Notes From All Over -- Late Night Edition -- November 11, 2020

November "ag" report. Link here. 

Stick a fork in it, it's dead. Link here: https://www.breitbart.com/sports/2020/11/11/monday-night-football-ratings-crash-by-30-espns-least-watched-week-9-game-since-2004/. 

And college football is in even deeper trouble. Tea leaves: college football will figure out how to make it look like a season, but anyone following the story knows the season is already over. If there was any doubt that the season was over when Notre Dame beat Clemson, that doubt was erased with the cancellation of the Ohio game this weekend.

NFL: five days on the injured reserve list for Covid-19. College? Twenty-one days. It varies, depending on the circumstances, but that's about how I see it. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Alibaba: plunging.

One Last Note Before I Call It An Evening -- But I'll Be Back Later Tonight -- November 11, 2020

The college football season is falling apart. It is quickly becoming a joke. 

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Veterans Day

PSA: Bank Of America Changes Terms Of Credit Card Agreement -- November 11, 2020

See this link. The San Francisco Chronicle had this story and background three days ago, but it's behind a paywall. When you read the article at the link, one gets the feeling that auto rental companies found a new revenue stream, and credit card companies / banks didn't like what they were seeing. 

Think about it: if you used your own private auto insurance, you had a deductible. As far as I know, credit card companies don't have a deductible for this benefit.

But why now, one might ask. The numerator is growing; the denominator is declining.

WTI, Bakken, And Now Murban -- November 11, 2020

Flipped: OPEC basket closed the day trading at $41.72, while WTI closed at $41.15. Link to Charles Kennedy:

Chevron, Occidental, and oil trading giant Trafigura have agreed to explore the idea to price the light U.S. crude they export to Asia off the upcoming ICE Murban Futures contract for light sweet crude. 

The Murban futures contract will be an alternative pricing benchmark to the benchmark Oman/Dubai average, which is currently the most used benchmark in the Middle East and off which the oil exporters from the Middle East price their oil going to Asia. 

The Murban futures contract for light crude could spare Asian buyers the use of Brent Crude futures for hedging, according to Reuters. 

Trafigura and U.S. oil majors Chevron and Occidental are the largest exporters of U.S. crude oil, and using the new futures contract – to be launched in March next year – to price their oil to Asia shows the growing importance of U.S. crude oil exports on the international oil markets.

At oilprice, the Murban price has a one-day delay. Currently Murban is priced at $42.89, up $2.11, right in line WTI yesterday. See Murban at wiki. Almost identical to WTI, but not as light as Bakken.

• Bakken: 36° to 44° (link here)
  
• Murban: 40.2°
• WTI: 39.6°
• Brent blend: 38.3°
• Light Louisiana Sweet: 35.6°
• Saudi Arabia light: 34°

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Back to the Bakken

Active rigs:

$41.45	11/11/2020	11/11/2019	11/11/2018	11/11/2017	11/11/2016
Active Rigs	15	55	66	52	38

No daily activity report today.

Schumer: US Senate Majority Leader If Senate Is Split 50-50 -- November 11, 2020

Link here.  

I think the Trump-Biden presidential election will lead to huge civics lesson(s) for all Americans. I find this absolutely exciting. 

Not worried a bit. 

First question: if there is a 50-50 split, who becomes US Senate majority leader. That one is easy. See link.

Second question: if there is a 50-50 split, could a moderate Democrat change party affiliation in exchange for some great perks? Or is it more likely that a liberal Republican might change party affiliation when he/she looks at the electorate?

Third question: who decides how many justices there will be on the US Supreme Court? That one is also easy: Congress. And in this case, Schumer and Pelosi will decide.

Fourth question: see, second question. 

Fifth question: will we see an additional two US Supreme court justices by the end of 2024? Although there have been as many as ten, an even number seems untenable. Tea leaves: yes.

Sixth question: of those in the US Senate, who is the leading GOP spokesman now? Among those in the US Senate, who is most likely to get GOP presidential nomination in 2024? 

Seventh question: how big will the stimulus package be when it is passed in February, 2021?

Eighth question: When will North Korea launch its next missile?

Ninth question: when, how, and why will President Biden step down? As long as he's "useful," he will remain president.