Notes From All Over -- At Best, Maybe December, 2020, Some Price Support -- September 4, 2020

Link here.

Summary:

• China's indigestion continues to weigh on the physical oil market. 
• Current floating storage has increased m-o-m to ~90 million bbls. 
• We estimate that given the drop in crude exports to China observed in August, it will take at least 45 days to get rid of the excess floating storage. 
• VLCC tanker rates have also continued to weaken signaling to us the tankers that were used for floating storage will become available, which will further weaken rates. 
• For now, the oil market's near-term outlook remains weak until China can get rid of all the excess in floating storage. This means that the November cargo nominations (happening now) will remain weak, but if the outlook is really another ~45 days to get rid of the floating storage, then the December nominations will be okay, which will help give oil prices a boost.
  

If daily production exceeds demand by one- to five-million bbls/day that floating storage represents a lot more than just a single day's global supply. That's at least another 90 days worth of crude oil to soak up.  

The T.A.M.I. Show: the Supremes. This group brings back some incredibly good memories of my coming of my age years in Boston, MA, some  years later. "Touch Me In The Morning," 1973. I better quit here or my wife will shoot me, to paraphrase Hidin' Biden. 

The "close-ups" were almost "over-the-top." I doubt current performers would allow that today.

The Barbarians, from Cape Cod, MA:

At the height of their popularity, the band was touted as an American counterpart of The Rolling Stones. 

Particularly striking in their appearance was the sight of drummer, Victor "Moulty" Moulton's prosthetic hook used in place of his missing left hand to hold his left drumstick during performances. During their tenure, the Barbarians produced two nationally charting hits, including the novelty single, "Are You a Boy or Are You a Girl?".

Apparently a homemade pipe bomb blew up in his face in 1959, with the resultant loss of his left hand. 

And, now, can you believe it, James Brown?

In interviews, Keith Richards of the Rolling Stones has claimed that choosing to follow Brown and the Famous Flames was the biggest mistake of their careers, because no matter how well they performed, they could not top him.In a web-published interview, Binder takes credit for persuading the Stones to follow Brown, and serve as the centerpiece for the grand finale where all the performers dance together onstage.

Please, Please, Please, James Brown and the Famous Flames

I had not seen this before. I'm not sure I've seen anything more impressive from a rock and roll act. I can see where Janis Joplin was coming from.

And to rap it up, The Rolling Stones. I can only imagine what they were thinking, coming on afterJames Brown. Compared to James Brown, there were truly "old school." LOL. But the crowd shots are unbelievable. 

I can't even begin to imagine what it must have been like to be a Santa Monica high school student there that night. And to think these acts did this over two consecutive nights. It's hard to believe how "far" music came from 1959 to 1964. Literally overnight. The Rolling Stones never age. 

I don't know. Keith Richards said it was the band's biggest mistake agreeing to come on after James Brown. I'm not sure. It forced Mick Jagger to kick it up a notch or two. And the crowd was more than warmed up for them. I'm not so sure; following James Brown might have been a huge coup. One can't compare James Brown and The Rolling Stones. Two completely different genres. 

I actually prefer ending the concert with The Rolling Stones rather than James Brown. Can't say why. But certainly after James Brown, Mick Jagger had to kick it up a notch or two.