Intermittent Blogging Today -- Water Polo Tournament In Houston, TX -- June 8, 2018

Pending: I'll probably miss the coverage of the G7 conference. Oh, well. Hopefully, I catch the NBA Finals tonight. I already said the only two important games (for spectators like me) in these NBA championship games is game #4 -- tonight -- and game #7 if it goes to 7 games.

• game #4: sweep / no sweep
• game #5: extend or GSWs win
• game #6: extend or GSWs win
• game #7: GSWs win 

Market: apparently all that angst --

• G6+Trump
• Trump wants G8 -- (wants Russia back in)
• Trump to skip G7 environmental conference to prepare for KJU Summit --

 -- apparently all that angst has dissipated -- I see the market is up about 60 points and even AAPL shares have recovered a bit. What a great country.

What else?

• WTI holding above $65
• oil prices could jump to $140 on US sanctions (Iran's production data / export data, here, IEA) (I haven't read the article yet; there is only one reason why Iranian sanctions might result in surge in oil prices) (I just read the article: the $140-oil quote comes from Iran OPEC governor -- obviously no credibility; in addition, the article contains absolutely no new information
• time to do some number crushing on the back of an envelope
• time to remind oneself of the difference between WTI, Brent, and Saudi oil
• produces: 140,000,000 tonnes a year of crude oil (1,000,000,000 bbls) (conversion site)
• exports 60,000,000 tonnes (410,000,000 bbls)
• / 365 days = 1.123 millioin bbls / day = exports
• country most depended on Iranaian oil: Turkey (50% of Turkish requirement for oil is met by Iranian exports
• the Bakken is producing 1 million bopd; will set a new all-time production when June, 2018, results are release in August, 2018; unfettered, the Bakken could produce 2.2 million bopd
• the Permian is producing in excess of 3 million bopd; unfettered will go to 5 million bopd