Active Rigs In North Dakota Back Down To 64 -- July 10, 2018

Disclaimer: this is not an investment site.

The market: yesterday at noon, when the market was up about 300 points, I rushed home to watch "Power Lunch" on CNBC; they were discussing Tiger Woods and golf (an advertisement for the upcoming golf tournament to be televised by NBC). I turned it off. Later in the afternoon, while waiting to pick up Sophia, turned on CNBC again to see the market close. The CNBC senior market analyst, with the market up 300 points, was trying to talk the market down -- "too rich; over-valued" -- now this morning, after the Dow was up 320 points yesterday, at the opening the Dow is up another 100 points. It looks like taking GE out of the Dow 30 and replacing it with a pharmaceutical made a big difference.

WTI: yesterday oilprice suggested $150-oil due to low exploration investment; today it's "$50 to current price of WTI" or about $125-oil, I assume. So how is WTI doing today? Up 50 cents, about $74.30. 

Only one well comes off the confidential list today:

• 34071, 1,950, Hess, An-Double Bar V-152-95-0106H-3, Antelope, Sanish, t5/18; cum 25K after 20 days; 11 days; gas ranged from 5 to 6,562 units; fracked 3/25/18 - 4/5/18; 8.5 million gallons of water ( a bit on the low side); 89.3% water; 9.84% sand; a bit on the low side;

Active rigs:

$74.07	7/10/2018	07/10/2017	07/10/2016	07/10/2015	07/10/2014
Active Rigs	64	57	29	73	189

RBN Energy: record gas production reins in futures prices.

After treading near the 79-Bcf/d level this past spring, Lower 48 natural gas production surged about 1.5 Bcf/d higher in the last three weeks of June to record highs approaching 82 Bcf/d by month’s end. The supply gains suspended the market’s bullish view of the persistently large storage deficit compared with last year and the five-year average and reeled in the prompt CME/NYMEX Henry Hub futures contract from the $3/MMBtu mark — at least for now. Where did the gains occur and how much of that influx truly is new production versus volumes returning from seasonal maintenance? Today, we examine the drivers behind the recent production jump.

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And Now This

No wonder the Brits want to Brexit ...

And folks think Trump is extreme. Wow.