Slawson To Report A Whirlcat Federal Well Today -- October 14, 2021

Note: blogging will be intermittent this morning due to some errands I need to run.

Jobs (yawn):

• first time claims come in well below expectations:
• 293,000 vs 318,000
• apparently those extra benefits finally ran out for a lot of folks 
• futures hold:
• Dow up 280 points; later, about five minutes later -- Dow up over 315 points in pre-market trading; traders like what they see
  
• S&P 500: up 40 points:
• NASDAQ: up 165 points
  

CPI numbers yesterday: I thought it was a pretty investor-positive report yesterday. Steve Liesman called it a "mixed bag." Take out energy and food and numbers didn't look so bad. 

Market: could be huge today. Pre-market trading is surging. No explanation except for one bit of news -- a Republican won a seat in Iowa that been held by a Democrat for decades.

Grinch: Prince William chides billion space race after Blue Origin. Another one who doesn't get it.

Let them eat cake: White House chief of staff tweets that to Americans complaining about high prices, supply chain shortages. Tone deaf but I know what he's saying. All the bad news is on one side of the coin. If all the bad news was on the other side of the coin, it would be much, much worse.

Care Bear: on CNBC a few days ago to report on the supply chain shortages, CNBC chose to follow the Care Bear story. Think about that. That's what's driving CNBC's thinking: a shortage of Care Bears for Christmas. I don't believe CNBC has reported on the 15,000 Haitians that arrived at Del Rio in one five day period a few weeks ago.

Bitcoin: continues to surge. Currently up another $1000 and just broke through the "58-handle moments ago -- trading at $58, 035. Moving very, very quickly in last twenty-four hours.

CNBC: we've talked about this before. Something is happening. No one saw this coming. Bitcoin is surging and the Dow is up over 240 points in pre-market trading and yet CNBC is not providing any analysis. The producers start working the script for any given day two weeks in advance, and then tweak the schedule as the day gets closer. The interviews need to be arranged well in advance. So we will see a lot of "pre-packaged" stories today even as the market surges today (assuming things continue as they are). In addition, WTI has surged another dollar / bbl and no analysis yet. 

Best hours: there are exceptions to the previous observation. The 8:00 - 9:00 a..m. CT hour with David Farber, Carl Quintanilla, and Jim Cramer when they have a casual conversation making for some very good business news to start the day. Also, the Fast Money and Mad Money  segments late afternoons.

But as noted, I will miss much of that today running errands. 

Ten-year Treasury: drops a bit. 

WTI: $81.46

Morgan Stanley:

• beats on both upper and lower lines
• huge beat in security business; "absolutely smashed it"
• EPS: $1.98 vs $1.68
• Revenue: $14.75 billion vs $14.01 billion
• shares up 1.62%
• doubled their dividend this past year
  

Wells Fargo:

Bank of America: strong earnings.

• EPS: 85 cents vs 71 cents
• revenue: $22.87 billion vs $21.8 billion

Bank earnings: many to be announced today.

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

Active rigs:

$81.46	10/14/2021	10/14/2020	10/14/2019	10/14/2018	10/14/2017
Active Rigs	29	16	58	67	59

One well coming off the confidential list --

Thursday, October 14, 2021: 12 for the month, 12 for the quarter, 236 for the year:

• 37917, conf, Slawson, Whirlcat Federal 4-31-19TFH, the NDIC has not updated the scout ticket. We don't have data for this well, but it appears the daughter wells in this area are going to be so much better than the parent wells.
  

RBN Energy: Mexico's Pacific coast LNG export projects gain traction, part 2. Archived.

For years, industry experts warned that the global LNG market was entering a period of extreme oversupply that would last until mid-decade. And up until late last year, that bearish scenario seemed to be materializing. Global gas prices had fallen as more LNG export capacity came online, and then COVID-19 decimated global markets and caused existing LNG terminals to shut-in production. But just as quickly as it collapsed, the market flipped. 

The world is now left scrambling to secure LNG/gas supply ahead of the heating season and global gas prices have hit record highs in recent weeks, signaling a turbulent winter ahead. 

Suffice it to say, utilities and governments have energy security and reliability on the mind, not just for prompt winter but for the longer term, and that pressure is unlikely to let up anytime soon. That’s brought previously commitment-wary LNG offtakers back to the negotiation table for new LNG export developments — cautiously and with a sharpened focus on de-risking long-term commitments amid heightened uncertainty. One way to do just that is to capitalize on the economic advantages of North America’s Pacific Coast projects. In today’s RBN blog, we continue our series looking at the state of LNG development on the North American Pacific Coast.