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Tuesday, February 27, 2024

Consumer Confidence Index -- February 27, 2024

Locator: 46928ECON.

Another metric to which I pay no attention. 

See the comment from a reader at this post.

Link here.

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Speaking of Which,
How Has Warren Buffett Done
The Past Six Months?

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Go, Brandon, Go

Link here.

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Need More?

Link here. 1Q24 GDP tracking at 3.2%.

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The TV Page

Without question, one of the best -- if not the best -- in this genre: White Collar

The ensemble, second to none..

The writers with a real sense of humor in this drama. 

This series alone is worth the subscription price of Hulu. 

I'll probably re-watch the final two episodes several times. 

Talent hits a target no one else can hit; genius hits a target no one else can see. 

But The Chinese Can Do It -- Even If The #1 Tech Company In The US Can't -- February 27, 2024

Locator: 46927EVS.

Link here.

Imagine: F, GM, Stellantis, Lucid, Polestar, Rivian, trying to do this when even Apple couldn't. What Elon Musk / Tesla has done in 20 years is incredible.

At the link, be sure to read the social commentary. Some interesting comments about Rivian.

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NVDA vs AMD

Link here.

This is not new or unexpected. This has been pointed out before but in a different format. 

If this is the gap between Nvidia and AMD imagine the gap between Nvidia and the other chip companies.

Another Huge Build -- February 27, 2024

Locator: 46926OIL.

Link here. Another huge bill:


Top retail story of the year (so far)
, link here:


Six New Permits; Eight DUCs Reported As Completed -- February 27, 2024

Locator: 46924B.

WTI: $78.47.

Active rigs: 39.

Six new permits, #40545 - #40550, inclusive:

  • Operators: Hunt Oil (4); Iron Oil Operating (2)
  • Fields: Clear Water (Mountrail); Buffalo Wallow (McKenzie)
  • Comments:
    • Hunt Oil has permits for three Clearwater wells and one Redmond well, all NWNE 24-157-90, 
      • to be sited 275 FNL and between 1644 FEL and 1554 FEL;
    • Iron Oil has permits for two Buffalo wells, NENE 18-148-100; 
      • both to be sited 257 FNL with one 631 FEL and the other 681 FEL;

Eight producing wells (DUCs) reported completed:

  • 37487, 1,015, CLR, Gibb 4-24H1,
  • 39625, 1,080, Crescent Point Energy, CPEUSC Matilda May 5-29-32-158N-100W-MBH,
  • 39774, 1,634, CLR, North Tarentaise Federal 4-18H,
  • 39775, 1,015, CLR, North Tarentaise Federal 5-18H2,
  • 39820, 981, Crescent Point Energy, CPEUSC Matilda May 6A-29-32-158N-100W-MBH-LL,
  • 40041, 1,310, CLR, Quale Federal 4-1H,
  • 40043, 1,658, CLR, Quale Federal 6-1H,
  • 40050, 2,236, CLR, Harms East Federal 5-33H,

Change of operator, from XTO to Oasis:

  • about 25 wells; all permitted locations to drill;

Essay On EVs, Part 3 -- A Snowball Rolling Downhill -- February 27, 2024

Locator: 46923EVS.

Now we add Audi? 

This truly becomes tedious

See part 1 and part 2. This is part 3. Part 4 has been added.

The theme:

  • everyone and his brother is coming up with reasons why folks aren't buying EVs and why auto manufacturers are giving up on EVs. Today the latest: Apple, Inc., dropped out of the "race."

As noted, all these "reasons" aren't reasons, they're "excuses."

The simple reason -- not an excuse -- that EVs aren't selling is because Americans don't want them. Once you get past that, you can come up with a million "reasons" why they don't want them -- but they're just excuses.

I know why I don't want an EV and I'm sure it's the same reason everyone else has:

  • EVs were a "solution" -- and a terribly bad solution -- for a problem that did not exist; and,
  • we don't want to be tethered (more on that later)

Once I tell you that I don't want an EV I can come up with a dozen reasons why I don't want an EV, but it would just be a litany of excuses.

Now, comes along ZeroHedge coming up with another excuse why President Biden's EV push is going to fail: it's a supply chain problem. LOL.

A supply chain problem? Apparently it's not a supply chain issue for China. BYD is making a gazillion EVs and selling a gazillion EVs in China.

And that supply chain problem? It was Biden who restricted EV sales in the US to American-sourced components, including lithium. 

Take away those supply chain problems caused by government bureaucracy, and Americans still wouldn't buy EVs. 

So, go through your list of why Americans don't want or won't buy EVs, or manufacturers won't make EVs and add a new one to the list: there's a supply chain issue. LOL.

From oilprice.com, the ZeroHedge story:

People are buying "fake hybrids," apparently -- hybrids, but after the novelty wears off, hybrid-driving Americans will drive hybrids as if they are ICE vehicles. They won't plug them in; they will simply fill them with gasoline and drive accordingly.

Oh, that "tethered" issue. The internet is full of articles how folks are tired of having to charge their smart phones and their smart watches. If folks hate to have their phones and watches tethered, imagine how they feel about EVs.

Mid-Day Notes -- Global Oil -- February 27, 2024

Locator: 46922INV.

OXY: CNBC interview -- with Vicki Hollub, brilliant. OXY is not in any of my buckets, but I assume a year from now, OXY will be (in my energy bucket). Her break-even point is slightly less than $40. Says the dividend is "protected" down to WTI at $40.  Once they pay off debt to get to $15 billion debt, they will start buybacks which will allow OXY to increase the dividend on outstanding shares.  At not additional cost.

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.

Reminder: I am inappropriately exuberant about the US economy and the US market

NASDAQ: near it's all-time high -- after two years!!

AAPL: are you kidding me? Wow. Not expected. Is the NASDAQ wagging AAPL or vice versa? That's an easy question to answer:

Duolingo: completely unexpected! Read the disclaimer.

Must-read: if you have time for only one link today, this is the link. The Biden administration gets it. "Investors" who ignore this for emotional / political reasons, do so at their own peril.

Devon earnings: after hours action --

Saudi: we'll see Saudi's January numbers on March 5, 2024. For now, this post:

eBay: beats. After-hours, up over 4%.

Agilent: after hours, up over 6%.

Early Morning Notes -- Global Oil -- February 27, 2024

Locator: 46921ECON.

GDP NOW, link here. 3.2. If US Congress passes spending bill, could add another 1.5 to the GDP. Spending bill deadlines, this Friday, March 1, 2024, and then another more "severe" deadline one week later, March 8, 2024 (needs to be fact-checked).

CIVI: Motley Fool, June 21, 2023. Link here.


Guyana: Guyana - Suriname tracked here.

Peter Zeihan Is Visiting Fargo; One Well Coming Off Confidential List Today -- February 27, 2024

Locator: 46920B.

SRE: raises dividend 4.2% to 62 cents; prior 59.5 cents. Of record, March 21; payable Ides of March. Raises five-year CAPEX by 20% to $48 billion.

Peter Zeihan: North Dakota's rail system. Peter is in Fargo; wonder if he will head to Montana and pass through the Bakken.

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Back to the Bakken

WTI: $77.35. [Later, mid-day: up 1.65%; up $1.28; trading at $78.86.]

Wednesday, February 28, 2024: 69 for the month; 128 for the quarter, 128 for the year
40027, conf, Dakota Gasification, Coteau 6,
40009, conf, Slawson, Thor 5-31-30H,
39940, conf, Koda Resources, Stout 2004-4BH,
39939, conf, Koda Resources, Stout 2004-3BH,
37488, conf, CLR, Gibb 5-24H,
36274, conf, Enerplus, Salmon 149-94-36D-25H-TF,

Tuesday, February 27, 2024: 63 for the month; 122 for the quarter, 122 for the year
37487, conf, CLR, Gibb 4-24H1,

RBN Energy: Sentinel-ExxonMobil JV could mean big things for Louisian's raceland hub. Also features a nod to Lana Del Rey.

The Raceland crude oil hub is far from Louisiana’s largest but might be positioned to earn a little more of the spotlight after Sentinel Midstream and ExxonMobil Pipeline formed a joint venture in December to enhance business for a few crude oil pipelines connecting Louisiana hubs, including Raceland.

In today’s RBN blog, we examine the infrastructure and connectivity that makes up the Raceland hub southwest of New Orleans, see how it stacks up against some of its larger cousins in the state — namely, Clovelly and St. James — and discuss why activity at the hub could be poised to pick up steam. 

Louisiana is home to about half a dozen crude oil hubs. Their connectivity to many centers of supply and demand provides the liquidity that traders desire, and that often translates to tradability. At the top of the state’s list of hubs are St. James and Clovelly, both of which are important delivery points for the trading of Gulf of Mexico (GOM) crudes, including regional benchmarks Light Louisiana Sweet (LLS) and medium-sour Mars Blend. A couple of other Louisiana hubs receive familiar grades: GOM-sourced Heavy Louisiana Sweet (HLS) at the Empire hub and medium-sour Poseidon (also from the GOM) at Houma.