Dow Closes Above 35K For The First Time Ever -- July 23, 2021

Dow closes above 35,000 for first time.

S&P: up 4.5% since Monday low; at new all-time high;

WTI: $72.17

Reminder: "OPEC basket" link here.

Next "Fed" chair: talking heads suggest Lael Brainerd will be next "Fed" chairperson. She is an Obama appointee and has an impeccable record. A centrist along with Jay Powell.

• wiki link here;
• dovish or hawkish:

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Back to the Bakken

Active rigs:

$72.08	7/23/2021	07/23/2020	07/23/2019	07/23/2018	07/23/2017
Active Rigs	23	12	57	66	58

Three wells coming off confidential list -- Friday, July 23, 2021: 10 for the month, 10 for the quarter, 190 for the year:

• 37889, conf, Petro-Hunt, State 158-91-16C-9-3H, Kittleson Slough, producing, NDIC has not posted new results;

Date	Oil Runs	MCF Sold
5-2021	9297	0
4-2021	2088	0

• 37259, conf, Nine Point Energy, S Missouri 152-103-4-2-9H, Eightmile, producing, NDIC has not posted new results;

Date	Oil Runs	MCF Sold
5-2021	20744	19094
4-2021	20346	24159
3-2021	16359	3526
2-2021	20492	16630
1-2021	2567	3721

• 35562, conf, Liberty Resources, McGinnity E 159-93-31-30-4TFH, Northwest McGregor, producing, NDIC has not posted new results;

Date	Oil Runs	MCF Sold
5-2021	10622	27935
4-2021	14602	22839
3-2021	18304	18006
2-2021	20132	19355
1-2021	1613	26

Six new permits, #38438 - #38443, inclusive:

• Operator: Hess
• Field: Baskin (Mountrail), Sorkness (Mountrail)
• Comments:
• Hess has permits for two EN-Farhart wells and four EN-Sable wells;
• the EN-Farhart wells will be in SESE 35-157-93; sited between 1047' and 1113'  FSL and 456' FEL
• the EN-Sable wells will be in SESE 35-157-93; sited between 1146' FSL and 1245' FSL and 456' FEL;
• in other words, the six wells will be sited on the same pad, but four will be running in one direction, and the other two will be running in the opposite direction;

Three permits renewed:

• Crescent Point Energy: a CPEUSC Claire Rose permit in Williams County;
• CLR: a Pasadena Federal permit in McKenzie County;
• Enerplus: a Wallaby permit in McKenzie County;

Not Everyone Is Having A Good Day -- July 23, 2021

... but a buying opportunity?

SAM:

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Covid-19 -- The Louisiana Edition -- July 23, 2021

Updates

July 23, 2021: usually updated by 2:00 p.m. weekdays, the daily update has not been posted by the CDC as of 2:30 p.m. Friday, July 23, 2021. Going swimming. We will see if data posted an hour from now. [Later: CDC data posted. Unremarkable report.]

Original Post 

CDC data here. 

Health care facilities are no longer ordering much vaccine from the US government sources; they have way more on hand than they can get rid of. 

However, there are early indications that Louisiana may have gotten the memo: there are stories that vaccination rates are rising in Louisiana. 

Previously posted:

And from an earlier post:

 Florida: the numbers coming out of Florida are concerning. Will the governor be able to hold the line?

Atmospheric CO2 -- FWIW -- June 2020 Data

Link here. 

Global economy plummets; fossil fuel demand plummets. And, still, atmospheric CO2 rises significantly. Speaks volumes.  

To repeat: global economy plummets; fossil fuel demand plummets. And, still, atmospheric CO2 rises significantly. Speaks volumes. 

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Sophia showing atmospheric CO2 data with her friends. 

 

Notes From All Over -- The Weber Edition -- July 23, 2021

Another day, another record: Dow could close above 35,000 for first time ever....intra-day, it's been above 35,000 before. At least that's what I'm seeing on CNBC but I might have that wrong. Fact check, please. From Yahoo!Finance:

Cautious optimism in the face of rising coronavirus cases nudged the Dow within view of its record high above 35,000 on Friday, with the S&P 500 notching a marginal new record.

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Time To Grill

From The WSJ:

The searing market for newly public companies has a new obsession: grills. Two leading sellers of outdoor grills and grilling accessories, Weber and Traeger, both filed paperwork for initial public offerings earlier this month, while online grilling-and-outdoor-products retailer BBQGuys on Tuesday agreed to go public by combining with a special-purpose acquisition company. The merger values BBQGuys at about $960 million.

Traeger is known for its pricier wood-pellet grills and said on Wednesday that it plans to raise about $400 million in its IPO, which would value the company at around $2 billion. The Salt Lake City-based firm is aiming to price its shares between $16 and $18 under the ticker symbol COOK.

All three of the companies have been around for a long time but are seeking to cash in on sudden excitement fueled by the coronavirus pandemic. Weber, Traeger and BBQGuys each reported a recent sales surge as more consumers refurbished their backyards and became barbecue enthusiasts, tapping into one of the stay-at-home themes that have dictated much of the stock market’s performance in the past 15 months.

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The Rest

How to ruin a great conference call: each time that raw materials surge, some consumer companies struggle with price risk management. This time, Whirlpoool says it's better prepared because .... and I can't make this up .... "Whirlpool uses Excel spreadsheets." 

Texas upstream: job growth surges 94% for June, 2021. Link here. 

For those who understand math: ExxonMobil flashing green. Link here.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Domino's: stock hits record; $1 billion buyback in place.

Natural Gas -- Story Of The Year? July 23, 2021

US LNG exports: record high levels, 1H21. Link here.

US natural gas exports to Mexico established a new monthly record in June, 2021. Link here. 

Three Wells Coming Off The Confidential List -- July 23, 2021

Repeating for the umpteenth time: China is the swing consumer. As oil prices increase, China shuts down imports. Link here. 

Texas upstream: job growth doubles. Link here. Rounded; actual number? 94%.

US pipeline cyberattacks: China. -- FBI. 

Chariots on fire: GM recalls Bolts. Two new fires. Link here. Not less than a couple of months ago, Phil LeBeau mentioned that EV fires no more frequent than ICE fires. Okay.

Cleveland Guardians.

Olympic Parade in nearly empty stadium.

Moderna: cleared for those between ages 12 and 17 in Europe.

Natural gas: closed above $4 for the first time since 2018. European gas markets continue to trade close to their highest in more than ten years. Asian LNG is trading at unusually high levels for the season. Link here. 

S&P: hits new all-tie intra-day high. 

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Back to the Bakken

ET/DAPL put on notice by Biden administration: link here.  

The U.S. Pipeline and Hazardous Materials Safety Administration listed probable violations ranging from the location of storm water drainage at six pipeline facilities and failure to follow assessment guidelines relating to possible incidents in sensitive areas where the pipeline operates.

The PHMSA recommended a civil penalty of $93,200 against the company for the violations and said failure to correct the issues may result in further enforcement action.

Active rigs:

$71.78	7/23/2021	07/23/2020	07/23/2019	07/23/2018	07/23/2017
Active Rigs	23	12	57	66	58

Three wells coming off confidential list -- Friday, July 23, 2021: 10 for the month, 10 for the quarter, 190 for the year:

• 37889, conf, Petro-Hunt, State 158-91-16C-9-3H, Kittleson Slough, producing, NDIC has not posted new results;
• 37259, conf, Nine Point Energy, S Missouri 152-103-4-2-9H, Eightmile, producing, NDIC has not posted new results;
• 35562, conf, Liberty Resources, McGinnity E 159-93-31-30-4TFH, Northwest McGregor, producing, NDIC has not posted new results;

RBN Energy: how the FERC sets oil and gas pipeline rates, part 3. 

Oil and gas pipeline regulation have two things in common: They’re both regulated by the Federal Energy Regulatory Commission (FERC), and they were both brought under regulatory oversight in the first place by a Roosevelt — oil pipelines by Teddy Roosevelt and gas pipelines by Franklin Roosevelt.  

However, that’s where the similarities end.  

They’re regulated under different statutes, with wildly different histories that have led to very different types of oversight and rate structures. These rules tend to offer oil pipelines a higher degree of flexibility, but in doing so, they also make their rate structures less predictable. Today, we wrap up our review of oil and gas pipelines, and how their separate histories led to the current differences in pipeline rate structures, this time with a focus on oil pipeline ratemaking.