The Energy And Market Page, T+111 -- May 11, 2017

Closing

Surprise beat: EEP. But the bottom line, however, decreased from the year-earlier level of 17 cents per unit. The decrease mainly stemmed from lower income by both the liquid and natural gas segments. And so ENB and EEP were down following that report.

Snap, crackle ... and bust: the first time I saw what Snap provided, I was sure it was doomed. It's product was a) a fad; b) easily copied by almost anyone; c) catered to the demographic that spends daddy's money; and, d) daddy ain't gonna spend a lot of money on this "app." It's possible Snap, Inc could re-invent itself but if it remains a one-trick pony, the nag will end up in the glue factory.

Opening

DOW 30: down 130 points. CPI, jobs data driving overall market. Macy's results not helping -- shares down 12% after earnings release.

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Futures

CPI: a stunner! Up 0.5%.

WTI: the trend is your friend. Oil futures trading nicely. Oil "leading" the market at the opening. Trading now at $47.87.

Tesla: over at SeekingAlpha, a contributor argues that it's energy business has collapsed.

Macy's: getting clobbered. Down almost 12% in pre-open trading.

Snapped: SNAP drops 20%. Lousy earnings. Said much of the $2.2 billion loss was due to "Cost' of going public. LOL.

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Shale Oil And Gas Drowning Out US GOF Shallows

At Rigzone:

Short-term contracts, dismantled infrastructure and lagging dayrates have long challenged shallow water drilling on the U.S. side of the Gulf of Mexico – but it’s the natural gas-belching shale plays that may finally turn the tide away from the shelf.

In January 2007, there were 82 jackup rigs drilling in the shallow water of the U.S. Gulf (GOM). By January this year, that figure had dwindled down to 12. At the end of March, 11 jackups remained on the shelf, according to Rigzone Data Services.

Memo to self: update note to Jane Nielson.

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Study Buddies

I do not know which of the two older granddaughters took this picture of their mom and the youngest sister, Sophia.

I'm not sure how much this was "posed," because once Sophia knows she is getting her picture taken, she generally breaks into a big smile, and puts down whatever she is doing.