No Wells Coming Off Confidential List; A Snowball Rolling Downhill -- February 8, 2022

Article of the day: will re-post as a stand-alone later, but on my way to take Sophia to bus stop. Reuters on activity in US shale basins.

Not so fast: maybe WTI won't hit $100. Down today; falls below $100. Down 2%; down $1.79. Trading at $89.53.

BP:

• profit jumps from $6 billion loss to $13 billion profit; highest profit in eight years;
• net profit, $12.8 billion; forecast, $12.5 billion, full year
• 4Q21: profit of $4.1 billion, extrapolates to $16 billion full-year; forecast, $3.9 billion
• maintained its dividend -- say what! Announces a $1.5 billion share buyback program
  
• 20% investment with Rosneft made huge difference; London loves it;
• CNBC crawler: BP shares jump -- yup, up 33 cents;  up about a percent; some jump considering they went from a $6 billion loss to a $13 billion profit; what am I missing.
  

Nvidia won't buy ARM. Oh-oh. 

Peleton: misses on earnings. Shares down another 2.5% in pre-market trading.

Canadian truck convoy: lots of story lines. And the backstory here.

Decision fatigue: that's the name for the "change in mask mandate decision."

California: And just like that, California will lift mask mandate.

Still required for unvaccinated residents and for everyone in select settings, such as nursing homes or while aboard public transit. Apparently public schools are safe. The science changed overnight. Mask mandates remain for Los Angeles County and much of San Francisco. There, the science has not changed.

Australia: now that the tennis tournament is over, Australia will open its borders to all vaccinated tourists and business travelers.

The science has changed -- CNN, Anderson Cooper. Link here. This was predicted on the blog in mid-December. This is now a snowball rolling downhill. States in New England, north Atlantic coast can't end school masking mandates fast enough. Perhaps a better analogy: a Tiger Woods golf ball running off the green into the lake. More here.

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Back to the Bakken

Active rigs:

$89.53	2/8/2022	02/08/2021	02/08/2020	02/08/2019	02/08/2018
Active Rigs	34	14	54	64	57

No wells coming off confidential list today or tomorrow.

RBN Energy: growing US LNG output has influenced global logistics, pricing, part 2. 

The first wave of LNG projects has done more than just catapult the U.S. to the top tier of LNG exporters, it has reshaped markets, helped move LNG closer to being a true global commodity, and spurred changes in everything from ship sizes and routes to contract types and pricing formulas. Talk about having an impact! And, with new projects still coming online in the U.S. and final investment decisions expected on new terminals and expansions this year, the U.S. LNG industry’s effect on the global gas trade is sure to grow. In today’s RBN blog, we look at the practical impacts that have accompanied growing U.S. production with an emphasis on logistics and, perhaps most important, the changes to LNG pricing in Asia.

Bison Interests: space capacity is a myth. 

Crude oil quality matters: HSFO. If you are unfamiliar with this acronym, it speaks volumes about your understanding of this issue.