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Friday, July 26, 2024

CLR With Four More Costanza Permits; Active Rigs At A Recent High -- July 26, 2024

Locator: 48244B.

WTI: $77.16.

Active rigs: 40 (recent high).

Four new permits, #40968 - #0971, inclusive:

  • Operator: Grayson Mill
  • Field: Siverston (McKenzie)
  • Comments:
    • Grayson Mill has four more Costanza permits, NENE 26-150-98, 
      • to be sited between 944 FNL and 1047 FNL, and between 997 FEL and 936 FEL

Two producing wells (DUCs) reported as completed:

  • 40112, 2,154, CLR, Lundberg Federal 6-8H, Dunn County,
  • 40113, 1,639, CLR, Lundberg Federal 7-8H, Dunn County,

The EV Narrative Continues -- Ford Continues Plans To Build EVs -- What's Einstein's Definition Of Insanity? July 26, 2024

Locator: 48243EVS.

The EV narrative continues.

Link here

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Ford Continues To Build EVs

Link here.

Today, the Dow surged 800 points. 

Short Squeeze -- July 26, 2024

Locator: 48242INV.

Wow. The first 300 points were due to reaction to economic data today. Everything else -- short covering!

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Amazon

This is not unusual in our apartment complex, just ten minutes from DFW and multiple Amazon fulfillment centers. 

Order something this morning and one will have it by early afternoon. Order something late this evening and it will be at your door tomorrow morning.

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Grammy's Culinary School Graduate
Advanced Degree
Summa Cum Laude

Re-Posting -- Risk Of Recession -- For Those Living Under A Rock, This Is A Biden-Harris-JPow Economy -- July 26, 2024

Locator: 48240ECONOMY.

For those living under a rock, this is at the four-year mark of the Biden-Harris-JPow economy. 

Updates

Later, 12:08 p.m. CDT, from The New York Times --

Later, 11:52 a.m. CDT: in response to economic data today -- certainly doesn't look like the market is pricing in a recession -- but we certainly hear a lot about a hard landing ... again, this is a Biden-Harris economy.

Reality: Most Recent GDP

According to the pundits, we should be in a deep recession by now -- but --

What We Were Thinking

As far back as 2022, link here: wow, was I wrong -- I must have been drinking the Kool-Aid --


Re-posting from 2019.

One of my pet peeves is all the talk over the years about the risk of recession. We haven't heard that -- "risk of recession" in quite some time -- thank goodness -- but I'm sure it will pop up again, sooner or later.

But not today.


Growth in GDP? MUCH MORE THAN EXPECTED!!

Wow, talk about a Goldilocks economy.

From The WSJ:

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Historic 

Link here. Practically as good as it gets.

"Everyone" it seems "demands" that the Fed remain true to its word -- to follow the data. And,  yet, it appears, individual investors often don't follow the data at all. Many "investors" seem to confuse politics with investing.

Is anyone paying attention? 51 months of expansion and a Goldilocks economy, exactly overlaps the Biden administration.

WTI Continues To Drop And The Driving Season Has Peaked -- July 26, 2024

Locator: 48239WTI.

PCE: in line.

  • some will say, inflation remains sticky, stagnant;
  • others will say, great progress has been made;
  • both are correct, as long as folks feel 2.5% annual inflation is too high when the target is 2%;
  • consumer sentiment: 66.4 vs 66.0 estimate,
    • but much, much lower than where we were a year ago
    • 79.4 in March, 2023

US markets: surge.

Most not-unexpected news: Mexico's new "mega" refinery delayed; way over budget; link here. Shocked! I’m shocked!

  • article by Charles Kennedy, so you know it's good, and it's an incredibly important story;
  • RBN Energy, earlier this year

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Back to the Bakken

WTI: $77.29.

Sunday, July 28, 2024: 47 for the month; 47 for the quarter, 373 for the year
40301
, conf, Whiting, Sanish Bay E Federal 5292 22-7 6B,
40174, conf, Slawson, Cyclone 3-21-16H,

Saturday, July 27, 2024: 45 for the month; 45 for the quarter, 371 for the year
40300
, conf, Whiting, Sanish Bay E Federal 5292 22-7 7B,

Friday, July 26, 2024: 44 for the month; 44 for the quarter, 370 for the year
40415
, conf, CLR, Chase 6-19HSL,
40321, conf, Whiting, Sanish Bay E Federal 5292 22-7 8B,

RBN Energy: in catalyst recycling, refiners weigh environmental, profit incentives against risk of change.

In a refinery, crude oil is first distilled, which separates it into light, medium and heavy fractions. After that, refiners start performing chemical reactions to change the oil’s molecules from their natural form into those needed in modern fuels. But the catalysts used in that process aren’t only expensive, they essentially end up as hazardous waste at the end of their productive life. That helps to explain why there’s been a lot of interest in catalyst recycling, which advocates see as a way for refiners to improve both their profitability and their environmental performance. In today’s RBN blog, we continue our look into catalyst recycling — the technology, economics and trade-offs — and detail some of the pushback against it.

As we noted in Part 1, catalysts are materials that accelerate chemical reactions during the refining process. This includes catalytic cracking, which “cracks” heavier molecules into lighter gasoline molecules, thereby increasing the volume of gasoline produced from a barrel of crude, and catalytic hydrogenation, which removes sulfur atoms embedded in the molecules, reducing air pollution from vehicle exhaust.