Gasoline: in north Texas, Murphy Oil, down to $2.89 / gallon. My wife is thrilled.
- average in Los Angeles County, CA: $5.51 / gallon
WTI: Sunday night futures open up slightly but now trading over $89.
- up 23 cents; up 0.26%; trading at $89.19
Personal note:
- one of the better things for me about the blog: it gets me excited about the future of Texas and the future of the US (and oil and investing)
- best example in the past six hours: Texas relocation and Alliance
The story of the week: crypto. And this story has legs. This is a "run on the banks" without FDIC insurance. There are three components:
- crypto before the FTX crash;
- the FTX crash; and,
- crypto after the FTX crash.
- books will be written about the FTX crash, but the bigger story will be the week that follows. This week, November 14, 2022 -- November 18, 2022.
- I haven't watched CNBC in months, maybe close to a year without watching CNBC, but I am really interested to see how the four panelists on Melissa's "Fast Money" show will spin this story.
- A year ago, their banter on crypto covered the continuum, but, in general, they were cautiously bullish on crypto. Those panelists probably "made it safe" for a lot of naive small mom-and-pop retail investors to get into crypto.
Twitter: this will also be the week that Twitter turns the corner. In a good way.
Ukraine.
Oil: now that the world's two biggest producers have made their policies clear:
- US: "no more drilling"
- OPEC: "Saudi first"
- speaking of which: what's the status of "NOPEC"?
Oil:
- they say shale production is peaking;
- SPR releases have to come to an end, sooner or later;
- "Saudi first"
- "no more drilling"
- Iran could still target Saudi oil infrastructure
- China opens up, sooner or later;
- world population hits 8 billion people on November 15, 2022
- Russian sanctions become much more severe December 5, 2022
- even without sanctions, Russia
- has lost huge manpower base
- has lost all (?) western oil field services
- has lost all (?) western technology for drilling
- reminder: Russia didn't even have the expertise to repair one Nord Stream turbine
COP27: the 1.5°C climate target is dead.
- Biden arrives. For an 80-year-old man, he sure gets around.
The Dallas Cowboys.
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