The Political Page, T+8 -- March 8, 2018

For the archives. Nothing here about the Bakken. The Trump era: 24/7 news, it never quits, and never ceases to surprise.

President Obama completed his first year as president shortly after the end of December, 2017. The numbers are now in: US household net worth pushes further into record territory -- The WSJ. Data points for the archives:

• US household wealth rose more than $2 trillion in 4Q17
• now, near the $100 trillion mark
• at a record $98.746 trillion and three cents
• US households also saw their net worth rise to nearly seven times their disposable income in 2017, swelling past earlier pre-recession peaks
• Obama is taking a bow; this is all his he says; it takes a ten years to turn the US ship of wealth around
• JPMorgan: the ratio of wealth to income is at pretty dizzying levels right  now

Much more at the link.

Meanwhile, President Trump will meet one-on-one (or is it mano-a-mano?) with Kim Jong Un -- first item on the agenda: haircuts --

The NY Times has already said this is not the way to start a dialogue -- seriously. The NY Times would prefer missiles? Seriously. No links; easy to find. I wonder how the staff at NY Times would start a dialogue with North Korea? Remember: this was an invitation from South Korea to POTUS. An invitation.

Six months ago, the NY Times said we were five minutes from a nuclear confrontation with NOK -- now dialogue.

When seconds count, the police will be there in minutes. In the Florida shooting -- you know, the one where gun laws would have prevented the massacre -- law enforcement took eleven (11) minutes to enter Parkland school. The sheriff still has his job. No links; will be reported everywhere.

Meanwhile, elsewhere, Toys "R" Us is considering closing all its stores.

ObamaCare dead? Hardly. The Trump administration -- you know, the administration that said it would kill ObamaCare -- tells Idaho it will enforce ObamaCare if the state refuses.

Back to Trump and Kim:

Hit Me With Your Best Shot, Pat Benatar

What's Wrong With This Picture? -- March 8, 2018

Updates

March 9, 2018: See comments and links in the comments below.

Original Post

 

Uneventful Day For The Bakken Based On Daily Activity Report -- March 8, 2018

"Arctic" rigs:

$60.12↓↓↓	3/8/2018	03/08/2017	03/08/2016	03/08/2015	03/08/2014
Active Rigs	59	44	33	114	191

Four new permits:

• Operators: MRO
• Field: Jim Creek (Dunn County)
• Comments: MRO has permits for a 4-well pad (Barber, Northrop, Veddy, Drake) pad in NWNE 21-145-96

No producing wells (DUCs) reported as completed.

No permits renewed.

No permits canceled.

Operator transfer: from Petro Harvester Operating to 31 Operating

• about 44 wells
• all "old" wells
• oldest permit:
• newest permit: 21777 but most of them before 15000
• oldest permit: 02455
• with the except of one or two in Renville County or Burke Count, all were in Bottineau County

Oh-Oh! Could WTI Fall Below $60? -- March 8, 2018

At $60.33 right now.

***********************

Saudi Aramco IPO

I've long been skeptical of the IPO. I'm not sure we'll ever see it on a "legitimate" trading platform (NYSE, NASDAQ, etc) but if we do, I've always said it would be delayed.

Now, there are hints that it will be delayed to 2019. In fact, I don't think anyone worth his salt, as they say, thought there would be any legitimate chance the IPO would be launched in 2018. I'll post the link, but I don't think it's news(worthy). More clickbait. I read the headline. That's all.

Later, another story suggesting listing Saudi Aramco on the NYSE would be very, very risky. The big question: legitimate stories or simply clickbait?

Back to Black, Amy Winehouse

Shale Oil Still Defeating Its Skeptics -- Richard Zeits -- March 8, 2018

Well done, Mr Zeits. Over at SeekingAlpha:

• macro models are finally catching up with unconventional oil realities: U.S. shales are competitive at low oil prices and volumes grew much faster in 2017 than many skeptics had anticipated
• in recognition of the operational trends, in the last three months alone, the EIA's STEO forecast for U.S. production was revised higher three times
• the production estimate for Q4 2018 was increased by a staggering 1.0 million barrels per day
• 2hile the agency's 2018 estimates for U.S. production are now not unreasonable, the 2019 projections are puzzling and face the risk of major upward revisions

With regard to the last bullet (the 2019 projections are puzzling and face the risk of major upward revisions), two comments:

• bureaucracies are by their very nature, very conservative; they would rather be wrong on the low side than the high side
• shale production is very, very sensitive to price swings and consumer demand

Archived.