#2 story of the day: I thought this would be the #1 story of the day. Then I saw the results of the NFL TNF game last night. LOL.
#2 story of the day. How in the world did the US manage to get into a fight with Saudi Arabia when Californians are paying $8 per gallon of gasoline? But even worse, the Biden administration moves closer to banning all off-shore drilling. Wow.
Saudi will cut production and raise the official selling price (OSP) for oil sold to California. Did I mention that Californians are now paying $8 per gallon?
No-brainer: if US Congress passes NOPEC bill, Saudi Arabia will take a line from Seinfeld: no soup for you. LOL. China can easily soak up all that Saudi oil.
As predicted: Russian production is now falling. Link here.
EIA: if, in fact, the government manipulated the "gasoline demand" data earlier this year, the revisions will significantly impact price of oil as early as ....
WTI: $89 this morning and most analysts now expect to see $100 before the eend of the year.
#1 story of the day: I went to bed early so I missed the end of the game. It was such an incredibly bad game, I went to bed at the half. In the NFL is a "tie" worse than a "loss"? Apparently not. Russell Wilson went for a loss in overtime, fourth-and goal, at the one-yard line with the game on the line. Wow. He won; he got the loss. Are you kidding me? At the one-yard line? Needs to be fact-checked.
#3 story of day: Biden blinks on student loans.
#4 story of the day: the lack of any reporting on the A-10.
#5 story of the day: US auto manufacturers are going to be crushed in the transition to EVs. Absolutely crushed.
#6 story of the day: the press is worried about US senators investing in the US stock market, and then we see stories like the one in the RBN Energy blog today. See below, in red.
Manchin takes home a base salary of $174,000 per year from his government service, but his other ventures make his yearly salary $700,000 per year, and his estimated net worth is $8 million, according to Celebrity Net Worth. Manchin made his fortune as a founder of Enersystems, a coal brokerage firm.
Laser-focused on dividends: Between 2011 and 2020, he took home more than $5 million in dividends. In 2020 alone, he received $500,000 in dividends.
He has been listed as one of the 20 richest senators. Link here.
For the record: I have no problem with any of this. I want US senators to have skin in the game; but their investments must be made public in real-time.
#7 story of the day: CVX.
#8 story of the day: Ukraine.
#9 story of the day: flu season is here. At least in DC and Texas.
#10 story of the day: wow, wow, wow. I did not have a story to round out the top ten.
Then I went back to my e-mail and there, in my e-mail, the lead story from The New York Times. Covid. [Don't go to the link; it's archived. Might post it at this blog later.] Wow.
Yesterday, Bloomberg had an incredibly long article on Pfizer, also. I copied the entire story and archived it. For investors, an open-book test. Now today, The NYT follows up with another huge story that is one big advertisement for PFE.
So, two big positive stories on Pfizer in twenty-four hours: Bloomberg and NYT. An open-book test for investors.
Prediction: "the tent" will become the big story for the NFL this year. Before the year is over, upwards of 50% of starting NFL quarterbacks will visit "the tent."
***************************
Back to the Bakken
The Far Side: link here.
WTI: $89.19. Up almost a full percent in pre-market trading. See #2 story of the day.
Natural gas: $6.761. I guess Europe's problem with natural gas will be next year (2023 - 2024) not this year (2022 - 2023). Unless the Biden administration bans LNG exports.
Monday, October 10, 2022: 21 for the month, 21 for the quarter, 466 for the year
38810, conf, Crescent Point Energy, CPEUSC Fantuz 3-13-24-158N-100W-MBH,
38398, conf, Hess, EN-J Horst 154-93-1112H-2,
Sunday, October 9, 2022: 19 for the month, 19 for the quarter, 464 for the year
38809, conf, Crescent Point Energy, CPEUSC Defrance 4-12-1-158N-100W-MBH,
38397, conf, Hess, EN-J Horst-154-93-1112H-1,
37846, conf, Whiting, Maki 11-27-2H,
Saturday, October 8, 2022: 16 for the month, 16 for the quarter, 461 for the year
38808, conf, Crescent Point Energy, CPEUSC Fantuz 4-13-24-158N-100W-MBH,
38820, conf, Crescent Point Energy, CPEUSC Defrance 5-12-1-158N-100W-MMBH,
36991, conf, Enerplus, Minnow 149-94-36C-25H,
35626, conf, Bowline Lee 151-101-8-5-4H,
RBN Energy: Appalachian hydrogen hub may have it all, including support from a key US sennator.
The U.S. Department of Energy has laid out a clear set of criteria for the six to 10 clean hydrogen hubs it will select next year to receive up to $8 billion in federal support.
For example, DOE wants at least one hub to use renewable energy to make hydrogen (California), another to use nuclear power (Tennessee), and another to use fossil fuels with carbon capture and sequestration (CCS) (North Dakota).
It also wants diversity among hydrogen end-users — geographic diversity too (at least two hubs must be in areas with the greatest natural gas resources) (Appalachia) — and the department says it will give extra weight to proposals likely to create the most opportunities for skilled training and long-term employment.
Yet another factor that’s sure to boost the prospects for hydrogen hub proposals in the heart of the Marcellus/Utica Shale is the looming presence of West Virginia Senator Joe Manchin, the Energy & Natural Resources Committee chairman who helped make hydrogen hub funding — and the rest of last year’s $1-trillion-plus infrastructure bill (and this year’s Inflation Reduction Act) — a reality.
In today’s RBN blog, we discuss the hydrogen hub proposals now under development in northern West Virginia, western Pennsylvania and eastern Ohio. Over the past few weeks we’ve been reviewing the DOE’s hydrogen hub selection process — now getting under way in earnest — as well as a number of what we see as the leading proposals.
We started with a look at the proposed Houston Hydrogen Hub, then followed that up with blogs on planned clean-hydrogen hubs in the Corpus Christi area and Southern California. Most recently, we examined plans for a regional hub in Louisiana, Oklahoma and Arkansas and reviewed the details in DOE’s September 22 Funding Opportunity Announcement (FOA), which officially launched the process of receiving and reviewing hydrogen hub proposals and, ultimately, deciding which proposals should receive federal dollars. As we said then, concept papers from hub proponents are due November 7, while full applications must be submitted to the DOE by April 7, 2023.
The department expects to notify the winners in the fall of 2023 and complete award negotiations with them in the winter of 2023-24. Most of the selected proposals would each receive between $500 million and $1 billion in federal support, though it is possible that a proposal could receive as little as $400 million or as much as $1.25 billion, again depending on its size and need.
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