For Friday -- Posted September 10, 2026 -- September 11, 2026

Locator: 51705B.

Update

Cramer's first hour: looking at the inflation news, the US equity market this week, it seems obvious that the movers and shakers have baked in two Fed hikes -- one this month, and the second in December. When the rates are announced, the market will react -- perhaps "violently" -- but within a couple of days after the announcement -- the market will surge, all things being equal. This market wants to keep growing. The movers and shakers have so much money and my favorite chart --MMF -- almost $8 trillion in "cash." 

Chapbots: the second thing -- I've never had so much fun reading a book and following along with a chatbot. It is truly amazing how rich the experience has become, involving a chatbot. See this link.

 Original Post 

Page views: we went over 99 million page views. Run rate is currently 1.4 million page views / 24 hours. 

Inflation data released this morning: looks like the numbers were pretty much in line with estimates. US equity markets futures dropped a bit but not much. In fact, the numbers are starting to rise again. Regardless, "the market" has baked in a rate increase this week. 

CUDA: link here. 

The new meme: "AI existential threats."  

Apple's subscription model: I still think this is the biggest Apple story of the week -- it will make the $2000 iPhone Duo doable. $35 / month for three years, then pay off the balance to buy the phone, or upgrade to a newer model with the subscription plan. And that $35 / month comes with no hidden fees or interest rates. This is really amazing. And Apple sees no supply chain issues after this cycle. Whoo-hoo! 

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Back to the Bakken 

WTI: $104.0

New wells reporting:

• Sunday, September 13, 2026: 26 for the month, 106 for the quarter, 463 for the year,
• 41629, conf, BR, HBU Badlands 7S MBH, 
• 41570, conf, Oasis, Dolls Daisy Federal 5301 31-31 6B, 
• 40916, conf, Zavanna, Rennerfeldt 13-36 4H, 
• Saturday, September 12, 2026: 23 for the month, 103 for the quarter, 460 for the year,
• 42236, conf, KODA Resources, Amber 2104-5BH, 
• 41628, conf, BR, HBU Badlands 2N MBH, 
• 41569, conf, Oasis, Dolls Daisy 5301 31-31 5B, 
• 40917, conf, Zavanna, Rennerfeldt 13-26 4H, 
• Friday, September 11, 2026: 19 for the month, 99 for the quarter, 456 for the year,
• 41627, conf, BR, HBU Badlands 6S MBH, 
• 41568, conf, Oasis, Dolls Daisy 5301 31-31 4B, 

RBN Energy: Summit's Double E expansion. Link here. Archived.

Summit Midstream is moving full speed ahead with the 900-MMcf/d expansion of the Double E Pipeline after it secured about 550 MMcf/d of long-term commitments to move natural gas from the Permian’s Delaware Basin toward the Waha Hub. The company reached a final investment decision (FID) on the project, designed to address growing Permian natural-gas production and rising demand from Gulf Coast LNG export facilities, after a successful open season. In today’s RBN blog, we’ll discuss what the expansion means for Permian producers and regional gas flows.

When it comes to the Permian, there’s a lot to discuss as it pertains to natural gas. Production in the basin has risen substantially over the years and should continue to grow, supported by crude prices, while pipeline capacity constraints have kept spot gas prices low. That higher production is partly because the region’s gas-to-oil ratio (GOR) has steadily moved higher. As we noted in Hold On … I’m Comin’, the Permian’s GOR has increased from about 3.4:1 to 4.2:1 over the past 10 years, a trend that appears likely to continue. In addition, the LNG terminals along the Gulf Coast have become the fastest-growing outlet for Lower 48 natural gas, with export capacity now about 18.3 Bcf/d and on track to approach 30 Bcf/d by 2030, much of it supplied from the Permian Basin.

The Double E expansion is intended to address those issues. The pipeline (red line in Figure 1 below), which was constructed in 2021 and runs from the Eddy-Lea county line in New Mexico to delivery points in and around the Waha Hub in Pecos County, TX, has been an important route for moving Permian gas since its startup. The 135-mile system is 70% owned by Summit Midstream and 30% by an ExxonMobil subsidiary, with Summit Midstream Permian II LLC serving as operator. It runs near ~30 processing plants with a combined capacity of roughly 10 Bcf/d (more on those below).

Four New Permits; Five Permits Renewed; Three DUCs Reported As Completed -- September 10, 2026

Locator: 51704B.

Apple (AAPL) today: was much of this a "short squeeze"? Currently watching "Fast Money." Dan Nathan is part of the regular panel. They've now gone fifteen minutes not talking about Apple, except an introductory statement by Melissa. How long will it be before Dan Nathan comments on Apple.

The Apple discussion on "Fast Money": wow, wow, wow! Didn't happen. From her opening segment on Oracle, Melissa jumped to price of oil and Treasuries. Completely ignored Apple which is probably the biggest story of the day.

Now, the first break .... first copper, then maybe Apple .. nope, copper, and now another break ... Dan Nathan on tap? The more I think about this, the more I think much of this was due to a short squeeze. 

Finally, Dan Nathan ... says he won't buy version 1 of the iPhone Duo but will buy version 2 or 3 .... short, short discussion ... Dan barely said anything ... eating crow. AAPL after hours -- held its gain today ... wow!

WTI: okay, now we know the story. We've switched from "swing provider" to "swing consumer." China is back in the market, buying oil; its reserves have run out. Paraphrased from what I'm hearing over at CNBC. This explains the jump from $96 to $104. I'm waiting to see when WTI matches Brent. Maybe never, but ... 

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Back to the Bakken

WTI: $104.00

Active rigs:

Four new permits, #43294 - #43297, inclusive: 

• 43294, SOGC, Sanish, Marten 4-5-6-7H
• 43295, Formentera, Larson, Piper-08-31-BND S517HF;
• 43296, Formentera, Larson, Jackson-08-32-PGN S610HX;
• 43297, CLR, Catwalk, Jenner 3-16H, 

Five permits renewed:

• Petro-Hunt: three permits; John Williams (2), Crooked Creek (Dunn oil field);  Edgar Lea Weems, Little Knife (Dunn oil field).

Three producing wells (DUCs) reported as completed:

• 41601, 1,089, BR, Sivertson 6D, McKenzie County:
• 41602, 984, BR, Sivertson 6E, McKenzie County:
• 41614, 414, BR, Sivertson 6I, McKenzie County:

How/Where I Should Be Blogging -- LOL -- September 10, 2026

Locator: 51703BICYCLES.

WTI: $103. And CVX is negative today. Okay.  

Link here. 

The CNBC meme today: AI will kill all of us by the end of 2029. 

On the other hand. At least we've survived global warming. At least so far. And, we survived fracking, also. 

Apple (AAPL) today: was much of this a "short squeeze"? 

Forbes Annual Best Colleges List For 2027 -- Posted September 10, 2026

Locator: 51702COLLEGES.

Forbes annual college rankings: link here. Within that link are several lists / other links including, America's Top Colleges, 2027, link here.

CPI Unhelpful; WTI Surges (Over $100); And Energy Stocks Surge -- September 10, 2026

Locator: 51701WTI.

WTI: $101.52. Up $5.50. 10:57 a.m. September 10, 2026.

Yes: is it possible that Trump could keep his promise that he would deliver a $5,000-dividend to each American adult if the GOP takes the US House / US Senate. Gary Cohn on CNBC this morning. 

Gary Cohn is the Vice Chairman of IBM and the former Director of the National Economic Council (NEC) under President Trump.

Consumer price index y/y: 5.4% vs 5.3%.

Cramer's first hour: once we got past the headline stories -- Cramer mentioned as nice opportunities --

• EPD
• ENB 

iPhone Duo: pivotal test of the company's power. 

Absolutely. Link here. Exactly what I said when this was released on September 9, 2026.  AAPL is up almost $5 today. I no longer need the form factor; more important for me are the software features regardless of the form factor. 

I'm waiting for analysts to start talking about the subscription plan by Apple for Apple products. This is a very big deal. 

Technology, including technology in automobiles, is moving so quickly, that "leasing" may be the new way folks buy "all" products. See this link for what I'm talking about. [The link works for me, not sure if it will work for others.]

Later: AAPL just went over $5.00 jump in price, now trading above $320. BRKB? Down again today.

Apple surges: I'm not sure if I've ever seen this so following an Apple presentation. This is absolutely remarkable considering a $2000-phone!

TSM Revenue Surges -- September 10, 2026

Locator: 51701TSM.

TSMC: is up 67% in the past 52 weeks. 

SCCO: a "Fast Money" panelist said SCCO was his "final trade" for the day, yesterday, September 9, 2026. This analysis, link here:

• Southern Copper reported a 116.9% year-over-year rise in operating cash flow to US$3.68b for the first half of 2026 and approved a US$1.10 per share cash dividend alongside a stock dividend. Copper production for the period declined 3.8%, and 2026 copper output guidance was slightly raised. 
• The combination of stronger cash generation, ongoing capital returns and a reaffirmed long term copper production target of 1.6 million tons by 2033 or 2034 highlights how Southern Copper is leaning on project execution and investment discipline rather than near term volume gains to support its business profile. 
• The focus now turns to how Southern Copper's sharp operating cash flow increase reshapes the investment narrative built around heavy long term spending. 

BRK-B vs the S&P 500, one year:

S&P 500, average yield: 

The average dividend yield of the S&P 500 is currently around 1.05% to 1.1%, which is below its long-term historical average of roughly 1.6% to 2% (and well below the historical 3% to 4% averages seen in decades past). This is no doubt due to high share prices in the past year and companies are not yet into their annual dividend announcement. But, wow, can you believe the historical average dividend rate is 3% to 4%?

Thursday -- September 10, 2026

Locator: 51700B.

Pageviews: with a run rate of 1.5 million / 24 hours right now, we should go over 98 million page views today. Later, 8:15 a.m. September 10, 2026: 98 million.

Iran:  

Investing: this is a market that clearly wants to break out, but several significant headwinds and it's September. Once the mutual funds and hedge funds have their third quarter in the bank, it should be an incredible fourth quarter. See disclaimer. 

Pending: my favorite chart. Link here. Last week: $7.98 trillion. An increase of $20 billion puts us at $8.0 trillion. Later: decreased $6.10 billion to $7.97 trillion -- last week.

Energy: for investors, are we in a perfect spot -- 

Mideast in upheaval; SPR at levels seldom (if ever) seen; China will have to buy oil at some point; US refiners may have access to endless amounts of heavy oil; the sleeper? Natural gas.  

Coal: link here.

The big question: after its recent surge, did META hold? Holy mackerel --

Amazon's LEO:

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Back to the Bakken

WTI: $99.65. 8:13 a.m. September 10, 2026.

New wells reporting:

• Friday, September 11, 2026: 19 for the month, 99 for the quarter, 456 for the year,
• 41627, conf, BR, HBU Badlands 6S MBH, 
• 41568, conf, Oasis, Dolls Daisy 5301 31-31 4B, 
• Thursday, September 10, 2026: 17 for the month, 97 for the quarter, 454 for the year, 
• 41567, conf, Oasis, Dolls Daisy 5301 31-31 3B, 

RBN Energy: higher cash flows, sunnier outlook not yet reflected in expanded E&P investment. Link here. Archived.

Like rays from the rising sun streaking into a cold, gray sky, sustained higher oil prices and a strong long-term outlook for natural gas has engendered a significant tonal shift to E&P boardrooms. Industry executive surveys in Q2 2026 and observations by oil service firms reflect an optimism that suggests producers are warming to increasing activity to boost oil and gas output. 

The key question is whether that has translated into higher investment. 

In today’s RBN blog, we discuss that shift in attitude and analyze midyear E&P guidance to determine the impact on actual 2026 capital spending.

Strict fiscal discipline focused on increasing cash flow over raising production has dominated E&P budgeting since the pandemic threatened the financial stability of a chronically overspending industry. After drastic cuts to capital spending in 2020 and 2021, surging commodity prices in 2022 and 2023 triggered rising investment to offset steep shale decline rates. But declining cash flows from lower commodity prices in the latter half of 2023 brought the industry to another inflection point. Producers couldn’t fund continued capex increases and sustain dividends and share buybacks without resuming the deficit spending that got them into trouble a few years ago. Their decisions about 2024 capital spending couldn’t have been clearer: maximizing free cash flow was the top priority. The total 2024 investment fell 3% to $62.8 billion and drifted slightly lower to $62.5 billion in 2025.

Moderation from the 2023 peak continued as the 37 E&P companies we follow guided to 2026 capital investment of $59.1 billion, down 5% from the 2025 level. This followed steadily eroding oil prices that drove pre-tax earnings to a five-year low of $5.13/boe in Q4 2025. But as we recently chronicled in Turn, Turn, Turn, the Iran war-driven rise in oil prices more than tripled pre-tax operating profits to $18.19/boe in Q2 2026, the highest since 2022. Cash flow also reached a post-2022 high of $29.21/boe, a 48% increase since Q4 2025. The major question for industry analysts as the release of these results approached was the impact of rising prices and profits on the level of capital expenditures. Producers focused on maximizing cash flow at the expense of growth (see No Sudden Movement) and resisted Trump administration pressure to pursue production increases to lower gasoline prices (see Know When to Hold ’Em). However, higher prices were an additional attractive incentive to invest in production growth to capture higher margins and reap higher cash flows.

The Q2 2026 Dallas Federal Reserve Energy survey, conducted in mid-June, showed a strong increase in optimism on the part of E&P executives. The Company Outlook metric soared from a negative 15.2 in Q4 2025 to a historically strong 48.2 in Q2 2026, driven by higher profit expectations from more than 50% of the firms surveyed. More than half of the producers reported weighing an increase in future business activity, up from just 20% in late 2025. The Uncertainty indicator also declined dramatically.

The midyear results of major oilfield service firms SLB and Halliburton also reflected a strong change in sentiment for domestic E&P growth. Both reported a “clear recovery” in North America. Halliburton’s North American revenue rose 7% from the previous quarter while SLB’s 4% North American growth was driven by a rebound in U.S. land revenues. Both managements said they were encouraged by the shift in attitude and expected incremental improvements throughout the year.

Despite the increase in industry optimism, though, the midyear 2026 guidance released by the 37 major publicly traded E&P firms we cover showed a slight decline in overall capital expenditures to $59.4 billion from $59.7 billion (far-right blue bars and left axis in Figure 1 below). This represents a 6% decline from actual 2025 investment and an 8% reduction from the 2023 peak. Total investment budgets for Oil-Weighted producers were down by nearly $600 million, slightly offset by a small increase in Diversified E&P investment. Capital spending by Gas-Weighted companies remained virtually flat.