Wednesday, July 28, 2021

Notes From All Over -- The China Map Edition -- PXD Insanity -- July 28, 2021

Olympics: I am very particular about whom I follow over at twitter. It's limited to energy for the most part but having said that, it includes some very well-read folks and some very broad-ranging media outlets. I can expect at least one tweet on any given subject every day. Most remarkable: no one -- literally no one -- is tweeting about the Olympics, except the occasional "woke" Bismarck Tribune. And wow, is that editorial staff "woke"!

No scientific sense: government says folks still need to get vaccinated even if they've had the disease. So many questions.

Trucking shortage: the other day I noted that the shortage of truckers may have nothing to do with government checks keeping folk at home. This story connects a lot of dots. Reno Airport sees fuel shortage as fires draw away truckers. Dots to connect:

  • global warming (FWIW);
  • fires across the west;
  • shortage of truck drivers;
  • KMI

British natural gas: natural gas has just hit "nearly" $14 per mBtu, first time in sixteen years. For the "shoulder summer demand season," UK natural gas prices are absolutely eye-watering.  

Pioneer Natural Resources: will be hit by an "almost" billion-dollar derivatives loss. I remember years ago the same thing happened to Harold Hamm and Continental Resources. Harold Hamm took Continental Resources in a different direction after that. He got back to the basics. Link to Reuters.

And worse? They did the same thing last quarter, though not quite as much: $691 million hedging loss, 1Q21. What was that definition of insanity? Oh, that's right, doing the same thing over and over, and expecting a different result.

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.

AMD: surging today. Earnings crushed expectations.

  • EPS: 63 cents vs 54 cents;
  • sales: $3.85 billion vs $3.6 billion
  • as good as 2Q21 was, the next quarter might be better;

ENB: TETCO natural gas pipeline waiting for regulators to give the "all-clear" sign. Link here. Why am I not holding my breath?

China/XOM$1 billion natural gas terminal -- construction begins. Guangdong. 

XOM, 2Q21 earnings: to report end of the week.

CVX, 2Q21 earnings: to report end of the week.

Saudi Arabia: value of Saudi oil exports jumps 147% in May. Link to Tsvetana Parasova

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