A Lot Going On At The Moment -- May 23, 2024

Locator: 47161B.

Is Bing down? It sure is and it's getting worse. Link here.

• social media: folks were amazed to find that DuckDuckGo uses Bing -- Microsoft is among the worse when it comes to tracking internet users -- at least according to social media and yet DuckDuckGo uses Bing -- whatever.

Jim Cramer: first hour, CNBC

• the big story, of course: NVDA and the halo effect around all tech companies (one exception, will update later)
• it's quite a story -- and a lot of analysts still don't seem to "get it" -- I have questions, also
  
• what was NVDA's p/e prior to earnings announcement? What is it now?
• and some analysts still say NVDA is too pricey -- whatever
  
• higher for longer; Dow drops 220 points after new numbers reported
• business activity hitting new records
• house sales come in worse than expected, and revision revised down (in worse direction)
• house prices up 4% y/y
• worst performers on the Dow: INTC, DIS, and BA
• dynamic; this was true at market opening; as day goes on the numbers will change
  
• jobs: tight job market; 
• new figures suggest tight jobs market has not gotten better -- still tight (previous number revised downward, in the wrong way). However, one analyst disagrees -- suggests that job loss in 3Q23 was huge and rare event in current economy; says this is seen only in recessions -- but again, that was in 3Q23, and the item was posted seven hours ago -- strange).
• largest job market: California? fast food industry hit by $20 / hour minimum -- and yet tight jobs market at least in the aggregate -- no idea how California is doing
• headline of the day: gasoline prices ahead of Memorial day are 1% higher
• out-of-town family members (Kentucky, California) have given up on any hope of price improvement; 
• generally incredibly depressed over gasoline prices; $5.50 in California (Huntington Beach area) and Kentucky (Louisville area, $3.80).
  
• Texas story of the day: Subaru
  

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Back to the Bakken

WTI: $78.11. Increased overnight, after Biden administration announces it will release one million bbls (?) gasoline in the northeast to keep prices down going into the driving season. This suggests  to analysts that Biden administration knows oil / gasoline demand is going to be a challenge this summer..

Friday, May 24, 2024: 34 for the month; 98 for the quarter, 297 for the year
None.

Thursday, May 23, 2024: 34 for the month; 98 for the quarter, 297 for the year
None.

RBN Energy: Deepwater Port could bolster Houston's status as oil hub. Archived.

The Houston crude oil hub has become busier over the last few months, and if one or more proposals to build a deepwater export terminal nearby capable of fully loading a Very Large Crude Carrier (VLCC) cross the finish line, it could become the hub supplying them. That could push Permian Basin oil flows on Houston-bound pipelines higher at the expense of flows to Nederland and Corpus Christi. In today’s RBN blog, the third in a series, we will examine the latest Permian oil flows to Houston and how that could change if and when a deepwater project comes online.