Pages

Saturday, November 24, 2018

Something Is Happening, But You Don't Know What It Is -- Bitcoin Is Crashing -- November 24, 2018

Google bitcoin crashing .... stories all over the net.

One link here
The great cryptocurrency crash of 2018 had its worst week yet.
Bitcoin sank below $4,000 Saturday after it and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index's decline since Nov. 16 to 25 percent.
That's the worst weekly slump since crypto-mania peaked in early January.
After an epic rally last year that exceeded many of history's most notorious bubbles, cryptocurrencies have become mired in a nearly $700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 retreat -- including increased regulatory scrutiny, community infighting and exchange snafus -- have only intensified this week.
Even after losses exceeding 70 percent for most virtual currencies, Oanda Corp.'s Stephen Innes has yet to see strong evidence of a capitulation that would signal a market bottom.
Hope springs eternal. 

Something Is Happening But You Don't Know What It Is, Bob Dylan

****************************
Speaking of Crashing

This story from the WSJ: AT&T bungled streaming of Woods vs Mickelson golf match.
AT&T intended to use the pay-per-view golf match as a showcase of its media capabilities after its acquisition of Time Warner. The online transmission fell victim to technical glitches and could end up being a money loser for the company.
Problems with AT&T’s B/R Live streaming video service Friday prompted the company, shortly before the match began, to make the webcast event free to viewers on the platform.
This demonstrates how tricky one-time-event streaming can be.

Apple ran into that problem many years ago when streaming their huge semi-annual software/hardware events. Each time the streaming improved and the last couple of times, their events seemed to stream seamlessly. 

Regardless, it is a bit embarrassing that ATT messed up on this one. On the other hand, what amazes me is that folks actually paid to watch two over-the-hill golfers scam the golfing community for $9 million. Even Charles Barkley -- a huge fan of Tiger's -- agreed.

Crazy, Gnarls Barkley

Oil Glut? Made In The USA -- WSJ -- November 24, 2018

From The WSJ:
The downward spiral in oil prices is accelerating as a surge in crude production from a turbocharged U.S. petroleum industry runs into weaker global economic growth.
Crude prices slid 7.7% Friday, their largest one-day drop since July 2015, and are now down by nearly a third since the start of October. The U.S. benchmark, West Texas Intermediate futures, closed at $50.42 a barrel—its lowest level in over a year.
As economic growth outside the U.S. has flagged, producers and traders are beginning to worry that demand for crude will also decline. In export-dependent Germany, a purchasing managers index hit a four-year low, well below the level economists were expecting.The steepness of the drop has prompted Saudi Arabia and the Organization of the Petroleum Exporting Countries to consider a plan to quietly cut production to bolster prices, according to people familiar with the matter.
The idea would see the cartel retain the official output targets it set in 2016. But, because Saudi Arabia is overshooting those targets by nearly 1 million barrels a day, it would effectively be a cut. Such a move may help support prices without raising the ire of President Trump, who has been calling on OPEC to keep prices lower.
Investors remain skeptical that the OPEC meeting in Vienna on Dec. 6 will be able to turn the tide on oil supply enough to support prices.
A big reason why: the emergence of the U.S. oil industry as one of the world’s most important players. Ballooning shale production—American output has nearly doubled since the start of 2012—has made the U.S. a key supplier and exacerbated worries about a global glut of crude.
“I never thought I would hear these kinds of numbers coming out of the U.S.,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “This is going to force OPEC’s hand.”
So much more at the link. And then the comments.

Most of the comments were along this line:

What a doofus!

Global Warming Report -- T+18 -- November 24, 2018

Three screenshots pretty much tell me everything I need to know:





Meanwhile, here and now. This snow storm was not predicted by Algore in 1994 -- only 24 years ago, but we know that the earth's temperature will be 2.8 degrees warmer 82 years from now. Whatever.


No Matter What Others Say, The Data Suggests DUCs Continue To Increase -- November 24, 2018

Nothing new here; I simply forgot to note this when the September, 2018, data was reported.

It appears DUCs continue to increase -- very, very slightly, and perhaps we are starting to see the steady-state of DUCs in the Bakken.

Data updated here.

******************************
Memorial Service For Air Ambulance Crew

In US News and World Report
At least 39 North Dakota ambulance services plan to participate in a procession as part of a memorial for three people killed in an air ambulance crash in Morton County.
Kelly Dollinger, president of the North Dakota Emergency Medical Services Association, tells the Bismarck Tribune he expects that number to grow. Dollinger says the Monday procession is also "bound to see" ambulances from other states such as Minnesota, Montana and South Dakota.
Rev. Greg Carr, lead chaplain for Crisis Care Chaplaincy, says the public service in Bismarck will give people a chance to grieve and remember those who died in the Sunday crash: pilot Todd Lasky, nurse Bonnie Cook and paramedic Chris Iverson.
Original blog posting here