Sunday, June 19, 2022

Clearing Out The In-Box -- June 19, 2022

Commentary:

  • the Biden visit to Saudi Arabia: nothing suggests this will be a successful visit of any importance on any issue
    • an incredibly expensive trip, time-wise; physically; and politically
    • obvious question: why is Biden doing it? 
    • tea leaves suggest Saudi has no more to give
  • most important question:
    • every action has a reaction
    • immediately upon return from a highly visible and politically expensive trip with no results, the administration needs to make a huge announcement;
    • what will that announcement be? This is the big question.
  • options for Biden if trip fails
    • tea leaves:
      • US to ban crude oil exports at least at some level
      • another release from the SPR (in addition to previously announced one million bopd through November)
      • windfall profits tax
      • gasoline vouchers 
      • nationalize two or more mothballed, recently shut-down refineries (would take way too long to make any difference, but might "scare" current refiners) 
      • federal gasoline tax holiday — quick! What’s that tax per gallon?

OPEC: keeps missing production goals

  • jeoparidizes Biden's visit to Saudi Arabia to request more oil imports
  • only Gabon and South Sudan are meeting producing goals:


Permian: Targa expands footprint.

  • to acquire Lucid Energy Delaware LLC from Riverstone Holdings LLC and Goldman Sachs
  • $3.55 billion in cash
  • current rig activity supports over 20 years of drilling inventory on Lucid's 600,000 dedicated acres
  • in addition, Targa provided more details on the Midway plant
  • a new 275 MMcfd cryogenic natural gas processing plant
  • to begin operations 3Q23 (a year from now)

France: nuclear crisis.

  • France typically exports electricity
  • but now risks blackouts and a need for imported power because of problems at the state nuclear operator

EVs:

Apple:

  • employees at Maryland Apple store have voted to unionize; link here.

NHL

  • Stanley Cup; second game: blow-out -- 7 - 0; link here.

Politics:

Music:

Catch me if you can:

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