The Market And Energy Page, T+33; Photo Contest; Housing Sales -- Trump Rally -- February 22, 2017

Bullish bear: Dennis Gartman -- bullish on oil for the first time in five years. Sees upside of $6 to $8; downside, $2 - $3. Driving factor: WTI held despite record builds this past two weeks. On CNBC at 8:40 a.m. Central Time, February 22, 2017.

Bakken CAPEX: Whiting Petroleum nearly doubles its capital spending budget.

Zeits: natural gas update, over at SeekingAlpha.

EVs: The Economist bullish on EVs now that diesel is a dud.  Why I love to blog. Two days ago I posted a note about "dieselgate" in Europe (that latter link). Now, last night, The Economist is absolutely giddy about how fast EV popularity will surge (the former link).

Improving technology and tightening regulations on emissions from ICEs is about to propel electric vehicles (EVs) from a niche to the mainstream. After more than a century of reliance on fossil fuels, however, the route from petrol power to volts will be a tough one for carmakers to navigate.

The change of gear is recent. One car in a hundred sold today is powered by electricity. The proportion of EVs on the world’s roads is still well below 1%. Most forecasters had reckoned that by 2025 that would rise to around 4%. Those estimates are undergoing a big overhaul as carmakers announce huge expansions in their production of EVs. Morgan Stanley, a bank, now says that by 2025 EV sales will hit 7m a year and make up 7% of vehicles on the road. Exane BNP Paribas, another bank, reckons that it could be more like 11% (see chart). But as carmakers plan for ever more battery power, even these figures could quickly seem too low.

Reality:

The photo below was taken in Bowman, ND, this past week. Fisker hybrid/EVs were being driven from California to Minnesota for "road testing." They require "special chargers." And without the ability to re-charge their $100,000+ bricks, they need to fill up "canisters" of gasoline (sic) for the next leg of their trip. Story here.

I assume the U-Haul trailer that will carry the canisters of "gasoline" is not pictured. A U-Haul trailer is most likely needed because of lack of cargo space in this non-SUV, or maybe they will simply place the canisters in the back seat. The displaced passengers can call Uber.

Tell me again that EV popularity will surge.

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The Market

First Solar:

Late morning: Dow has turned slightly positive. In the big scheme of things, really, really quiet.

Opening: slightly negative. AAPL #1 in market value by a wide margin.

Existing home sales: 10-year high.  Trump rally.