Fourteen New Permits -- July 25, 2018; FB Crashes -- Down 24% After Earnings Miss And Really, Really Disturbing Guidance

A couple of random comments before we get started:

• for the archives, this was an incredible day for the market following President Trump and EU Jean-Claude Juncker joint presser regarding tariffs
• WTI took a small but significant jump after that presser
• I may be getting ahead of my headlights, but the problem in the Permian may be reflected in the Bakken -- look at the number of XTO permits today -- see below -- one could argue permit action in the Bakken could be directly related to bottlenecks in the Permian

WTI: late day surge after the president's press briefing on tariffs.  Futures are now soaring after-market.

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FB: down 24% after earnings miss. Comment: think TSLA. I think the FB correction will pale in comparison to what we could see with TSLA. The real question being asked of FB: how were analysts mislead, or were analysts guilty of "group think"? Same questions for TSLA.

Gasoline demand, link here:

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Back to the Bakken

Active rigs:

$69.28	7/25/2018	07/25/2017	07/25/2016	07/25/2015	07/25/2014
Active Rigs	64	60	32	73	192

Fourteen new permits:

• Operators: XTO (10): Whiting (4)
• Fields: North Fork (Dunn), Haystack Butte (Dunn), Tyrone (Williams)
• Comments: XTO has permits for a 10-well Teddy Federal pad in North Fork/Haystack Butte in SWNW 5-148-97; Whiting has permits for a 4-well Moline pad in NENW 14-156-101;

Two permits renewed:

• Whiting: two P Bibler permits in Williams County

Operator transfer:

• another 27 Divide County wells transferred from SM Energy to Petro-Hunt