06
Apr

Free Good Friday

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Equity markets are closed and I'm off playing with the interns. If you have a suggestion for improving or adding to the site please drop it in the comment section below. Have a great long weekend and Happy Easter!

 

Some brief bullets

  • Nonfarm payrolls came in at 120,000 vs 210,000 expected and 227,000 last month
  • The unemployment rate was 8.2% vs 8.3% expected and 8.3% last month
    • And I wonder how long it will take for the talking heads to raise QE from the recently all but dead? 
  • The OAS well Stewart 5,200 came off Confidential status yesterday.
    • IP was 2,528 BOEpd, (2,081 of that was oil).
    • Cumulative production for the first 95 days of production through February was 66,046 Bo or 695 Bopd, not a bad start at all for the well and not exactly surprising as this is near OAS's 2009 Angel well (Indian Hills) which was an early above type curve producer (thinking was it would be > 700,000 bo ) .  
    • Why do I care?  I own OAS.
    • Why do I care more? TPLM has 31% of this well making it a big deal when you consider last quarter they produced 450 BOEpd company wide. They should also have the same interest in a second well on the pad which came off confidential last month, the Bering well, but which does not yet have flow data available from NDIC.
    • TPLM reports results April 16th and while this is a non-operated well we need that program at present to help support production until the operated program kicks in. We'll have a pre quarterly results piece out on Seeking Alpha next week taking a look at what to expect in terms of the operated plan in the near term. Strong stuff.  

Crude ended yesterday up $1.84 at $103.31 with the week ending little changed.   Somewhat higher than expected given the build in crude. Saudi is doing everything they can to work prices lower going as far as contracting extra vessels to boost imports to the States and coincidentally pulling one of the legs out from under an already shaky argument for an SPR release.  

Natural gas ended the day down 5 cents at $2.09 after EIA reported a slightly bigger than expected injection and the front month now looks like this. Next week look for EIA to release the marketed production data and demand for the month of January. 

9 Responses to “Free Good Friday”

  1. 1
    zman Says:

    I was asked a few times last week about my lack of trading / aggression during the short week as group prices fell. S&P futures getting whacked on the bad payrolls numbers. I'll be back in the market on Monday. 

  2. 2
    choices Says:

    Goldman hiked its forecasted NFP number from 175,000 to 200,000 yesterday-heh
    maybe zerohedge has it right, whenever Goldman hikes, head for the bunker-they are short.

  3. 3
    Sheentaa Says:

    Z ; Sometime during the past week or so, (in the context of LPI comments) you mentioned looking for Permian pure plays. I think the biggest pure play is Concho (CXO) which I looked at several months ago. Just revisiting my notes (hence a little out of date) :
    1. Market cap $10B, Production 60% oil, 500,000+ net acres
    2.Best plays to date : Horizontals in N Delaware Basin, Vertical Wolfbone in S Delaware Basin, Vertical Wolfberry in Midland Basin, Vertical infills in Yeso of NW Shelf, Horizontals in Yeso & Abo of NW Shelf.
    3. Through Q3 11 average EBIDA/BOE was $53
    4.2012 Capex Budget $1.3b – 65% harvesting verticals and 35% allocated to drilling 120 horizontals in Bone Spring and Avalon in Delaware Basin.

    Maybe a bit bigger than you were thinking of ?

  4. 4
    crysball Says:

    NFP numbers?

  5. 5
    BirdsofpreyRcool Says:

    Non-Farm Payrolls.

  6. 6
    crysball Says:

    The  Mafa  in commodity futures????.. (almost  worse  than  GS):
    http://www.rigzone.com/news/article.asp?a_id=116719&hmpn=1
     

  7. 7
    nrgyman Says:

    RE 6:  I disagree with the premise that the CME is responsible for high gasoline prices, but I agree with the conclusion that natgas transportation is the solution.  

  8. 8
    john11 Says:

    Ot..popped an Anatabloc in honor of Freddy Couples…old guys rule,.. at least for one day.

  9. 9
    top stock picks Says:

    top stock picks…

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