Wednesday, November 7, 2018

The Market, Energy, And Political Page, T+1 -- Wednesday, November 7, 2018

Top energy story overnight? China's bid to take large stake in Rosneft fails. This speaks volumes about the state of China's economy. It would have been a big story -- but pretty much unreported -- had China acquired that stake in Rosneft. Instead, it's a big, big story. Link here. Data points:
  • a $9 billion stake in Russia's state-run oil producer came on the market
  • it was expected that China's CEFC Energy Co would grab it
  • at the "last minute", CEFC begged out -- and "begged" might be the exact right word -- it's got a huge problem with debt
  • Qatar Investment Authority swooped in to take that stake
  • Qatar Investment Authority: Qatar and the mining giant Glencore Plc
  • deal cements Doha's links with Moscow
  • Qatar facing isolation from Saudi Arabia; other Gulf countries
  • Rosneft stakeholders:
    • Russia, 50%
    • UK, BP: 20%
    • Qatar: 19%
  • Rosneft: 
    • produces 4.5 million bopd 
    • produces more oil than any other publicly traded company in the world
Qatar: posted earlier this morning, this link to a Bloomberg story on Qatar and quest to become world's natural gas king. Data points:
  • exports 77 million tons of natural gas annually
  • accounts for 26% of global supply of natural gas
  • plans to boost exports to 110 million tons by 2025
  • exploring for natural gas around the world, including Morocco, Cyprus, elsewhere
  • now has a $320 billion sovereign wealth fund
  • has won rights to the 2022 soccer World Cup
  • BMOC: Saad Sherida Al-Kaabi or simply "Al-Kaabi"
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel or relationship decisions based on what you read here or what you think you may have read here.

Politics: could not have worked out better. The face of the US Congress: Maxine Powers and Nancy Pelosi.

Coal? I thought we had seen the last of coal in New England. But for the first time in a long time, I see "coal" back on the ISO New England charts. Link here:

China: some nice data points in this article for the archives. Nothing that hasn't been said before.

Shale oil: for Art Berman. Nothing that hasn't been said before. Story over at oilprice.

Investing 101: MLPs. Again, story over at oilprice.

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