Cramer's First Hour -- Part 2 -- October 22, 2026

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Qualcom: what is Qualcom doing now? Link. Link here: https://share.google/aimode/NI2U5PyVFyPXkIr6j.  

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Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

 

Cramer's First Hour -- Part 1 -- October 22, 2026

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Jobs report: initial jobless claims -- DOWN --

• 194K vs 200K estimated -- that seems to be a big story that won't have legs

A reminder: Luka Dončić -- traded from Dallas to Los Angeles -- back on February 2, 2025

• link here; 

On the continuum, is Steve Liesman closer to MAGA or DSA?  US median income among America's 137 million homeowners?

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

A Musical Interlude -- Rod Stewart -- October 21, 2026

Locator: 52000MUSIC. 

CarPlay: every car manufacturer that sells cars in the US offers Apple's CarPlay except GM, Tesla, and Rivian. At least that's what AI told me yesterday. Think about that when driving down the road today. 

GM does not offer CarPlay. It uses its own proprietary OnStar. Can one add CarPlay to one's in-car screen after buying a GM?

Oura Ring: to be cool these days, you must wear the Oura Ring. Requires a smart phone, either Apple or Android. And, no, I don't need to look cool. Having said that, I'm somewhat surprised Apple missed this one. 

PHP: this will not affect this blog. This blog uses "blogger app" owned and operated by Google. Google does not use "PHP." WordPress does. Oh-oh.

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A Musical Interlude

Rod Steward, "Sailing" -- link here. 

Thursday Morning -- October 22, 2026

Locator: 51999B. 

Futures: appear to have given up much of their gains today. In futures, AAPL not giving up much and BRKB actually gaining a bit. 

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Back to the Bakken 

WTI: $99.49. Up 1.50%; up $1.46, or thereabouts. Still closer to $100 than $90. 

New wells reporting:

• Friday, October 23, 2026: 56 for the month, 56 for the quarter, 555 for the year, 
• 42228, conf,  Whiting, Paulson Federal 5104 44-13 5B, 
• Thursday, October 22, 2026: 55 for the month, 55 for the quarter, 554 for the year,     
• 42444, conf, SOGC, Forest 2-1;

RBN Energy: Crescent doubles down in the Eagle Ford as Devon heads for the exit. Link here. Archived.

Devon Energy is selling its Eagle Ford assets to Crescent Energy for $4.22 billion in cash in a deal expected to close around year-end 2026. The deal would take Devon out of the play and strengthen Crescent’s standing among the basin’s largest producers. In today’s RBN blog, we look at why Devon is heading for the exit while Crescent is doubling down and preview our detailed analysis of the deal, available on Novi Intelligence.

Let’s start with the assets Crescent Energy is buying, which have a somewhat complicated ownership and operating history. Devon Energy entered the Eagle Ford in 2014 with its roughly $6 billion acquisition of GeoSouthern Energy’s South Texas assets, primarily in DeWitt and Lavaca counties. The deal also brought Devon into an existing 50/50 development joint venture (JV) between GeoSouthern and Petrohawk Energy in the Blackhawk field in DeWitt County. Petrohawk was acquired by BHP in 2011, and BP acquired BHP’s U.S. onshore assets in 2018, making BPX Energy Devon’s partner in the venture. Under the unusual arrangement, BHP (and later BPX) handled drilling and completions, while Devon took over operations once wells began producing.

The Blackhawk JV continued until April 2025, when Devon and BPX went their separate ways, with each company taking operatorship and control over separate pieces of the acreage. (Devon took control of about 46,000 net acres.) Devon has made other changes to its Eagle Ford footprint over the years. It sold some non-core acreage to Penn Virginia for $198 million in 2017 but largely developed the acquired GeoSouthern acreage. It grew its Eagle Ford position again in 2022 with the $1.7 billion acquisition of Validus Energy, which expanded its presence in nearby Karnes County.

The biggest development was its multibillion-dollar merger with Coterra, which was announced in February. The deal combined complementary assets in the Permian's Delaware Basin and the Anadarko Basin, with an expected $1 billion in synergy-related savings by the end of next year. The deal, valued at about $21.4 billion, closed in May; the combined company, Devon Energy, is headquartered in Houston and is estimated to produce more than 1.6 MMboe/d in 2026. With an enterprise value of $58 billion, the company ranks fourth among U.S.-based E&Ps.

Bloomberg reported in July that Devon was considering selling its Eagle Ford and Powder River assets for more than $4 billion as it streamlined its portfolio after the merger. Devon’s sale of its Eagle Ford acreage to Crescent was part of that process.

“This sale is a direct outcome of our portfolio review, and it sharpens our focus on the highest-return, longest-duration assets,” Devon President and Chief Executive Officer Clay Gaspar said in a statement. “Selling a relatively mature asset into a strong commodity price environment improves our go-forward capital efficiency and allows us to accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders.”

The sale of the 90,000 acres to Crescent Energy for $4.2 billion in cash marks Devon’s exit in the basin that it entered more than a decade ago through the GeoSouthern acquisition, but it also serves as a doubling down for Crescent, a seasoned player in the Eagle Ford. Since June 2023, it has announced nine Eagle Ford acquisitions totaling more than $8.5 billion, realized more than $200 million in annual synergies, and shown it can lower well costs, drill longer laterals and improve completion efficiency. The map below shows this growth, starting with Crescent's existing Eagle Ford footprint in 2022.

Daily Activity Report -- October 21, 2016

Locator: 51998B. 

It's official: 

The bill to upgrade Chiricahua National Monument to national park status was signed Tuesday afternoon by President Donald Trump. 

U.S. Interior Secretary Doug Burgum and Rep. Juan Ciscomani are scheduled to be at the Chiricahua Mountains Tuesday afternoon to mark the official designation. 

The monument 120 miles southeast of Tucson is already managed by the National Park Service, and its current boundaries and land uses remain the same under the new law. 

Saudi crude exports hit 5-month; production falls to record low: oilprice. Link to Charles Kennedy. 

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Back to the Bakken

WTI: $97.98. Still closer to $100 than $90. 

Active rigs: 38. A new recent high.

One new permit, #43430 (SWD)  - #43431 - 

• Operator: Devon Energy
• Field: Wolf Bay
• Comments:
• Devon Energy has a permit for a Clark North 29-30HEL wall, NWSE 28-147-92, 
• to be sited 2375 FSL and 2152 FEL.

One permit canceled:

• 40419, Silver Hill Energy, Maple Leaf 161-15-3-TFHX, Burke County. 

Foreign Exchange Reserves -- Russia, Saudi Arabia, China -- Data Updated October 21, 2026

Locator: 51997RESERVES. 

Foreign exchange reserves: Russia, Saudi Arabia, China. 

Russia, link here, posted October 21, 2026: 

Saudi, link here, posted October 21, 2026: 

China, link here, posted October 21, 2026: 

CSX: Not On My Bingo Card Today -- It Should Have Been -- October 21, 2026

Locator: 51996CSX. 

See disclaimer. 

There is always huge long-haul competition between over-the-road truck and rail. With the huge price of diesel, right now, how has that argument shifted?  

Link. Link here: https://share.google/aimode/XPmvKSC2oF7wkWmUT.  

Link here. 

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

HP Printers: Ink Cartridges Or Refillable Tanks -- The Choice Is Obvious -- October 21, 2026

Locator: 51995PRINTERS. 

Link. Link here: https://share.google/aimode/PvQAN4FhUtPtLMADx. 

META, Tesla, IBM -- Absolutely Incredible -- You Can Howl At The Wind, But SI Is Here To Stay -- October 21, 2026

Locator: 51994ROARING20s. 

Link. Link here: https://share.google/aimode/rI1lkAazchVb800v8.  

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

IBM Earnings -- Exceeds Estimates -- After-Hours Price Is Directionally Up And Surging -- Building On Numbers During Regular Trading Session -- October 21, 2026

Locator: 51993IBM. 

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

TESLA Earnings -- Exceeds Estimates -- After-Hours Price Is Directionally Up But Not Yet Surging Like META -- October 21, 2026

Locator: 51992TESLA.

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

META Earnings -- Exceeds Estimates -- After-Hours Price is Surging -- October 21, 2026

Locator: 51991META.

Websites Taken Off Line -- October 21, 2026

Locator: 51990WEBSITES.

Posted without comment. Simply too many story lines here.

Link. Link here: https://share.google/aimode/ZGwN67XT0HvUy032j.

Wow, Wow, Wow -- The Fog Is Beginning To Clear -- October 21, 2026

Locator: 51989ARCHIVES.

Stress on US consumer: Fed rate vs price oil oil. 

The Edge (the Apple model) vs SpaceX (the Elon Musk model).  Also, consider META's model (MUSE). Link. Link here: https://share.google/aimode/zfQlon2pkvHm299Ug. 

Space communications strategy: SpaceX vs Amazon Kuipper.

Commercial air wi-fi: SpaceX vs everyone else. 

Neoclouds vs hyperscalers.

Optical vs copper. Big divergence today: GLW up, SCCO down -- bullish!

CUDA vs non-CUDA.

GPUs vs CPUs. And TSUs.

Science (MRNA) vs conspiracy theories. 

ICE vs hybrids. Link. Link: https://share.google/aimode/AUtkQcxYrOGzvMvv2. GM ceded the European hybrid market to China; it's not going to risk the same in the US. Preparing for the Chinese influx into the US. Announced this week. GM's decision is not too late, but at the end of day, it will all come down to price, first, then perceived quality. Most interesting word in "box" below: "reintroduce." GM clearly misread the market.

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More

What will "save" SpaceX? Commercial air wi-fi.  

ICE vs hybrids vs pure EVs. Clearly, hybrids are the undisputed winners. 

GLW Rises; SCCO Drops -- What's Up? October 21, 2026

Locator: 51988COPPER.
Locator: 51988OPTICAL.

Today in the market: 

Huge divergence between GLW (Corning) and SCCO (Southern Copper) today as GLW increases and SCCO drops. 

Is this a reflection that investors are bullish on hyperscalers and realize the discriminator among hyperscalers may be the way they wire their huge enterprises? 

For me, this divergence between GLW and SCCO is very, very bullish for SI (AI). Your thoughts?

Link. Link: https://share.google/aimode/eWaZfeuknyi2Zqwlp.  

Mark This Date -- October 21, 2026 -- Santa Claus Rally Has Officially Begun -- Posted October 21, 2026

Locator: 51987INVESTING.

See disclaimer.

Market:

AAPL:

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BRKB

Getting its MOJO back?

NDIC Hearing Dockets For November, 2026 -- Posted October 21, 2026

Locator: 51986HEARINGDOCKETS.

Hearing dockets are found here at the NDIC.

Note: typographical and content errors are still present. Proceed at hour own risk.

November, 2026, hearing dockets.  

As usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. 

Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is important to/for you, go to the source.  

These are cases to be considered by the NDIC, not permits. If approved by the NDIC, then operators can go ahead and submit permits to drill wells within the parameters of the cases that were passed.  

In bold below, the well count, I count 126 wells. 

Thursday, November 19, 2026
Link here.
10 pages.

Remember, these are cases, not permits:  

• 33335, 1776 Disposals, Sauk Field, confiscation, Williams County.
• 33336, Cornerstone, Northeast Foothills, Coteau, Clayton and/or Little Butte-Bakken, establish an overlapping standup 1920-acre unit; establish an overlapping standup 1920-acre unit; four units on each, Burke County. 
• 33337, CLR, Ross-Bakken, establish an overlapping 5120-acre unit; one section line well; Mountrail County.
• 33338. EOG, Ross-Bakken, new well; location variation; Mountrail County.
• 33339, EOG, Parshall-Bakken, establish an overlapping 2560-acre unit; one well, Mountrail County.
• 33340, Devon Energy, Trailside-Bakken; establish a 1920-acre unit; five wells; McKenzie County.
• 33341, XTO, Keene-Bakken/Three Forks and/or Sand Creek-Bakken; establish an overlapping 3840-acre unit; one well; McKenzie County.
• 33342, Hunt, Buckhorn and/or Morgan Draw-Bakken, establish an overlapping 2560-acre unit; four wells; Billings County;
• 33343, Hunt, Buckhorn and/or Rough Rider-Bakken, establish an overlapping 2560-acre unit; four wells; McKenzie County; 
• 33344, Hunt, Cinnamon Creek-Bakken, establish an overlapping 2560 acre unit; four wells; McKenzie County;
• 33345, Phoenix Operating, Cinnamon Creek and/or Pierre Creek-Bakken, establish an overlapping standup 1920-acre unit; four wells; McKenzie County; 4;
• 33346, Phoenix Operating, Cinnamon Creek-Bakken, establish a standup 1920-acre unit; four wells; McKenzie County; 4;
• 33347, Phoenix Operating, Cinnamon Creek-Bakken and/or Buckhorn-Bakken, establish an overlapping 2560-acre unit, four wells; McKenzie County; 4;
• 33348, Phoenix Operating, Devils Pass and/or Rough Rider-Bakken, establish an overlapping 260-acre unit; four wells; McKenzie County; 4;
• 33349, Phoenix Operating, Rough Rider-Bakken, establish a 1920-are unit, four wells; McKenzie County; 4;
• 33350, Phoenix Operating, Flat Top Butte and/or Rough Rider-Bakken, establish an overlapping standup 2560-are unit; four wells; McKenzie County; 4;
• 33351, Phoenix Operating, Flat Top Butte and/or Rough Rider-Bakken; establish an overlapping standup 2560-acre unit; four wells; McKenzie County; 4;
• 33352, Phoenix Operaing, Flat Top Butte-Bakken, establish a standup 1920-acre unit; four wells; McKenzie County; 4;
• 33353, Phoenix Operating, Flat Top Butte and/or Hay Draw-Bakken, establish an overlapping standup 2560-acre unit; four wells; McKenzie County; 4;
• 33354, Phoenix Operating, Hay Draw-Bakken, establish a standup 1920-acre unit; four wells; McKenzie County; 4;
• 33355, Phoenix Operating, Stanley-Bakken, establish a standup 3840-acre unit; one well; Mountrail County; 1;
• 33356, Phoenix Operating, establish a standup 2560-acre unit; one well, Mountrail County; 1;
• 33357, Phoenix Operating, Zahl-Bakken, establish a standup 2560-are unit; four wells; Williams County; 4;
• 33358, Phoenix Operating, Zahl-Bakken, establish a standup 1920-acre unit; four wells; Williams County; 4;
• 33359, KODA Resources, pooling;
• 33360, KODA Resources, pooling;
• 33361, KODA Resources, pooling;
• 33362, CLR, pooling;
• 33363, Devon Energy, two wells on an existing 640-acre unit; Alger-Bakken, Mountrail County;
• 33364, Hunt Oil, pooling;
• 33365, Hunt, pooling;
• 33366, Hunt oil, pooling;
• 33367, Phoenix Operating, pooling;
• 33368, Phoenix Operating, commingling; 
• 33369, Phoenix Operating,  commingling;
• 33370, Formentera Operations, SWD;
• 33371, Formentera Operations, SWD;
• 33372, Formentera Operations, SWD;
• 33373, Formentera Operations, SWD;
• 33374, Heberdev Operating, SWD;
• 33375, Argent Midstream Solutions, SWD;

Wednesday, November 18, 2026
Link here. 
12 pages.

Remember, these are cases, not permits:  

• 33286, Whiting, Foreman Butte and/or Middle Creek-Bkken, establish an overlapping standup 3840-acre unit; one well, McKenzie County.
• 33287, Oasis, Deep Water Creek Bay and/or Parshall-Bakken, establish an overlapping laydown 3840-acre unit; one well; McLean/Mountrail counties.
• 33288, Devon Energy, Painted Woods-Bakken, establish an overlapping 2560-acre unit; one well; Williams County. 
• 33289, Devon Enery, Painted Woods-Bakken, establish an overlapping 2560-acre unit; two wells. Williams County.
• 33290, BR, Zenith-Bakken, establish two overlapping standup 2560-acre units; four wells on each unit; Stark County.
• 33291, Hess, pooling; 
• 33292, Lime Rock, Dimond-Bakken, establish five overlapping 3840-acre units; one well on each unit; Burke County;
• 33293, Phoenix Operating, Dimond-Bakken, establish a standup 2560-acre unit four wells; Burke County; 4;
•  33294, Phoenix Operating, Dimond and/or Niobe-Bakken, establish an overlapping 2560-acre unit, four wells; Burke County; 4;
• 33295, Phoenix Operating, Pierre Creek-Bakken, establish a standup 2560-acre unit; four wells; McKenzie County; 4;
• 33296, Phoenix Operating, Pierre Creek-Bakken, estabish a standup 1920-acre unit; four wells; McKenzie County; 4;
• 33297, Phoenix Operating, MonDak and/or Pierre Creek-Bakken, establish an overlapping standup 2560-acre unit; four wells; McKenzie County; 4;
• 33298, Phoenix Operating, MonDak-Bakken, establish a standup 2560-acre unit; four wells; McKenzie County; 4;
• 33299, Phoenix Operating, MonDak-Bakken, establish a standup 2560-acre unit; four wells; McKenzie County; 4;
• 33300, Phoenix Operating, MonDak-Bakken, establish a standup 2560-acre unit; four wells; McKenzie County; 4;
• 33301, Phoenix Operating, MonDak-Bakken, establihs a standup 2560-acre unit; four wells; McKenzie County; 4;
• 33302, Phoenix Operating, Mondak-Bakken, establish a standup 2840-acre unit; six wells, McKenzie County; 6;
• 33303, Phoenix Operating, MonDak-Bakken, establish a standup 2560-acre unit, four weeks, McKenzie County; 4;
• 33304, Phoenix Operating, MonDak-Bakken, establish a standup 2560-acre unit; four wells; McKenzie Unit; 4;
• 33305, Phoenix Operating, MonDako and/or Yellowstone-Bakken, establish an overlapping standup 2560-acre unit; four wells; McKenzie County; 4;
• 33306, Phoenix Operating, Butte and/or West Butte-Bakken, establish a 2560-acre unit; one well; McKenzie County; 1;
• 33307, Phoenix Operating, Butte-Bakken, establish an overlapping 2560-acre unit; one well; McKenzie County; 1;
• 33308, Phoenix Operating, Climax-Bakken, establish a standup 2560-acre unit; four wells; Williams County; 4;
• 33309, Phoenix Operating, Climax and/or Grenora-Bakken, establish an overlapping standup 2560-acre unit; four wells; Williams County; 4;
• 33310, Phoenix Operating, Climax and/or Grenora-Bakken, establish an overlapping standup 2560-acre unit; four wells; Williams County; 4;
• 33311, Phoenix Operating, Black Slough and/or Rival-Bakken, establish an overlapping standup 2560-acre unit; four wells; Burke County; 4;
• 33312, Phoenix Operating, Poke Jim-Bakken, establish a standup 1920-acreunit; four wells; McKenzie County; 4;
• 33313, Lime Rock, pooling;
• 33314, Lime Rock, pooling;
• 33315, Lime Rock, pooling;
• 33316, Lime Rock, pooling;
• 33317, Lime Rock, pooling;
• 33318, Whiting, commingling;
• 33319, Whiting, commingling;
• 33320, Oasis, commingling;
• 33321, Enerplus, commingling;
• 33322, BR, pooling;
• 33323, BR, pooling;
• 33324, BR, commingling;
• 33325, BR, commingling;
• 33326, Hess, pooling;
• 33327, Hess, pooling;
• 33328, Hess, pooling;
• 33329, Hess, commingling;
• 33330, Phoenix Operating, SWD;
• 33331, Phoenix Operating, SWD; 
• 33332, Phoenix Operating, SWD;
• 33333, Phoenix Operating, SWD;
• 33334, Phoenix Operating, SWD; 

Focus On Dividends -- October 20, 2026

Locator: 51985DIVIDENDS.

PSX: just announced -- 

SCCO: just announced -- 

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Science Trumps Conspiracy Theories

Wednesday Morning -- October 20, 2026

Locator: 51984B.

 Updates

October 21, 2026: WTI --- $97.86.

Original Post
Posted Tuesday Eveninig 

WTI: $99.26, up $1.44, up 1.47%. This is closer to $100 than $90. 

New wells reporting:

• Thursday, October 22, 2026: 55 for the month, 55 for the quarter, 554 for the year,     
• 42444, conf, SOGC, Forest 2-1 HLE, 
• 41407, conf, Enerplus, Crying Tree 147-97-8-5-9H-ELL,
• Wednesday, October 21, 2026: 53 for the month, 53 for the quarter, 552 for the year, 
• 41920, conf, Hess, GO-Barb-LE-157-97-3523H-1,
• 41475, conf, Enerplus, Crying Tree 147-97-8-5-8H, 
• 41474, conf, Enerplus, Crying Tree 147-97-8-5-7H,

RBN Energy: attacks, altered crude flows, unbalanced fleets push tanker freight rates to record levels. Link here. Archived.

Freight rates are sky-high right now. Japanese oil major Cosmo Oil chartered a 2020-built Very Large Crude Carrier (VLCC) on October 8 to ship 2 MMbbl of crude oil from the U.S. Gulf Coast for $81 million, double September's market rate and about 5X a year ago. Higher rates show that freight, not the price of crude, has become the swing cost for moving Atlantic Basin barrels to the far east. In today's RBN blog, we look at the unique combination of factors, including new routes for Middle Eastern crude and increased purchases by China, that are helping drive freight rates to record highs.

Here at RBN, we regularly track crude oil tanker voyages and freight rates, but this topic has rarely (if ever) made it into our blogosphere. That said, things have changed significantly this year— freight rates have been on a wild ride. To help make sense of it all, we turned to our friends at McQuilling Services, a U.S.-based shipping consultancy that tracks and forecasts the tanker market. The big picture: The jump in tanker rates, especially for VLCCs, isn't due to any single disruption. Instead, it's driven by a combination of stronger demand for long-haul crude shipments and a sharp drop in available vessels, with many contributing factors that have sent rates through the roof — and relief is not expected anytime soon. This is our first in a new series looking at freight rates.

Understanding Freight Rates

Before getting too far into the details, it’s worth explaining how tanker freight rates are measured. Shipping costs can be expressed in dollars per voyage or in Worldscale (WS) points, an industry-standard system that measures freight rates relative to a benchmark for a specific route. Worldscale 100 (WS100) represents the published benchmark freight rate for a route, while quotes above or below 100, referred to as “spot rates,” indicate a premium or discount to that benchmark.

For example, if the published Worldscale benchmark rate is $20 per metric ton (MT):

WS100 = $20/MT (100% of benchmark)

WS150 = $30/MT (150% of benchmark)

WS75 = $15/MT (75% of benchmark)

(Note: VLCC is mostly quoted in dollars and Aframax rates are commonly quoted in WS. Though lump-sum pricing is also used on some routes. Spot rates can then be distilled further to time charter equivalent (TCE) figures, which standardizes how much money a vessel earns per day after accounting for voyage-related costs, such as fuel, port charges, and canal fees for both laden and ballast legs.)

The cost of a VLCC voyage from the Gulf Coast to Asia (red line and right axis in Figure 1 below) reached its highest point on record in early October, and most of that move has happened in just the last few weeks. 

Prior to the start of the War in Iran earlier this year, the voyage cost typically ranged between $8 million and $14 million. However, once the conflict began and the Strait of Hormuz closed, the range of reasonable freight rates became a thing of the past. 

VLCC costs doubled from $15 million the last week of February to nearly $30 million the first week of March, setting the first of many new record highs. From March through August, voyage costs generally ranged between about $18 million and $25 million, with some cooling off in June before momentum picked back up. In early October, the cost skyrocketed to more than $80 million. (That works out to roughly $40/bbl, compared with a historical norm of $4-$5/bbl.) The nearly $30 million voyage cost that seemed extraordinary in March — more than double the upper end of the prewar range — now looks modest. Rates have since eased off the record, with the VLCC voyage at $65.39 million as of October 19 — still nearly five times the top of the prewar range. The Aframax voyage from the USGC to Europe (blue line and left axis) has been choppier this year, but it reached WS1,000 on October 6, about 6X the year-ago rate, before easing to WS648.89 by October 19, 2026.

The CoreWeave Conundrum -- For The Archives -- October 20, 2026

Locator: 51983ARCHIVES.

For the archives. See disclaimer. This is not an investment site. 

The Gartner report that is gaining some interest this past week: 

Earlier this evening a reader sent me an excerpt from a Gartner report that is gaining a lot of interest. He's AI: 

More than $3.5 trillion in artificial intelligence infrastructure spending is exposed to potential write-downs and asset impairment by the end of 2030 due to a widening revenue gap. Gartner projects that cumulative data-center revenue will reach no more than $3.6 trillion, falling drastically short of the $8.5 trillion required to cover heavy capital expenditures, financing costs, and a standard investment return. Read the full press release at Gartner (link here).

Other links: 

I call this the CoreWeave conundrum. Earlier this evening I posted this:

********************************
Neoclouds vs Hyperscalers 

Neoclouds are specialized, AI-first cloud providers engineered from the ground up for high-performance GPU compute, whereas hyperscalers are massive, general-purpose cloud platforms offering hundreds of virtualized services for diverse enterprise workloads. 

See also, link. Link here: https://share.google/aimode/uudODBrZbDcImNfO2.

This is a very, very important analysis, link. Link here: https://share.google/aimode/1hY30kiMKcQbjlcP2. At the link, scroll to the top and then read a very, very long analysis. 

From a few minutes ago:

What does Jim Cramer have to say about CoreWeave?
 

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

Big Day For AI -- Or Super Intelligence As It Is Called Now -- October 20, 2026

Locator: 51982TECH.

Anticipation: the SpaceX earnings call today -- absolutely amazing. Anthropic -- ditto. The SpaceX videos on YouTube are must-watch videos. United Airlines, earnings call, the CEO says they need more "compute." You can howl at the wind but AI is here to stay. Except now it's called SI (super intelligence). 

See disclaimer. 

"SpaceX shares surge." 

********************************
Neoclouds vs Hyperscalers 

Neoclouds are specialized, AI-first cloud providers engineered from the ground up for high-performance GPU compute, whereas hyperscalers are massive, general-purpose cloud platforms offering hundreds of virtualized services for diverse enterprise workloads. 

See also, link. Link here: https://share.google/aimode/uudODBrZbDcImNfO2.

This is a very, very important analysis, link. Link here: https://share.google/aimode/1hY30kiMKcQbjlcP2. At the link, scroll to the top and then read a very, very long analysis. 

********************************
Disclaimer

Briefly: 

I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.

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 Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution. 

I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom. Now, I've added Amazon. And QCOM. Nothing on this site should be seen as recommendations for the general public. On the other hand, I have no problem if members of my extended family "see" recommendations I might be making - but only members of my extended family, limited to my children and my grandchildren.

Longer version here.

Daily Activity Report With Public Service Announcement (PSA) -- Four New Oil & Gas Permits -- October 20, 2026

Locator: 51981B.

PSA -- Personal note: I finally got around to applying for my TSA Pre-Check number. 

Applied on-line. Arranged for an appointment at Staples the next day. That was yesterday. Today, I received my "known traveler numbers" -- KTN -- or my TSA Pre-Check number. The on-line system said the process could take up to six weeks. I was incredibly surprised when I was informed by e-mail today (one day later) that my KTN had been issued. I've already updated my security settings with my most-used airline. Amazing.  

Cramer's last hour: 

• best of breed narrative. The two he mentioned: AAPL and NVDA. Later, he added JNJ.
• he mentioned only two sectors when discussing "best of breed": tech and health. 
• which "p/e" does he recommend folks follow? P/E estimates for next year and two years out.
• get out of a position if a CEO resigns for unknown personal reasons; a rule; there are exceptions;
• watch bonds. 

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

WTI: $97.82. Being reported as $101.79 by CNBC. 

Active rigs: 37. 

Four new oil & gas permits, #43425, #43426, #43428, #43429

• Operators: Slawson, 
• Field: Tyrone
• Comments: 
• Slawson has permits for four Ambush wells, SESW 31-156-100, and will be 
• sited 465 FSL and 1490 / 1640 FWL.

NDIC Director's Cut -- August 2026 Data -- To Be Released Today -- October 20, 2026

Locator: 51980B.

North Dakota’s latest production figures from August 2026 were released earlier TODAY at 10:00am CST: the NDIC's October Director’s Cut. Link here.

Wall Street earnings being announced: a lot of analysts and pundits are "eating crow." 

SpaceX specifically reporting incredible numbers. Beats across the board, particularly in SI (super-intelligence), previously known as AI. If Warren Buffett's earning reports were must-read reports, that ticker has been replaced by SpaceX. Their earnings call is going to get a lot of press. 

**********************
The Book Page
Moby Dick

Just released. A facsimile reproduction of the original 1930 publication.

Link. Link here: https://share.google/aimode/O6bfgDlk6DGPBnwf1. 

Full novel online: Project Gutenberg eBook 2701. Link here. 

Project Gutenberg. Link here.