One Permit Coming Off Confidential List Today -- July 16, 2020

Futures: futures were down as much as 500 points  overnight; then early this morning that was cut in half to 250 and currently the Dow is down 187 points in pre-market trading. The headlines said that the market would open lower due to "jobless" reports and coronavirus. LOL.

But here it is. The headline over at Yahoo!Finance: jobless claims worse than expected. I saw the jobless claims before the headline, and the jobless claims came in exactly in line with expectations. They are "troublingly" high, but they were not worse than expected.

So, no, if the market opens lower it has nothing to do with either "joblessness" or coronavirus. Not only was the "joblessness" headline fake news (and traders will see through that in a New York minute) but the coronavirus is an old story.

I've just run through the headlines on earnings reports and, wow, earnings are really, really good overall. It is quite amazing. We will go through those later.

If the market opens down, there are two reasons:

• profit-taking which headline writers never, never, never seem to admit; and, 
• polls showing Biden winning over Trump, and to confirm those polls, Trump sacked his campaign manager.

This is not rocket science.

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

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Back to the Bakken

Active rigs:
 

$40.68	7/16/2020	07/16/2019	07/16/2018	07/16/2017	07/16/2016
Active Rigs	11	56	69	58	29

One permit coming off confidential list -- Thursday, July 16, 2020: 45 for the month; 45 for the quarter, 491 for the year:

• 35913, F/A, CLR, Wahpeton 15-16HSL, Banks, t--; cum 137K in three months, see this note;

RBN Energy: first tanker set to arrive at south Texas Gateway crude export terminal.

For almost a year now, Corpus Christi-area marine terminals have been exporting more crude oil than their competitors in Houston, Beaumont, and Louisiana, largely thanks to the recent startup of new, large-diameter oil pipelines from the Permian to Corpus. Beginning today, with the expected arrival of the first supertanker at the spanking-new South Texas Gateway Terminal in Ingleside, the Corpus area will have the potential to widen its lead in export volumes. In addition to its connections to the EPIC Crude and Gray Oak pipelines from West Texas — and the new Harvest Pipeline and the older Flint Hills Resources system — the South Texas Gateway facility can partially load 2-MMbbl Very Large Crude Carriers. Today, we discuss the Gulf Coast’s newest marine terminal and the important economic edge it gains from handling VLCCs.