Another day, another red showing for all major indices as COVId-19 lockdown concerns sweep over the markets.  Dow Jones finishes below 27,000 for the first time since mid April as investor swarm to save-haven assets.  Even NQ takes a hit, finishing down over 3% also

  • S&P 500: -3.09%
  • Nasdaq: -3.23%
  • Dow Jones: -3.10%

Oil and Gas News Today

Crude oil fundamentals breakdown globally with COVID19 lockdowns mounting pressure on global oil storage numbers, with a bearish crude oil report.  Crude oil prices settle at $37.51. Natural gas prices stay steady amid a strengthening in Hurricane Zeta and continued colder weather, thought a revised weather forecast has the Midwest heating up slightly toward the end of the week. Natural gas price settle around $3.040

North American Shale News

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[00:11:21] Finally, on the shale side Hess reports earnings. You just gotta love it, guys. No increase there, Top line. Two hundred. Third quarter of 3Q2020. Forty three million dollar net loss. But 80 cents per common share compared to the two hundred and twenty million. They lost money Q32019

[00:11:45] Oh my goodness. How did you do that? They lost even more of this quarter, which makes sense because of COVID. They were losing money. A year ago from this point. And this is what's pretty funny. Here's the quote out of the CEO, John Hess. We continue to execute our strategy. I'm not sure what it is, but they're executing definitely something and they're achieving strong operation. This is its strong operational performance. While while prioritizing the preservation of cash, I just read that while prioritizing the preservation of cash. Well, let's go look at the 10 Qs, OK. Net cash provided by operating activities. Three hundred nineteen million. That's not bad for a quarter. Net cash used in OP in investing activities. Six hundred and sixty one million. Oh no. Well there better borrowings under our credit agreement. Two hundred and twenty million drawing off their credit agreement. Another 38 million off the San Mateo credit. So all in all, net cash provided by financing activity. Three hundred and forty three. Oh. I now know their strategy is to go drill banks. That's what it is. We finally now figured it out. It just it just kills me, guys. This is why you can't you can't read the press release [00:12:51][66.2]

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