Active rigs: 43.
WTI: $71.46
Natural gas: $5.962
No new permits.
Nine producing wells (DUCs) reported as completed:
I read the first headline below and almost fell off the treadmill.
Biden to double the amount of natural gas the US will export to Europe.
Trafigura profits:
Mexico crude oil production continues to fall;
Keystone pipeline shut down:
Exxon to expand stock buybacks.
Gasoline prices plummet to below-year-ago levels.
Transport prices fall at the fastest rate on record.
Russian oil:
OPEC cuts:
Investors:
What's behind the greatest job market in history? Forbes, December 7, 2022, The article begins:
The deeper we dig, the more we find, especially when we examine the momentum of our job market which, I’ve repeatedly reported, is the best in history.
From my vantage point – independent career coach, job market observer, and columnist for 25+ years – each month’s jobs report from the Bureau of Labor Statistics continues to amaze. After 23 consecutive months, we’re used to seeing high job creation numbers and low unemployment.
The string is not over. Expect more.
Jobless claims, today: link here.
The market:
AVGO: up $12.58; up almost 2.5%; trading at $531; increases it's quarterly dividend by 12% to $4.60; it was $4.10;
AAPL:
It appears the CLR Fuller wells have been fracked. The CLR Fuller wells are tracked here.
This one came off the confidential list Wednesday, October 19, 2022.
The parent well is off line:
The "Game Fish" pad is tracked here.
Newer (daughter) wells are starting to be fracked.
Recent production data for an old well in this field:
It's almost like a brand new well.
Recent production:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 31 | 5956 | 5994 | 2949 | 5969 | 4197 | 802 |
| BAKKEN | 9-2022 | 30 | 5434 | 5348 | 3364 | 5463 | 3527 | 1025 |
| BAKKEN | 8-2022 | 25 | 3038 | 3033 | 3021 | 3193 | 1594 | 966 |
| BAKKEN | 7-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 6-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 5-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 4-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 3-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 2-2022 | 22 | 1173 | 1198 | 349 | 1526 | 1011 | 52 |
| BAKKEN | 1-2022 | 31 | 1705 | 1689 | 528 | 2320 | 1491 | 77 |
| BAKKEN | 12-2021 | 31 | 1691 | 1774 | 511 | 2685 | 1441 | 551 |
| BAKKEN | 11-2021 | 30 | 1606 | 1598 | 508 | 2646 | 1417 | 564 |
| BAKKEN | 10-2021 | 31 | 1638 | 1550 | 517 | 2657 | 1374 | 605 |
| BAKKEN | 9-2021 | 30 | 1557 | 1700 | 510 | 2490 | 1420 | 397 |
| BAKKEN | 8-2021 | 31 | 1566 | 1495 | 490 | 2508 | 1386 | 454 |
Updates
December 8, 2022: as Peter Zeihan would say, "the magic of mRNA." Both Moderna and Pfizer have an updated Covid vaccine that "covers" the newest Omicron strains, and which adults are now receiving. Today, the FDA approved these updated Covid vaccines for infant and children > 6 months old. See this link.
Original Post
Compare with the US:
To the best of my knowledge, there's only one difference. From what little I know, Japan's restrictions, lock downs, have been much more severe than the US.
I think folks have forgotten why the global restrictions were put in place in the first place.
Earlier:
Saudi Arabia: even before D5S, link here:
More, from The Wall Street Journal:
The Saudi government posted a $27 billion budget surplus Wednesday, December 7, 2022, as this year’s high oil prices accelerate Crown Prince Mohammed bin Salman‘s ambitious plans and boost resource-rich economies across the Persian Gulf.
Buoyant crude prices helped the kingdom’s economy expand at one of the fastest rates globally, with the government spending $47 billion more than planned. In a year when global growth is pegged at 3.2%, the International Monetary Fund predicts growth of 7.6% this year in Saudi Arabia. The kingdom’s output is expected to reach $1 trillion for the first time, cementing its place among the world’s biggest economies.
The boom times have extended to Saudi Arabia’s Gulf neighbors, demonstrating how Russia’s invasion of Ukraine has redrawn the world’s energy maldemic recovery. In Qatar, high natural-gas prices this year have helped cap off a $200 billion investment in infrastructure in the capital Doha, helping the soccer World Cup taking place there this month run smoothly.
And more:
The Saudi government said revenues increased 28% to $328 billion on higher oil sales this year, with $300 billion predicted for next year. It expects oil prices to remain elevated, or above $80 a barrel, according to Abu Dhabi Commercial Bank. Brent crude, the global oil benchmark, was at roughly $78 a barrel Wednesday, down from a high of nearly $130 earlier this year. That is up from an average of $70.86 a barrel last year and $41.96 a year earlier.
It marks the first period of sustained high oil prices for Prince Mohammed, the 37-year-old who rules Saudi Arabia on behalf of his father. He rose to power during the oil-price crash of 2015 and oversaw a period of austerity measures for average Saudis, even as he pushed ahead with an ambitious program to diversify the country’s economy away from oil.
Break, break.
Prior to seeing this story, I posted this yesterday, when addressing another issue but certainly is worth re-posting here:
Think of it this way. A year ago, there were three actors on the global stage (in the theater of oil):
- the US
- OPEC
- Russia
Today, there are two:
- the US
- Saudi Arabia
A year from now, there will still be only two:
- the US
- Saudi Arabia
And if the global economy "explodes" in a good way -- a year from now --
But between "now" (tonight to be specific) and "then" (December 7, 2023) it could be quite the exploding Ferris wheel ride. But I think I read something on twitter today to the effect that, that is when fortunes are made.
- coming out of a pandemic;
- coming out of a global recession;
- the demand for oil might be more than just noteworthy.
Looking at that graphic above and making an additional observation:
Played out as expected.
Biden getting 'er done.
Biden had a great short tweet, making the announcement.
I doubt Biden writes his own tweets but that doesn't matter.
Ms Griner is on a plane and flying home.
To Abu Dhabi and then flying home.
High-level trade. Arms dealer with 25-year sentence; had already served fourteen years.
Most interesting: huge success story not used as a political surprise. Announcement came after the mid-term elections. Appears to simply be hard-work by the US State Department. Deserves a lot of credit.
Great, great Christmas present.
Biden will deservedly get a lot of credit for this.
On another note, from the president in my twitter feed today:
Yesterday a reader asked my thoughts on the divergence between the narrative and the plummeting price of oil. I responded with a long rambling e-mail reply which probably missed the target but essentially came down to the "short term" perspective (traders) that is setting the price of oil versus the "long term" perspective (investors) that is setting the narrative.
In my reply I mentioned that I was looking forward to comments by Josh Young on twittter.
Wow, wow, wow. Less than an hour or so of sending that e-mail, this popped up in my twitter feed:
My favored / favorite browser is Firefox.
For the past few months, we've had a lot of problems with Hulu. Incredibly slow to load; sometimes "never" loading. On our 27-inch desktop iMac using Firefox.
On the other hand, Hulu is awesome on the iPad.
After trying various "things" on the iMac -- and none of them working -- I realized that the iPad only uses Safari. I opened Hulu using Safari on the desktop ... and .... everything worked perfectly. It was amazing. Lightning fast. No problems.
So, if you're having trouble with Hulu and you're using Firefox, switch to Safari. I didn't try Chrome or Microsoft.
So, now, on Safari, all three performing as advertised -- absolutely better than expected, actually: Hulu, Amazon Prime Video; and Apple TV+.
By the way, Apple TV+ is turning out to be quite a nice platform. Right now the entire Jason Bourne series -- all five episodes -- are featured. Yes, one can get Jason Bourne "everywhere" but it's nice to be on one platform and see this franchise featured, instead of jumping from one streaming service to another streaming service looking for something.
By the way, of the three (Apple TV+, Hulu, Amazon Prime Video), Apple TV+ is the cleanest, easiest to use. I'm quite impressed.
But, of course, I'm an Apple Fanboy. Fanboy #3 was my original handle.Saudi Arabia: even before D5S, link here:
**************************
Back to the Bakken
The Far Side: link here.
Active rigs: 43.
WTI: $73.70.
Natural gas: $76.10.
Friday, December 9, 2022: 21 for the month, 130 for the quarter, 674 for the year.
38896, conf, CLR, Bonney 11-3HSL,
38852, conf, Crescent Point, CPEUSC Lowe 4-18-19-158N-99W-MBH,
RBN Energy: natural gas producers shine in another sterling quarter for US E&Ps. Archived.
Storm clouds may be gathering on the economic horizon as concerns about persistent inflation and looming recession roil markets and politics. But for oil and gas producers, the third quarter was the equivalent of a driver putting the top down under a flawless azure sky, dialing up the road tunes, and cruising without a care down an endless highway. Lower oil prices led to a dip in earnings and cash flow after a record-breaking second quarter, but cash still filled producers’ coffers at the second-highest rate in decades. In today’s RBN blog, we review the Q3 results of U.S. E&Ps and discuss what may lie ahead as those storm clouds move closer.
Let's repeat:
Storm clouds may be gathering on the economic horizon as concerns about persistent inflation and looming recession roil markets and politics. But for oil and gas producers, the third quarter was the equivalent of a driver putting the top down under a flawless azure sky, dialing up the road tunes, and cruising without a care down an endless highway. Lower oil prices led to a dip in earnings and cash flow after a record-breaking second quarter, but cash still filled producers’ coffers at the second-highest rate in decades. In today’s RBN blog, we review the Q3 results of U.S. E&Ps and discuss what may lie ahead as those storm clouds move closer.