13
Aug
The Wrap – Week Ended 8/12/16
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The ZLT ended the week up 3% and is up 34.4% YTD.
The XOP ended up 3% and is 19.4% YTD.
The Blotter is updated.
Please see Friday's post for the Permian Players Post 2Q16 update.
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Z, in interpreting rig counts would be curious to know if workover rigs are included in the B/H rig counts, while workover e rigs may contribute to maintaining production, they are not contributing to new productions.
With all the new wells drilled in the past 4 years, would speculate the # of workovers has also increased……………..is ths perhaps masking the true new wells drilled (taking into consideration the tremendous increases in efficiency (drilling times, etc.)?
August 14th, 2016 at 12:45 pmI believe corporate profits have now fallen for a historic record number of quarters. Market still treading water thigh as people have nowhere else to put their money and believe in the central banks ability to keep things increasing. Surely no big drops before November elections.
From a macro view, will be interesting to see how this unwinds. Or maybe bonds and market can go up forever while profits wane.
Mill get the link later but would be interested in anyone's macro thoughts.
I buy into the fact that unemployment is down while number of people working are down and more miles are being driven and low prices cure low prices but it's hard to avoid evaluating the data in front of us.
From an energy standpoint, would be nice to see a meaningful reduction in stocks in the relatively near future as we're now 25 months into the precipitous drop. At some point the laws of physics have to take over unless the world governments and central banks have found a way to negate those effects as well. Hehe.
Soon. Soon.
August 14th, 2016 at 1:53 pmBrutal heat and humidity in northeast, big nat gas use this week.
August 14th, 2016 at 3:58 pmHere in San Francisco it's about 50 degrees
August 14th, 2016 at 9:12 pmBaylor – Please check your email.
August 14th, 2016 at 9:31 pmre 1 – no, workovers are not included in the rig count and workover activity only recently troughed (it's been off a cliff) as operators looked to cut expenses.
August 14th, 2016 at 10:58 pm