Rumor Has It That The US House Passed The B-M Debt Ceiling Bill -- May 31, 2023

Locator: 44809BIZARRE.

Now ... unto the US Senate where Lindsey Graham says he will kill the bill. At least that's what the press says he said.

From one news source:

McCarthy, R-Calif., touted the bill’s spending cuts even though it fell short of conservatives’ original aim of slashing spending by roughly $150 billion from this year to the next.

$35 trillion deficit and the GOP is willing to put the US into default over $150 billion. 

Okay. 

I see who the adults in the room are. AMIRITE?

LOL.

Just think if we could just cut spending by $150 billion this year -- what that would mean for all of us.

Activity In Killdeer -- June 1, 2023

Locator: 44808B.  

On the way to looking for something, we came across a very, very active section in Killdeer oil field.

Homesteaders Gap Oil Field

Locator: 44809B.  

See this note.

NDIC has approved new name for Squaw Gap oil field. Now Homesteaders Gap oil field. The Bismarck Tribune today, behind a paywall.

Already updated at wiki.

A point of interest:

A local independent telephone exchange was inaugurated on December 15, 1971, with an NBC broadcast of a first phone call from Squaw Gap to U.S. Secretary of Agriculture Earl Butz in Washington D.C

The community was one of the last to obtain landline telephone service in the continental United States. (Iowa Hill, California lost its service in the 1960s, but regained it in 2010.)

Monthly Utility Bill -- May 31, 2023

Locator: 44807ELEC.  

Our only utility bill, this is it. Only electricity; no natural gas. The company says  it's 100% wind whhich I highly doubt.  We made no attempt to conserve electricity last month.

Monthly utility bill:

No New Permits; MRO Reports Four Completed DUCs -- May 31, 2023

Locator: 44806B.  

Synthetic natural gas plant:

• another Biden-win / Inflation Reduction Act, link here;
• TotalEnergies: one of Europe's biggest oil and gas firms
• a blow to the European Union's ambitions to lead in green energy technologies;
• of course, the MAGA Republicans will give Biden no credit for the IRA
• the synthetic natural gas would be made from "renewable" hydrogen and CO2; it gets tedious;
  
• preliminary only; $2 billion project;
• 100,000 to 200,000 metric tons of e-NG / year
• also reported in The [London] Telegraph;
• if the site for the project was announced, I missed it

Weekly EIA petroleum data will be reported tomorrow: one day "late," due to Memorial Day observance on Monday.

**************************************
Back to the Bakken

Active rigs: 35.

WTI: $68.09.

Natural gas: $2.266.

No new permits.

Four producing wells (DUCs) reported as completed:

• 38793, 1,213, MRO, Rowe 14-21H, Dunn County,
• 38794, 2,803, MRO, Erling 24-21TFH, Dunn County,
• 38795, 4,976, MRO, Ravin 24-21H, Dunn County,
• 38796, 3,416, MRO, Valborg 34-21TFH, Dunn County,

INTC -- Feature Story In WSJ Today -- May 31, 2023

Locator: 44804INV.

Link here.

Unfortunately behind a paywall. My hunch: this article will show up later this week as a reprint elsewhere ... with no paywall. Hopefully. 

Huge CAPEX at a time the Fed is raising rates. 

This is the fifth or sixth paragraph but is probably the essence of the article:

Gelsinger’s plan is to invest as much as hundreds of billions of dollars into new factories that would make semiconductors for other companies alongside Intel’s own chips. Two years in, that contract-manufacturing operation, called a “foundry” business, is bogged down with problems.

"Hundreds of billions of dollars." 

Does "hundreds of billions" trend toward a trillion? 

The following have huge moats: TSM, NVDA, AVGO, QCOM, AAPL, AMD, ASML. Good luck.

101 Days Of Summer -- Day 5 -- May 31, 2023

Locator: 44803B.

Day 1: Saturday, May 27, 2023

Today, day 5:

• biking weather, scale 1 - 10: an 11
• a swimming day later this afternoon

Headline of the day: think what Ford is really, really, really saying -- I'll help you out later with what I see in that headline, if I don't forget. 

********************************
Back to the Bakken

Active rigs: 36.

WTI: $68.61.

Natural gas: $2.360.

Peter Zeihan newsletter. E-mail campaign archive.

Thursday, June 1, 2023: 3 for the month; 113 for the quarter, 368 for the year
39242, conf, CLR, Meadowlark FIU 5-6H1,
39166, conf, WPX, Pennington 16-15HA,
36294, conf, WPX, Skunk Creek 3-24-25-14HB,

Wednesday, May 31, 2023: 58 for the month; 110 for the quarter, 365 for the year
 None (there was no November 31, 2022)

RBN Energy: as crude oil exports grown, the mercaptans issue can't be ignored.

Crude oil quality has been a hot topic lately. With the increase in waterborne activity along the Gulf Coast, a high-quality barrel is desired now more than ever. Permian WTI exports have continued to increase as production rises and refining capacity remains relatively stagnant (outside of ExxonMobil’s recent Beaumont expansion). This has resulted in more scrutiny on Permian quality and more concerns rising to the surface — both from the pockets of lower-quality WTI produced at the wellhead and from blending by market participants, as many midstream providers and traders have become efficient at capturing arbitrage opportunities. Recent WTI quality concerns have primarily been around metal content, hydrogen sulfide (H2S) and mercaptans, while nitrogen has become a major issue in the natural gas market. In today’s RBN blog, we look at the issue of mercaptans in WTI.

Let’s start with the basics. Mercaptans are naturally occurring contaminants in crude oil and natural gas — also called thiols, mercaptans are organic compounds bonded to sulfur. Their presence can range from a few parts per million (ppm) to several thousand ppm. While mercaptans are undesirable in crude oil (for reasons we’ll get to in a moment), they do have some commercial applications. Some non-corrosive mercaptans are injected into natural gas to provide a distinctive “rotten-egg” odor to help detect leaks, and another type of mercaptan is used to produce methionine, which serves as an intermediate in the production of pesticides, fungicides and animal feed additives.

Happy 93rd Birthday — Clint Eastwood — May 31, 2023

Locator: 44802BDAY.

Born in 1930.

Debt Ceiling Vote -- McCarthy Looks For GOP Votes -- May 30, 2023

Locator: 44801ECON.
Locator: 44801POL.

Link here.

I truly must be missing something.

From the article

Did anyone do the math? Did anyone even read the article?

The GOP moves farther and farther away from me.

Again, from the linked article:

In one late development, the nonpartisan Congressional Budget Office said the spending restrictions in the package would reduce deficits by $1.5 trillion over the decade, a top goal for the Republicans trying to curb the debt load. [$1.5 trillion over the decade when the current debt is over $30 trillion.]

But in a surprise that could further erode Republican support, the GOP’s drive to impose work requirements on older Americans receiving food stamps ends up boosting spending by $2.1 billion over the time period. That’s because the final deal exempted veterans and homeless people, expanding the food stamp rolls by some 78,000 people monthly, the CBO said.

... would reduce deficits (sic) by $1.5 trillion, BUT this is what disturbs some MAGA GOP folks:

... the GOP’s drive to impose work requirements on older Americans receiving food stamps ends up boosting spending by $2.1 billion over the time period. That’s because the final deal exempted veterans and homeless people, expanding the food stamp rolls by some 78,000 people monthly.

Three things.

First, $2.1 billion vs $1.5 trillion. Do they take us for idiots?

Second: everyone knows this deficit reduction talk is a bunch of crap (but that's another story); and,

Third:

$2.1 billion "over the [same] time period." Over ten years. $2.1 billion / 10 years = $210 million vs a $6 trillion budget or 0.0000328 or 0.0033% / year; Lamar Jackson, NFL, has a contract that averages $32 million / year.

Not one word about increasing taxes on the top wealthiest 1% of Americans. But heaven forbid, grant veterans and homeless people exemptions from work requirements.

Wow.

Most cold-hearted ignoramuses on the planet. 

Buffett Buys More Oxy? May 30, 2023

Locator: 44800BRK.  

Link here.

Link here.

The Ovintiv Clear Creek Federal Wells In Westberg -- An Update -- May 30, 2023

Locator: 44799B. 

The Ovintiv Clear Creek Federal wells are tracked here.

From earlier today, from the daily activity report:

Seven producing wells (DUCs) reported as completed:

• 38690, 2,730, Ovintiv, Clear Creek Federal 152-97-36-25-5H,
• 38691, 2,193, Ovintiv, Clear Creek Federal 152-97-36-25-12H,
• 38692, 2,148, Ovintiv, Clear Creek Federal 152-97-36-25-6H,
• 38752, 1,524, Ovintiv, Clear Creek Federal 152-97-36-25-7H,
• 38753, 1,180, Ovintiv, Clear Creek Federal 152-97-36-25-13H,
• 38754, 891, Ovintiv, Clear Creek Federal 152-97-36-25-14H,
• 38875, 1,476, Ovintiv, Clear Creek Federal 152-97-36-25-8H,

Wells of interest and the rest of the Clear Creek Federal wells in that drilling unit:

• 22778, 1,433, Ovintiv, Clear Creek Federal 152-97-36-25-2H, Westberg, t9/12; cum 246K 3/23;
• 18267, 1,033, Ovintiv, Clear Creek Federal 1-36H, Westberg, t12/09; cum 106K 3/23;

The map:

Recent production:

• 18267: 3,458 bbls over 18 days --> 5,763 bbls over 30 days.

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2023	18	3458	3272	3887	7596	5163	2274
BAKKEN	2-2023	0	0	0	0	0	0	0
BAKKEN	1-2023	28	404	535	60	1237	1063	0
BAKKEN	12-2022	31	293	245	173	1402	1123	0
BAKKEN	11-2022	30	444	327	153	1699	1429	0
BAKKEN	10-2022	31	479	490	185	1873	1594	0
BAKKEN	9-2022	30	528	792	307	2019	1749	0
BAKKEN	8-2022	31	932	862	428	2835	2556	0
BAKKEN	7-2022	5	142	0	160	294	253	0
BAKKEN	6-2022	0	0	0	0	0	0	0
BAKKEN	5-2022	0	0	0	0	0	0	0
BAKKEN	4-2022	1	0	0	0	33	33	0
BAKKEN	3-2022	31	2	0	35	54	54	0
BAKKEN	2-2022	19	37	0	31	200	200	0
BAKKEN	1-2022	31	590	560	132	1382	1382	0
BAKKEN	12-2021	31	120	281	57	495	412	0

Look At The NITS On That Apple Headset -- May 30, 2023

Locator: 44798AAPL. 

Link here.

With ~5000 nits brightness or more, the AR/VR headset from Apple would support HDR or high dynamic range content, which is not typical for current VR headsets on the market.

The Meta Quest 2, for example, maxes out around 100 nits of brightness and it does not offer HDR, and the HoloLens 2 offers 500 nits brightness. 100 nits? Apple is talking 5,000 nits!

Sony's PSVR 2 headset has around 265 nits of brightness, and it does have an advertised HDR feature when connected to an HDR display.

If Apple hits that 5000+ nits brightness target, its headset will offer a display experience that competitors are unable to match.

But look at this:

If Apple hits that 5000+ nits brightness target, its headset will offer a display experience that competitors are unable to match, and it will also set the stage for future AR glasses. 

It's possible, Tim Cook's AV/VR headset presentation could match anything he's presented in the past, though it would be hard to exceed what Steve Jobs could do. 

The most difficult thing about marketing the AV/VR headset is to make the leap from featuring bizarre, schizoid movements by actors wearing the headset to what it can really do .... beyond gaming and without making the wearer look like an idiot.

Current Events -- No Oil, No Bakken, Rambling -- May 30, 2023

Locator: 44797ARCH.   

Cape Cod: when we lived in Belmont, a suburb west of Boston, one of our favorite weekend trips was to drive up US Highway 6 the length of Cape Cod to Provincetown. I see that billionaire Bill Koch has put eleven acres of his Cape Cod holdings on the market for about $16 million. It is estimated he owns about forty acres of land on Cape Cod. Downsizing at age 83. $16 million / $1.6 billion net worth = 1% of his net worth. The non-ocean-front acreage is on the elbow, Osterville, northeast of Martha's Vineyard, the island across Nantucket Sound from the peninsula. 

Dina Powell McCormick, 49 years old, moving out of government and Goldman Sachs into "private practice." Great article in The WSJ today, and more background at wiki.

Elizabeth Holmes, ten years younger than McCormick reports to prison in Texas today, and will be a year older than McCormick is now when she completes her 11-year sentence, though I assume she will be released early for good behavior and on humanitarian grounds (she has two very young children). No links; story everywhere; beat to death (the story, not Elizabeth).

Grandstanding: apparently the B-M debt ceiling bill will be "released" from a US House committee within the next twelve hours and the US House will vote on the bill, most likely pass it, and, if so, forward the bill to the US Senate. 

It looks like the US Senate will have plenty of time to consider the bill. If the "x-date" is June 5, 2023, that means the "heavy lifting" for June has been done: the military active duty and military pensioners have been paid. The US Senate won't prevent checks from going to seniors on social security, those who vote in lopsided numbers, unlike children and infants who don't vote at all. 

I suppose it will be a "game of chicken" -- see how close "they" can came before they reach "x-hour." I guess June 5 is next Monday so they can do some last minute things this week, then back to the House to line up the two versions over the weekend and have it on the president's desk on Monday.

Photo op Monday, June 5, 2023.

*****************************
Investing

Over the weekend I started thinking about investing in TSLA. Earlier in the week or over the weekend (I forget) I posted the four reasons why TSLA has really excited me. I've never invested in TSLA but I'm pretty sure by the end of June, 2023, I will be a TSLA investor. It would be nice to have a bit more granularity, as they say, with regard to the Tesla pick-up.

There's a lot of buzz right now regarding the Cybertruck, and without question, TSLA will pop when we see VIN ID TSLA000000001 roll out of the Giga Texas manufacturing plant. I won't be buying TSLA as a trader or a short-term investment. I have a rolling 30-year horizon.

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.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source. 

***********************
QCOM

The last year or so has not been good for QCOM, like many of the beat-down tech companies. 

Over the last five days, up 11.5% and today, up 5%. 

Compare with AVGO: up 16.5% over the last five days; down 1% today, but the last six months, up 45%.

Four New Permits -- May 30, 2023

Locator: 44796B.   

Active rigs: 36.

WTI: $69.60.

Natural gas: $2.308.

Four new permits, #39927 - #29930, inclusive:

• Operator: Neptune Operaring
• Field: Pronghorn (McKenzie)
• Comments:
• Neptune has permits for two Fritz wells and two Jacobson wells, NENE 20-150-101, 
• to be sited between 490 FNL and 589 FNL and at 375 FEL

One permit canceled:

• 31619, CLR, Juneau 8-11HSL1, Williams County;

Seven producing wells (DUCs) reported as completed:

• 38690, 2,730, Ovintiv, Clear Creek Federal 152-97-36-25-5H,
• 38691, 2,193, Ovintiv, Clear Creek Federal 152-97-36-25-12H,
• 38692, 2,148, Ovintiv, Clear Creek Federal 152-97-36-25-6H,
• 38752, 1,524, Ovintiv, Clear Creek Federal 152-97-36-25-7H,
• 38753, 1,180, Ovintiv, Clear Creek Federal 152-97-36-25-13H,
• 38754, 891, Ovintiv, Clear Creek Federal 152-97-36-25-14H,
• 38875, 1,476, Ovintiv, Clear Creek Federal 152-97-36-25-8H,

More And More The Emperors Have No Clothes -- May 30, 2023

Locator: 44796INV.

A reader tells me that Charlie Munger says we're in a "mild recession." 

Link here. The US economic numbers released last week -- unemployment, wages, spending -- no evidence whatsoever we're in a recession. If we're in a recession, it's a very strange recession. 

Or is Charlie Munger looking for an explanation for BRK's ten-year return?

Link here.

I guess it depends on one's definition of "recession."

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.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

WPX Pennington Wells In Big Bend

Locator: 10001PENNINGTON.   

Updates

November 16, 2023: two DUCs reported as completed:

• 39170, 947, WPX, Pennington 16-15HCL, Big Bend,
• 39167, 768, WPX, Pennington 16-15-14HY, Big Bend,
  

Original Post

Incredibly complicated spacing and ownership in this immediate area: WPX vs Slawson.

The map:

The WPX Pennington wells:

• 39170, dry, WPX, Pennington 16-15HCL, Big Bend, NOT DRY, see above;
  
• 39169, drl, WPX, Pennington 16-15HZ, Big Bend,
• 39168, conf, WPX, Pennington 16-15HB, Big Bend,
• 39167, conf, WPX, Pennington 16-15HY, Big Bend, see above;
  
• 39166, conf, WPX, Pennington 16-15HA, Big Bend,

• 18135, 599, WPX/Zenergy, Pennington 16-15H, Van Hook, one section, t9/09; cum 297K 4/23; production since 2019; off line 5/23; remains off line 9/23;
  

Recent production of #18135:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2023	31	2632	2806	607	2483	2411	0
BAKKEN	2-2023	28	2155	1857	452	1521	1456	0
BAKKEN	1-2023	14	1111	1197	195	653	619	0
BAKKEN	12-2022	31	1881	1851	502	2867	2822	0
BAKKEN	11-2022	30	2294	2287	738	1784	1738	0
BAKKEN	10-2022	31	3042	3252	879	3412	3340	0
BAKKEN	9-2022	30	3119	3026	946	3334	3266	0
BAKKEN	8-2022	31	3351	3249	1095	2518	2447	0
BAKKEN	7-2022	31	3772	3910	1386	3048	2977	0
BAKKEN	6-2022	30	3490	3466	1354	2611	2542	0
BAKKEN	5-2022	31	3159	3001	1199	1523	1453	0
BAKKEN	4-2022	30	2577	2708	1148	3016	0	2951
BAKKEN	3-2022	31	207	0	206	243	53	180
BAKKEN	2-2022	0	0	0	0	0	0	0
BAKKEN	1-2022	0	0	0	0	0	0	0
BAKKEN	12-2021	0	0	0	0	0	0	0
BAKKEN	11-2021	0	0	0	0	0	0	0
BAKKEN	10-2021	0	0	0	0	0	0	0
BAKKEN	9-2021	0	0	0	0	0	0	0
BAKKEN	8-2021	0	0	0	0	0	0	0
BAKKEN	7-2021	0	0	0	0	0	0	0
BAKKEN	6-2021	0	0	0	0	0	0	0
BAKKEN	5-2021	0	0	0	0	0	0	0
BAKKEN	4-2021	1	1	0	0	0	0	0
BAKKEN	3-2021	30	0	0	0	165	0	0
BAKKEN	2-2021	0	0	0	0	0	0	0
BAKKEN	1-2021	0	0	0	0	0	0	0
BAKKEN	12-2020	0	0	0	0	0	0	0
BAKKEN	11-2020	0	0	0	0	0	0	0
BAKKEN	10-2020	0	0	238	0	0	0	0
BAKKEN	9-2020	0	0	0	0	0	0	0
BAKKEN	8-2020	0	0	0	0	0	0	0
BAKKEN	7-2020	0	0	0	0	0	0	0
BAKKEN	6-2020	0	0	0	0	0	0	0
BAKKEN	5-2020	1	0	0	12	0	0	0
BAKKEN	4-2020	0	0	0	0	0	0	0
BAKKEN	3-2020	0	0	0	0	0	0	0
BAKKEN	2-2020	0	0	0	0	0	0	0
BAKKEN	1-2020	0	0	0	0	0	0	0
BAKKEN	12-2019	0	0	0	0	0	0	0
BAKKEN	11-2019	0	0	0	0	0	0	0
BAKKEN	10-2019	1	9	0	3	11	4	0
BAKKEN	9-2019	30	915	749	89	1699	997	439
BAKKEN	8-2019	31	975	965	102	1809	1035	509
BAKKEN	7-2019	31	886	907	113	1648	908	475
BAKKEN	6-2019	30	843	778	80	1564	42	1267
BAKKEN	5-2019	31	871	960	78	1620	395	961
BAKKEN	4-2019	30	856	823	86	1590	320	1013
BAKKEN	3-2019	31	879	1013	73	1632	527	840
BAKKEN	2-2019	26	785	773	70	1456	632	601

The Ovintiv Rolfsrud Wells In Westberg

Locator: 10001ROLFSRUD.

Updates

June 10, 2023:

Locator: 44899OVV. 

From NDIC hearing docket, June, 2022. This is a case, not a permit.

• 29421, Ovintiv, thirteen wells on a 1280-acre unit; Westberg-Bakken, on an established 1280-acre unit; sections, 29/32-152-96; McKenzie County;

Wells of interest:

• 38190, drl, Ovintiv, Olson 152-96-30-31-6H, Westberg, t4/21; cum 216K4/23;
• 38191, drl, Ovintiv, Rolfsrud 152-96-32-14H, Westberg, t4/21; cum 282K4/23;
• 38192, drl, Ovintiv, Olson 152-96-30-31-16H, Westberg, t4/21; cum 174K4/23;
• 38193, drl, Ovintiv, Rolfsrud 152-96-32-7HLW, Westberg, t4/21; cum 282K4/23;

• 16942, 521, Ovintiv, Rolfsrud 1-32H, Westberg, t10/08; cum 162K 1/23; off line;

• 23022, 1,645, Ovintiv, Rolfsrud 152-96-32-2H, Westberg, t7/12; cum 201K 11/22; off line;

• 17807, 2,182, Ovintiv, Rolfsrud 1-29H, Westberg, t5/10; cum 180K 9/22; off line;

• 28477, 823, Ovintiv, Rolfsrud State 152-96-32-12H, Westberg, t11/14; cum 255K 3/23; off line;
• 28476, 1,620, Ovintiv, Rolfsrud State 152-96-32-3HX, Westberg, t11/14; cum 238K 3/23; off line;
• 28475, 1,267, Ovintiv, Rolfsrud State 152-96-32-11H, Westberg, t11/14; cum 169K 3/23; off line;

• 29157, 945, Ovintiv, Rolfsrud 152-96-32-13HLW, Westberg, t11/14; cum 261K4/23;
• 26532, 1,508, Ovintiv, Rolfsrud 152-96-32-1H, Westberg, t11/14; cum 248K 4/32;
• 26533, 941, Ovintiv, Rolfsrud 152-96-32-10H, Westberg, t11/14; cum 240K 3/23; off line;
• 26534, 1,155, Ovintiv, Rolfsrud 152-96-32-2HZ, Westberg, t11/14; cum 227K 3/23; off line;

• 39189, drl, Ovintiv, Rolfsrud 152-96-32-29-4H, Westberg,
• 39190, drl, Ovintiv, Rolfsrud 152-96-32-29-15H, Westberg,
• 39191, drl, Ovintiv, Rolfsrud 152-96-32-29-5H, Westberg,
• 39192, drl, Ovintiv, Rolfsrud 152-96-32-29-16H, Westberg,

Original Post   

The map:

The wells:

• 38193, drl/A, Ovintiv, Rolfsrud 152-96-29-7HLW, Westberg, t--; cum 280K 3/23;
• 38192, drl/A, Ovintiv, Rolfsrud 152-96-30-31-16H, Westberg, t--; cum 172K 3/23;
• 38191, drl/A, Ovintiv, Rolfsrud 152-96-29-32-14H, Westberg, t--; cum 278K 3/23;
• 38190, drl/A, Ovintiv, Rolfsrud 152-96-30-31-6H, Westberg, t--; cum 212K 3/23;

• 17807, 2,182, Ovintiv, Rolfsrud 1-29H, Westberg, t5/10; cum 180K 9/22; off line; watch for halo effect;
  

• 28477, 823, Ovintiv, Rolfsrud 152-96-29-32-2H, Westberg, t11/14; cum 255K 3/23; back on line;
• 28476, 1,620, Ovintiv, Rolfsrud 152-96-29-32-3HX, Westberg, t11/14; cum 238K 3/23; back on line;
• 28475, 1,267, Ovintiv, Rolfsrud 152-96-29-32-11H, Westberg, t11/14; cum 169K 3/23; never off line;
  

• 29157, 945, Ovintiv, Rolfsrud 152-96-29-32-13LW, Westberg, t11/14; cum 260K 3/23;
• 26532, 1,508, Ovintiv, Rolfsrud 152-96-29-32-1H, Westberg, t11/14; cum 248K 3/23; back on line;
• 26533, 941, Ovintiv, Rolfsrud 152-96-29-32-10H, Westberg, t11/14; cum 240K 3/23;
• 26534, 1,155, Ovintiv, Rolfsrud 152-96-29-32-2HZ, Westberg, t11/14; cum 227K 3/23;

For Sophia -- May 30, 2023

Locator: 44795SOPHIA.   

Coming in by stagecoach this fad won't reach the Bakken until next year.

Toto: We're Not In Kansas Any More -- May 30, 2023

Locator: 44794SC.   

Chips, semiconductor: link here.

It's Not A Bubble Yet -- Wharton's Jeremy Siegel -- May 30, 2023

Locator: 44793SC.  

Do you believe in life after love?

This has got to be a short squeeze.  Link here.

Locator: 44793INV. 

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.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

NVDA pre-market: up another 4.7%; up over $18; trading at $407.69; market cap > $1 trillion.

• “It’s not a bubble yet,” Wharton’s Jeremy Siegel.

NVDA: super … as in supercomputer.

101 Days Of Summer Begin -- May 30, 2023

Locator: 44792B. 

Optimistic: link here.

**************************
Back to the Bakken

Active rigs: 35.

WTI: $70.33 (it's Monday, what dd you expect, green?).

Natural gas: $2.320.

Peter Zeihan newsletter. E-mail campaign archive. Mark Perry: Carpe Diem.

Wednesday, May 31, 2023: 58 for the month; 110 for the quarter, 365 for the year
 None (there was no November 31, 2022)

Tuesday, May 30, 2023: 58 for the month; 110 for the quarter, 365 for the year
39293, conf, Petro-Hunt, Hot Rod 149-102-27B-26-2H,
39241, conf, CLR, Meadowlark 4-6HSL,
39191, conf, Ovintiv USA, Rolfsrud 152-96-32-29-5H,
39167, conf, WPX, Pennington 16-15-14HY,
36292, conf, WPX, Skunk Creek 3-24-25-14HA,
34952, conf, Formentera Operations, PTL4 03-27 164-92 B,
34950, conf, Formentera Operations, FLX3 28-33 163-91 B,
8324 (no typo), conf, White Rock, Barkland 1-18-2A,

Monday, May 29, 2023: 50 for the month; 102 for the quarter, 357 for the year
39200, conf, Slawson, Voyager 4-28H,

Sunday, May 28, 2023: 49 for the month; 101 for the quarter, 356 for the year
39192, conf, Ovintiv, Rolfsrud 152-9632-29-16H,
39168, conf, WPX, Pennington 16-15HB,

Saturday, May 27, 2023: 47 for the month; 99 for the quarter, 354 for the year
39240, conf, CLR, Skachenko FIU 6-13H,
38878, conf, Whiting, Smith 12-7-2H,

RBN Energy: crude oil export volumes will drive US production growth. Previously posted.

For the U.S. oil patch, exports are the lifeblood of today’s market. U.S. refineries are operating at more than 90% of their rated capacity and using as much domestically produced light-sweet shale oil as their sophisticated equipment will allow. That means that virtually all of the incremental U.S. unconventional light-sweet crude oil production will need to be piped to export terminals along the Gulf Coast, loaded onto tankers, and shipped to refineries overseas. In today’s RBN blog, we discuss what this undeniable link between crude oil exports and production growth means for U.S. E&Ps and midstream companies — and the future of the oil and gas industry.

NVDA -- Magic Number — $407.69 — And Other One-Liners — No Links — You’re On Your Own — May 30, 2023

Locator: 44791INV. 

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.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

NVDA pre-market: up another 4.7%; up over $18; trading at $407.69; market cap > $1 trillion.

• “It’s not a bubble yet,” Wharton’s Jeremy Siegel.

NVDA: super … as in supercomputer.

AVGO: up $18 in pre-market trading.

AAPL: similar. Just not as much.

Foxconn: hikes wages.

EVs: four huge developments change everything:

• Los Angeles EV trucking mandates;
• Tesla - Ford supercharger network
• Japan: Daimler - Toyota “merger”
• High interest rates

Japan coking coal: one word — record.

Tea leaves: current version of B-M deal is DOA. We’ll know by 4:30 p.m. CT, Wednesday, May 31, 2023.

• Wait until “everyone” learns McCarthy SUSPENDED the act for two years. Holy mackerel. There's only one way one can "delay" the next default for two years: suspend the act. 
• If this deal is approved, we have a new precedent -- and voila -- the act is dead!If Congress can suspend the act for two years, why not do that in perpetuity? 
• not only that, McCarthy turned the purse strings over to the high spenders;
  
• one needs to remember from which state McCarthy comes. 
• I have no dog in this fight; I'm simply a spectator, but I occasionally like intellectual honesty
• time for McCarthy to go?
  
• Expect another Janet Yellen headline.
  

Dina Powell: what a great country, what a great state.

Cinderella team: Miami Heat.

Screwiest playoff “system”: NCAA Division I men’s baseball. Sort of like setting the date for Easter.

Just kidding: Ford does a “180” on AM radio.

Vaccine: worthless? Observational studies certainly suggest so. No clinical studies accomplished despite updated (bivalent) vaccine has been available for nine months.

Putin’s War: drones hit residential Moscow for first time.

Sweden, new NATO member: Erdogan, “Here, hold my yogurt.”

Focus On Fracking — May 28, 2023

Locator: 44790FRACKING.

Link.

From the link, the lede:

• largest draw from US oil supplies in 80 months;
• lowest May gasoline supplies since 2014; 
• distillates supplies at 1 year low 
• Strategic Petroleum Reserve at a new 39½ year low after largest draw from US oil supplies since Labor Day 2016, 

US oil prices finished higher for a second week following 4 straight weekly declines, on a big jump in gasoline demand and on the largest drawdown of commercial oil supplies since Thanksgiving…

... after rising 2.1% to $71.55 per barrel last week on hopes for a debt ceiling deal as Canadian oil supplies were reduced by widespread wildfires, the contract price for the benchmark US light sweet crude for June delivery fell 1% in Asian trading early Monday as continuing uncertainty about the safety of US public debt led oil traders to avoid risks, but rebounded Monday morning in New York after US House Speaker McCarthy said debt ceiling negotiations had been productive, and settled 44 cents higher at $71.99 a barrel as traders balanced concerns over supply disruptions in Canada and Iraq against the potential risk of U.S. defaulting on its debt, as trading in the June oil contract expired…

Alberta — UCP — May 29, 2023

Locator: 44789CANADA.

Tracking the race. Link here.

 And:

Josh Young.

49 - 38. Not final but very, very close.

Majority: 44. 

Amazing NDP even gets double digit(s). Sad.

It appears it all came down to oil vs free health care. Pretty simplistic, I know.

But that’s how I remember things. Right, wrong, or indifferent.

Miami Heat — Denver Nuggets — May 29, 2023

Locator: 44788SPORTS.
Locator: 44788BUD.

TNT post-game is still best post-game analysis — in any sport. Inside The NBA.

Dallas Stars lose conference championship. 6 - 0 tonight. Dallas did extend it to six games.

Back to TNT: Bud Lite is front and center on the set. Charles Barkley: Bud Lite fan right now! Said it clearly and seriously. Good for him!

Now, on to NCAA Division men’s baseball: screwiest system. Link here. Vanderbilt seeded sixth, nationally. 

Brackets