Four New Permits, Four Permits Renewed, Six DUCs Reported As Completed -- October 24, 2024

Locator: 48650B.

WTI: $71.05.

Active rigs: 40.

Four new permits, #41274 - #41277, inclusive:

• Operators: Oasis (3); Enerplus
• Fields: Elk (McKenzie); Mandaree (Dunn)
• Commetns:
• Enerplus has a permit for an Oryx well, NWNW 29-149-93, 
• to be sited 451 FNL and 1175 FWL;
• Oasis has permits for three Stepanek wells, NWNE 18-152-101, 
• to be sited 1734 FEL and 385 FNL, 418 FNL, and 451 FNL.

Four permits renewed:

• Foundation Energy Management, four Little Mo Federal permits, Ash Coulee, Billings County;

Six producing wells (DUCs) were reported as completed:

• 36057, 784, CLR, Gordon Federal 16-8H1, Dunn County;
• 36058, 1,106, CLR, Gordon Federal 17-8H, Dunn County;
• 36059, 1,276, CLR, Gordon Federal 18-8H1, Dunn County;
• 36060, 1,142, CLR, Gordon Federal 19-8H, Dunn County;
• 36062, 904, CLR, Gordon Federal 21-8H, Dunn County;
• 39530, 52, Petro-Hunt, Burian 144-98-15B-22-1H, Billings County;

Cramer's First Hour -- October 24, 2024

Locator: 48649CRAMER.

Cramer's first hour: a mix of facts, factoids, opinions from various sources -- often not cited -- while listening to Cramer's first hour on CNBC.  

Ten-year Treasury: 4.218%; down 0.024.

Yesterday's market: incredible opportunity for investors. Two things not mentioned, somewhat related, but both will result in same thing for traders: 

• RMDs;
• mutual funds cleaning up their books for 2024.

Boeing: extending losses.

Cramer: on a Chevron rig in the Gulf of Mexico. Not wearing a hard hat. 

Tesla: long, long segment on Tesla after earnings last night. At the end of the day, it was all about Nvidia. The "neural brain" will be incredibly expensive and incredibly GPU-intensive. TSLA now up $31 / up 15% in pre-market trading. 

NVDA: up 1% in pre-market. I get a kick out of NVDA -- sort of a rough week, but up 15% in the past month. 

Climate: Dutch -- perhaps the poster child for this issue -- is now said "unlikely to meet climate target."

Apple iPhone: one can launch Snapchat's camera from a locked iPhone screen. Wow. I think we're going to see more of this.

Going through X: I hate memes.

Russia: Arctic Shipping Route (ASR) -- Russian can't meet goal --

• can't build enough vessels
• ASR cargo flow is half of original 2024 goal
• Russia says it can build only 16 vessels out of the 70 vessels it needs by 2030.

So, we move on.

US jobs:

• first time claims: 227K vs 242K forecast
• fell 10% from last week
• this is the biggest 2-week drop going back almost three years!Reminiscing: this might be a great day for reminiscing.

Boeing: I honestly don't know what to think of the machinists rejecting the strike. Cramer says the outgoing CEO got a huge pay increase last year. Cramer says the machinists are really, really angry and the new CEO seems complacent about this issue.

Boeing -- fact-checking:

Boeing: the machinists' sticking point -- they want a pension. The company says no way. We'll see.

**********************************
Disclaimer
Brief Reminder 

• I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• See disclaimer. This is not an investment site. 
• 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 something appears wrong, it probably is. Feel free to fact check everything.
  
• 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. 
• Reminder: I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia.
• Longer version here.

Let's Do Some ChatGPT -- October 24, 2024

Locator: 48648B.

Is global oil demand rising or falling?

Does the EIA have a good track record on predicting global oil demand?

OPEC:

*************************
Background

Total demand, 2024: averaging 103 million bopd.

IEA's projections: substantially lower than those of OPEC. The latter expects global oil demand to grow to over 120 million bopd by 2050.

IEA: predicts the global oil demand will peak by 2030.

Statista:

Thursday -- October 24, 2024

Locator: 48648B.

Boeing: I honestly don't know what to think of the machinists rejecting the strike. Cramer says the outgoing CEO got a huge pay increase last year. Cramer says the machinists are really, really angry and the new CEO seems complacent about this issue.

Boeing -- fact-checking:

Boeing: the machinists' sticking point -- they want a pension. The company says no way. We'll see.

McDonald's: pre-market, it appears the bleeding may have stopped.

Tesla: up almost $30 in pre-market trading; up nearly 13% on surprise earnings beat. The big storage: services -- battery storage.

WTI: moves higher; on track for 3% weekly gain.

Drinking game bingo: I've moved "Fed's next move" to the center, the free space. Wow, it get tedious. Speaking of which, the 10-year Treasury bill pre-market? 4.194%, down 0.048. CNBC's segment right now: "what's the Fed's next move; did the Fed get it wrong?" It gets tedious.

Jarndyce and Jarndyce: the EU Court of Justice, Europe's top court, ruled in favor of Intel, ending a nearly two-decade-long fight between Intel and EU regulators who had said Intel had tried to thwart a rival.

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

North Dakota highway construction: work on east Bismarck I-94 project ending for season; construction to continue next two years.

WTI: $71.39.

Friday, October 25, 2024: 49 for the month; 49 for the quarter, 563 for the year
40596, conf, CLR, Doe 5-23H,
40213, conf, Enerplus, Olson 146-97-3-10-3H,

Thursday, October 24, 2024: 47 for the month; 47 for the quarter, 561 for the year
40595, conf, CLR, Doe 4-23H,
40590, conf, Oasis, Truax State Federal 5398 43-9 2B,
40220, conf, Silver Hill Energy Operating, NM 158-92-1-19-2MBH,
38205, conf, Petroshale, Bear chase North 3MBH,

RBN Energy: to meet power-demand surge, data centers increasingly turning to nuclear power.

The growing number of energy-intensive data centers coming online across the U.S. is spurring utilities to ramp up plans to add new sources of power generation but also complicating efforts to decarbonize. One of the hottest topics in energy today is how plans to restart shuttered nuclear plants and build new small modular reactors (SMRs) could help accomplish both goals. In today’s RBN blog, we’ll look at why data centers and nuclear power seem like a natural fit, examine which shuttered plants might be brought back to life, and outline plans by a pair of U.S. economic titans to bring new advanced reactors online.