Locator: 48441RECESSION.
JPow: the ball is in your court.
Friday, February 28, 2025
Eight New Permits -- Phoenix Operating, White Rock, Petro-Hunt -- February 28, 2025
Locator: 48440B.
Seasonal "flu": "flu season" is over. Link here.
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Back to the Bakken
WTI: $69.76.
Active rigs: 32.
Eight new permits, #41656 - #41663, inclusive:
- Operators: Phoenix Operating (4); White Rock (3); Petro-Hunt
- Fields: Big Meadow (Williams); Boxcar Butte (McKenzie); and, East Tioga (Mountrail)
- Comments:
- Phoenix Operating has permits for four Shivey wells, NWNE 28-158-96;
- to be sited 400 FNL and 2016 / 2136 FEL;
- White Rock has permits for three Haugen wells, NWNSW34-149-102;
- to be sited 2413 / 2403 FSL and 365 FWL;
- Petro-Hunt has a permit for one Lee well, NWNW 14-158-94,
- to be sited 474 FNL and 1184 FWL.
One producing well (a DUC) reported as completed, February 28, 2025:
- 39842, 610, CLR, Harms West Federal 7-32H1,
Pemex Crude Oil Exports Decrease By Nearly 50% In One Month -- February 28, 2025
Locator: 48438PEMEX.
Pemex: more bad news. Link here.
1.8 million bopd? Same ballpark as four counties in North Dakota:
Trump To Zelenskyy: Sayonara? Eighteen Wells Coming Off Confidential List Today -- February 28, 2025
Locator: 48437B.
"Come back when you're ready to make a deal," Trump to Z. "Make a deal or we're out."
- I don't know if it could be any clearer
- it's going to be a tense weekend for European allies
- my hunch: Trump won't be taking any calls from the EU this weekend
- the big question: whether the US continues to provide the following for the allies?
- airlift?
- air-to-air refueling?
- overhead reconnaissance?
- and, we haven't even begun to talk about nuclear deterrence / nuclear umbrella
- Zelenskyy: "there should be no 'compromises.'"
- BBC:
- Z told to leave the White House
- a planned news conference with the two presidents was abruptly canceled
Better "red" than dead? Was that Trump's real message?
US equity markets: up strongly. Rounded up at the close:
- Dow: up 600 points
- S&P 500: up 100 points
- NASDAQ: up 300 points
Other market indicators:
- numbers
- unemployment numbers came in higher than forecast, albeit, not much -- yesterday
- inflation came exactly as forecast: 2.6%
- Atlanta Fed, 1Q25: tracking to come in negative
- sentiment
- can anyone say stimulus?
- is recession back on the table?
- tariffs not yet in place
- market
- consumer tech / electronic bellwether: up 1.75% one-half hour before the close
- most trusted US investor? Up 2.3% at the close.
- Big US oil: up 1.1% one-half hour before the close
Pocahontas takes an arrow for the consumer: link to The Wall Street Journal.
- CNBC reporting: "Trump administration, Musk's DOGE plan to fire nearly all CFPB staff and wind down the agency, workers say."
- wiki
- the CFPB's status as an independent agency has been subject to many challenges in court
- in June 2020, the United States Supreme Court ruled that the president can remove the director without cause but allowed the agency to remain in operation.
- in 2024, the Supreme Court affirmed the constitutionality of the CFPB funding mechanism prescribed by Congress -- reaffirmed constitutionality of the funding mechanism ... but that was all ...
- Donald Trump, at the outset of his second presidential term, appointed an acting director who immediately ordered the Bureau to stop regulatory activity.
- low-hanging fruit:
- entire agencies (or as much of an agency as possible) instead of piecemeal
- for example, USAID:
- statute law places USAID under "the direct authority and policy guidance of the Secretary of State."
- salami cuts at large departments (e.g., DOD, 8% across the board)
Long overdue:
BRK-B: hits another 52-week high today.
Pemex: more bad news. Link here.
Skype: another Microsoft product gone.
Illegal immigration: comes to a stop.
Inflation: Goldilocks numbers.
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Back to the Bakken
WTI: $69.45.
New wells:
- Sunday, March 2, 2025: 8 for the month, 124 for the quarter, 124 for the year,
- 40355, conf, Grayson Mill, Alfred South 20-22 3H,
- 39833, conf, Hess, EN-Meiers-154-93-1324H-8,
- 39832, conf, Hess, EN-Meiers-154-93-1324H-6,
- 30433, conf, BR, Manchester 2C,
- Saturday, March 1, 2025: 4 for the month, 120 for the quarter, 120 for the year,
- 40566, conf, BR, Burned Edge 2A-ULW,
- 40498, conf, Hess, EN-Weyrach A-LW-154-93-1720H-1
- 39976, conf, BR, Manchester 2B,
- 39954, conf, Hess, EN-Wefald-156-94-2413H-5,
- Friday, February 28, 2025: 71 for the month, 116 for the quarter, 116 for the year,
- 40997, conf, Murex, MK-Grace Sophia 6-7H TF,
- 40996, conf, Murex, MK-Mila Kate 6-7H MB,
- 40952, conf, Empire North Dakota, Woodpecker 29-2H,
- 40914, conf, BR, Phantom Ship 7A,
- 40877, conf, Oasis, Barnes Federal 5202 43-11 5B,
- 40567, conf, BR, Burned Edge 1A-ULW,
- 40444, conf, Grayson Mill, Alfred South 20-22 2H,
- 40436, conf, Enerplus, Prowess 150-94-06B-18H,
- 40435, conf, Enerplus, Gallant 150-94-06A-18H,
- 40434, conf, Enerplus, Purpose 150-94-06A-18H,
- 40432, conf, Enerplus, Fearless 150-94-06A-18H-LL,
- 40368, conf, Enerplus, LK Erickson 147-97-11-2-7H,
- 40367, conf, Enerplus, LK Erickson 147-97-11-2-6H,
- 39975, conf, BR, Manchester 2A,
- 39831, conf, Hess, EN-Meiers-154-93-1324H-6,
- 25864, conf, Grayson Mill, Holm 150-98-5-8-3H
- 25863, conf, Grayson Mill, Holm 150-98-5-8-10H,
- 25862, conf, Grayson Mill, Holm 150-98-5-8-2H,
RBN Energy: logistical challenges, price tag complicate Trump's goal of refilling SPR.
Strategic Petroleum Reserve (SPR) inventories have been climbing for more than a year, but they could go much higher if President Trump has his way, as one of his major campaign promises was to refill the SPR “to the very top,” a goal he has repeated since his return to the Oval Office. Current inventories sit just below 400 MMbbl, leaving the SPR about 320 MMbbl shy of maximum capacity. But the refilling process may not be as straightforward as one might think, as three of the four SPR storage sites have experienced construction upgrades in the last year — which means things could go slower than anticipated. In today’s RBN blog, we’ll discuss the challenges of filling up the SPR and detail four scenarios for how the process might play out.
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