Gasoline prices: Resident Biden seems to be in panic mode. He is correct: the end of driving season should see a drop in the price of gasoline. Hasn't happened. More than a quarter of US gulf crude still offline since Hurricane Ida -- some weeks ago -- too bad there isn't a huge crude oil pipeline from Canada to Texas. One would think a huge crude oil pipeline from oil-rich Canada to the US gulf coast would be a no-brainer. Speaking of no brains ...
FANG: Diamondback announced a $2 billion share buyback.
GM: announces new production cuts related to global semiconductor shortages. Again, just shows how well Apple has navigated the global semiconductor chip shortage.
Money market fund monitor, link here:
- monthly updated, end of the month
- most recent month: July
- as of July 31, 2021, total in money market funds equals that of September 30, 2020.
Retail sales: surprise, surprise, surprise -- retail sales up 0.7% vs a 0.8% decline. Amazing. Hand-wringing, hand-wringing, hand-wringing.
HP rigs, link here:
- HP enters strategic collaboration with Abu Dhabi National Oil Company
- Abu Dhabi will purchase eight huge HP rigs: $90 million
- following that purchase, HP will make a $100-million cornerstone investment in Abu Dhabi NOC Drilling, a subsidiary of ADNOC
- ADNOC Drilling: IPO on the Abu Dhabi Securities Exchange
- HP will joing Baker Hughes Company as a major shareholder in the new publicly traded company
- lots of moving parts: bottom line -- HP and Baker Hughes partner with Abu Dhabi
Back to the Bakken
Active rigs, from the daily activity report:
Six new permits, #38565 - #38570, inclusive:
- Operator: Hunt Oil
- Field: Lake Ilo (Dunn County)
- Hunt Oil has permits for three more Halliday wells and three Quill wells, all in SWSE 10-145-93;
- the wells will be sited 385 FSL and between 1760 FEL and 1910 FEL
Ten permits renewed:
- QEP: ten MHA permits in Mountrail County
- all in SENE section 28-150-92
Five permits canceled:
- Hess (3): three EN-Davenport permits canceled; Mountrail County
- Resource Energy Can-Am: a Ranger permit in Divide County
- Nine Point Energy: a Nordtug permit in Williams County