Headlines -- Part 1 -- September 3, 2026

Locator: 51635HEADLINES.

WTI: $92.61. Up $1.60; up 1.76% on top of already high prices.

CVX: up slightly in futures trading.

AAPL: down minimally. 

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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.

Longer version here.

Investing -- Early Morning Observations -- September 3, 2026

Locator: 51634INVESTING.

Futures talk:

• AI is her to stay; it's only going to get better.
• Fed will raise rates 25 basis points this year -- most likely as early as this month, but certainly by December -- will be a one-day story. 
• 3 - 4% is the new 1 - 2%. I've always said the same thing.
• As much as Warsh wants to raise rates to control inflation, there's little he can do; goes back to the nation's total debt payments, now over $1 trillion, and rate increases only makes it worse.  

Steve Ballmer: a real loser -- smart phone decisions -- not so smart, and now the Clippers. Truly amazing. Ballmer going to fight this. Does not involve Trump at all. LOL. It took $50 million in investigation costs to find Ballmer / Clippers guilty.  

AVGO: Broadcom earnings incredible and the supercycle is going to last several more years. Shares are down in futures trading.  NASDAQ down 58 points in futures.  Since ChatGPT released 

SNOW is the real winner. Shares up by a whopping 20% after earnings reported. 

Berkshire Hathaway does not own any shares of Snowflake (SNOW) anymore. 

Berkshire originally bought about 6.1 million shares of Snowflake during its initial public offering in September 2020 Berkshire bought 6.1 million shares of SNOW at its IPO in 2020. 

However, the company sold all their shares in Q2 2024 and doesn't own any shares in Snowflake anymore.. Regulatory filings confirmed that their stake was completely reduced to zero shares by the end of the second quarter of 2024.  

Berkshire Hathaway made a very modest, minimal profit on its Snowflake (SNOW) investment, booking hardly any net gain by the time it completely exited the stock in 2024. 

The Exit (Q2 2024): As Snowflake's share price pulled back significantly from its highs, Berkshire dumped its entire stake. Because they sold out as prices hovered closer to their original entry point, the final realized profit was minimal—paling in comparison to the initial paper gains. One could have bought SNOW for $125 at low in 2024; now selling for $306. 

Should we look at AAPL and BRK next?

BRK-B: up 0.75% over one year.

S&P 500 up 20% over same period. 

AAPL up 36% over same period.

Okay. 

Holiday season = silly season for charity. Big push for "$19 / day" to save animals. SPCA. I think that's about what St Jude is asking for. Dogs or children. Koreans are probably wondering.

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

Longer version here.

Thursday -- September 3, 2026

Locator: 51633B.

Pageviews: 90 million. The run rate of 1.8 million pageviews / 24 hours was correct yesterday morning.

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Back to the Bakken

WTI: $92.23. Whoo-hoo. Though oil company share prices down in futures. Dow up slightly.

• Trump is considering calling the war over. 
• Putin exploring ways to end its own war. 

New wells reporting:

• Friday, September 4, 2026: 8 for the month, 106 for the quarter, 445 for the year,
• 41970, conf, Devon Energy, Thunderbolt 10-12 1H, 
• 41883, conf, XTO, GBU Artemis 32X-13H-S, 
• Thursday, September 3, 2026: 6 for the month, 104 for the quarter, 443 for the year,
• 42333, conf, XTO, GBU Artemis 32X-13B-N,
• 41882, conf, XTO, GBU Artemis 32X-13C-S, 
• 40939, conf, Zavanna, Hereford 13-36 4TFH, 

RBN Energy: ONEOK levels up its Permian presence with $4.4 billion Brazos midstream deal. Link here. Archived.

ONEOK is buying Brazos Midstream’s natural gas gathering and processing assets in the Permian’s Midland Basin for $4.425 billion. The deal, announced August 30, will more than double ONEOK’s Midland Basin processing capacity to roughly 2.3 Bcf/d and is funded by a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo Global Management Inc. In today’s RBN blog, we look at what the transaction could mean for ONEOK.

Let’s start with a little background on Brazos Midstream and note that the company has only agreed to sell its gas gathering and processing assets in the Midland (see photo below; we’ll discuss in detail farther down) and will maintain its crude oil assets in the basin. The Fort Worth, TX-based company got its start in April 2015 and, with financial backing from Old Ironsides Energy, a then-new private equity firm, Brazos quickly determined that the Permian (and more specifically the southern Delaware Basin in West Texas) offered the best midstream development opportunities and concentrated its efforts there (see Have It All). The timing worked. Thanks to producers’ success in “cracking the code” in the Wolfcamp, Bone Spring and other hydrocarbon-rich formations, the Permian turned out to be the only crude-focused shale play where production actually increased during the mid-2010s downturn in crude prices. Those wells also generated large volumes of associated gas, much of it rich in NGLs, and created an opportunity for a range of midstream infrastructure.