Notes From All Over -- Afternoon Edition -- June 14, 2021

Line 3: Minnesota Court of Appeals, today, Monday, June 14, 2021, Flag Day, affirmed state regulators' key approvals of Enbridge Energy's Line 3 oil pipeline replacement project. Link here. I assume that's why ENB is up a bit today when most of the other oil-related issues are flat to negative. Also at Reuters but I assume the headline pretty much tells the whole story. The vote: 2 - 1.

Pedal to the metal: Bloomberg says biggest foreign buyers of US fuel are about to "step on the pedal." This is more evidence of a "perfect storm" brewing. This is going to be fascinating to watch. The countries: Brazil and Mexico. Both of which should be energy independent but are not. 

Can you say "free cash flow"? EIA says DUCs fell by 247, month-over-month; now down to 6,521.

Can you say "free cash flow? Natural gas jumps 1.5% to seven-month high ($3.348) amid sweltering heat in Texas and the west. The heat, interestingly enough, seems to hit every year about this time. We saw it rarely in North Dakota but still referred to it as summer. The Texas grid could fail -- if Texans don't cut back on electricity -- ERCOT tells us. I thought all those new wind farms would solve this problem. Wait until all those EVs start getting plugged in.

Didn't get the memo twenty years ago: Mexico's trucking sector asks to delay low-sulfur diesel rule. Reuters.

Montney shale:

• Tourmaline Oil Corp to acquire rival Black Swan Energy
• about $1 billion
• Tourmaline Oil already Canada's largest natural-gas exporter
• acquisition to give buyer 2.3 billion cfpd by mid-2022; about 400K boe?
• all-stock deal
• the deal will have a trivial leverage impact and will enhance free cash flow; spurring its third dividend increase since 3Q20.
• the Montney is tracked here;