Good, Bad, Or Indifferent -- I Have No Dog In This Fight -- I Lost Interest A Long Time Ago -- October 17, 2024

Locator: 48613PRESIDENTIALPOLITICS.

Having said that...

October 17, 2024: biggest "tells" in the past 365 days suggesting Kamala Harris was on the wrong side of history: three Ivy League presidents were ousted because of their support for the Hamas (aka, the Palestinians); "every" major US corporation distanced themselves from DEI as fast as they could; and, the degree to which the US is now supporting Israel (sending US troops to Israel).

October 17, 2024: some suggest that Kamala lost ground following the Fox interview, but there's a bigger question. Why in the world did she ever agree to do an interview with Fox? Remember, she doesn't do interview and this late in the campaign, she's not out to practice. There are only two reasons why she did the interview: internal polling showed that the race was closer than the NYTimes is making it out to be or internal polling shows she has absolutely no chance to win the race as it stands now, and it's time for her to pull out all the stops, including an interview with Fox. Making the decision to do an interview with Fox came down to this: internal polling suggested that doing the interview was her only chance.

October 17, 2024: if you look at the electoral college as it "stands" today -- unless it's very, very close in a couple of the following states, we will probably know the outcome by 8:01 p.m. CDT. Right now it hinges on these three states, and for good measure, throw in the fourth: Pennsylvania, North Carolina, Georgia, and Wisconsin.

Director's Cut, October, 2024, Data -- Posted

Locator: 48612B.

EIA weekly petroleum report: link here.

• US crude oil in storage: 5% below the five-year average -- where it's been for months.
• refiners: 87.7% -- very low, but where it's been for awhile.
• jet fuel supplied up an astounding 10.4% y/y

Gasoline demand, link here. Unremarkable.

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Back to the Bakken

Director's Cut, October, 2024, data. Link here.

Crude oil production:

• July, 2024: 1,169,499 bopd
• August, 2024: 1,179,131 bopd

Natural gas capture: 95%.

Clearing Off The Desktop -- Thursday, October 17, 2024

Locator: 48611B.

Ran out of caves in which to hide:

GDPNow: link here. Latest estimate, October 17, 2024: 3.4%. Up from 3.2 previously. Liz Ann Sonders.

NVDA: hit a 52-week high today.

TSM: has joined the $1-trillion club. Link here. 

Stacking: Apple has been doing this for quite some time. Previously reported. Link here.

Netflix: simply amazing. Expectations. Results. Will air two NFL games Christmas Day -- that's four NFL teams for fans to watch.

California: why gasoline prices are so high. PSX to exit refinery in California. Loses $600 million lawsuit.

A California jury has determined that Phillips 66 (PSX, Financial), a prominent U.S. oil and gas company, must pay up to $604.9 million to Propel Fuel Company for misusing its trade secrets to advance its renewable fuels business. The jury found that Phillips 66, headquartered in Houston, pretended to gather potential acquisition information to steal confidential data from Propel, based in Sacramento. This information was allegedly utilized to create a competing business.

The case stems from events back in 2017 when Phillips 66 approached Propel with acquisition intentions to expand its renewable fuel operations in California, a state promoting low-carbon fuel alternatives. However, Phillips 66 withdrew from the deal in 2018 and launched its renewable fuel products in 2019. Propel subsequently filed a lawsuit in 2022 against Phillips 66, accusing the company of illegally using trade secrets, including confidential negotiations that revealed financial data and business strategies.

Apple air tags, link here.

Oasis With Three New Erickson Permits, Glass Bluff -- October 17, 2024

Locator: 48610B.

ENB: hit a 52-week high today. Pays 6.5%. 

SRE: hit a 52-week high today. Pays 2.5%.

NVDA: hit a 52-week high today.

Earnings season: incredibly good and the economic numbers released today, incredible. Exhibit A: Netflix and Intuitive Surgical earnings, released after hours.

Netflix: is going to require a stand-alone post.

The fourth industrial revolution -- the AI revolution. It just doesn't seem to me that (m)any of the CNBC talking heads get it yet. Exception: Jim Cramer.

Investors: one gets the feeling that a lot of investors are not serious about making money. And I'm talking about several contributors on "Fast Money" and "Half-Time Report."

MMF: first time in months, there was a net outflow. Link here. Decreased by $6.56 billion to $6.46 trillion for the week ended October 16, 2024. 

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Back to the Bakken

WTI: $70.84.

Active rigs: 40.

Four new permits, #41253 - #41256, inclusive:

• Operators: Oasis (3); Silver Hill Energy Operating
• Fields: Glass Bluff (McKenzie); North Tioga (Burke)
• Comments:
• Silver Hill Energy has a permit for a Casey E well, NENE 11-159-94, 
• to be sited 420 FNL and 945 FEL;
• Oasis has permits for three Erickson wells, 
• to be sited between 823 FNL, 834 FNL, 823 FNL, and, 794 FEL, 763 FEL, 794 FEL.

PSX --Phillips 66 -- Shutting LA-Area Refinery After Governor Signs Bill -- Being Reported Everywhere -- Traders Love It -- October 17, 2024

Locator: 48609CALIFORNIA.

WSJ story here.