Notes From All Over -- January 26, 2022

WTI: and there we are -- $87.24. Up almost 2%; up $1.64 and now solidly over $87, Again. 

Global oil shortage: wow, maybe the world won't run out of oil Guyana's oil production to increase three-fold next month. Link to Irina Slav. Hess has 30% ownership in this play; partnered with XOM. "ExxonMobil and Hess have recently made their 20th discovery in the Stabroek block."

New home sales: huge surge. Super - super numbers. Powerful.

• estimate: up 1.7% month-over-month;
• in fact: up almost 12% month-over-month;
• numbers based on signed contracts
  
• home prices: very little increase year-over-year;
• buyers expecting interest rates to go up.

Hess: really starting to report some nice wells; this has been going on now for several years. Hold that thought. The Manitou oil field is a non-descript field northeast of Williston. It was never considered a great field but now Hess is reporting huge wells coming out of the field. 

Exhibit A: Hess is reporting a number of EN-Rice wells today; the EN-Rice wells have been updated;

Now, back to that thought you were holding: these very, very nice wells being reported by Hess out of a very non-descript oil field in the Bakken supports the decision made by Hess to focus on the Bakken going forward; previously reported.

Two examples from today's report:

• 38310, conf, Hess, EN-Zunich-156-94-3328H-9, Manitou,
  

Date	Oil Runs	MCF Sold
11-2021	44738	1551

• 37845, conf, Hess, EN-Zunich-156-94-3328H-8, Manitou,

Date	Oil Runs	MCF Sold
11-2021	38765	19396

Generally, first month's production is not a full month.

Twenty years from now, they're going to say, "we under-estimated the Bakken."

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Insanity

Burning oil in New England: it just amazes me that "no one talks" about this, how much Russian oil Boston burns to keep the lights on. Link to ISO NE. New England is on track to forty days and forty nights of burning huge amounts of oil because they fear natural gas from Pennsylvania, but love that oil from Russia. Even coal in New England is doing quite well. 

The Concord-Monitor is finally addressing this. They've done this occasionally, but their recent "News>Science" page looks like a screenshot from the blog. 

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Blowing Off Global Warming

I don't know if folks caught this yet, but President Xi, China, has jumped ship. No longer concerned about global warming on his watch; he will let the next premier worry about it. He is premier for life and decades younger than our current US president. All over twitter. Will take a few days for mainstream media to pick up on this.

Greta's head is exploding, but I assume she has moved on. 

Xi was not the first. Japan went first earlier this week, going back to subsidies for fossil fuel industry, reneging on hard-fought agreement in most recent UN climate conference, COP26 from just a couple of weeks ago. 

California, apparently following suit, puts the screws on homeowners who bought in (literally and figuratively) roof-top solar panels.