Clearing Out The In-Box -- But Look At This -- Toyota Announces Largest Private Capital Investment In North Carolina History -- December 6, 2021

Later: I thought the top story of the day was the one below. Just after posting it, this story which will now be the story of the day. 

This was the top story of the day: Toyota to build a $1.29 billion electric vehicle battery factory in North Caroline.  Link here. 

Toyota will build a $1.29 billion battery factory in North Carolina in an effort to bring some of its electric vehicle supply chain to the US. 

The news comes on the heels of Toyota’s announcement that it will invest around $13.6 billion in battery tech over the next decade, including a $9 billion investment in production, as it attempts to electrify its vehicle lineup.

Toyota plans on spreading the $1.29 billion for the new factory over the next decade, but production at the facility is scheduled to begin in 2025. 

In the first year, Toyota plans on producing 1.2 million battery packs for its upcoming lineup of electric vehicles. 

Toyota has said it will create 1,750 new jobs . 

“This investment, which I believe is so far the largest private capital investment in North Carolina history... will create at least 1,750 new jobs and help us develop and localize automotive battery production,” Reynolds said during a press conference, “which will pave the way for battery electric vehicles built here in the United States of America.”

Whoo-hoo! 

• COP unveils $1 billion variable dividend. Link here. COP forecasts rise in 2022 shareholder returns totaling $7 billion. Link here. How did investors take the news? Hard to say because on same day of announcement, WTI surged. Whatever. COP was up 2.4% today; up $1.70; closed at $72.81. More of the story here.
  

Two schools of argument:

• OPEC says we are entering into a period of "over-supply";
• Halliburton says the world is entering into a period of oil scarcity. Link here.
• who do you believe?

That was last week: now, Saudi Aramco CEO says world oil supply is starting to lag. Link here. Wow, that was fast.

Saudi Arabia needs $83-oil to balance budget: Saudis raise oil prices for Asia and USA. Link here.

Global warming: perfect irony -- link here --

• US natural gas collapses to four-month low on record warm winter; link here;

Global warming, would Greta agree? Any credible prediction of climate catastrophe must satisfy two criteria:

• it must acknowledge that we are currently safer from climate than humans have ever been; and,
• the failed history of climate catastrophe predictions that Bjorn Lomborg has documented;
• link here.

Global warming, Sweden records the lowest December temperature in 35 years with -43.8°C in Naimakka. Link here. 

Coal: lowest level of US coal stockpiles recorded for the month of September, ever. Link here.

Brent:

• European crude benchmark Dated Brent
• BP supports including US grade WTI in the assessment of Brent
• link here or go direct to Byorn Lomborg at the NY Post;

SPR release: as predicted -- foreign bidders attracted to the reserve sales; US refiners less interested; "wrong" type of oil; link here.

Refiners? Doing well? Crude oil is really inexpensive from a historical perspective, and gasoline is very high considering the low price of oil. It will be interesting to see MPC earnings this next quarter. 

• MPC was up 2% during trading hours today; and,
• MPC was up another 2% after hours.

Covid-19 omicron:

• South Africa: only 25% vaccinated;
• roughly a dozen of people in the hospital;
• no deaths:
• population of South Africa: 60 million
• sort of explains why the market bounced back today;

Does no one see the irony in this; this is the second such headline by The Bismarck Tribune in the past couple of weeks -- link here, and I quote: 

• "Active Covid-19 cases in North Dakota dropped over the weekend after a low-testing day. Hilarious.