Another Huge Day For Traders And Investors -- June 17, 2024

Locator: 47872B.

Chart of the day: AVGO. Right now, the crawler on CNBC, after hours, during "Mad Money," AVGO is trading up another $18 / share, which takes it back to its intra-day high today:

US equity markets: another huge day. 

Thought: a couple of years ago, my store-brand bread was 99 cents a loaf and it quickly went to $1.19, then $129 and now today it's $1.49. 

Was this store-brand bread at 99 cents undervalued a few years ago and now at $1.49 it's finally "fair value"? One might ask that with regard to tech equities. Bottom line: is it any surprise that the market is taking off now that the pandemic and the Covid lockdown are well beyond what we see in our rear-view mirrors? Was Nvidia undervalued a few years ago and now its finally at "fair value"?

Before the close, earlier today:

At the close, another record high for the S&P 500 and the NASDAQ:

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Back to the Bakken

WTI: $80.48, up 2.6%; up $2.03 / gallon. Whoo-hoo! Rystad predicts almost no oil supply growth in 2024. Link here. From the linked article:

Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast.

Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year the first since 2020 with zero supply growth, Rystad said, estimating expect supply growth at around 80,000 barrels per day for 2024, down from earlier expectations of 900,000 bpd, which had been made in early June Reuters reported on Monday.

Rystad noted that OPEC+ cuts will take 830,000 bpd off the market in 2024 and 1.04 million bpd off the market next year, with U.S. shale being the most “trustworthy source” of supply growth. 

Active rigs: 38.

Five new permits, #40842 - #40846, inclusive:

• Operators: CLR (4): Grayson Mill
• Fields: Little Knife (Dunn); Sixmile (Williams)
• Comments:
• CLR has permits for four Catron wells, NENW 26-145-97; 
• to be sited 525 FNL and between 2027 FWL and 2315 FWL;
• Grayson Mill has a permit for a Grand national well, NWSW 34-153-103, 
• to be sited 1494 FSL and 388 FWL

Four permits renewed:

• BR: two Kellogg Ranch and two Nordeng permits, all in Elidah oil field, McKenzie County.