Clearing Out The In-Box -- Huge Day -- October 31, 2019

By the way, wasn't there a lawsuit between EPD and ETP? Link here. 

Twitter one-liners:

• coals to Newcastle: the US has been a net exporter of crude oil to the UAE every month this year
• Rex Tillerson did not deny Exxon's role in creating global warming
• Turkey's oil imports reached their highest level in at least eight years at 703,000 bopd in August, 2019
• the US exported 2.727 million bbls of crude oil in August, 2019
• US crud oil imports from Saudi Arabia were 417,000 bopd in August, 2019, slightly higher vs multi-year low July imports of 395,000 bopd
• Weatherford reports $821 million 3Q19 loss; most of the loss related to reorganization costs
• US oil demand was at 21.062 million bopd in August, 2019, down 296,000 bopd or 1.4% y/y
• Texas crude oil production reached an all-time high in August, 2019: 5/121 million bopd
• US, September, 2019, crude oil production around 12.43 million bopd -- HFI Research, consider the source
• exit US oil production slightly lower not to about 12.8 million bopd; range is 12.8 to 12.85, down from 12.9; HFI Research, consider the source
• India increases its Russian thermal coal imports by 72 percent so far this year -- yes, 72 percent, no typo
• Encana to come US firm with new name; changes could take effect early next year; link here; new name: Ovintiv;
• differentials widened from ~ $13/bbl toward $30/bbl -- Canadian western shale oil -- stranded oil -- Keystone pipeline lead; no typo; diffs widened from ~$13/bbl toward $30/bbl

MPC: huge earnings report, announcements. Link here. To spin-off Speedway. Will break itself up into three separate companies: retail (Speedway); refining; and, pipelines. MPC estimates the retail unit has a potential enterprise value of $15 billion to $18 billion (Speedway);

Refining costs to increase: following Canadian Keystone pipeline spill in northeastern North Dakota, earlier this week; last time this happened; pipeline shut down for quite some time

Pipeline expansion: Seaway eyes expansion; could add 200,000 bopd; link here -- 

• Cushing, OK, to Texas Gulf Coast
• 50/50: Enterprise Products Partners LP, Enbridge

Time to optimize: link here.

Keystone pipeline leak: "ungood" for TC Energy; Bloomberg link here.

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here.

Canadian pipeline incidents (leaks): annual review, O&GJ. 2018:

• total pipeline system grew 75,000 miles
• 19 leaks for the CY18
• about average; pales in comparison to ~ 35 incidents in 2013
• four liquids incidents released a total of .... drum roll ... 175.5 bbls of oil; 94% recovered
• one release considered significant by totaling more 50 bbl
• compare with a single CBR derailment
• we won't go there
• Canadian transmission pipelines delivered more than 1.6 billion bbls crude oil in 2018
• 175.5 / 1.6 billion = 0.0000011%

Canadian CBR: Suncor, MEG, Cenovus eye increased CBR; announced prior to most recent Keystone spill; 

Gasoline pump prices: fall across US y/y. Link here.

• "significantly lower" -- their words, not mine
• average regular-grad gasoline pump prices fell 18 cents to hit $2.61 / gallon
• US gasoline consumption grew by approximately 520,000 b/d to 9.78 billion b/d for the weed ended October 25 from prior's week's 9.59 million b/d

Natural gas weekly storage report: link here.

Working gas in storage was 3,695 Bcf as of Friday, October 25, 2019, according to EIA estimates. This represents a net increase of 89 Bcf from the previous week. Stocks were 559 Bcf higher than last year at this time and 52 Bcf above the five-year average of 3,643 Bcf. At 3,695 Bcf, total working gas is within the five-year historical range 

Global warming; blamed for record low, early winter temperatures; record snow

• Utah sees record cold of  -43.6 ºF; may have set record for continental US; shoot, it may have set record for North America
• Chicago: 96-year-old snowfall record smashed as Halloween storm sweeps across the US; link here;
• record low temperatures; up to 50 degrees below normal, threaten to wreck rest of harvest season;
• can you say, "grand solar minimum" -- this has been predicted for quite some time;

For the record -- Farmer's Almanac, from this link, screenshot, October 31, 2019: