Global Warming Wallops North Dakota; Bad News: Price Of Natural Gas Stalls At $6.646 -- Up Only 0.05% -- April 12, 2022

Updates

Later, 2:26 a.m CT: US crude oil production will rise at a slower pace than expected. High costs of drilling and completing well. 

Later, 10:51 a.m.m. CT: is it time for the Biden administration to panic?

• WTI just broke through $101
• Biden said the massive SPR release would drop gasoline prices at the pump by 10 to 25 cents / gallon
• his move this week to authorize E15 will have an even smaller effect at the pump; 
• mostly because folks don't want to put E15 in their tanks -- and I think we've discussed the less energy ethanol-15 actually provides
• later: here it is -- ethanol is more expensive than gasoline on a BTU basis. How is allowing more a more expensive fuel a good way to lower gas prices? I remember traveling cross-country some years ago and filling up with ethanol-laden gasoline and was surprised to see how much worse my mileage was.
  

Later, 10: 41 a.m. CT: when OPEC talks, traders listen:

• Brent: up 6.77%; up $6.67; trading at $105.20
• WTI: up almost 7%; up $6.57; trading at $100.90

Later, 9:56 a.m. CT: WTI just soared through $100 / bbl; up over 6% in early trading

• OPEC says it's not going to meet any Russian shortfall
• the spare capacity story was fake all these years

Original Post

But I'll take the move in the price of oil:

• oil
  
• Brent: up 5.68%; up $5.59; trading at $104.10
• WTI: up 5.60%; up $5.12; trading at $99.41
• administration has run out of arrows in its quiver to affect the price of oil
• maxed out SPR release and that was their last arrow

Grocery note:

• eggs have gotten very expensive over the past few weeks on the back of the avian flu outbreak;
• but now, today, it's even worse: Target's egg supply is getting very, very low;
• I'm keeping up to three times the normal amount of eggs in my refrigerator;

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Global Warming

Southwest North Dakota less than a week before Easter. This is called a blizzard.