One Third Of US Navy's Sea Wolf-Class Attack Nuclear Fleet Disabled -- November 2, 2021

Tiramisu: Ado Campeol has died at the age of 93. He was the owner of Le Beccherie in the city of Treviso, northern Italy, where tiramisu is said to have been "invented" in 1969. Link here. Most interesting: this wonderful dessert was not "invented" in the 1800s but very, very recently -- by the way, 1969 was the best year ever for music.

Roth IRA vs traditional IRA: agree completely. Barron's. Link here.

Supply chain surcharge: Walmart is hiring "supply chain associates" for $20.37 on average. Link here. Watch for new "supply chain surcharge" on retail sales slips. 

Internet satellites: will be launched by Amazon next year. 

Submarine hit uncharted "seamount": investigation concludes re: USS Connecticut. Data points:

• South China Sea
• occurred October 2, 2021
• damage to the forward section of the submarine: ballast tanks damaged
• required a week-long voyage on the surface form the SCS to Guam; limited maintenance, repair options
• nuclear reactor and propulsion system not damaged
• personnel from the Puget Sound Naval Shipyard and submarine tender USS Emory S. Land (AS-39)
• USS Connecticut: one of three Sea Wolf-class attack nuclear boats that were developed for deep-water operations to take on Soviet submarines in the open ocean

Apple: as predicted. iMac Pro coming in 2022 with M1 Pro / Max chips. Link here. And, yes, I will upgrade.

Apple: cuts iPad production by as much as 50% to meet iPhone 13 demand. 

Divergence: finally, it appears the share price of oil companies is "disconnecting" from the daily ups and downs of the price of WTI. And to the good side.  

Advertising: I've been asking the same question for years -- if demand exceeds supply, why advertise? Or at least, why not cut back on advertising? Or, perhaps, better targeting? Link to The WSJ. 

Propane: US propane prices start winter heating season at 10-year high. Link to Charles Kennedy. 

Most bizarre: why the Canadians keep voting this guy in office? Trudeau announces he will cap Canadian heavy oil emissions. I guess they all know he's joking. Link here.

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Back to the Bakken

WTI: $83.70

Active rigs:

$83.70	11/2/2021	11/02/2020	11/02/2019	11/02/2018	11/02/2017
Active Rigs	31	14	57	68	55

No wells coming off confidential list today or tomorrow. 

RBN Energy: who certifies responsibly sourced natural gas, part 3. 

In the past few months, there’s been a flurry of interest in certified responsibly sourced gas (RSG). RSG is natural gas — it still comes out of wells in the Marcellus, Haynesville, Permian, and other U.S. production areas. What distinguishes RSG is that its producers and pipeline companies have made efforts to significantly reduce the greenhouse gases — mostly methane — that are needlessly emitted along the value chain, and that an independent and respected outsider has certified the success of these efforts. RSG is still new to a lot of folks, including those in the natural gas business, so it’s reasonable to ask, who does the certifying, and what are the differences between them? In today’s RBN blog, we continue our series on RSG with a look at the different approaches taken by RSG certifiers: Project Canary and MiQ.

According to the International Energy Agency (IEA), emissions of methane (CH₄) from the livestock industry, the oil and gas sector, and other human-related activity is responsible for about 30% of the global rise in temperature in the modern era. IEA also has claimed that it is technically feasible to prevent more than 70% of current CH₄ emissions from oil and gas operations, and that about 45% of methane emissions could be avoided at no net cost because the value of the captured gas is higher than the cost of the abatement measures.

The Global Methane Pledge promoted by the U.S., the European Union (EU), and several other countries — sure to be a major topic at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, over the next few days — calls for reducing global methane emissions by at least 30% from 2020 levels by 2030 and ramping up the use of “best available inventory methodologies” to quantify CH₄ emissions, with a particular focus on high emission sources like oil and gas production and pipelines. Also, the Biden administration will soon release new draft regulations focused on reducing methane emissions from these same sources, and Congress has been considering aggressive efforts to plug and remediate abandoned oil and gas wells and coal mines, again with the aim of minimizing emissions of CH₄.