Global Traders Are Betting US Shale Will Persevere -- Bloomberg -- July 8, 2017

"Hat tip" to a reader from "down south" for providing this link: world's top oil traders bet American shale is here to stay. From Bloomberg via Rigzone.

The world’s biggest energy traders are betting shale oil production is here to stay.

European trading houses from Trafigura Group Pte. to Mercuria Energy Group Ltd. and Vitol Group have invested in U.S. infrastructure and struck supply deals to secure flows of shale oil and gas. The agreements show the traders see long-term opportunities in an industry that has already upended global energy flows, particularly since the U.S. lifted a four-decade old ban on exports at the end of 2015.

“Shale, barring a major environmental issue, has become the new reality,” said Jean-Francois Lambert, a former commodity trade finance banker with HSBC Holdings Plc and now an independent consultant. “It brings more optionality for oil trading and this is exactly what traders need.”

Shale oil and gas has transformed global energy markets. The production boom provoked the Organization for Petroleum Exporting Countries into a market-share war that drove crude prices down from above $100 in 2014 to below $50 today. Through a combination of technological advances and more efficient production methods, the industry proved more resilient to the downturn than most people expected. So when OPEC changed tack in November and started cutting production to boost prices, U.S. output surged again to the highest since 2015.

Much, much more at the link including a list of deals being made by these long-term traders/investors.

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The Katie Ledecky Story

This is old news but I did not know the back story, or at least how CNBC reported it.

On her way to winning the 200 meter freestyle at the Phillips 66 Nationals in Indianapolis, CNBC reported that "Katie Ledecky's win was not the most impressive swim to open the Nationals."

CNBC gave that honor to Mallory Coverford:

Mallory Comerford was undoubtedly the star of the day at nationals, part of the TeamUSA Summer Champions Series, presented by Comcast.

So how did Mallory Comerford and Katie Ledecky do when they went head-to-head in the finals, when it counted?

• Katie Ledecky: first place, winning time -- 1:55.87
• Mallory Comerford: fourth place, almost three seconds behind Katie, at 1:58.39 and barely beating fifth place Claire Rasmus (1:58.64)

So much for being the "star of the day."