US Market: All three indices hit record closing highs yesterday. I think Nasdaq has had something like eight or nine consecutive days of record highs. I see Dow futures are up a few points today. I also see crude oil is up a bit. If oil were to go over $50 any time soon; and, if WTI clearly showed an upward trend toward the rest of the year, one can only imagine where the market might be at the end of the year. The energy sector (and right now, the healthcare sector) are dragging the market down.
[Hitting record highs and "dragging the market down" -- LOL.]
Having said that, it's hard to see how WTI can get much upward traction. But stranger things have happened.
Whoa! Nelly! Before I get to far ahead of my headlights in my inappropriate exuberance, let's take a look at a website that a reader sent me overnight. It seems I've seen this site before; can't recall. Whatever, we'll start with New Town since it sits in/near the sweet spots of the Bakken. This is the link: https://landingaday.wordpress.com/2010/02/16/new-town-north-dakota/.
DAPL update: in case you missed it, and it would have been easy to miss, be sure to go back and look at this link: https://themilliondollarway.blogspot.com/2017/07/dapl-update-july-19-2017.html. I need to provide a bit commentary on it; maybe later.
OPEC: China using less. Oh-Oh.
India refiner follow-up: previously posted; now an update.
India approved the sale of a $4.6 billion stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil and gas explorer.
The move fulfills a plan, first outlined in February, to create an Indian oil giant through consolidation and mergers, forming a company comparable with international rivals that could weather crude-price volatility.
Bringing HPCL into its fold will make Oil & Natural Gas Corp. the nation’s No. 3 refiner after Indian Oil Corp. and Reliance Industries Ltd.
The cabinet backed the plan to sell the government’s 51.1 percent holding in HPCL to ONGC; the information isn’t public. The stake is valued at about 299 billion rupees ($4.6 billion).