Early Morning -- November 22, 2021

NFL overnight:

• Custer at the Little Big Horn.
• Russell Wilson re-thinking all that talk earlier this summer.
• wow, what a comeback; Ben nearly pulled it off;

Great day on Wall Street: 

• Brandon stays the course with renomination of Jay Powell.the progressives lost

Breaking: the 21st UK "utility provider" collapses

• Bulb, a large UK gas and electricity retailer serves nearly two million customers
• now in the hands of a "special administrator"; code for Bulb "too big to fail"
• customers will not get cut off; rates will be capped; losses will be covered by rest of UK ratepayers

Got coal: the new transitional fuel.

• Inner Mongolia produced almost four million tons of coal on November 20, 2021, a record daily output. Link here.

Oil:

• COP26 asked producers to stop producing oil
• they did
• now they are desperate for more
• Alex Kimani has an excellent essay
• by the way, states exactly what I saw a couple of days ago
• two factions in the White House on this: ideologues vs political realists

Over at the "investor's page":

• 10-Year Treasury: link here. Still below 1.6% but just barely.
  
• DXY: link here. Up nicely in early trading; traders happy with the Powell renomination.
  
• Silver: link  here. Flat at $24.78.
  
• CBOE volatility index: link here. Explained at Investopedia. At 17.93, slightly higher but but well below the three-month high (25.5). Traders really happy with the Powell renomination.

EV, tracked here. Ford, Rivian abandon joint venture. Ford will "go it alone" to produce 600,000 EVs per year.

EV scorecard just a few days ago, link here:

• Rivian -- Amazon -- Ford -- GlobalFoundries
  
• Lordstown -- Apple -- GM -- silicon M1 chip (GM currently depends on seven chip manufacturers)
  
• Tesla -- chips (?)

Landscape changed:

• Rivian -- Amazon -- Ford out -- GlobalFoundries
  
• Lordstown -- Apple -- GM -- silicon M1 chip (GM currently depends on seven chip manufacturers)
  
• Tesla -- chips (?)
• Lucid - chips (?) -- Casa Grande, AZ

ISO NE, link here.

• New England grid regulator divides the "cost structure" into deciles.
• blue, very low wholesale costs: 1st - 2nd deciles
• green, moderate, sweet spot wholesale costs: 3rd - 5th deciles
• yellow, warning: 6th decile
• beige-brown, expensive: 7th - 9th decile
• red, severe, very, very expensive: 10th decile
• for example, 10:43 a.m. ET, ISO NE at 3rd decile, except for eastern Massachusetts and New Hampshire, which are in the 4th decile.
• deciles generally related to overall demand
• impacted to a degree by renewable energy