy to the Mississippi Delta.The US Corps of Army Engineers might question that claim. But it's tough to take on a sovereign nation.
Meanwhile, President Obama has decided not to enter this fight. Apparently not standing by his base.
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Early Frost In The Bakken?
Early Frost In The Bakken?
Early frost? I don't know if this is early or not, but when growing up in Williston, the first significant frost did not occur until Halloween, on/about October 31. When one had on a flimsy pirate costume, one remembers those freezing nights. But apparently, frost / freeze is forecast next Tuesday morning, September 13, by the local meteorologists. If there is a freeze that early this year, it may be due to the precipitous drop in atmospheric CO2 this summer.
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Here We Go Again
North Korea and nukes.
ISIS.
Venezuela.
The Mideast.
Apple and Ireland.
And now, here we go again: pressure back on Greece.
Greece is struggling to deliver on fresh reforms that are needed to unlock a further 2.8 billion euros ($3 billion) in bailout loans and more crucially, launch negotiations on debt relief later in the year.
Athens has committed to deliver on the refroms by the end of the month. They include the long delayed launch of a massive privatisation fund and reforms in the highly sensitive energy sector.
The influential German Finance Minister, Wolfgang Schaeuble, said Greece still had a short period of time to get back in line on its 86 billion euro bailout programme, bitterly agreed in July 2015.
"The pressure is back on. We really need some progress. The summer is over, pack up the camping gear," Dijsselbloem, who leads the group of 19 finance ministers from the eurozone, told reporters in Bratislava.Man, I'm glad I don't watch CNBC. Greece will obviously be front and center for the next six months. And so it goes.
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Hands Off
SpaceX takes the lead in investigating its own explosion.Hands Off
The FAA has a single vote with SpaceX having all remaining votes.
The structure and operation of the investigative group, according to the officials, reflect strict legislative restrictions on the role of federal agencies in accidents involving purely commercial space ventures.
Congress approved legislation last year reiterating that the FAA, which licenses all space launches, should take a largely hands-off approach when it comes to regulating the burgeoning commercial space industry, particularly fledgling space-tourism ventures. Lawmakers mandated the agency to focus primarily on protecting people and property on the ground, rather than ensuring the safety of passengers or crews during flights.
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Active rigs:
| 9/9/2016 | 09/09/2015 | 09/09/2014 | 09/09/2013 | 09/09/2012 | |
|---|---|---|---|---|---|
| Active Rigs | 37 | 73 | 198 | 185 | 191 |
RBN Energy: oil-weighted E&Ps have put the brakes on CAPEX cuts, but location matters.
The group of 21 liquids-focused exploration and production companies we have been tracking plans to cut capital expenditures by half in 2016, after a 42% decline in 2015. However, capex for this “oil-weighted” E&P peer group is apparently bottoming out—their mid-year guidance was only 2% lower than their original 2016 estimates. Even with deep cuts in capital spending, the group expects production to fall only 7% in 2016, and those estimates have been revised higher from the initial 2016 guidance. Also worth noting: Pure Permian Basin players, the most optimistic companies in the peer group, are cutting capital spending by only 19% and are expecting a 12% gain in production. And with Apache Corp.’s announcement earlier this week of a huge discovery in the Permian’s Southern Delaware Basin, the market is definitely making a turn. Today we discuss 2016 capex and production for a representative group of E&P companies whose proved reserves are more than 60% liquids.
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Aleppo, Per The New York Times
New York Times, first story: Aleppo is the self-proclaimed ISIS capital. Wrong.
New York Times, second story: Aleppo is the capital of Syria. Also wrong.
New York Times, third story: Libertarian candidate, Gary Johnson, said he did not know "what" Aleppo was. I'm not sure if The New York Times ever did say "what" Aleppo" was. As every school child know, Aleppo is a famous dog food brand.
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Whiting Lays Off 100 Employees In Texas
Link here.
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The Market
Mid-day: the market is down 235 points. Once the computer algorithms kick in, it is free-fall until circuit breakers applied. This all started, they say, because it looks like the Fed might raise rates a quarter of a percent in September. NYSE:
- new highs: 17
- new lows: 13
- new highs: 8
- new lows: 5
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