Active rigs: no daily activity report today; state holiday. But probably about 32 active rigs.
The Johan Sverdrup oilfield is tracked here. Apparently there is a power failure shutting in / shutting down the field. Reported early evening central time, today, Thursday, November 11, 2021. The Svedrup accounts for 0.5% of world supply. This outage should have no material effect on global oil production.
OPEC: swing capacity? Unlikely. OPEC fell short on oil production target in October, 2021, coming out of the pandemic. Link here to Tsvetana Paraskova.
They must reading the blog: New York scrambles to prevent grid meltdown as winter nears. Link here. No grid meltdown if everyone turns their thermostat down to 65°F as recommended by Brandon.
Amazing, link here:
Chinese tech giant Alibaba (BABA) raked in a whopping $84.5 billion in sales during its annual 11.11 Singles Day shopping extravaganza. This year’s numbers blew away the company’s 2020 sales of $74 billion, despite Alibaba facing regulatory scrutiny at home, and the pandemic-driven global supply chain crunch.
The largest shopping event in the world, Singles Day dwarfs Amazon’s Prime Day, Cyber Monday, and Black Friday combined, which came in at about $30.7 billion.
Some 290,000 brands participated in Alibaba’s shopping festival, which began on Nov. 1 and ran through Nov. 11. Alibaba rival JD.com said it pulled in $48.7 billion just before the end of the shopping day in China.
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