Holy mackerel: The Chicago PMI came in at 75.2 vs 68 estimate. Wow, incredible.
Today's market: will be held back by Boeing.
Victory declared: president will make the announcement later today.
6: The government will spend close to, probably more than, $6 trillion even if "it does nothing." The Biden number is getting a lot of headlines, a lot of ink but in the big scheme of things he was mostly pointing out what was already baked in. However, and this is the thing, how that $6 trillion is spent is the real story.
6. Yesterday I rhetorically asked whether the US budget was simply going to swamp the rest of the world, particularly the EU. Wiki has the 2020 estimates.
California: a staggering $75.7 billion surplus.
California's coffers are bulging thanks to the high-flying Silicon Valley, surging stock market and a large share of professionals who were able to continue working remotely during Covid-19. The state has a progressive income tax structure that leans heavily on top earners, allowing the state to enjoy record revenues despite widespread job losses in the travel and service industries that have kept California's unemployment rate among the nation's highest.
California is due to receive $26 billion in direct federal aid due to Covid-19. I guess that would put the budget surplus at a staggering-staggering $100 billion.
Governor wants to sent $600 checks to all California residents; additional $500 for those with children.
Budgets: for comparison.
- Taiwan: $94 billion
- Ireland: $93 billion
Utilities: top three utilities stocks with best value, fastest growth, and most momentum, link here.
- SRE, UGI, and Entergy
Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.
Brent: $69.92.
WTI: $67.49.
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Back to the Bakken
Active rigs:
| $67.49 | 5/28/2021 | 05/28/2020 | 05/28/2019 | 05/28/2018 | 05/28/2017 |
|---|---|---|---|---|---|
| Active Rigs | 20 | 11 | 64 | 65 | 50 |
No wells coming off the confidential list.
RBN Energy: how Covid-19 reshaped the future of North American LNG projects.
Over the past year, we have witnessed a sort of slow-motion meltdown among the second wave of North American LNG export projects. Appetite for new LNG expansions was already waning due to oversupply even before the pandemic affected demand, but COVID-19 brought project developments to a standstill. Offtake agreements have expired, final investment decisions (FIDs) delayed, and projects have lost funding or been officially put on hold or even cancelled. Just one project, Sempra’s ECA LNG in Mexico, was able to reach an FID last year, and with the pandemic still raging, for a while it looked as if that would be the last project in North America to take FID in the foreseeable future. It’s abundantly clear that many more of the remaining proposed projects will be postponed indefinitely, and probably never be built at all. However, the news isn’t all bad. With the worst of COVID-19’s impacts on international gas demand appearing to be over and the ongoing extended run of high global gas prices, all eyes are back on the second-wave projects that are in various stages of pre-FID development. The pandemic may have forced a culling of the proposed projects, but those near the top now have a clearer path ahead. In fact, several projects could realistically achieve FID in the next few years. Today, we begin a short series providing an update on the second-wave projects.
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