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.

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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.