TGIF -- February 21, 2025

Locator: 48600B.

Again: three words -- Victor Davis Hanson. A whole "level" "greater" than Rush.

The buzz -- headline and some links. It doesn't take a weatherman to know which way the wind is blowing. 

United: #1 among the airlines for DEI. Toronto. United. 'Nuf said. 

Apple: Tim Cook tells Trump he is moving (some of) his manufacturing from Mexico to the US.

Apple: submits to UK demands. Apple won't put best encryption tools into iPhones headed to Britain. 

MMFs: my favorite chart. Contributions decreased by $8.55 billion in most recent week. Link here.

Battery factory: shut down in Austin? Link here.

Scrapped plans to build a $2.6 billion battery energy storage system factor in Georgia. FRER Battery (NYSE: FREY) rebranded as T1 Energy (NYSE: TE). Pivot: "committed to becoming a vertically integrated US soalr _ battery storage leader from its new corporate headquarters in Austin, TX. " The company expects to begin trading under its new symbols on March 3, 2025.

"Seasonal flu": numbers dropping fast. Link here.

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Back to the Bakken

WTI: $70.92. Trump administration hints sanctions on Russia could ease.

New wells: 

• Sunday, February 23, 2025: 46 for the month, 91 for the quarter, 91 for the year,
• 40429, conf, Grayson Mill, Alfred North 17-15 5H, 
• 40369, conf, Enerplus, LK Erickson 147-97-11-2-8H, 
• 39829, conf, Hess, EN-Meiers-154-93-1324H-4,
• 38669, conf, Petro-Hunt, USA 153-95-3A-33 3H,
• Saturday, February 22, 2025: 42 for the month, 87 for the quarter, 87 for the year,
• 39955, conf, Hess, EN-Wefald-LE-156-94-2413H-1,
• 39942, conf, Koda Resources, Stout 2032-6BH,
• 38670, conf, Petro-Hunt, USA 153-95-3A-33 2H,
• Friday, February 21, 2025: 39 for the month, 84 for the quarter, 84 for the year,
• 40437, conf, Enerplus, Icon 150-94-06B-18H,
• 39941, conf, Koda Resources, Stout 2032-5BH,
• 38671, conf, Petro-Hunt, USA 153-95-3A-33 1H,

RBN Energy: global refining capacity expected to grow at slowest pace in 30 years.

Globally, government policies have shifted away from petroleum in recent years toward lower-carbon alternatives such as renewable fuels and electric vehicles (EVs), largely driven by worries about climate change. This has pushed down investment in petroleum refining, and RBN’s Refined Fuels Analytics (RFA) practice predicts global net refining capacity will increase by only 2.1 MMb/d, or 422 Mb/d annually, from 2025-29 — the slowest rate in 30 years. In today’s RBN blog, we’ll discuss the upcoming refinery closures, proposed projects, and the obstacles new and existing refiners face.