Top energy story today: French nuclear power / EDF in disarray. Odds of disaster this winter increase significantly. Stories everywhere; here's the link at oilprice.
Top energy story of the year, diesel update: link here.
Joy Reid had more viewers, by a million or so, than Shepard Smith. Shepard Smith fired this past week.
More on this later. The guy at CNBC who hired Shepard Smith has also been fired. Say what you want, but when Joy Reid has more viewers than Shepard Smith, we're all in trouble.
Is Joe Biden responsible for the diesel shortage? MSN responds.
Bottom line: whether he caused the shortage or not, Joe Biden has not helped. Whether he caused it or not that can be debated, but he certainly did not help. He exacerbated it by a huge amount. SecEnergy is in way over her head. Has no clue. Does it matter? Not for the investor. It is what it is and the investor reacts / plans accordingly.
Jobs, October: CNBC forecast -- 205,000. Previous, 230,000.
Here we go: Huge beat. 261,000! Huge beat. Unemployment rate moved back up to 3.7%. Jay Powell will like the rise in the unemployment level but will be unhappy with the "261,000" number. Labor force participation: 62.6%. Expecting 62.3%. But still a bad number considering. U-6 also moved up to 6.8%; was 6.7% last month. Pre-Covid: 7.0%.
panel:
- #1: blah, blah, blah,
- #2: blah, blah, blah, incredibly tight labor market; the Fed will moderate its policy hikes; well, duh?
- #3: stock market likes this report; economy still growing employment; expects unemployment to increase by end of the year; jobs market is going to get much moree tightening -- more jobless claims by end of year (seems opposite of what Steve Liesman said, but hard to say);
- #4: blah, blah, blah; noted that wage growth is not improving; considering a U-1 of 1.2% this is amazing -- that wage growth is not improving;
- #5: Steve Liesman -- troubling -- solid job market -- but wouldn't make too much of this -- appearance is that someone leaves a job and immediately finds a new job; wage growth not there and not attracting workers -- says wage growth has to occur;
- #6: Rick Santelli --"Steve made a lot of sense."
SBUX, DoorDash: huge surprise. Absolutely huge. Recession? What recession?
AAPL: I completed my investing for the first half of the month yesterday, but I put all the cash I had together in one account and will buy as much AAPL as I can at the open. Not a recommendation. Usual disclaimer applies.
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Back to the Bakken
The Far Side: link here.
Active rigs: 41
WTI: up 4.03%; up $3.55; trading at $91.72.
Natural gas: up 4.27%; up $0.255; trading at $6.230.
Sunday, November 7, 2022: 14 for the month, 52 for the quarter, 497 for the year.
38833, conf, Hunt, Palermo-King 156-90-5-34H 1,
38382, conf, Oasis, Swenson Federal 5197 43-35 4B,
38336, conf, Oasis, Soto 5097 12-3 5B,
35717, conf, Enerplus, FB Leviathan 151-94-27A-34-17T,
Saturday, November 6, 2022: 10 for the month, 46 for the quarter, 491 for the year.
37847, conf, Whiting, Make 11-27-2HU,
35493, conf, Enerplus, FB Leviathan 151-94-27A-34-19T2,
Friday, November 5, 2022: 8 for the month, 44 for the quarter, 489 for the year.
38873,
conf, Kraken, Nash 15-22 6H,
38520,
conf, Whiting, Platt 44-28
TFX,
38335,
conf, Oasis, Soto 5097 12-3 4B,
35718,
conf, Enerplus, FB Leviathan,
RBN Energy: US embraces multifaceted approach to combat methane emissions, advance clean-energy goals, part 3.
A simple problem can be solved with a simple solution, but more
complex problems require a more nuanced approach, often using a
combination of strategies. That’s the case with plans to mitigate
methane emissions, which are not only potent and prevalent, but
notoriously hard to quantify, with little common ground among industry,
the government and the public about what steps should be taken next. In
today’s RBN blog we look at the different approaches the U.S. is taking
to regulate methane emissions and address other clean-energy priorities.
Greenhouse gas (GHG) emissions have been a frequent topic at RBN over
the past couple of years. Quite often the focus has been on carbon
dioxide (CO2), but methane is an important part of those
discussions too because it’s a particularly powerful GHG with a Global
Warming Potential (GWP) that is 25-36 times that of CO2 when normalized to a 100-year timeline. (And an astonishing 86 times that of CO2
if normalized to a 20-year timeline.) A tricky part of the problem is
that the actual level (and sources) of methane emissions can be hard to
accurately identify and quantify, mostly because estimates can vary
greatly depending on how they’re calculated, as we discussed in Part 1 of this series.
In Part 2, we turned our focus to the recently passed Inflation Reduction Act
(IRA) and its Methane Emissions Reduction Program (MERP), which includes
the federal government’s first penalty on GHG emissions of any kind
starting at $900/MT (or about $17/MMBtu) beginning in 2024 ramping up to
$1,500/MT (~29/MMBtu) in 2026.
As we’ve discussed, the problems related to methane emissions can not
only be hard to identify they can also be hard to quantify. Setting
aside the question of measuring the impact of methane reductions on the
climate, we’re just talking about understanding the amount of methane
emissions from a particular source or group of sources. Only after
establishing the scope of the matter can a strategy be developed to deal
with it efficiently. Solutions can be market-based or implemented at
the company, state or federal level. Today we’re focused on the
regulatory approaches.
