Ledecky: this is just a reminder to check the results when I get caught up. "Olympic Talk" at NBC Sports. Link here.
PGA: how in the world does a player lose the championship in the last round leading by four strokes going in, and playing an incredibly weak field? Not only did the third round leader come in second but he allowed five other players to catch him.
After shooting 65, 66, and 68, in the first three rounds (par 71), he shot ... drum roll ... 75 in the fourth round. The winner and the other five shot 68, 66, 67, 67, 68, and 68 in the final round. Wow, 75. If anyone saw his pre-fourth round interview one knew he was destined to lose. No wonder the Greeks believed in gods.
Chesson Hadley was -14 going into the four round; through #14 in the final round, he was still two strokes head and shooting a -13. Then came hole #15 and the fire ants. LOL.
How others saw it.
PGA: the winner -- a 22-year-old European golfer; this was only his second showing ever in the PGA. He is now a member of the PGA through 2023; he flew in from South Africa the day this championship started. He is now invited to play the Masters. So, wins a PGA championship only his second time out. Pretty amazing. Caught the announcers by surprise based on their limited post-play analysis. Apparently they had no bio of Garrick Higgo in front of them.
Apple, Inc: drops mask requirement for vaccinated customers for all its store in the US. Link here.
Radioactive waste: North Dakota's oil industry no longer has to ship all its radioactive waste out of state now that a disposal facility in McKenzie County has started operating, and more sites could be on the way. Link here. Link to The Bismarck Tribune here.
Oil price hits pandemic (?) high as investors bet on green energy: link to The WSJ.
This is a very interesting story. It encapsulates the recent confusing (?) statements released by the EIA. Wall Street's preference for renewables could mean oil producers will now struggle to meet demand. Many, many story lines here.
Turkey: looks to US energy majors (think Chevron, Exxon Mobil) to extract its Black Sea gas. Link here.
Enough is enough: the twitter chatter on this issue continues. See earlier posts.
Nothing is undermining confidence and faith -- yes, faith -- a religious term -- in the efficacy of the vaccine like the G-7 behavior. Everyone was vaccinated; everyone was tested daily; and, yet, participants posted six-feet apart and wearing masks when not six feet apart. Link here. In addition, much "internal" hypocrisy noted with released photos and videos.
Reality sucks: in EIA net zero 2050 scenario, 75% of light duty vehicle sales are electric by 2030 in advanced economies.
The gap between reality and ambition for deep decarbonization remains worringly large ... link here, or go direct to article in Foreign Policy.
Backwardation: this is really, really cool. For those, like me, who can never understand backwardation or contango, this is really cool.
Finally, maybe I will keep it straight. Right now, due to what appears to be a "perfect storm," there really could be a huge jump in the price of oil in the short term due to surge in demand plus shortage of supply. Long term, the buzz is that there will be a glut of crude oil. Defines backwardation. Link here. For me, backwardation vs contango: win-win for me. Play it either way.
The "perfect storm": link here.
Several factors are behind the rally in spreads: 1) positioning, linked to index roll in WTI contract, 2) demand recovery, particularly in the US but also in Europe, 3) Iranian oil isn’t returning to the market as fast as expected, 4) OPEC+ firmly in driving seat for 2022
Commodity, backwardation, contango: by the way, there seems to be a disconnect with regarding to thinking about backwardation and contango as it relates to crude oil -- crude oil is no longer thought to be a typical commodity. Counterintuitive. May need some explaining.
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