Active rigs: 39.
WTI: $76.28.
Natural gas: $7.024.
Two new permits, #39433 - $39434, inclusive:
Top energy story:
Saudi, OPEC+ remain committed to production cut of two million bopd through all of 2023
Top story:
Top international non-energy story:
Top international energy story:
Top national non-energy story:
Top national energy story:
Focus on fracking: most recent edition.
Top North Dakota non-energy story:
Top North Dakota energy story:
Geoff Simon's top North Dakota energy stories:
Bakken economy:
Commentary:
Three things I learned this week.
One: how incredibly "good" Eve Marie Saint is/was. Born July 4, 1924, and still with us.
Two / three:
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Bob Iger's First Win
I think this was announced within 48 hours of Bob Iger's return to Disney. Link here. Even as cases surge and the rest of China shuts down:
Disney:
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Back to Energy
Another open-book test for investors. Link here.
Had the headline been, "the richest countries will spend 17.7% of their GDP on buggy whips," what would you invest in?
"Mass shootings" at schools: this is one of those "ah-ha" moments for me.
I assume there are good studies with regard to the reason for these school shootings, mall shootings, etc., but I haven't seen those studies. For me the dots connected with I read Quentin Tarantino's "analysis" of Taxi Driver in his most recent book (c. 2022). I know I'm right on this but will let others come to their own conclusions. Right now, I will only say two things about this issue:
EVs, trucks:
The California Air Resources Board has laid out an ambitious plan to eventually force all diesel truck fleets off the road, with varying timelines. This includes mandating that all new trucks operating around busy railways and ports be zero-emission vehicles by 2024; phasing out all diesel trucks from those areas by 2035; and eventually taking every diesel truck and bus fleet off California roads by 2045, where feasible.
Forecast: let's check back in on December 15, 2022 --
Rising sea levels, link here and here:
Recession, GDPNow, soft landing, and all that jazz? Link here.
Politics: one of the most under-reported stories coming out of the mid-terms --Los Angeles major. So far, not behingd a paywall.
A record number of Los Angeles voters cast ballots for mayor in this month’s election, the result of changes in the electoral calendar, the state’s easing of voter registration rules and the provocative contest between U.S. Rep. Karen Bass and businessman Rick Caruso, according to analysts and nearly complete returns from county officials.
Bass took advantage of the new political landscape to drub her rival, notching a nearly 10-percentage-point margin. Nearly 928,000 Angelenos cast votes for mayor, surpassing the previous high of 856,000 in the transformative, racially polarizing race in 1969, when the white incumbent, Sam Yorty, defeated his Black challenger, Councilman Tom Bradley.
With L.A.'s population a full 1 million under the 3.8 million it is today — and the total of registered voters only half the 2.2 million of today — the 1969 race drew an astonishing 76% turnout; this year’s Bass-Caruso matchup will be about 45%, according to county election officials.
Bass made history last week when she became the first woman elected mayor in L.A.’s 241-year history. Her vote total of 508,860 as of this week is already the highest ever for the city’s top job, and is more than double the number Eric Garcetti received when he became mayor in 2013.
Los Angeles historically held elections for elective office in odd-numbered years, but voter turnout had plummeted over the last four decades — typically falling well under 40%.
So to bolster the electorate and make it more representative of the population, voters in 2018 approved a charter amendment to shift elections to even-numbered years, aligning them with races for president, governor and other high-interest offices and ballot measures.
RMDs, inherited IRAs: for those who may have missed this. It was reported in October, 2022. This is still confusing (for some / many / all) but I think there's a wrinkle in this announcement I had not caught before.
Last week, the IRS announced that its soon-to-be final regulations on required minimum distributions will apply starting next year. The move essentially waives RMDs in 2021 and 2022 for inherited individual retirement accounts subject to the 2019 Secure Act’s 10-year rule. In a comment letter on the RMD proposal, ABA had urged the IRS to provide such transition relief to facilitate IRA administration and address customer uncertainty on whether to take RMDs before the final rule was released.
The announcement also confirmed that the final rule will require RMDs in years one through nine for inherited IRAs where the original owner had started taking distributions before death. Inherited IRAs where the original owner had not started taking distributions, on the other hand, need not take RMDs in years one through nine, but must still take complete distribution within 10 years.
Under the relief provided in the notice, inherited IRA owners are not required to take a distribution in years 2021 or 2022, even if the decedent had started taking distributions before death. In addition, the IRS will not assert the 50% tax penalty on accumulated distributions for 2021 and 2022 and will allow taxpayers to request a refund for any tax paid.
ISO NE: demand less than 14,000 MW. Friiday morning after Thanksgiving. Schools closed.
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Back to the Bakken
The Far Side: link here.
Active rigs: 37.
WTI: $77.92.
Natural gas: $7.295.
Monday, November 28, 2022: 62 for the month, 99 for the quarter, 644 for the year.
38920, conf, CLR, Medicine Hole 4-27H1,
38861, conf, Petro-Hunt, Setterlund 159-94-34C-27-3H,
38842, conf, Slawson, PhatKat Federal 6-18-7TFH,
38729, conf, Kraken, Raymond LW 16-21 12H,
38172, conf, CLR, LCU Foster Federal 9-28H,
37948, conf, CLR, Brangus FIU 11-11H,
Sunday, November 27, 2022: 56 for the month, 93 for the quarter, 638 for the year.
38919, conf, CLR, Medicine Hole 5-27H,
38860, conf, Petro-Hunt, Setterlund 159-94-34D-27-3H,
38730, conf, Kraken, Fairbanks 17-20 6H,
38171, conf, CLR, LCU Foster Federal 8-28H1,
37949, conf, CLR, Brangus FIU 10-11H,
Saturday, November 26, 2022: 51 for the month, 88 for the quarter, 633 for the year.
38859, conf, Petro-Hunt, Setterland 159-94-34C-27-2H,
38779, conf, CLR, Medicine Hole 6-27H,
38775, conf, Hunt, Palermo 156-90-6-34H 3,
37951, conf, CLR, Brangus Federal 8-11H,
37950, conf, CLR, Brangus Federal 9-11H1,
Friday, November 25, 2022: 46 for the month, 83 for the quarter, 628 for the year.
38933, conf, Petro-Hunt, Schultees 159-94-34C-SWD,
38785, conf, CLR, Medicine Hole 7-27H1,
38777, conf, Hunt, Palermo 156-90-5-34H 4,
37966, conf, Enerplus, Bacon 151-94-16B-21H,
37952, conf, CLR, Brangus Federal 7-11H2,
RBN Energy: what's throwing the distillates market out of whack? Was archived November 1, 2022.
In observance of the Thanksgiving holiday weekend, we’ve given our writers a break and are revisiting — and updating — a recently published blog on the U.S. distillates market. If you didn’t read it then, this is your opportunity to see what you missed and catch up on recent developments! Happy Black Friday!