Dow Jones Industrial Closes At An All-Time Record -- CNBC; Network Continues To Talk Down The Market -- October 2, 2018

Updates

Later, 9;11 p.m. CDT: Fed chair Jerome Powell -- US economy "may be too good to be true." Whatever that means. But it doesn't sound like recession. It sounds like a Fed trying to figure out "what they're missing." Low inflation and low unemployment confound the experts.

Original Post

Recession: all that talk about impending US recession? The tea leaves don't suggest it -- not by a long shot. The EU looks like the weak sister among the big four: US; Europe; Asia ex China; and China.

The Japan Nikkei: closes at a 27-year high.  The Nikkei is still 40% below the 1989 record high -- three decades lost in Japan.

The US market:

WTI: flirts with $76 during the day; drops back to $75 at close.

Weekly crude oil inventories, API data: smaller build than anticipate. A build of less than one million bbls vs analyst expectation of 1.132 million bbls, that is 1,132,000 bbls -- I would say the analysts were right on target: 907,000 vs 1,132,000 -- 

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Back to the Bakken

Active rigs:

$75.15👏	10/2/2018	10/02/2017	10/02/2016	10/02/2015	10/02/2014
Active Rigs	65	57	33	68	190

Ten new permits:

• Operators: Hess (7), MRO (3)
• Fields: Big Butte (Mountrail), Killdeer (Dunn)
• Comments: MRO has permits for a 3-well pad in lot 1 section 1-145-95; Hess has permits for a 7-well EN-Person/EN-Davenport pad in NENE 15-156-94; Hess has one producing well (#17838) in that drilling unit in 15/22-157-94 (a very mediocre well at best); MRO has four wells in drilling unit 1/12-145-95 (#17499; #17584; #21961; and, 21959 -- all moderately good wells; nothing remarkable about them).