Tuesday, November 22, 2016

Saudi Needs $74-Oil To Balance Its Current Reserves -- November 21, 2016

Note: this post was originally posted at 8:20 a.m. November 21, 2016. For some reason it was not showing up int the blog, so it is being re-posted.


Katie Ledecki smashes two more records.
Back to the Bakken

Active rigs:

Active Rigs3965191184181

RBN Energy: China's teapot refiners making ripples overseas.

Saudi Arabia: until it sees $74 oil, the kingdom is going to spend upwards of $5 billion/month out of its cash reserves to meet payroll -- Reuters, via Twitter.

Brent pipeline system -- to close tomorrow and remained closed for three weeks for maintenance -- Reuters, via Twitter. System carries 80,000 bopd. Big assist to OPEC.

Gasoline is down to $1.64 / gallon in north Texas. Not everywhere, but easily found. Generally, about $1.85 at major names along high-cost corridors.

The Market

Note: the election was on a Tuesday (9 - 11; 14 - 18; 21). I count nine business days since the election. I've lost track but the market has only closed down, maybe only, once in those nine days (if it closes higher again today).

At the close: records smashed. Dow 30 less than 50 points from 19,000. NASDAQ up an astounding 47 points to an all-time high of 5,369. WTI up over 4% to 48.33.

Wow! The market is off and running.

Dow 30 up another 50 points, less than 80 points from 19,000 just after the opening. NADAQ hits another record high.

Meanwhile, oil surging another 3%, up about $1.32, one cent over $47.00.

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