Thursday, August 1, 2019

WTI Plunges Over 7%; Down $4.28; Trading At $54.30

Oil: worst day since 2016; WTI suffers worst day in four years (?); blamed on Trump tariff announcement.

10-year bond: lowest since 2016.

Dividends: automatic reinvesting -- making America great.

Jobs (link here):
  • prior: 206K
  • revised prior: 207K
  • forecast: 214K
  • actual: 215K
Warning: China and American tech companies (Apple, e.g.) were given warning at least a year ago Trump would raise tariffs if there was no movement toward a more level playing field. This, too, will pass. 

Kellogg: up almost 10% today; who wudda guessed?


Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, career, or relationship decisions based on what you read here or think you may have read here.

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Back to the Bakken
Active rigs:

$54.308/1/201908/01/201808/01/201708/01/201608/01/2015
Active Rigs5863603474


Five new permits, #36805 - #36809, inclusive:
  • Operator: RimRock
  • Field: Heart Butte (Dunn County)
  • Comments:
    • RimRock has permits for a 5-well "gem" pad in lot 1 / 2cion 18-148-92, Heart Butte oil field
One permit renewed:
  • Enerplus: a Wallaby permit in McKenzie County
One permit canceled:
  • Petro-Hunt: a USA permit in McKenzie County
producing wells (DUCs) reported as completed: pending
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5 comments:

  1. Clark JAugust 1, 2019 at 3:54 PM

    I really can't stand this know nothing man child we've bafflingly put in charge. I just bet half my life savings on four wells last week and he's got to go announce a massive tax hike. We need a miracle, he needs to actually listen to an economist.

    ReplyDelete
    Replies
    1. Bruce OksolAugust 1, 2019 at 4:18 PM

      This, too, will pass. This does not even begin to compare to what happened in 2007 - 2008 which has its own wiki page (Financial Crisis: 2007 - 2008); and we've all recovered from that.

      This (another increase in tariffs) was telegraphed for at least a year, that he would increase tariffs by 10% on the rest of the $350 billion in trade or whatever the numbers are. These tariffs won't go into effect until September and it's very possible China - US will announce movement and tariffs will be delayed.

      And if there is no movement in those talks, tariffs could be increased even more.

      My hunch is that by the end of the year things will look a lot better.

      But again, it has been telegraphed for at least a year he would do this if China-US talks did not go anywhere and earlier this week there was a news article that talks had stalled. That should have been a warning.

      Fed Chairman has been saying the same thing. The timing may have been a surprise but the actual news should not be a surprise.

      Delete
    2. Clark JAugust 1, 2019 at 4:59 PM

      Also, I'll eat a red MAGA hat if Trump actually pulls off a superior deal with China by the time he leaves office. I really wish an interviewer would take him to task as 1) He's either deliberately lying about how tariffs work or 2) Doesn't actually understand how tariffs work.

      Delete
    3. Bruce OksolAugust 1, 2019 at 5:05 PM

      I'll post some thoughts on today's market action later; I posted initial thoughts but have Uber-driving for the family right now.

      Delete
    4. Bruce OksolAugust 1, 2019 at 7:53 PM

      As promised, my thoughts on tariffs:

      https://themilliondollarway.blogspot.com/2019/08/i-just-cant-get-too-excited-about-all.html.

      Delete

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