Tuesday, February 21, 2017

The Closer, T+32; Are Futures Surging? -- February 21, 2017

Updates

February 22, 2017: I have no idea what this was all about last night (see graphic at original post). It proves once again that futures mean squat the night before. This morning, futures suggest a flat-to-negative opening on Wall Street. 

Original Post
 
I look at the "futures" almost every night. Generally, the "Dow futures" show green/red in the range of -20 to +20 points. I don't ever recall seeing futures for the Dow up 100 points after a six- or seven-day streak of record setting sessions. Maybe I'm misreading this, but over at CNN Money, "Dow Futures" are showing +110 points. Similarly, S&P futures and NASDAQ futures are also up significantly.

Again, I may be misreading something, but this is the screenshot taken from CNN Money at the time noted on the graphic (dynamic link):



The CNBC site is showing a similar number, Dow futures at 99.95 points (also a dynamic site).

I'm assuming someone will tell me I'm misreading something.

Bakken 2.0: Seven Huge Rolfson N Wells Completed; Active Rigs Jump To 42 In North Dakota -- February 21, 2017

Active rigs:


2/21/201702/21/201602/21/201502/21/201402/21/2013
Active Rigs4238127182184

Wells coming off confidential list Wednesday: None.

Wells coming off confidential list over 3-day weekend, note #31484, tested in September, 2016; produced 160,000 bbls of oil by end of December, 2016. I track the Rolfson N wells here.
  • 31480, 1,703, Oasis, Rolfson N 5198 12-17 5T, Siverston, 36 stages, 4 million lbs, t8/16; cum 121K 12/16;
  • 31481, 1,480, Oasis, Rolfson N 5198 12-17 6B, Siverston. 36 stages, 4 million lbs, t9/16; cum 113K 12/16;
  • 31482, 25 (no typo), Oasis, Rolfson N 5198 12-17 7t, Siverston, 36 stages, 4 million lbs, t8/16; cum 91K 12/16;
  • 31483, 958, Oasis, Rolfson N 5198 13-17 8T, Siverston, 50 stages, 4 million lbs, t9/16; cum 81K 12/16;
  • 31484, 1,660, Oasis, Rolfson N 5198 14-17 9B, Siverston, 50 stages, 4 million lbs, t9/16; cum 160K 12/16;
  • 31485, 1,379, Oasis, Rolfson N 5198 14-17 10T, Siverston, 50 stages, 4 million lbs, t9/16; cum 117K 12/16;
  • 31486, 1,752, Oasis, Rolfson N 5198 14-17 11BX, Siverston, 50 stages, 4 million lbs, t9/16; cum 137K 12/16;
In addition, one older well converted to SWD:
  • 16552, 53, Buckhorn Energy Services, LLC, Alkali Creek, t8/07; cum 21K 7/13; convert to SWD 12/16;
Seven new permits:
  • Operator: Whiting
  • Field: Truax (Williams), East Fork (Williams)
  • Comments: two Nelson wells in section 18-154-97; four Jackman wells in section 10-156-100
Eleven (11) permits renewed:
  • CLR (6): three Rollefstad Federal permits in McKenzie County; two Syverson permits in Williams County; and, one Hartman permit in Dunn County
  • EOG (3): three Wayzetta permits, Mountrail County
  • Texakota (2): one H. Borstad permit and one Hemsing permit, both in Williams County
One producing well (DUC) reported as completed:
  • 30224, 2,544, BR, Old Hickory 42-32MBH, Sand Creek, t1/17; cum --

Update On The Belfield Refinery -- The Davis Refinery; Physicists Prove Existence Of Alternate Universe -- February 21, 2017

Update on the Davis refinery, Belfield, ND, from Oil & Gas Journal:
  • b/sd: definition -- barrels per stream day -- the maximum number of barrels of input that a distillation facility can process within a 24-hour period when running at full capacity under optimal crude and product slate conditions with no allowance for downtime
  • operator: Meridian Energy Group, Inc
  • announced today: MOUs from regional firms to purchase and distribute refined products
  • 268 million gallons / year of refined products
  • from two-phased grassroots 55,000-b/sd high-conversion Davis refinery
  • the MOUs account for more than 67% of production capacity from the Davis refinery's first 27,500-b/sd Phase 1 development as well as a portion of output from the completed 55,000-b/sd refinery
  • once completed, the refinery will produce more than 800 million gallons/year of refined products 
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Physicists Prove Existence Of Alternate Universe

ICYMI: the HillaryBeatTrump.org website.

Peak Oil -- February 21, 2017

"Peak horse-and-buggy" was reached in the late 1800's. From wiki:
In countries such as the United States, the United Kingdom and Canada, [horse-and-buggy]  was a primary mode of short-distance personal transportation, especially between 1815 and 1915.
"Peak horse-and-buggy" did not end because "we" ran out of horses or buggies.

"Peak horse-and-buggy" was reached when new, better, affordable technology arrived on the scene, replacing the "horse-and-buggy."

**********************
Translation Needed

From a press release:
Xilinx, Inc. today announced a disruptive integration and architectural breakthrough for 5G wireless with the infusion of RF-class analog technology into its 16nm All Programmable MPSoCs.
Xilinx's new All Programmable RFSoCs eliminate discrete data converters, providing 50-75% power and footprint reduction for 5G massive-MIMO and millimeter wave wireless backhaul applications.
Large scale 2D antenna array systems will be key to the increase in spectral efficiency and network densification needed for 5G. Manufacturers must find new ways to meet stringent requirements for commercial deployment. With the integration of high performance ADCs and DACs in an All Programmable SoC, radio and wireless backhaul units can now meet previously unattainable power and form factor requirements, while increasing channel density.
Additionally, RFSoC devices allow manufacturers to streamline design and development cycles to meet 5G deployment timelines.
The integrated 16nm-based RF data conversion technology includes: 
  • Direct RF sampling for simplified analog design, greater accuracy, smaller form factor, and lower power
  • 12-bit ADCs at up to 4GSPS, high channel count, with digital down-conversion
  • 14-bit DACs at up to 6.4GSPS, high channel count, with digital up conversion
Later this afternoon I'm going to call Jim Cramer during his "lightning round" and ask him what he thinks of this "disruptive breakthrough."

"They" had me at:
Xilinx's new All Programmable RFSoCs eliminate discrete data converters, providing 50-75% power and footprint reduction for 5G massive-MIMO and millimeter wave wireless backhaul applications.

Special Assistant To The President Will Make Steve Bannon Look Moderate -- The Political Page, Part 2, T+32 -- February 21, 2017

I think folks forget that presidential appointees come with a rolodex and a staff.

Taken Steve Bannon for example.

From the Februry 13 & 20 issue of The New Yorker, the headline: becoming Steve Bannon's Bannon -- how Julia Hahn got from the University of Chicago to Breitbart to the White House.
There’s an old saw about Washington, D.C., that staffers in their twenties know more about the minutiae of government than their bosses do. Whether they wield real power is a different question. Julia Hahn, the twenty-five-year-old Breitbart News reporter who has just been named a special assistant to the President, could be a test case. Hahn is a protégée of Stephen Bannon, the White House chief strategist and former Breitbart chairman, who has been referred to as “Trump’s Rasputin.” (On Twitter, he is often called #PresidentBannon.)

When Hahn wrote for Breitbart, her primary beats were immigration (she wanted less of it, especially from Muslim countries) and the perfidy of Republicans who, in her view, sold out American interests—especially the Speaker of the House, Paul Ryan. In dozens of vituperative articles, Hahn called Ryan a “third-world migration enthusiast” and a “double agent” who was secretly campaigning for Hillary Clinton.

Some have suggested that hiring Hahn is Bannon’s way of putting Paul Ryan “on notice,” to use a Trumpian locution.
William Kristol recently told the Washington Post that Hahn will “be Bannon’s Bannon and will make Bannon look moderate.” This would be a feat, given that Bannon has declared that his “goal” is “to destroy the state.” When he was running Trump’s campaign, he called Trump “a blunt instrument for us,” adding, “I don’t know whether he really gets it or not.”

Hahn was raised in Beverly Hills and attended Harvard-Westlake, an exclusive private high school in Los Angeles. (She did not respond to requests for comment.) She excelled at mock trial, and organized a fund-raiser to bring orphan children from other countries to live with American host families. She majored in philosophy at the University of Chicago and studied in Paris. “We had dinner together a few times, and she was always kind and approachable,” a Chicago classmate said. “The only unusual thing I remember is that she once worked at a shooting range. She described herself as ‘a very talented markswoman.’ ”

Hahn’s senior thesis, about “issues at the intersection of psychoanalysis and post-Foucauldian philosophical inquiry,” drew on the work of Leo Bersani, whose ideas she called “hugely transformational.” Bersani, a left-wing cultural theorist who taught at Berkeley, is known for his provocative writings on Freud and sexuality; his books include “Homos” and “Is the Rectum a Grave? And Other Essays.”
Anyone that can make Steve Bannon look like a moderate makes my day. And at 25 years of age, she is going to have lots of energy, a lot of ambition, and a force with whom to reckon.

Much, much more at the link.

*******************************
Salt: A World History
Mark Kurlandsky
c. 2002
DDS: 553.63 KUR


See this post, also.
  • Some quick notes:
  • salt, sodium chloride
  • chloride is essential for digestion and respiration
  • sodium is essential for nerve impulses, muscles including the heart, transmitting nutrients, transmitting oxygen
  • ... people who eat red meat appear to derive from it all the salt they need. But vegetable diets, rich in potassium, offer little sodium chloride. On every continent, once human beings began cultivating crops, they began looking for salt to add to their diet. How they learned of this need is a mystery
Part One: A Discourse on Salt, Cadavers, and Pungent Sauces 

Chapter One: A Mandate of Salt
  • Chinese history of salt
  • soy
  • pickling
Chapter Two: Fish, Fowl, and Pharaohs (note spelling)
  • the Nile River
  • the Phoenicians
Chapter Three: Saltmen Hard as Codfish
  • Austrian town of Hallein (we've visited the salt mines at Hallein)
  • the colorfully dressed salt miners of Hallein were Celts
Chapter Four: Salt's Salad Days
  • Romans
  • most Italian cities were founded proximate to saltworks
  • the Phoenicians (again); Sicilians; olives, tuna
  • purple dye
  • garum: possibly a generic term for fermented fish sauce; Romans used it much like Chinese used soy sauce
  • after the fall of Rome, garum vanished from the Mediterranean
Chapter Five: Salting It Away in the Adriatic
  • I can never remember where on which side of Italy or Greece is the Adriatric; the way to remember it is to remember that the Aegean is between Greece and Turkey (easy: think of the Trojan War); that means the Adriatic has to be between Greece and Italy
  • Venice and Marco Polo
Chapter Six: Two Ports and the Prosciutto in Between
  • the valley of the Po is an anomaly of the Italian peninsula; that was my exact thought when driving through the Po Valley many decades ago
Part Two: The Glow of Herring and the Scent of Conquest

Chapter Seven: Friday's Salt
  • by the seventh century AD, all of western Europe spoke Indo-European languages; languages that stemmed from the Bronze Age invasion of Europe
  • Late Bronze Age: Helen of Troy, the Trojan War (13th century BC)
  • Iron Age: Homer (8th century BC)
  • the Basques
  • the Catholic Church
  • the Vikings
  • planks of cod
  • Icelanders
  • Celtic places that escaped Romanization
Chapter Eight: A Nordic Dream
  • Sweden, 13th and 14th centuries
  • herring, harengeres, herring sellers
  • Zeeland, southern Holland
Chapter Nine: A Well-Salted Hexagon
  • history of France
  • French cuisine as it relates to salt
Chapter Ten: The Hapsburg Pickle
  • German cuisine as it relates to salt
  • Poland
Chapter Eleven: The Leaving of Liverpool
  • the Mersey River
  • English cuisine as it relates to salt
Chapter Twelve: American Salt Wars (I was unaware of America's salt wars)
  • the history of the Americas is one of constant warfare over salt; whoever controlled salt was in power
Chapter Thirteen: Salt and Independence
  • the English, the Dutch, and the French searched for salt
  • the American revolution
Chapter Fourteen: Liberte, Egalite, Tax Breaks
  • the French revolution
  • Napoleon Bonaparte
Chapter Fifteen: Preserving Independence
  • Cape Cod saltworks
  • Erie Canal
  • Robert Fulton and steamships
Chapter Sixteen: The War Between the Salts
  • the US Civil War
Chapter Seventeen: Red Salt
  • Edmund McIlhenny, Texas (I always thought the family originated in Louisiana)
  • San Francisco
Part Three: Sodium's Perfect Marriage

Chapter Eighteen: The Odium of Sodium
  • clerihew: a pseudo-biographic verse of two rhymed couplets in which the subject's name makes on of the rhymes
  • Sir Humphry Davy: abominated gravy; discovered sodium
  • chemistry and salt
Chapter Nineteen: The Mythology of Geology
  • Clarence Birdseye; Gloucester, MA (we visited numerous times)
Chapter Twenty: The Soil Never Sets On ...
  • Cheshire, England (again); we first "met" Cheshire in chapter eleven
Chapter Twenty-One: Salt and The Great Soul
  • India; Gujarat
Chapter Twenty-Two: Not Looking Back
  • Israel; the Dead Sea
Chapter Twenty-Three: The Last Salt Days of Zigong
  • China again, modern
  • Japan again, modern
Chapter Twenty-Four: Ma, La, and Mao
  • Chinese again, modern
Chapter Twenty-Five: More Salt than Fish
  • Scandinavia (again), modern
  • herring
  • anchovies
  • Israel
  • France
  • Finland
Chapter Twenty-Six: Big Salt, Little Salt
  • modern commercial salt
Bibliography: 13 pages
Index: 18