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Friday, June 8, 2018

Intermittent Blogging Today -- Water Polo Tournament In Houston, TX -- June 8, 2018

Pending: I'll probably miss the coverage of the G7 conference. Oh, well. Hopefully, I catch the NBA Finals tonight. I already said the only two important games (for spectators like me) in these NBA championship games is game #4 -- tonight -- and game #7 if it goes to 7 games.
  • game #4: sweep / no sweep
  • game #5: extend or GSWs win
  • game #6: extend or GSWs win
  • game #7: GSWs win 
Market: apparently all that angst --
  • G6+Trump
  • Trump wants G8 -- (wants Russia back in)
  • Trump to skip G7 environmental conference to prepare for KJU Summit --
 -- apparently all that angst has dissipated -- I see the market is up about 60 points and even AAPL shares have recovered a bit. What a great country.

What else?
  • WTI holding above $65
  • oil prices could jump to $140 on US sanctions (Iran's production data / export data, here, IEA) (I haven't read the article yet; there is only one reason why Iranian sanctions might result in surge in oil prices) (I just read the article: the $140-oil quote comes from Iran OPEC governor -- obviously no credibility; in addition, the article contains absolutely no new information
  • time to do some number crushing on the back of an envelope
  • time to remind oneself of the difference between WTI, Brent, and Saudi oil
    • produces: 140,000,000 tonnes a year of crude oil (1,000,000,000 bbls) (conversion site)
    • exports 60,000,000 tonnes (410,000,000 bbls)
    • / 365 days = 1.123 millioin bbls / day = exports
    • country most depended on Iranaian oil: Turkey (50% of Turkish requirement for oil is met by Iranian exports
    • the Bakken is producing 1 million bopd; will set a new all-time production when June, 2018, results are release in August, 2018; unfettered, the Bakken could produce 2.2 million bopd
    • the Permian is producing in excess of 3 million bopd; unfettered will go to 5 million bopd

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