Bitcoin Is The New "Gold"; CLR With Five New Permits; Thirteen Permits Renewed; Rig Count Jumps -- October 11, 2021

Stagflation: Jim Cramer takes contrarian view on "stagflation." His views are in line with mine which I have posted. Bottom line: neither he nor I are concerned about "stagflation." 

Stagflation: headline story today Goldman lowered GDP projections. Scary headline. But did anyone report the numbers? Here they are. Be sure to sit down before looking at this huge Goldman Sachs cut when they revised their 2021 / 2022 GDP forecast:

• for 2021: previous, 5.7%; revised, 5.6% -- give me a break; that's a headline story?
• for 2022: previous, 4.4%; revised, 4% -- ditto.

Color me cynical: I saw the Goldman Sachs headline; several readers sent me the headline link; makes me wonder if the readers even read the story -- a revision of 5.7% to 5.6% gets the headline -- from a trading house that is consistently bearish, and if not bearish, tends to speak out of both sides of its collective mouth. A revision from 4.4% to 4% is a bit more bearish but what GDP was Trump seeking? What did he get?

Color me really cynical: compare those revisions with GDP growth under Trump (less than 1%); Obama (1.6%); Bush II (2.2%); Bill (3.88%) ; Bush I (2.3%); the actor (3.5%); and the worse president in modern times (3.3%). If Biden hits 4% he's going to be #1 among the most recent eight presidents. Yes, I know it's all relative. But anyone acting on Goldman's revision for 2021 ... well, what can I say. I have too much faith in free market capitalism to worry about a revision of 5.7% to 5.6%. 

Jim Cramer: there's always a bull market somewhere. And with a projected GDP of 5.6% there should be a lot of opportunities for investors.

Bitcoin: trading over 57,000 is at its highest in five months. Jamie Dimon has aged. He still says Bitcoin is worthless. 

• For me: Bitcoin is the new "gold." Karen Finerman and Jamie Dimon will have to agree to disagree on Bitcoin. 

Trends: I missed it; I'm not sure I'm the only one. It hit home last weekend at Family Weekend at Vanderbilt University, Nashville, TN. 

Horse troughs filled with cold non-alcoholic drinks -- water and sodas. In the past, the water would have been in plastic bottles for sure, and many of the Coke products would have been in plastic. But this time: no plastic whatsoever. Everything was in aluminum cans, most cleverly camouflaged and crafty. But everything was aluminum. Does this suggest to me that the "plastic straw" "woke" crowd finally reached the C-suites in the RTD industry?

If this is accurate: a win for Alcoa?

Another interesting observation: the standard "Coke" can was 12 ounces; if I recall correctly, the standard size "Coke" aluminum can to look like a beer bottle was 16 ounces. Bloomberg must be really, really frustrated.

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Back to the Bakken

Small jump in number of active rigs in North Dakota! But there is a typo: one well is listed twice.

Active rigs, is updated at the end of the day on non-holiday weekday; not sure if Indigenous Peoples Day is a holiday for NDIC or not:

$80.52	10/11/2021	10/11/2020	10/11/2019	10/11/2018	10/11/2017
Active Rigs	29	13	58	68	59

Active rigs:

• CLR (10): Flint Chips FIU, Dolezal FIU, Jack, Whitman FIU, Thorp Federal, Clear Creek Federal, Charolais South Federal, LCU Reckitt Federal, LCU Reckitt Federal, LCU Ralph,
• MRO (3): Seidler USA, Porter, Ermina,
• Hess (3): AN-Norby; BL-Olson; CA-E Burdick; 
• Enerplus (2): FB Leviathan 16B, FB Leviathan 17T,
• Whiting (2): Platt, Ark;
• Crescent Point Energy (2): Reed, CPEUSC Pankake
• Hunt: Halliday,
• Petroshale: Crockett Federal
• Oasis: Swenson Federal,
• Ovintiv: Bernice,
• Sinclair: Grasslands Federal,
• Slawson: Rainmaker Federal,
• Kraken: Alamo

Five new permits, #38606 - #38610, inclusive:

• Operator: CLR
• Field: Cedar Coulee (Dunn County)
• Comments:
• CLR has permits for five wells in SESE 4-146-96, Cedar Coulee
• four of the wells will be sited 551 FSL and between 562 FEL and 652 FEL; one well will be sited 550 FSL and 427 FEL (assuming there was no typographical error)

Thirteen permits renewed:

• Crescent Point Energy (8): one Dorothy permit; four Narcisse permits; and, three Austin permits, all in Williams County
• Grayson Mill Operating(5): five Tufto permits, all in Williams County;