Poolside: feels like 95°F. Smartphone says it's 88°F. LOL.
Family of three youngsters in the pool; mom watching; dad barbecuing.
- beautiful, beautiful evening
- my wife wanted fresh watermelon for dessert
- I hopped on my bike, four minutes to Albertson's; one minute in the store; three minutes home
- she's having watermelon; I'm poolside with adult beverage (ice water -- no alcohol)
Memorial Day?
- I believe this data includes Memorial Day weekend; we'll know more later this week
- link here
- based on his tweets, I don't believe GasBuddy saw this coming:
Lights on; no problems with the Texas grid.
- Texas grid, capacity, 91,000 MW with lots of solar and wind
- record demand likely to be broken this week: 75,000 MW (forecast; that would be a record)
- huge delta between 75K MW and 91K MW
- forecast for lots of sun and lots of wind
- grid may not hold, but rolling brownouts / blackouts in the summer are a non-problem compared with same during the winter; but it will still get a lot of press
- for me, a rolling brownout / blackout and I'm in the pool
- refrigerator re-stocked with beverages of all kinds, and lots of them
- natural gas trending toward $10 / "unit" -- we don't have natural gas; all electricity
- so, we'll see
Natural gas:
- 13-year high: link to Tom Kool
- traders expect "blistering hot summer"
- Greta et al were warming us all this time about blistering hot summers; why didn't we prepare.
- actually some of us did; we kept accumulating shares of natural gas companies for the past decade;
- this was not rocket science
Biden keystoned America.
- one can name at least six specific actions President Biden has taken that have led to record-high energy prices, starting with the most incredible one -- killing the Keystone XL that would have brought cheap oil to US refineries along the Texas/Louisiana coast:
- instead he's going to Saudi Arabia, to beg again;
- story everywhere
- story not being told is that on top of everything else, the trip has been delayed at least a month;
- Saudi wouldn't take his phone calls earlier this year and apparently the prince had trouble working Biden into his busy schedule
- having said all that, oil is no longer the issue; it's refining capacity and the 1-2-3 or 1-3-2 crack spread
Golf: part of the prince's schedule is getting LIV off the ground;
- Phil Mickelson has joined, apparently offered a $200 million signing fee (this needs to be fact-checked; I honestly don't remember --- and don't care)
- apparently now sees golf as a "blood sport," literally and figuratively
- will play "London" this weekend
- few will watch; those that do, won't care
- apparently Ricky Fowler will play London also
- Fowler has had an incredibly bad year; explains why he's going to the LIV, if, in fact, he's going; I really don't know the situation --- and don't care.
Market:
- oil edges lower after topping $120 / bbl
- eight energy stocks hit all-time highs
- those that didn't are flirting with all-time highs
- most surprising: EOG down during the day but then more than made up for it after hours
- MNRL: ditto, one of the more interesting energy trades
- DVN: hit an intra-day 52-week high
Baby formula story
- as more and more details come out, another example of a government bureaucracy run amok:
- Biden is furious he was not told until after shelves were empty
- one assumes he was told; simply didn't remember
Beef-packing plant:
- record-setting facility destined for Rapid City, SD;
- remind me to check on this in 2026
- my hunch: not gonna happen
- ground-breaking, 2023; to start operations, 2026
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