Remember, these are the same guys that can predict a two-degree increase in global temperature in 2100 and completely missed anticipating the record setting economic surge month-over-month. From the report:
Manufacturing activity in Texas rocketed in March as the state ended its pandemic restrictions, according to business executives responding to the Dallas Fed’s Texas Manufacturing Outlook Survey.
The Dallas Fed said manufacturing expanded at “a markedly faster pace.” The survey’s production index, a key measure of state manufacturing conditions, jumped 28 points to 48.0, the highest reading in its 17-year history.
The general activity index jumped from 17.2 in February to 28.9. The company outlook index rose 15 points to 25.8, its highest reading since mid-2018.
The outlook uncertainty index ticked down to 5.5, a sign of improving conditions.The market: prior to this report, the Dow was lackluster and the NASDAQ was down significantly. After the report, the Dow surged 170 points and the NASDAQ recovered some of its losses.
In addition, the Suez Canal is apparently opened up again.
- WTI: up nicely; up about 1%. Trading at $61.52.
- Brent: up about half a percent, trading at $64.96.
Back to the Bakken
No new permits:
As part of the Paris Agreement and other regional sustainability goals, countries across the globe are formulating strategies to reduce greenhouse gas emissions. The resultant policies target numerous different areas such as stationary emissions, electricity production, and transportation fuel sourcing. Within the transportation sector, one aspect that has spurred quite a bit of investment relates to reducing the carbon intensity of transportation fuels. The “low carbon fuel” policies that are in place today, coupled with those that are being evaluated for the future, have the potential to displace a sizeable portion of the petroleum-based fuels in the regions where they are adopted. In today’s blog, we begin a series on low carbon fuel policies, the mechanisms being evaluated to meet increasingly stringent regulations, and the impact these regulations could have on refined-products markets.
Given the global focus on reducing emissions of carbon dioxide (CO2) and other greenhouse gases (GHGs), it’s only natural that folks in the business of producing, transporting, processing, and refining hydrocarbons need to stay abreast of what’s going on. We’ve been helping out in that regard by writing a number of blogs on GHG-related topics, including series on ESG and hydrogen. There’s so much more to discuss, though, especially on the increasing number of laws and regulations being implemented in the U.S., Canada, and elsewhere that are aimed at decarbonizing the transportation sector. With that in mind, we thought it would make sense to undertake a blog series that delves into these efforts in detail — after all, they already are changing how refiners do business and will have only greater effects going forward.