AAPL: will delay scanning iPhone photographs regarding child sexual abuse. AAPL unchanged after report.
Unemployment rate: dropped from 5.4% to 5.2%. Covid-19:
- people would rather be broke, homeless and starving than be dead
What does the jobs report really mean today: the $3.5 trillion infrastructure bill one step closer to enactment.
Top stories today:
- LNG exports
- high cost of energy in Asia, Europe
- chart of the day: the natural gas crunch in Europe is worsening; a cold winter could be disastrous;
- developing countries in Asia under pressure to ditch coal; are not paying equivalent of $115 / boe for natural gas; link here;
- natural gas prices are soaring despite US production records; link here;
- the new geopolitical conflict in the Arctic; link here;
- Permian oil production set to hit 18-month high in September (advertisement); link here;
- auto manufacturers continue to shut down production; chip shortage
- Ford and GM scale back production amid chip shortage; link to WSJ;
- US auto sales crash as dealer inventory hits new record low;
- Ford sales down 33% in August amid chip shortage -- Fox Business
- General Motors pausing production at eight plants due to chip shortage -- Fox Business
- Tesla Cybertruck isn't coming until 2023;
- Cathie Wood: confused?
- hospitals in some localities swamped with patients; link here.
- Alaska Airlines will not mandate their employees be vaccinated
- US equity markets continue to hit all-time records
- deaths from Covid-19 in current wave (fourth wave) is exceeding first wave a year ago
- Sweden bans travelers from Israel; the most vaccinated country in the world, Israel, is undergoing a fourth wave surge so bad, the Swedes won't allow Israelis to visit Sweden; link here.
Keystone XL:
- SPR special release of 1.5 million bbls for XOM Baton Rouge makes perfect sense; but for context, we usually trade that much oil in thirty seconds at the close; link here;
- US demand: 20 million bopd or 600 million bbls/month; special release of 1.5 million bbls = 0.0025 or 0.25% of the monthly demand; reminder: implied crude oil in the US is now trending toward 23 million bopd
- oil from SPR will be needed; hope it's the right type. Lots of issues with Mars blend now; Pemex production is down. Wouldn't it really be nice to have more capacity on a directly pipeline from Canada for WCS to the Gulf right now. Link here.
- Centrica warns natural gas prices in the UK and continental Europe could spiral higher from already record levels this winter, with consumers effectively in a bidding war with Asia for limited supplies; could get so bad some industries may need to shut down; link here.
Other news:
- Walmart raises minimum wage to $12 / hour -- link to WSJ;
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