Doing Just Fine, Thank You -- Going Into The Weekend -- October 22, 2021

WTI: up $1.30 going into the weekend. Trading at $83.80.

Biden: gasoline prices won't be going down anytime soon. High prices are here into 2022 -- then, of course, comes the driving season. Link here to Irina Slav. 

When I see headlines and one-liners like this I know exactly how this evolved. At his daily briefing by his staff, Resident Biden was told exactly that and that's what he passed on to the rest of us. I assume Resident Biden comes away with twelve one-liners / twelve single soundbites that he can remember about the US economy and global geopolitics on any given day. 

High prices: I use the phrase "high prices" loosely and only in line with the meme. In fact, I don't see $80-oil all that expensive and if one looks at historical prices adjusted for inflation $80-oil is definitely not out of line. 

US equity markets:

• both the Dow and the S&P 500 hit intra-day all time highs. Again.
• all sectors up this week except communications
• best sectors this week: real estate and financials
  

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Let's Go, Bakken

Active rigs:

$83.82	10/22/2021	10/22/2020	10/22/2019	10/22/2018	10/22/2017
Active Rigs	29	14	61	71	54

No new permits.