One Liners -- Notes From All Over -- February 7, 2022

Cleaning out the in-box. Minimal links.

• Fracking sand: getting sand to location is now a huge issue due to rail logistics. No source for this tweet. I am unaware of rail logistic issues. 

• Federal permitting: 2021 saw the highest approved federal permits by BLM since 2008. Greater than 2x more in Biden's first year than Trump's. Comment: someone doesn't understand the oil industry.

• Long-cycle fossil fuel projects: oil companies need to quit investing in these. Exhibit A: Mountain Valley Pipeline, permitted in 2017 based on FERC needs assessment; permit vacated in 2022 after 995 of the pipeline completed. Social media.

• China rebuilding its inventories: at very high oil prices. Bloomberg.

• Global oil stocks "worrisome": world's largest oil trader, Vitol. OPEC spare capacity: simply not there. Some of my readers are not paying attention. 
  

• CNN's collapse is now complete. Nine of ten viewers have left. ZeroHedge.

• Commodities: "We're out of everything." -- Goldman Sachs

• Cushing: "Oil supplies are growing perilously low in Cushing, Oklahoma, hinting at shortages and higher prices globally." Comment: that's why there's a new Texas oil market, makes Cushing less relevant.

• Diesel: backwardation steepest since May, 2008 -- ArgusMedia. Backwardation: prices much better now than they will be in the future; not worth storing commodities with backwardation.
  

• FB: Facebook was on the defensive for years, until the metaverse came along. Okay, I'll link this one. Quartz.

• Amazon: will top FANG. BofA.

• Iran: to become gasoline importer; demand soars.

• Tech's pandemic year: $1.4 trillion. Link here.

• Art Berman: how come pension funds not investing in oil? Because "smart money" knows oil rally is near its end.
  

• LNG: the swing in US LNG exports to Europe is not the first nor will it be the last. Platts Analystics 
• drop in Qatari volumes is to the point where Russia is now the second largest LNG supplier to Europe; 
• Egyptian volumes are also up, could pass Algeria for the 5th spot.
  

• LNG: of the 60 US LNG tankers on water right now; more than half are headed to Europe; huge Atlantic arbitrage for LNG cargoes.  Social media.

• LNG: Qatar is "upset" that Japan is not renewing its LNG contracts. Jera let a giant 25-year contract with Qatar lapse. Nikkei Views. 
  

• US gasoline demand: could falter this week; huge winter storm Landon cut gasoline demand by 25% by end of week. GasBuddy.