TGIF -- November 2, 2018

Jobs -- really, really making America great

• payrolls smash estimates with gain of 250,000 -- CNBC
• wage gains pass 3% for first time since recession
• Bloomberg -- same thing -- huge report

How does the market feel about this, know that this greenlights the Fed to raise rates?

• the market seems to love it
• yesterday, CNBC talking head almost giddy with his forecast that Dow would plummet with AAPL falling 7%
• having said that, if AAPL had surged today, the Dow (irrelevant) would have been off the chart
• in pre-market, AAPL down 6%, but Dow (irrelevant) up 208 points in pre-market trading
• as bad as AAPL is doing, it's not the worst news for investors this morning: Kraft joins Campbell's as the poster children for "things gone bad" / changing American tastes

Disclaimer: this is not an investment site; do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here

Earnings:

• CVX: 3Q18 earnings -- pre-market trading, CVX up 2.23%. XOM/CVX here;
• EOG: reported; already posted; will review later. XOM/CVX here;
• XOM: 3Q18 earnings -- pre-market, XOM up 1.8%

XOM:

• revenue: $76.61 billion; huge beat; forecast, $72.45 billion
• profit: $6.24 billion
• per share: $1.46; huge beat; forecast, $1.21

Apple: thinking differently.

Keystone XL: update; posted.

COP departs Barnett: posted.

NOVA Gas: posted.

US, OPEC flood oil market: midterms? Sustainable? Posted.

Red Sea Project: remember the name -- Yanbu. Posted.

Iran sanctions, over at Rigzone. Posted.

Shell, re-posting. Shell produces one of it s strongest quarters ever. Rigzone. Posted.

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Back to the Bakken

Wells coming off confidential list today:

• No wells coming off the confidential list today.
  

Active rigs:

$63.51↓↓↓	11/2/2018	11/02/2017	11/02/2016	11/02/2015	11/02/2014
Active Rigs	68	55	35	69	193

RBN Energy: domestic light oil processing in the USGC: have we hit the limit? Wow! What a great article! Archived.

Refineries along the U.S. Gulf Coast (USGC), which account for half of the country’s total refining capacity, are generally among the most sophisticated and complex anywhere, with configurations that enable them to break down heavy, sour crude oil into high-value, low-sulfur refined products.

However, over the past eight years, the USGC has been flooded with increasing volumes of light, sweet crudes produced in the Eagle Ford, the Permian and other U.S. shale plays as new pipelines were constructed or reversed to the coast for domestic refining or export. Still more pipelines will be coming online over the next year. Today, we evaluate how much domestic crude oil has been absorbed into the USGC refining system, the implications to the overall crude slate qualities, and options for increasing domestic crude oil processing in the near term.