Hess With Four New Permits; Significant Drop In Number Of Active Rigs -- October 4, 2022

API: reported a "surprise" draw .... well, check it out for yourself ... there's a huge data point that blows me away ... and I think Warren Buffett sees it, also. We'll see the EIA data tomorrow.

ISO NE: renewables now accounting for a paltry three percent of the resource mix in New England. Incredible. Fortunately demand is low.

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

Active rigs: 41. A huge drop from the 45 - 47 we've been seeing. We're now in a new quarter, and winter is coming.

WTI: $86.52.

Natural gas: $6.837

Four new oil and gas permits, #39289 - #39292, inclusive:

• Operators: Hess (4)
• Fields: Ray (Williams)
• Comments:
• Hess has permits for four GO-Tong Trust A wells, NENW 20-157-96; 
• to be sited 737 FNL and between 1630 FWL and 1729 FWL

Eight permits renewed:

• Enerplus (6): a shoal (type of sandbar), a fjord, a hogback (geologic: outcropping), an arroyo, a barchan (a type of sand dune), and a cirque (glacial craters carved into mountains) permit, all in McKenzie counties:
• BR (2): two Lillibridge permits, McKenzie County

Eight permits canceled:

• Enerplus: six LK-Bice permits, an LK-Olson permit; and a Kudo permit, all in Dunn County

It Appears The Bear Market Is Over. Recession? What? Me Worry? October 4, 2022

There are indications that the best opportunity in quite some time for investing has just come to an end. 

• the best single indicator? Recent articles about Warren Buffet.
  

Abbreviated 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. Full disclaimer at tabbed link.

All my posts are done quickly: there will be content and typographical errors. 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.

WTI: up another 3.3%; up $2.75; trading at $86.37.

• OPEC considering two-million-bopd cut?
• US shale can't make up that shortfall.
• just how big are oil profits going to be? More on that later.   

New Hampshire: LNG prices soar; electricity consumers see double

• link here;
• from the article:

When talk turns to electricity bills, fear sparks and eyes roll. Consumers here and across New Hampshire feel squeezed, and some are choosing whether to postpone making essential payments.

blockquote>“A 112% increase is ridiculous. It’s either pay this on time or that on time,” said a waitress in Tilton, a town of 3,800 on the Winnipesaukee River.Because her earnings are unpredictable and her job is not guaranteed, she is nervous about rocketing costs. The price of powering her home recently jumped from $225 to $500 a month, she said. It’s tough to decide: “Do I make my car payments, or pay my electric bill?”

Covid-19: just ordered this book; published/released today, October 4, 2022.
excerpt here;

Twitter: Elon Musk says he will purchase at original offer price. 

Biggest story of the day? Link here.

• Micron will spend up to $100 billion over at least the next two decades building a new computer chip factory in upstate New York
• this is such a huge story on so many levels;
• again, for investors, an open-book test;
• go to the link and loook at how big this story is; it's simply incredible. 
• will post later as a stand-alone post;

Streaming: by the way, there was a huge story on "streaming" also

• don't remember what it was;
• can't recall if I posted it?
• when I find it, I will let you all know
• but a lot of things have been percolating this past two months, 3Q22 -- now we enter 4Q22.

To Infinity And Beyond -- October 4, 2022

This is pretty funny. Last week, when the meeting was announced, I sent a note in jest to a reader that  before it was all over, OPEC would be discussing a 2.5-million-bopd cut. 

LOL.

It looks like we're getting there:

A Closer Look At Hess' Proposal For Seven Wells On Each Of Two New Drilling Units -- October 4, 2022

Case 29639: 

This is a case, not a permit:

Application of Hess Bakken Investments II, LLC for an order amending the applicable orders for the Beaver Lodge-Bakken Pool, Williams County, ND, to (i) establish two overlapping laydown 1280-acre spacing units described as Sections 3 and 4; and Sections 9 and 10, T.156N., R.95W., and authorize seven horizontal wells to be drilled on each such unit; (ii) establish an overlapping 2560-acre spacing unit described as Sections 3, 4, 9 and 10, T.156N., R.95W., and authorize one horizontal well to be drilled on such unit; and (iii) for such other relief as may be appropriate. 

 Existing well of interest:

• 16721, 152, Hess, BL-Svor-156-95-0904H-1, Beaver Lodge, t3/08; cum 134K 8/22

The graphics:

Actually, Governor Newsom Can Do Somthing About High Price Of Gasoline -- October 4, 2022

From The Los Angeles Times today:

Officials can’t do much about soaring gas prices:

California is getting another reminder of the volatility of its energy supply as shutdowns at several oil refineries have sent gas prices spiking. 

Five or six plants are simultaneously dealing with maintenance-related shutdowns, leaving limited supplies of the special blend of gasoline mandated by California to reduce pollution. 

And unlike the spike in gasoline costs this summer, Californians and some of its western neighbors are alone facing the recent rise in gasoline prices, underscoring yet again the fragility of the state’s transitioning energy markets.

While Gov. Gavin Newsom responded last week to the drastic increases in fuel costs by jump-starting the state’s shift to cheaper, winter-blend gasoline, energy experts say it could still be weeks until drivers start to feel some real relief at the pump.

The article began:

Officials can’t do much about soaring gas prices.

 In fact, they can: with a stroke of the pen, they can cut prices by $1.51 per gallon.

Earlier this morning I posted:

Normally I don't post links to ZeroHedge, but this is a great op-ed. 

Link here.

From the article:

Tax hikes to lower gas prices? Bring them on.

California Gov. Gavin Newsom is lashing out at oil companies who he says are “fleecing” Californians with gasoline prices that are rising disproportionately in the Golden State.

“The fact is, they’re ripping you off. Their record profits are coming at your expense,” Newsom said in a scathing video posted to Twitter Friday in which the governor called for a new windfall tax on oil companies.

 Let’s look at the cost of gas at the California pump again.

 A report from Stillwater Associates last year found that California consumers were paying an extra $1.19 a gallon. This year the added costs include a 51 cent state excise tax, an 18 cent sales tax, 20 cents for Fuels Under the Cap, part of the state’s corrupt environmental cap and trade program and 17 cents for the Low Carbon Fuel Standard.

The Los Angeles Times must be reading the blog.