The headlines:
- TC Energy beats profit estimates; expects LNG exports to grow 90%.
- US solar industry warns of slowdown due to supply chain disruptions.
- XOM, CVX post big revenues, Wall Street shrugs (small mom-and-pop retail investors are going to beat the big Wall Street investors)
- CVX posted the highest quarterly earnings in almost a decade
- North American oil companies scramble to find workers despite boom
- Phillips 66's early 2022 turnarounds to end as gasoline driving season looms
- Gulf Coast fuelmakers are exporting a massive amount of diesel
- annualized total equity returns adjusted for inflation are worst since 1974
- Total Energies (one of my favorite companies) has started production of sustainable aviation fuel from a new plant at its integrated Normandy refining / petrochemicals platform in France
- I can't recall if I still hold shares in TTE;
- WTI: $250?
- Gazprom's European gas storage empties out. Think about that.
- North Dakota's oil output briefly plummeted to just 300,000 bopd day -- blizzard. Think about that.
- ULSD (ultra-low sulfur diesel) now stands for ultra low-supply diesel
- physical New York diesel market is on fire, with prices surging > $250 / bbl oil equivalent; dieeseel is the workhorse of the global economy, the fuel of trucking, railway, shipping, heavy machinery and, don't forget, farming. If we have a recession; it begins here with diesel.
- after weeks of reluctance, Germany now backs a European Union plan to ipose a gradual embargo on Russian oil imports
I don't know if it will happen before Biden's first term [ends January 19, 2025] but within my investing lifetime, I am absolutely convinced there will be a crude oil supply / demand (crude oil shortage) that will be absolutely unprecedented. It will be global and worse than what the US saw during the OPEC embargo of 1973 - 1974.
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