Locator: 46713INV.
Earnings, Friday, February 2, 2024, 6:15 a.m. ET
Locator: 46711B.
Later: no shadow seen; early spring!
Anticipating Friday, February 2, 2024:
Locator: 46710INV.
More than $6 trillion "on the sidelines." Some talking heads on CNBC and some tweeters opine that a lot of that money could flow back into the equity market in 2024 if the Fed cuts rates. Not gonna happen. Most of that money was moved from checking and savings accounts at banks. Huge problem for regional banks. Some of that MMF money will flow back into the equity market but most of it will stay in MMFs. Compared to MMFs, equities are riskier and even at 2%, MMF compare favorably with equities in many cases.
People that put money into MMFss are not going to put that money into the stock market. At least not $6 trillion. My mother exemplified the typical "investor" in MMFs, as does my wife.
Locator: 46709B.
WTI: $74.24.
Active rigs: 38.
Three new permits, #40495 - #40497, inclusive:
Six producing wells (DUCs) reported as completed:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 11-2023 | 16 | 13934 | 13451 | 42536 | 8617 | 7550 | 829 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 11-2023 | 17 | 15183 | 15112 | 48678 | 10314 | 10085 | 162 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 11-2023 | 14 | 19550 | 19459 | 51303 | 12140 | 11873 | 189 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 11-2023 | 13 | 9952 | 9607 | 34894 | 6631 | 5828 | 618 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 11-2023 | 7 | 3329 | 3214 | 13117 | 2205 | 1938 | 2 |
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Biden's LNG Export Pause
RBN Energy: gauging the impact of the DOE's pause in LNG export licenses. Archived.
There’s no doubt about it: The Biden administration’s decision to pause approval of LNG export licenses poses a new threat to a number of projects thought to be nearing a final investment decision (FID).
The questions brought on by the move are profound: how big of a problem is this for U.S. developers, how does the timeout affect the projects now in limbo, and — over the longer term — what does the added uncertainty regarding incremental LNG exports mean for U.S. crude oil and natural gas production and what does it mean for the global energy landscape? In today’s RBN blog, we discuss the factors that led to the administration’s announcement — and the case to be made that expanded LNG exports are in the U.S.’s economic and strategic interest.
The U.S.’s mammoth reserves of natural gas, combined with strong global demand for LNG, have spurred a sharp rise in LNG export volumes over the past few years. As recently as December, an average of about 14 Bcf/d of LNG — or around 14% of the dry gas produced in the U.S. each day — is being liquefied and shipped overseas, almost all of it from export terminals along the Gulf Coast. And, with several new LNG export projects under construction, we expect those volumes to nearly double over the next four years.
