The Million Dollar Way (The Bakken Oil Blog)

Friday, January 19, 2024

Week 3: January 15, 2024 -- January 21, 2024

Locator: 46602TOPSTORIES.

Top, top story:

the US stock market surges
Americans' confidence in US economy takes surprising "positive" turn

Top story:

US Navy hitting back at Yemeni Houthis
regional "wars" everywhere: Gaza, Red Sea, Indian Ocean, Ukraine
all are in somewhat of a "steady state" situation
with Biden, Americans don't know how good they have it, and Trump is getting all the headlines

Top international non-energy story:

Gaza: Israel shows no sign of letting up
Ukraine: not looking good for the home team; GOP wants to stop funding

Top international energy story:

OPEC+ no longer in control
US producing at record level

Top national non-energy story:

US equity markets: Dow, S&P 500 hit all-time highs
tech sector: all-time highs
US economy surprisingly strong; consumer surprisingly resilient
EV manufacturers had a very, very bad week
Ford to cut back on on EV Ford 150-Lightning

Top national energy story:

ERCOT holds up surprisingly well;
significant cut in US shale production due to extreme cold: seems to have minimal impact on pricing;

Focus on fracking: link here.

Top North Dakota non-energy story:

Top North Dakota energy story:

winter storm Gerri is going to cut Bakken production by as much as half!

Geoff Simon's quick connects: link here.

Bakken economy:

Commentary:

Rambling -- The Market -- January 19, 2024

Locator: 46601INV.

For the record: I first mentioned "Nvidia" on the blog on July 10, 2017. Link here.

Nvidia was $149.80; AMD was $13.60; and, INTC was $33.23. Today:

NVDA: $594.91
AMD: $174.23, and, acquired XLNX in the meantime;
INTC: $48.15

For the archives:

This blows me away. I wasn't paying attention today. Just following a couple of stories -- mostly tech sector stories -- and now, late this evening, wrapping up some loose ends, I saw the "close."

Link here.

Holy mackerel.

DJIA: up almost 400 points. That means it was higher -- at least a bit -- before the close. That's the way it always works.

And look at the NASDAQ: up 255 points at the close. Same thing. It must have been a bit higher during the day.

Wow.

Today's market move was not trivial.

Count Me As One Of Those Upbeat Optimists -- January 19, 2024

Locator: 46600ECON.

For the archives:

Link here.

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Back to the Bakken

WTI: $73.41.

Active rigs: 38.

Two new permits, #40461 - #40462, inclusive:

Operator: MRO
Field: Killdeer (Dunn County)
Comments:

MRO has permits for a Swenson well and a Finholt well, NWNE 15-145-94;

to be sited 401 FNL with the Swenson 1890 FEL and the Finholt 1850 FEL;

One producing well (a DUC) reported as completed:

37325, 1,084, SOGC, Porcupine 6-19H, Dunn County;

Texas Economy Continues To Surge -- January 19, 2024

Locator: 46599TEXAS.

The GDP growth is significant, but what caught my attention -- that growth in population in San Antonio / Austin.

Austin: university town, tech capital; Texas capital.

But look at that San Antonio growth. San Antonio is unconstrained geographically (we can talk about that later if questions) but more importantly: San Antonio is the first city farther north than the border that Mexicans reach when visiting / moving to Texas. San Antonio is the real origin of I-35 to Austin and then to Dallas / Ft Worth, and from there, all points north, east, and west. For Mexicans, San Antonio is the US destination for Christmas shopping that begins weeks earlier.