No New Permits; WTI Holds Just Above $84 -- November 1, 2021

Note: in a long note like this, there will be typographical and content errors. If this is important for you, go to the source. In addition, much of this was done on the fly, watching various streaming sources, and my data may have errors. Some companies have similar sounding names and their may be errors in names listed below. This is done for my benefit and is not designed to be used by others. 

US equities: all three major US indices closed at record highs today. Jim Cramer:

• sell in May, go away - bad, bad advice; summer: time to being building positions
  
• September: scary; very volatile; sell off may begin
  
• October, up until just before the last week in October, generally sells off: very scary; bearish
• last week of October and through the end of November: "the promised land."
• Cramer's anointed list -- when you go through this list, note which companies are not listed (hint: Jim Cramer "invented" the FAANG or FANG acronym)
  
• automobiles of the present and future
  
• omnisem
• Ford
• Rivian
• Tesla
• NXP
• metaverse
• nvidia
• meta (Facebook)
  
• unity
• the environment
• Plug Power
• ENPHASE
  
• the cloud
• nvidia
• AMD
• Microsoft
• Adobe
• salesforce
• snowflake
• energy
• Chevron
• Pioneer
• Devon
  

Wheat: over $8/bushel, first time since 2012. 

Football, from social media: It's November 1, which means there's going to be an NFL or college football game available on your TV tonight, tomorrow night, the day after that, the day after that, and every single day or night for the next twenty-four days. The next empty night is three Wednesdays from now.

Tesla: opens charging network to other EVs for the first time. It's a pilot program / test in the Netherlands only. Link here. TSLA was up 8.5% during normal trading hours and another 1.17% after hours.

Oil: Bank of America suggests Brent at $120 a barrel by June, 2022.

Europe's energy crisis: Russia's Gazprom cut its daily natural gas exports to key markets in October to the lowest for this time of the year since 2014: 419 mcm/day, about thirteen percent less than September's average, as Gazprom concentrates on replenishing its own inventories at home. Link here. Russia looks to capitalize on the global energy crisis; while others attending meaningless meetings in Rome and Glasgow, Russia playing "natural gas" chess with Europe. Link to Haley Zaremba. 

Zillow: "The more you dig into this Zillow thing, it's just unbelievable incompetence" -- social media. 

• Zillow is public; ticker symbol, Z. 
• February 8, 2021: $198 / share
• today, November 1, 2021: $79.15 / share
• Zillow offloading homes now -- story posted "four minutes ago" -- raising red flags about the real-estate market, says the headline. What little I know? The red flags are being raised over Zillow, not over the housing market. 

• From the linked article:
  

Zillow’s unexpected announcement in October that it was temporarily pausing its home-buying activities raised many analysts’ eyebrows. Now, the company is reportedly offloading thousands of homes at a discount.

Some argue that more concerning trends could be on the way.

The company’s Zillow Offers division is what’s known as an “iBuyer” — it purchases and sells homes directly to consumers, typically renovating them in between.

Following a report in mid-October from Bloomberg, Zillow confirmed that its Zillow Offers division would not be signing any additional new contracts to purchase homes through the end of 2021.

In explaining the move, Zillow said the company was facing a backlog of renovations and dealing with operational-capacity issues.

Now, though, Bloomberg is reporting that the company is selling off roughly 7,000 homes, looking to claw back $2.8 billion in the process.

A separate report from KeyBanc analyst Edward Yruma found that two-thirds of the homes Zillow has listed for sale feature an asking price below what Zillow paid for the property, with the average discount being 4.5%.

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Back to the Bakken

Active rigs:

84.05	11/1/2021	11/01/2020	11/01/2019	11/01/2018	11/01/2017
Active Rigs	31	14	57	68	53

No new permits.

One permit renewed:

• 37942, n/d, Bowline (Nine Point Energy), Missouri W 152-103-4-9-7H, Eightmile, NDIC has not updated the scout ticket; still shows as loc/loc;

NDIC did not update the "active rig" list.