Biggest story of the day: I still can't get over the Canadian story. Per capita, one of the most energy rich countries in the world, and they have a shortage of propane. Story everywhere. Previously posted. Trudeau can't get propane to the east, and he can't get crude oil to the west. Regina is fine this time of the year, I suppose.
The second biggest "story" of the day: it's really not a news story but it's a story I think about all the time. I agree with Lynn Helms: bang for the buck, for an operator, the best place to spud a well these days is the Bakken. The EIA dashboards corroborate that monthly and have been doing so for quite some time. I've always thought the SCOOP/STACk were a bit exaggerated and now RBN Energy has a full essay on the play. Previously posted. If you haven't read this story, do so quickly -- it will go behind a paywall soon. But, wow, what a great analysis. RBN Energy never fails to amaze.
Politics: wow, wow, wow -- in her own backyard, Pocahontas getting slammed by Buttigieg in New Hampshire -- St Anselm poll, Buttigieg, 25%, Pocachontas, 15% (tied with Biden) and Crazy Bernie at 9%. Threshold for any delegates is 15%. Daily political note here.
Quick: name one thing Pelosi's US Congress has accomplished. It looked like the one thing the House might pass was the US-Mexico-Canada Agreement. Not gonna happen. What happened? Pelosi's plate was too full. First, she had to rein in Nadler. Done. Then, lots of valuable time trying to rein in Occasional Cortex; finally gave in; compromised. Now dealing with impeachment inquiry and Pencil Neck. The biggest problem with the US-Mexico-Canada Agreement -- well, actually there are several. The name of the bill is too long; unpronounceable; not "cute" like NAFTA. In fact, every time I see USMCA, I see semper fi. Second, no one cares. The only real trade agreement that matters is China and the president controls the timeline on that one. Trump can get a lot of traction out of this issue, and not have to pull the trigger until July / August, 2020. Canada: a no-growth country. Mexico: lurching from one leftist to another leftist.
Tesla: I bet you can't break the second window? "Here, hold my beer."
Tesla: well, that didn't go well. Biggest story of the night and google search minimizes hits on that story. But the videos are priceless and will go viral. OMG -- I thought it was just one window -- so did Elon, "Franz, you had just one job." Did they not rehearse this? My hunch, Franz is no longer with Tesla this morning. Pretty funny. Look at the "soft-ball" toss for the second throw.
Tesla: on the first day that the market shows a little life, and the morning after a huge, anticipated rollout, TSLA, down $20, down almost 6%. I may have to watch late afternoon CNBC to see what Guy Adami has to say about this. Without question, he has the most personality on that show, although Karen Finerman holds her own. [Later: TSLA down 6.6%; down $22.]
The market: three down days. Buying opportunity. LOL.
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ND has a great formation. But the taxes are higher (compare to OK or TX). Also, further from the markets (thus you get lower prices at the wellhead). These can have important effects. Oh...and the flaring regs in combination with delays getting gas gathering pipes done on Federal land. (Catch-22.)
ReplyDeleteMany, many story lines. I spend a lot of time on the finances because I've always said that to fully understand the Bakken, one needs to follow the money. But I'm much more interested in the science to better understand premium paid for Permian acreage compared to that paid for the Bakken.
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