Locator: 52136AAPL.
Tag: Apple -- record close earlier this week!
Record close on Monday, two days ago. Today AAPL is trading at $454.
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Largest Companies By Market Cap
For Dan Nathan
Apple (AAPL) #1 by almost 20%; by almost $1 trillion.
Locator: 52135B.
Died overnight: Stacy Keach, November 11, 2026, age 85. Actor, embodied Hamlet and Mike Hammer. One of my favorites, Mike Hammer.
Investing:
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Headlines
CoreWeave: the stock may be back? And apparently Nvidia is showing some life.
RBN Energy: in today's blog, a North Dakota connection -- see below, way below.
Re-emphasizing: Qatar and US LNG --
RBN Energy: Qatar’s deals for U.S.-sourced LNG broaden its global market reach. Link here. Archived.
Qatar has long been a heavyweight in LNG production, but its ambitions now extend well beyond supplying cargoes from its own shores.
With new deals in place to purchase U.S.-sourced LNG, a growing shipping fleet and access to European import terminals, state-owned QatarEnergy is assembling the pieces to become the world’s largest LNG trader.
That could shake up a market where established portfolio players and independent traders already face mounting competition. In a recent RBN blog, the site looked at Qatar’s evolving strategy, why U.S. LNG figures so prominently in its plans, and what its expanding role could mean for the global battle for market share.
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Back to the Bakken
WTI: $86.67. Up very slightly. No matter how hard the "makers and shakers" try to say things are better in the Mideast, that does not appear to reflect reality:
New wells reporting:
RBN Energy: Marathon's decision to unload inland refiners shows the Gulf Coast is the place to be. Link here. Archived.
Marathon Petroleum is selling a pair of inland refineries — the 105-Mb/d St. Paul Park refinery in Minnesota and the 72-Mb/d Mandan refinery in North Dakota (along with other assets) — to CVR Energy.
The $4.2 billion deal, announced November 3, frees up Marathon to focus investment on its substantial Gulf Coast refining network while allowing CVR to nearly double its refining capacity.
In today's RBN blog, we'll discuss how this transaction fits a broader trend of major refiners increasingly pointing their investment dollars toward the Gulf Coast, while inland refineries find new life with buyers who see synergistic value where the others don’t.
Before we dive into the details of the deal, let’s lay out what the recent developments make clear — refiners want to be on the Gulf Coast. We’ve covered this theme at length in our Future of Fuels report (last published in July), which forecasts PADD 3 refining capacity growing from 9.9 MMb/d in 2026 to 10.3 MMb/d in 2040, mostly from continued refinery expansion projects and regional debottlenecking. Valero’s plans to buy and restart the closed LyondellBasell Houston refinery (see Still Not Dead) will add to this forecast capacity growth. This contrasts with our long-term view for other regions in the U.S., where domestic demand declines and limited access to export markets lead to long-term capacity rationalization (see Mixed Signals). These expected declines are most severe on the West Coast because of regulatory challenges, higher crude costs, a faster rate of demand declines, and new supply coming in from other regions (see I Need More). Meanwhile, meaningful capacity reductions in the Midcontinent are not expected until after 2035.
Let’s start with some background on the two refineries changing hands. St. Paul Park (green refinery icon at upper middle of Figure 1 below), built in 1939, is Minnesota’s oldest refinery, founded as Northwestern Refining Co. by the Erickson family. It has been through many owners in its 87-year-history. Ashland bought it in 1970; Marathon co-owned it through the Marathon Ashland joint venture and took full control in 2005; then sold it to Northern Tier in 2010; and got it back in 2018 through the Andeavor acquisition. (Northern Tier was acquired by Western Refining in 2016, which was, in turn, acquired by Tesoro in 2017; Tesoro changed its name to Andeavor upon completion of the Western Refining Acquisition.)
Locator: 52134B.
WTI: $86.32. Up very slightly; essentially flat.
Active rigs: 33.
Eight new permits - #43470 - #43477, inclusive:
The map:
Locator: 52133GOP.
"Everyone" thinks we will know by tomorrow night whether Pete Hegseth will be sticking around for another two years.
For sure it won't happen that fast. At best it will take three days, by the COB on Thursday. If this isn't settled by Thursday night it suggests to me the GOP did not learn anything from the mid-term elections.
Likewise, if John Thune is re-elected as the GOP leader in the US Senate this morning --
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Later: November 10, 2026 -- COB
US House refers Bill of Impeachment to "committee."
Where it will die.
Every Republican, except one, voted to refer the bill to committee, where it would die. The one Republican who voted against referring the bill to committee, where it would die, was the man who introduced the bill to the US House in the first place.
Locator: 52132NATGAS.
ADNOC Gas doubled its net income to $1.34 billion for the third quarter from the previous quarter as it raised its domestic gas sales and LNG and sulfur exports.
The gas arm of Abu Dhabi’s national energy company ADNOC reported strong performance across its domestic gas, LNG, export-traded liquids (ETL), and sulfur businesses.
Net income jumped from $665 million for the second quarter to $1.34 billion for the third quarter, on core earnings, or EBITDA, soaring by 70% quarter-on-quarter to $2.03 billion. ADNOC Gas’ domestic sales rose by 20% quarter-on-quarter, supported by resilient demand, while robust margins lifted domestic gas EBITDA by 28% in the same period.