Time Flies -- September 8, 2020

Oil slammed: so, we have the answer. Earlier today, the question was asked, "why today? What is different about today than a week ago (September 1, 2020) that resulted in WTI and Brent to crash?" OPEC basket will follow. Some suggested that one thing different this week than a week ago was the no-impact Hurricane Laura. That's fine, except by August 27, 2020, "everyone" knew it was "no-impact Laura." So, we're back to the question: "what is different about today, September 8, 2020, compared to September 1, 2020?? No it wasn't "no-impact Laura." That train left the station August 27, 2020. So, we are back to square one: what is different today compared to one week ago? Well, we now know. I was pretty sure we would have an answer by the end of the day. We always do. This is what is different today:

• any hopes of the global economy returning to normal have been dashed;
• "everyone" has been pinning their hopes on one thing;
• that "one thing" is not gonna happen
• to be continued. I've taken a screen shot of the "thing"; will post it later tonight.

Note: I've not watched any CNBC today. I generally don't watch CNBC when there is a market correction. So, any of my thoughts on the price of WTI today originated with me. That doesn't mean someone else hasn't said the same thing; it just means I haven't heard it from someone else.

Gas Buddy prices, link here. These are incredible prices; and this is "before" the huge decline in global oil prices today. It will be interesting to see the price of gasoline one week from today. We might not have to wait; we might see prices start to drop as early as tomorow:

• Fort Worth, TX: $1.69
• Oklahoma City, OK: $1.87
• Denver, CO: $2.37
• Salt Lake City, UT: $2.47
• Boise, ID: $2.32
• Portland, OR: $2.65
• Seattle, WA: $3.39
• Sacramento, CA: $3.09
• San Francisco, CA: $1.87
• Santa Barbara, CA: $2.99
• Santa Monica, CA: $3.19
• San Pedro, CA: $2.95
• Huntington Beach, CA: $2.75
• Phoenix, AZ: $2.12
• Albuquerque, NM: $1.94
• Amarillo, TX: $1.68

Apple: Wow, I'm in a great mood, but more on that later. I was going to start out with something else, but when I finally got back to my computer at 4:45 after being off it almost all day, the first thing that popped up in my mailbox:

Earlier this summer I predicted the event would be held on October 8, 2020, and MacRumors said it would be today. So, "we" split the difference: October 8, 2020.

And it's going to be all about the "watch." This may be one of the most-watched Apple presentations in decades, partly due to what is rumored to be announced, but also due to everything else that has been happening in 2020. 

So, maybe I'll stop here for the day. 

Politics: except for this. Based on a couple of tweets, it appears that based on Democrat internal polling, Biden's campaign is imploding. Not only is Trump looking to take some battleground states, it appears he has a great chance of taking New York, again based on internal polling and the Democrat tweets.

********************************
Back to the Bakken

Active rigs:

$36.76	9/8/2020	09/08/2019	09/08/2018	09/08/2017	09/08/2016
Active Rigs	11	61	66	55	37

One new permit, #37818 -

• Operator: BR
• Field: North Fork (McKenzie)
• Comments: BR has a single permit for a Saddle Jerome section line well sited in SESE 9-149-96, 230' FSL and 877' FEL

Three permits renewed:

• Crescent Point Energy: three Sanders N permits in McKenzie County

Six producing wells (DUCs) reported as completed:

• 35147, SI/A, CLR, Durant 6-12H, East Fork,
• 33801, SI/A, CLR, Bohmbach Federal 15-26HSL, Elm Tree,
• 35145, SI/A, CLR, Durant 4-12H, East Fork,
• 34954, drl/A, Petro Harvester Operating, PTL4 10-15 163-92 C, Portal, t--; cum 36K 7/20;
• 32384, SI/A, CLR, Antelope Federal 10-23H, Elm Tree,
• 32615, SI/NC, Oasis, Oyloe 5199 14-26 10T, North Tobacco Garden,