A tectonic split, a marriage not made in heaven: Buffett exits the Gates Foundation; Warren apparently didn't like the narrative.
Happy Birthday, global warming! Climate change at thirty-three. One June 23, 1988, NASA scientist James Hansen testified that "the greenhouse effect" had been identified. And, wow, how quickly things moved after that.
Coal is dead! Long live coal: the US saw 16% more coal-fired electricity generation in December, 2020, and January, 2021, than it did in the corresponding months one year earlier, as coal displaced natural gas-fired generation in some markets. Link here. EIA link here. And that was despite a global pandemic / economic catastrophe.
Economic catastrophe! What catastrophe! New York state coffers swell, riding Covid-19 recovery. Wow, that didn't take long. Wall Street Journal link here. This should end the meme that North Dakota gets more federal aid per capita than New York. But it won't (end the meme).
China - Saudi: oil imports plunge 21% in May, 2021, from a year earlier. Link here. Reuters link here.
China's EV sales: hit all-time high. But Tesla is losing market share. Link here.
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Midstream dividends: link here. ENB, EPD, KMI, and TC Energy.
Oil: prices hit 3-year high on "draining inventories." Meanwhile the Biden team has proposed draining the SPR to pay for EV charging stations. I can't make this stuff up. Draining the entire SPR would bring in $45 billion at current prices, about 5% of the $1 trillion infrastructure program. If anyone thinks this through -- at the same time there would be a mandate to re-fill that SPR --
Chevron: will stay the course. Link to Charles Kennedy. At least there are a few adults left in the room.
Panic-sonic: Panasonic unloads entire Tesla stake. Link here. Sort of like Oasis leaving the Bakken for the Permian?
Panasonic Corp., which jointly owns a battery factory with Tesla Inc., sold the entirety of its stake in the electric vehicle maker for around 400 billion yen ($3.6 billion).
The Japanese company held some $730 million of Tesla shares as of March last year and that stake had been reduced to zero by the end of this March, Panasonic disclosed in a filing Friday. Tesla’s stock appreciated more than fivefold over the 12-month period.
Panasonic sold its entire stake in key battery customer Tesla -- a holding worth around 400 billion yen ($3.6 billion) -- last fiscal year, Nikkei learned Friday.
The move gives the Japanese company billions of dollars to fund new strategic investments, such as the $7.1 billion purchase of U.S. software company Blue Yonder.
Panasonic has notified Tesla about the share sale and will continue to supply electric-vehicle batteries to the U.S. automaker. "Our relationship with Tesla as a business partner will not change going forward," a Panasonic executive said.
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