Whiting With Two New Permits; Three DUCs Reported As Completed -- November 13, 2024

Locator: 48751B.

Cisco earnings: link here.

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

WTI: $68.43.

Active rigs: 38.

Two new permits, #41336 - #41337:

• Operator: Whiting
• Field: Glass Bluff (McKenzie)
• Comments: 
• Whiting has permits for two Anderson wells, SESE 32-152-103, 
• to be sited at 812 FSL and 490 FEL; and, 779 FSL and 490 FEL.

Six permits renewed:

• CLR: four Lancaster permits, NWNE 28-152-102, Elk oil field; and, two Sacramento permits, SWSW 11-155-98, Brookln oil field.

Three producing wells (DUCs) reported as completed:

• 39381, 0, BR, Devils Backbone 3C UTFH, McKenzie,
• 40644, 1,127, EOG, Apricot 0328-01H, Mountrail;
• 40645, 631, EOG, Apricot 0328-02H, Mountrail;

Foreign Exchange Reserves In Russia And Saudi -- November, 2024

Locator: 48750SAUDI.

Russia. Link here.

Saudi, September, 2024, link here:

Japan, Nvidia, And The Sixth Industrial Revolution -- November 13, 2024

Locator: 48747AI

Tag: Nvidia, NVDA, Intel, INTC.

News, Japan, November 13, 2024:

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

Japan: Society 5.0. 

History of AI, wiki.

 ***********************************
The Sixth Industrial Revolution

See wiki, as currently understood and generally accepted:

• first industrial revolution: 1760 - 1840; ended in the middle of the 19th century; inventions; advancements in textiles; age of inventions;
  
• second industrial revolution: advancements in manufacturing processes; 1870 - 1914 (beginning of WWI); age of mass manufacturing;
  
• third industrial revolution: beginning in 1947, information age; computer coming out of WWII; Colossus, Bletchley Park;
  
• fourth industrial revolution: rapid technological advancement beginning in the late 1990s; the Age of Apple (or the personal computer).
  

Much better:

• first industrial revolution: ended in the middle of the 19th century; age of invention;
  
• second industrial revolution: 1870 - 1914 (beginning of WWI); age of Henry Ford, mass manufacturing;
  
• third industrial revolution: peri-WWI -- the age of conventional manufacturing and logistics; rise of synthetics and the oil and gas industry; age of Standard Oil (or the age of John D Rockefeller);
  
• fourth industrial revolution: beginning in 1947, information age; the computer age (or the age of Turing);
  
• fifth industrial revolution: rapid technological advancement beginning in the late 1990s -- maybe it began in 1984 with the (in)famous Apple commercial; age of Apple (or the age of Steve Jobs)
  

The question is whether "we" have entered the sixth industrial revolution: Nvidia blades; LDCs; a return to nuclear energy to meet energy needs of the information age. If so:

•  sixth industrial revolution: artificial intelligence enters its stride; the "Nvidia revolution."

It's hard for me to accept that the need for nuclear energy to meet the needs of LDCs does not signify a new industrial revolution.

Note: "the Nvidia revolution" is a metonym for the artificial intelligence advancements that began in the early 2020s. 

US House -- Update — November 13, 2024

Locator: 48746TRUMP. 

Updates

2:47 p.m. CSt, November 14, 2024:

6:27 p.m. CST, November 13, 2024: personally I'm a bit sad / disturbed / concerned with three of Trump's most recent nominations, but this is what happens when the opposition moves so far to the left that the pendulum overshoots moving to the right. But, wow, Trump is risking losing it all by going too far. And unlike four years ago when Pence was vice president and who might have provided some "adulting" in the White House, we have, instead of Pence, JD Vance, who is probably more to the right than Trump.

1:22 p.m. CST, November 13, 2024: NBC reporting that GOP retains control of US House. The NYT has not yet "confirmed" -- still showing two seats short. Here's the NBC site showing 218 GOP seats for the US House.

11:41 a.m. CST, November 13, 2024: Arizona -- Congressional District 6 -- screen shot from a few minutes ago:

11:28 a.m. CST, November 13, 2024. Iowa -- Congressional District 1 -- screen shot from 45 minutes ago:

Then, from The New York Times six minutes ago:

Forty-five minutes ago, according to NBC News and the state of Iowa, with only 1,100 votes yet to count, the spread was 813 votes. Now, 733-vote spread. I think I read somewhere before Miller-Meeks won by 60 votes in the last election cycle.

Original Post

In addition to the report below, a reminder: the US Senate GOP will be voting on GOP senior leadership today -- Thune, Cornyn, Rick Scott.  Later: John Thune.

Trump 2.0 tracked here. 

From there, US House being tracked here.

From there, The New York Times tracking the votes.

Right now,  9:20 a.m. CST, November 13, 2024, screenshot, we have update: two more GOP candidates have been declared winners.

The closest race has narrowed slightly, Iowa -1, Miller-Meeks. Two years ago, vote spread, 600 votes. Vote spread this cycle:

• two days ago: 796 with >95% reported
• today: 731 with >95% reported

Currently, for majroity, required: 218:

• GOP: 216
  
• Dems: 207

Six GOP candidates still lead their races --> leads to final GOP tally -- 222.

Cramer's First Hour, Part 2 -- November 13, 2024

Locator: 48752CRAMER. 

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. 

Resigning: not soon enough. LOL. Special counsel Jack Smith and his staff will resign before Trump takes office.  

Market: apparently likes the inflation numbers released this morning. Ten-year Treasury down a bit early today. 

Tariffs: add that to your bingo card. Along with hyperscalers, guardrails, Nvidia, Musk, fed rates, Goldilocks, mass deportations, and animal spirits.

On video behind Cramer on CNBC: Trump's a/c on tarmac at Joint Base Andrews. On way to meet with Congressional leaders and President Biden. The photo op I'm waiting for: handshake with Kamala. 

US House races: updated. Good news for GOP.

**********************************
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.

Cramer's First Hour, Part 1 -- November 13, 2024

Locator: 48752CRAMER. 

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. 

Morning Joe: focus on Trump's tariffs, and how tariffs are inflationary. It gets tedious. Right, wrong, indifferent, folks focused on Trump's tariffs, don't "get" Trump and don't get "making America great again." Interestingly, on another note, since the election, I haven't seen the "reverend" on Morning Joe. I'm sure it's nothing. [Reverend Al Sharpton.]

Identity politics: covers every identity except one -- those whom we used to call "working stiffs." 

Apple's air tags: link here.

Futuristic city: Neom, Saudi Arabia, CEO of that project abruptly left the project. 

Oakland: speaking of identity politics. LOL.

Personal investing: Sophia will be adding to her position in SCHB later today.

**********************************
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.
  

The Cost Of Electricity -- November 13, 2024

Locator: 48751ELECTRICITY. 

This is quite coincidental. Earlier this morning, we talked about the price of electricity -- from a tweet about the cost of electricity "today." And then, just an hour or so later, SStap provided a great tweet on the same subject. See below.

Updates

6:21 a.m. CT, link here:

5:45 a.m. CT, link here:

Original Post 

Just the links right now.

• nuclear energy / electricity costs in Europe (Germany, France, the low countries); link here;

• the price of power, link here;

• the road to Germany, May 30, 2017 (flashback):

• AI:

• from some time ago, clearing off the desktop:

Trump To Meet With Biden Later Today -- November 13, 2024

 l

For the archives: President-elect Trump to meet with President Joe Biden later today

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

WTI: $68.64.

Thursday, November 14, 2024: 19 for the month; 79 for the quarter, 593 for the year

• 40636, conf, CLR, Vandeberg 4-35H,
• 40464, conf, Enerplus, Devils Canyon 147-97-20-2H-WLL,
• 40193, conf, Hess, EN-Cvancara A-155-93-3231H-11,

Wednesday, November 13, 2024: 16 for the month; 76 for the quarter, 590 for the year

• None.

RBN Energy: crazy pricing for Mont Belvieu propane obliterates hedges. 

Exactly the same product. Exactly the same day. In storage very nearby. Yet their prices diverged by 17 cents per gallon — a spread equivalent to $7 per barrel. That’s a very substantial difference for prices that typically are almost indistinguishable, differing by an average of only 0.3% in recent years. The disparity roiled the financial underpinnings of exports for over a month and busted numerous inventory hedges. Is this some rare commodity? Hardly. It’s Mont Belvieu propane, the Rock of Gibraltar benchmark propane price in the U.S., and to a great extent around the world. But during October there was a crack in that rock a mile wide. 

At the end of September, the price of TET propane, which is the Energy Transfer marker commonly used for financially hedging most propane exports and as an index for some domestic contracts, dropped sharply compared to the price of Non-TET propane at Enterprise Products Partners literally next door in Mont Belvieu. The spread stayed wide for the entire month of October. Non-TET is the price reference for more than two-thirds of physical propane exports and serves as the benchmark index for domestic supply.

Lefties Losing It -- November 13, 2024

Locator: 48755STREAMING.

Link here. 

Tag: lefties losing it.

For the archives.

Pete Hegseth -- Secretary Of Defense -- November 13, 2024

Locator: 48754POLITICS.

Wiki.

We're going to see a lot of stories on this appointment. Note: this post was written before I saw this banner:

I'll keep my thoughts to myself.

Except this: probably the least qualified but I've not been impressed with the most qualified either. 

Hegseth reminds me of John Kerry with regard to his (Hegseth's) feelings about 4-star generals.

Except this: of all his appointments, this one may be the most "Trumpian." 

Interestingly, Reagan might have appointed Hegseth had they been contemporaries. Who was Reagan's SecDefense? 

From the Hegseth wiki site:

Back to the Reagan question:

Freevee -- Sayonara -- November 13, 2024

Locator: 48753STREAMING.

Link here. 

I used to watch Freevee fairly often but haven't watched it in a long time. YouTube, Hulu, Prime Video remain my top three, probably in that order. Depending.

Shell -- Emissions -- For The Archives -- November 13, 2024

Locator: 48752EMISSIONS.

For the archives.

Link here. 

The Hague Court of Appeal on Tuesday agreed with Shell PLC that the company could not be legally forced to set a specific emissions target, overturning a 2021 ruling by a lower Dutch court.

However, the appellate court said “fossil fuel consumption is largely responsible for creating the climate problem” and that oil and gas companies have a duty to curb emissions.

The Hague District Court on May 26, 2021, ruled in favor of a group of plaintiffs led by Friends of the Earth Netherlands (Milieudefensie). The lower court ordered Shell to limit the annual volumes of carbon dioxide released into the atmosphere by its business activities and energy-carrying products by at least 45 percent net by 2030 relative to the 2019 level.

In Tuesday’s decision, which comes as countries gather at COP29 in Azerbaijan, the Court of Appeal affirmed that European civil courts can be entreated to enforce states’ obligation to protect citizens from climate change but concluded there was no legal and scientific basis to impose a specific 45 percent reduction figure on Shell.

And then this, if one reads far enough:

Shell has set targets of cutting Scope 1 and 2 emissions by 50 percent by the end of the decade compared to 2016 and customer emissions from the use of Shell’s oil products by 15 to 20 percent by 2030 relative to 2021.

Milieudefensie’s side acknowledged that Shell’s Scope 1 and 2 target corresponds to a 48 percent reduction of operational emissions by the end of 2030 relative to 2019, according to the appeal decision published on the Dutch judiciary’s website. However, the plaintiffs told the court “there is nevertheless an impending violation of a legal obligation because Shell has adjusted its policy before, and this target offers no guarantee of further or permanent emission reductions”, the court document stated.

The court ruled, “To assume the impending violation of a legal obligation alleged by Milieudefensie et al., the court would have to find that it is likely that Shell will not have reduced its scope 1 and 2 emissions by 45 percent by 2030, despite Shell’s concrete plans and the measures Shell has already taken to implement those plans”.

“Milieudefensie et al. have not provided sufficient arguments in support of that”, it added.

Again, for the archives. 

 

Cost Of Electricity -- November 13, 2024

Locator: 48751ELECTRICITY.

Updates

5:45 a.m. CT, link here:

Original Post 

Just the links right now.

• nuclear energy / electricity costs in Europe (Germany, France, the low countries); link here;

• the price of power, link here;

• the road to Germany, May 30, 2017 (flashback):

• AI:

• from some time ago, clearing off the desktop: