Friday Morning -- WTI Holds Above $70 -- September 3, 2021

The numbers:

• Bitcoin: up over 1,300 points; maintains over 50,000 
  
• WTI: $70.38
• DXY: 92.226, up 0.012
• TYT: 1.299%; up 0. 009; after jobs report, jumps to 1.321%, up 0.031;
  
• August jobs report:
• badly misses consensus -- wow, wow, wow -- a big disappointment -- terrible news
  
• increased a minuscule 235,00 vs 720,000 anticipated
  
• incredibly poor number
• the big miss: huge influx into private/public education; didn't happen
•  bus driver shortage -- are you kidding me?
  
• Dow Jones turns negative on these numbers, but then quickly recovers (never mind)
  
• Jay Powell: say what?
• not even mentioned that car manufacturers shutting down for up to eight weeks; this will affect the September numbers; 
  

Top stories today:

• LNG exports
• high cost of energy in Asia, Europe
• auto manufacturers continue to shut down production; chip shortage
• Cathie Wood: confused?
• hospitals in some localities swamped with patients
• Alaska Airlines will not mandate their employees be vaccinated
• US equity markets continue to hit all-time records
• deaths from Covid-19 in current wave (fourth wave) is exceeding first wave a year ago
• a year ago: 20 million jobs lost
• today: 600,000 jobs lot
• tells me everything I need to know
  

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

Pending. Walking Sophia to the bus stop.

*Active rigs: current data provided COB in daily activity report. 

$70.38	9/3/2021	09/03/2020	09/03/2019	09/03/2018	09/03/2017
Active Rigs	24*	10	60	63	56

No wells coming off confidential list. 

RBN Energy: EPNG outage worsens gas transportation constraints to the US west. 

The U.S. West Coast natural gas market is at the forefront of the energy transition, but regional natural gas prices are instead signaling the need for construction of newbuild gas pipeline capacity to the region. Without it, markets west of the Permian Basin have been hard-pressed to take advantage of the supply growth in West Texas and have struggled to consistently maintain adequate natural gas supplies for some time now. To make matters worse, last month, a segment of El Paso Natural Gas Pipeline (EPNG), a primary artery for moving Permian gas west, experienced a rupture, further tightening supplies. Today, we highlight the major market impacts and longer-term implications of the pipeline blast and subsequent flow restrictions.