Big Oil Reaps Windfall From Ethanol Rules -- October 27, 2016

OPEC: apparently plans to cut output by 4%; oil prices creep above $50. Source: Reuters. 

Definitions: with exports again becoming of interest, two definitions that were new to me -- "dirty tankers" and "clean tankers." From Platts:

• Dirty tankers: carry crude oil, fuel oil, or other "dirty" products such as vacuum gasoil or dirt condensate
• Clean tankers: carry light ends such as gasoline, middle distallates, or naphtha.
• Smaller dirty tankers (unique Platts classification): dedicated to moving just fuel
• Dry bulk carriers: pretty much as the name suggest; includes edibles

Links: this may have been going on for some time, but I just noted it today. For several years now there has been talk about copyright violation and other issues involving embedding links in one's posts. I do that a lot -- for various reasons, mostly to give credit to the originator of the story, and to go back and correct a typographical or factual error if needed. This morning I noted that embedding Fox Business News links into the blog, fail.

For example, this link works for me in the draft blog: http://www.foxbusiness.com/markets/2016/10/27/pending-home-sales-rebound-in-september.html but when I post it, Fox Business News does not allow access. I don't know if this has been going on "forever"; if it's something new; or, if it's a temporary phenomenon, intended or unintended.

For me it's not a problem because I can always go back to my "draft" and get back to the linked story, but it means readers will have to go to the Fox Business News site to find the story if they are interested. Of course, no one will do that. 

 Lego's Disney Castle. Some readers may have noted the link to the Lego Disney Castle at the sidebar at the right. I find it quite amazing and interesting to follow. Lego simply cannot keep up with demand. The castle is usually "temporarily unavailable." When it comes available, the castle is sold out within about 18 hours and the the site says the castle is again "temporarily unavailable," and then that lasts about a week or so. 

Jobs: first time unemployment claims drop 3,000; now down to 258,000. Previous week was revised up by a thousand. Four-week average also rose a thousand to 253,000. Analysts had forecast a drop to 255,000. In the FoxBusinessReport (which I don't link, see above) the story says the "new" magic number for evidence of economic stagnation is 300,000 first time unemployment claims, vs 400,000 which was the magic number when I first began tracking this metric years ago.

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Back to the Bakken

Active rigs:

	10/27/2016	10/27/2015	10/27/2014	10/27/2013	10/27/2012
Active Rigs	35	68	195	182	186

RBN Energy: Tier 3 sulfur requirements closing in on refiners. Bottom line -- all things being equal, gasoline will go up slightly in price.

Meanwhile, Big Oil reaps windfall from ethanol rules -- WSJ. Now, how did that happen?

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The Market

Xcel: tops forecasts on both top, bottom line. Those wind credits must sure help the bottom line.

Noon: Dow 30 up about 45 points. NYSE:
new highs -- 53:
new lows -- 53:

Early morning trading: opened positive but now slightly down. WTI up a bit but still below $50.

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Valiant Ambition: George Washington, Benedict Arnold, and the Fate of the American Revolution

Nathaniel Philbrick

c. 2016

DDS: 973.4 PHI

Chapter 13

No Time For Remorse

The Vulture, scooting south out of harm's way, only went a mile or so downriver, anchoring off Ossining, NY, and eventually returned to her original position.

Again, Benedict Arnold and his "comrade" Andre were helping each other, but each out to help himself first.

Arnold was on the "wrong" side of the river because he met Andre at Smith's house on the west side of the Hudson, rather than having Andre come to him at the Robinson house on the east side of the river.

Smith and Andre ride down the east side of the Hudson to Tarrytown, en route to Manhattan. Arnold remains in Robinson house, his HQ near West Point.

Andre discovered as a spy and captured by small number of militiamen guarding the road. The documents they found had to do with security of West Point.

Marched him 12 miles to American "HQ" at North Castle. Americans start marching him back to Robinson house where Arnold was not quite sure if Andre was a spy or not.

Another American spy/militiaman hears of this; decides to try to reach Andre before he gets back to Arnold.

Andre is captured (again). This time he writes a letter to His Excellency, Geo Washington, admitting and confessing, asking for leniency.

So, Arnold's letter to the Brits had not reached Manhattan, but he did not know that. In a few days, Geo Washington would be meeting Benedict Arnold near West Point. And Andre was on his way back, as a prisoner of war.

Wow -- the story of Arnold realizing he had been found out. He needed to escape. Geo Washington would be arriving any minute, and would meet Andre and the confession. Peggy had to serve breakfast and act as if nothing was remiss.

Arnold leaves, lying that he was going to West Point to prepare for Geo Washington's visit. He takes a small boat towards the Vulture. 

The author mentions that suicide and treason are the most self-centered of acts.

Geo Washington learns the full extent of Benedict Arnold's treason.

Still trying to catch up with Arnold on his way to Manhattan.

Andre put in prison at West Point and ultimately at army headquarters at Tappan, NY, 34 miles to the south.

Geo Washington was given the option to trade Andre for Arnold, but in the end, Geo Washington had no choice but to execute Andre.

Andre hung as a spy, not shot as an officer.

Washington thought back on his disastrous emotionally ragged performance at the Battle of Long Island four years earlier, and had learned to take the long view, that nothing could be decided in a single battle, no matter how brilliantly fought.

Winning a war and creating a new nation took time, but Benedict Arnold's treason has been a shock. But the United States (and that's the two words the author uses), despite having no money, no order, and no solidarity, had so far survived five years of bitter conflict.

"It had been revealed to him dangerously late, but Washington now knew his man."