Market, Energy, And Political Page -- T+173, July 2017

I was out and about all day. Just got back in. Quickly.

Record. Screenshot from The Drudge Report:

Trump rally extends. From Reuters: Dow sets record-high close; Fed signals gradual rate hikes.

Watergate? Hardly. All they got on Trump, JR: "I love it." And Donald himself released it. Time to move on.

Facebook's Mark Zuckerberg visits Williston. Even Reuters, via Rigzone reported the story.

Crude oil inventories drew down a whole lot more than anyone expected a few weeks ago. Time to re-balance dropping fast. Time to re-balance: 47 weeks. What's not to love. (Update: methodology was wrong in some parts of this table; it has been updated and corrected at this post):

Week	Date	Drawdown	Storage	Weeks to RB
Week 0	Apr 26, 2017		529.0	180
Week 1	May 3, 2017	0.9	528.0	178
Week 2	May 10, 2017	6	522.0	29
Week 3	May 17, 2017	1.8	520.2	95
Week 4	May 24, 2017	4.4	515.8	38
Week 5	May 31, 2017	6.4	509.9	41
Week 6	June 7, 2017	-3.3	513.2	60
Week 7	June 14, 2017	1.7	511.5	63
Week 8	June 21, 2017	2.5	509.0	62
Week 9	June 28, 2017	-0.2	509.2	71
Week 10	July 6, 2017	6.3	502.9	58
Week 11	July 12, 2017	7.6	495.3	47

The drawdown:

OPEC production cuts (wink, wink):

Too good not to show again (previously posted):

Perhaps the best chart of the month:

Gasoline demand related to new jobs? I don't know.

Second best chart of the day:

Re-posting: Turkey withdraws from Paris climate accords. Says it wants US financial aid.

Everybody is saying this. Halliburton says oil will spike in 2020 after $2 trillion in industry cuts. Okay. Saudi is hoping.

Expansion. Williams Partners begins first phase of Hillabee expansion. Data points:

• Alabama
• enhance the capacity of the partnership's Transco pipeline system
• will use the new Sabal Trail pipeline to supply gas to Florida as demand for cleaner energy is increasing rapidly in the growing power generation market
• FERC has approved the project
• will add more than 1.1 million dekatherms /day of pipeline capacity to the Transco system only four years from now (2021)
• three phases
• another huge story that will get little press; meanwhile, a report that a high school is installing a wind turbine gets national attention. LOL.

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US Refinery Inputs Hit Record

MAGA

 
Prediction: Tesla goes to the capital markets to raise more cash not later than August 31, 2017.

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Our Day At The Perot Museum in Dallas