Friday, July 31, 2020

No New Wells Coming Off Confidential List Today -- July 31, 2020

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

Just before the market opens:
  • DOW: up 70 points
  • NASDAQ: up 113 points
  • S&P 500: up 10 points
  • stock futures rise after Big Tech's blowout quarterly results
  • consumer spending rises for second straight month
  • gold is going higher; sliver prices are soaring; why the metal is still undervalued; 
    • gold sets fresh record heading for best month in eight years
  • Amazon's stock gets 27 price target increases from analysts, with six targets of least $4,000
  • in the news: Kodak, Nokia, Abbvie
    • Kodak short sellers are getting obliterated; by the way, was KODK a classic short squeeze; it's down 25% today; 
    • Pinterest stock surgest 25% after upbeat forecast, huge beat on user growth;
    • XOM: for the wrong reasons 
    • Fisker SUV, link here;
At the open:
  • AAPL: up 5.73%; up $22.48; trading at $407.
  • TSLA: up 1.1%; up $16; trading at $1,504;
  • AMZN: up 5.7%; $174; trading at $3,226;
  • IMUX: down 0.17%; down 3 cents; trading at $17.45;
  • QCOM: up 0.3%; up 33 cents; trading at $107.53; 
  • XLNX: down 4.1%; down $4.59; trading at $107.44
  • PFE: down 0.11%; down 4 cents; trading at $38.70; I believe today is "day of record" for dividend; went ex-div yesterday; full history here; next distribution September 1, 2020; APR: about 4%;
OPEC basket, link here: flat at $43.30.  Neither Saudi nor Russia can make it on $40-oil but one has to remember that "this $43.40" is nowhere close to the average so far this year.

ICYMI: Trump allows existing Keystone oil pipeline to boost capacity.

Back to the Bakken

Active rigs:

Active Rigs1258636135

No wells coming off the confidential list today.

RBN Energy: Gulf Coast crude export terminals have capacity to spare.
The COVID-19 pandemic has undone a number of long-standing energy-market expectations. Just a few months ago, U.S. crude oil production was hitting new heights, export volumes were rising fast, and producers, shippers, and others were worried whether there would be sufficient marine-terminal capacity in place. Now, crude production is down sharply, and while crude exports have held up during this year’s market turmoil, the old belief that exports would keep rising through the early 2020s is out the window. Where does that change in expectations leave all those crude export terminals along the Gulf Coast, many of which were recently built or expanded to help handle the flood of crude that was supposed to be heading their way? Today, we discuss highlights from RBN’s new Drill Down Report on crude-handling marine facilities along the Texas and Louisiana coast.
Since the ban on most exports of U.S. crude oil was lifted in late 2015, the volumes of mostly light, sweet crude being exported from Gulf Coast terminals has taken off: from about 600 Mb/d in 2016 to 1.1 MMb/d in 2017, 2 MMb/d in 2018 and nearly 3 MMb/d in 2019. Anticipating that exports would as much as double by mid-decade, a number of midstream companies implemented expansions at existing terminals, built entirely new terminals, and/or explored the possibility of developing offshore export terminals in the deep waters of the Gulf of Mexico where they could fully load Very Large Crude Carriers (VLCCs).

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