WTI Drops Back Below $83; S&P 500 Closes Above 5,500 For First Time Since JPow Highlights Inflation Progress -- His Comments Today Were Viewed As Hawkish -- July 2, 2024

Locator: 48038INV.

Tech: this is a tease. Sorry. But I have family commitments and won't get back to this until later this evening. [Later: comments posted here.]

I made a "huge mistake" with regard to tech. In the big scheme of things, it's not a "mistake per se" and to what degree it is, it's a "good mistake," if there's such a thing as a "good mistake" with regard to investing. Hint: it has to do with my comments regarding Nvidia and AMD and how they differ.

JPow: comments today suggest JPow is not going to cut rates any time soon. He seems "angry" about something. If not "angry," at least frustrated. Corroborates my commentary from a couple days ago.

My hunch: JPow is getting a lot of flack from politicos -- high rates are costing the government lots of money in interest. Based on his statements today. Think about it. What would the interest payments be if interest rates were 0% or 1% compared with 5% now?

AAPL: if "Fast Money" folks talked about AAPL today, I missed it. I saw most of the program, but missed the first twenty minutes.

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

WTI: $82.81.

Active rigs: 39.

Five new permits, #40894 - #40898, inclusive:

• Operators: Prairies Horizon Land, Phoenix Operating, Hess (3)
• Fields: Big Butte (Mountrail); Skabo (Divide); wildcat, Stark County
• Comments:
• Hess has permits for three EN-McKenna wells, lot 4, section 6-156-93; 
• to be sited 1308/1309 FNL and between 655 FWL and 721 FWL.
• Phoenix Operating has a permit for a Jacobson well, NENW 19-160-98; 
• to be sited 310 FNL and 2302 FWL
• Prairie Horizon Land has a permit for a Grasshopper well, NENE 16-137-94, 
• to be sited 332 FNL and 312 FEL.

Approved for re-entry:

• 17309, BR, Washburn 44-36H, bottom hole location - NWSW 35-153-95; sections 35 / 36 -153-95; Charlson

One producing well (a DUC) reported as completed:

• 40093, n/d, Whiting, Sanish Bay W 5293 34-1 5T, Mountrail County