The Energy And Market Page, T+212 -- August 20, 2017

The Mideast

Just a month ago, I wrote:

Off the radar scope, the current allied military push on the ISIS capital of Raqqa (Raqqah). Iraqi news service reported a week or so ago that the allies had re-taken Mosul, the most important city held by ISIS at the time.

Tonight, The Los Angeles Times is reporting:

Fresh off their victory in Mosul, Iraqi forces Sunday launched their campaign to reclaim the city of Tall Afar, Islamic State’s last major bastion in the northern part of the country.

Its loss would deny the group a major resupply — or escape — route to the border with Syria, 60 miles to the west. The jihadis have long been able to cross the border with impunity.

The US Marines should get much of the credit. The LA Times did not mentions the US Marines. I'm not surprised.

*******************************

The Market And Energy Page

Futures are up a bit; at least the Dow 30 is. [That was earlier; now down.]

Sempra said to have the inside track for Oncor; $9.3 billion. Let's see if Warren refuses to get into a bidding war; he said his $9 billion offer was as high as he would go.  Reuters wonders. A contributor over at SeekingAlpha explains how Sempra and Oncor are a good fit.

Shell loads Libyan oil for the first time in five years.

Dow Chemical may exit Argentina natural gas play.

Pennsylvania coal company to open second coal mine since Trump took office. Reported at Fox 'cause others won't report it.  A reader sent me the link; I would have missed it. My e-mail reply is "not ready for prime time," but here it is:

This is really an interesting story.

Either:

a) Trump's economic policies really do make a difference;

b) Trump (or his advisors) saw this coming (resurgence of coal) and simply caught the wave.

Considering that big changes in steel manufacturing really can't happen "overnight" it's hard to believe that simply "talking about" ending the war on coal could make things happen so quickly.

One wonders if knowing he got elected, he would allow the energy industry (i.e., shale, and the pipelines) to move along more quickly by removing regulations, etc., and that subsequently would end up widening the gap between EU (and China) and the US on energy prices. Our energy prices would be so low compared to the rest of the world that steel could make a comeback and metallurgic coal would follow.

I think he and his advisors interpreted the "energy" tea leaves very, very correctly -- that if Trump could get into office a lot of other things would naturally happen -- like resurgence of coal.

I don't know, but considering very little has really happened yet, it's interesting that another coal mine is already opening (at least the announcement).

By the way, speaking of steel, Fortescue Metals Group, Australia, "soars" 5% after reporting a net profit of $2.09 billion compared to slightly less than $1 billion last year, thanks to a rebound in the price of iron ore, required for steel manufacturing. Fortescue is the world's largest producer of iron ore. 

Water bottles okay in national parks ... again, a huge "thank you" to President Trump. Google: The Trump administration has ended a six-year-old ban on selling bottled water at some national parks that was aimed at easing plastic pollution and the huge amount of waste being recycled.

**************************

Oops! We Did It Again

US Navy ship, USS John S. McCain, collides with merchant ship near Strait of Malacca, ten sailors missing, five injured. 

************************

Incredibly Cool

First span of new "NYC" bridge built to carry millions -- now opening. Data points:

• NY governor Andrew Cuomo's signature public works project
• $4 billion -- yes, billion -- bridge
• to bridge the Hudson River -- bridging NYC with the suburbs
• will replace the 62-year-old Tappan Zee
• westbound span opens later this week
• eastbound span to open in the spring (2018)
• 3-mile bridge; links Westchester County to the NY State Thruway across the widest point in the Hudson
• one of the largest public infrastructure projects underway in the US
• a model of the latest engineering
• will carry more than 50 million vehicles/year
• Manhattan 25 miles to the south

Nice human interest story on the Tappan Zee here. 

************************

Trudeau To Asylum Seekers: Tough Love

Crossing into Canada illegally will not "fast track" immigration, says prime minister. Hmmm...tough love. Sounds like Trump. Trudeau is not "Obama" on this issue.

***************************

Jerry Lewis Dead At 91

It seems like I grew up with him. I thought he was older. For the archives.

*****************************

For The Granddaughters

Roasting bell peppers.

Preparing them:

After roasting them, and removing the skin, some of the peppers:

I have no idea why shy looked so stern.