The Market And Energy Page, T+67 -- March 29, 2017

Crude oil inventories: up 0.9 million bbls -- EIA. I don't know what the forecast was, but this is incredibly low considering the size of the increase in crude oil inventories over the past few weeks.

WTI: after the release of the weekly crude oil inventory data -- no change.

Home sales: 2nd highest level since 2006. 

Saudi: tax cuts boost Aramco value by $1 trillion. Rigzone.

The kingdom’s change, which will reduce the tax rate on the petroleum industry from 85 percent to 50 percent, means more cash will go to the potential owners of the company than to the government. The value of Aramco depends largely on the tax regime, and the tax regime funds much of Saudi’s treasury. Aramco is on track to launch the world’s largest IPO in 2019.

Nuclear power, bankruptcy: Westinghouse files for bankruptcy, blow to nuclear power. NY Times.

Pipe. Tenaris, world's largest maker of seamless-steel pipe for the energy industry, says creation of 600 jobs at $1.8 billion plant in Texas assures him that Trump won't stop US imports of certain types of pipes. Quite a story. A member of the Trump cabinet, Energy Secretary Rick Perry, championed Tenaris’ investment decision when he was governor of the Lone Star State. In addition, Tenaris is also investing $2.3 billion in Argentina’s Vaca Muerta shale formation to drill 150 wells in the  world’s second-biggest reserves of shale gas and fourth-biggest of shale oil. Bloomberg.

Apple. Many, many stories recently. Everyone's bullish it seems. Now, Apple expert Gene Munster weighs in -- "this is the golden opportunity to buy Apple."

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

Back to Apple: from the CNBC story -- data points

• yesterday, another record high, $143.80
• UBS Steven Milunovich: $151 price target, but $200 in the next few years
• because of poor performance in the prior year, year-over-year comparisons get so easy
• year-over-year comparisons go from 3% to 12% growth from now until September
• in addition: all the hyper around the phone; 171 days until next iPhone is release; just in time for the holidays

GE. For the archives. From Barrons:

The bull case now is that not only can earnings inflect but cash will also ramp to a range of $1.74-2.10, a mid-point that is 3x standing levels, 2x higher than the average of the past 15 years, 40% higher than the prior high in 2009.

To us, there is no such thing as “perspective” when it comes to cash—we believe the problem is that earnings have always been more of an opinion here, cash is a fact. We continue to believe that the sustainable base rate of 2018 GAAP FCF is around ~$1.10 and those recent bullish estimates are overstated, in our view.

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North Dallas, DFW, The I-35E Corridor North, Dallas North Tollway 

The "new golden triangle in North Texas": downtown Dallas north to Frisco, southwest to Rhome, and then southeast back to downtown Dallas.

This area, to me, has the feel of what it must have been like when Los Angeles was booming after WWII and into the 50's. I wasn't in Los Angeles at the time and I don't know the history well enough to make the comparison, but having spent a fair amount of time on the north side of Dallas and north of Dallas for the past few years I can say I am seeing a transformation that seems quite remarkable, to say the least.

Today, May and I spent the better part of a half day in the Harwood District of Dallas -- an 18-block area which seems to be the place to be for great restaurants and great evening entertainment. (We would have stayed much longer but we are "hemmed" in by taking the granddaughters to school at 7:00 a.m. and picking them up beginning at 3:00 p.m.)

We were told that the Harwood District is the fastest-growing district in the United States right now. 

We had lunch at the Saint Ann restaurant & Bar, at the south end of the district, and to some extent, the gateway to the district itself. I don't think folks would consider Dallas a "walking town" but it only takes about fifteen minutes to walk from the south end of the district, starting at Saint Ann's, to the north end, the Asel Art Supply store.

The highlight of our visit was The Samurai Museum, the largest collection of Samurai "art" in the world, outside of Japan.

The Dallas Morning News reported the museum's opening back in 2013. The museum is on the second floor of the historic Saint Ann school; the restaurant is on the first floor. From the website:

Located in the Dallas’ fast-growing district of HARWOOD, Saint Ann Restaurant & Bar is an urban oasis nestled between the American Airlines Center and Klyde Warren Park.

Originally built in 1927, the historic school has been transformed into a modern environment that boasts the largest garden patio in Dallas and is consistently voted as “Best Patio in Dallas” by D Magazine and “Best Outdoor Dining” by OpenTable. The restaurant’s refined yet casual atmosphere and extensive menu has made it a favorite among patrons.

It is open Monday through Friday for lunch, every day for dinner and drinks, and Saturday and Sunday Brunch. The first level of the two-story red brick building is Saint Ann Restaurant & Bar and the second level is The Ann and Gabriel Barbier-Mueller Museum: The Samurai Collection. Saint Ann Restaurant & Bar is located at Moody and Harwood at 2501 N. Harwood St., Dallas, Texas 75201. The venue was designed by Laura Lleal and developed by Harwood International.

I was amazed how inexpensive luncheon was considering its location and its history. 

It's possible the garden patio is no longer the largest garden patio in Dallas. I don't know, but I think the new Happiest Hour has a larger garden. Happiest Hour is located a short city block form Saint Ann, and is one of many restaurants owned by the same family in the Harwood District. It opened in 2015. Website is here; more at GuideLive.