Thursday, October 6, 2022

Renewable Energy: The Wrong Side Of History -- Off The Net -- Going Biking -- October 6, 2022

Wow, wow, wow. After posting this earlier this morning, this just popped up in social media, link here:

From earlier this morning, linked above:

Renewable energy:

  • for investors, not a lot of good news for those choosing wind / solar over oil / natural gas
  • how many stories have you read lately about countries rushing to sign renewable energy deals with GE, Siemens?
  • this is what those on the wrong side of history are seeing: link here to the best contributor over at oilprice.com.

General Electric is laying off staff at its onshore wind power unit as part of a restructuring that came in response to the underperformance of the business. 
The company will reportedly cut its U.S. onshore wind workforce by 20 percent. 
GE’s onshore wind power business has been troubled by rising raw materials costs, weakening demand, and supply chain snags. The weaker demand came in response to the expiry of renewable power tax credits that made wind and solar cheaper than most alternatives.

From The LA Times today: $8-gasoline? Here, hold my gas container.

A move by OPEC+ could make California gas prices (even) worse. 
As gas prices hit record highs in Los Angeles County, a pledge by OPEC+ to reduce its oil production by 2 million barrels a day brought concerns about more economic pain to come. 
California is seeing surging pump prices in the wake of shutdowns at several oil refineries that produce a specific formula of gasoline for the state. This most recent spike is mostly confined to California and the West Coast. 
There was debate among experts about the effect of the OPEC+ move, which was designed to boost sagging oil prices. It remains unclear how the reduction will affect pump prices. Experts say it poses another threat to the shaky global economy; others say the spike could be brief in California as refineries come back online.

The lede did not mention California's taxes and fees of $1.51 per gallon of gasoline. 

Instead of rushing out to negotiate more wind power, more solar panels to meet pending EV demand, the California governor wants oil companies to open the taps for more gasoline. That speaks volumes, doesn't it? 

Link here:

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The Book Page

Breathless: The Scientific Race to Defeat a Deadly Virus, David Quammen, 2022, p. 4.

The first alert:

  • posted on social media by Yize (Henry ) Li, a China-born virologist and immunologist;
  • he is now an assistant professor at Arizona State University, Tempe, AZ
  • doctorate at: Institut Pasteur, Shanghai, under mentorship of a French professor
  • came to US in 2013; postdoctoral fellowship with Susan R. Weiss, veeteran viroologist at the University of Pennsylvania's Perelman School of Medicine;
  • Weiss: an authority on coronavirus; long history of research
    • SARS (2003); MERS (2012); 
  • Henry Li was in Philadelphia in late December, 2019
  • noticed an item on a Chinese news website, DiYiCaiJing, Shanghai
  • item: 
    • advisory, and probably meant to be confidential
    • sent to the staff at a Wuhan hospital (was probably sent to more than one hospital)
    • supposedly origiinated from the Wuhan Municipal Health Commission
    • warned of an outbreak of an "unknown pathogen" causing pneumonia in several hospitals in Wuhan
  • and, that information was placed on social media in late 2019

A lot packed into those few lines.

To conclude this section:

  • That initial item (above).
  • then virologists immediately started posting the genome -- consistent with a coronavirus.
  • Weiss: on sabbatical in La Jolla, CA
    • now speaking with Li in weekly Zoom meetings
    • Henry Li told her a "new" coronavirus was circulating in China
  • on January 2, 2020, Weiss returned to Philadelphia
    • her crew immediately began ordering more N95 masks, along with more PPE
    • later, they would order powered air purifying respirators (PAPRs) -- think space helmets without the suits
  • Weiss knew she needed to "work" on this "new" coronavrus.

Jobless Report -- October 6, 2022

The numbers: yawn.

  • initial claims: up 29,000 week-over-week; not statistically significant 
  • continuing claims: up 15,000; not statistically significant

Most analysts track U-3. Not me. U-1. Link here. If one actually looks at the definitions of the various categories, one will understand why I prefer U-1.

Jobs report: pending. This was last week:

Brilliant Move -- October 6, 2022

 Amazon -- NFL Thursday Night Football.

I don't know how many folks are catching this, but starting Wednesdays and going through Thursday every week, listen for Amazon commercials for NFL Thursday Night Football.

Except for those living in the two metropolitan areas whose teams are playing, the only way one can watch the game is on Amazon Prime Video.

And this will go no for thirteen years. 

By Thursday, every football fan is "starved" for NFL football. 

This week, only viewers in Indianapolis and Denver can watch the game on one of their local networks. Everywhere else, from Los Angeles to Dallas to Tampa Bay to Chicago to NYC, viewers need to view the game through Amazon Prime Video. 

The final regular season NFL TNF game, week 17: Dallas Cowboys vs Tennessee Titans.

Truly amazing. 

Not only does this attract new subscribers, but it also helps current subscribers make up their minds to keep their subscriptions. 

And, as noted, cash back on my Amazon credit card is currently twice that of the annual Prime subscription. I probably spend upwards of 25% more than I would otherwise spend if I didn't have the combo (Prime and credit card) but doesn't bother. I order books on a regular basis from Amazon and I still get them "free" with cash back.

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This Week's Book

Overnight delivery. Published / released October 4, 2022.

Getting Better And Better -- October 6, 2022

 Getting better and better. Link here. I now follow here.

One Well Coming Off Confidential List Today -- Thursday, October 6, 2022

Today's number, jobless report: yawn --

  • initial claims: up 29,000 week-over-week; not statistically significant 
  • continuing claims: up 15,000; not statistically significant

Jobs report: pending. This was last week:

Rivian: confirms production of 7,363 electric pickups and SUVs in 3Q22, a significant ramp. Tesla pickups? None. Nada. Zero. Zilch. 

NOG: announces closing of the Midland deal.

Russian oil: as predicted. It was just a matter of time. Link here.

The Permian, link here.

Diesel: I mentioned this earlier. Gasoline is not the issue; it's diesel. Heavy oil. Canadian oil. Keystone XL. Canceled. On his first day in office. Link here. From the Reuteers oil analyst.

CVX, DVN: link to a SeekingAlpha contributor.

Abbreviated 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. Full disclaimer at tabbed link.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

DVN, link here.

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Back to the Bakken

The Far Side: link here.

Active rigs: 44.

WTI: $87.63 -- unable to hold above $88.

Natural gas: just under $7.00

Friday, October 7, 2022: 15 for the month, 15 for the quarter, 460 for the year
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,

Thursday, October 6, 2022: 12 for the month, 12 for the quarter, 457 for the year
38807, conf, Crescent Point Energy, CPEUSC Fantuz 5-13-24-158NN-100W-MBH,

RBN Energy: Alberta ramping up efforts to produce lithium from oil and gas well brine. 

Lithium is in high demand worldwide for the production of rechargeable batteries used in the rapidly expanding electric vehicle (EV) and utility-scale energy storage markets, as well as a plethora of everyday mobile devices. The problem is, there are relatively few places on the planet that offer rock formations or naturally occurring underground brine reservoirs conducive to the economic production of lithium — and even there the concentrations of lithium in the rock and brine are measured in parts per million. Now, a handful of companies in Alberta and elsewhere are exploring the potential for “direct lithium extraction” from oil and gas well brine, an alternative technique that some view as a potential breakthrough. In today’s RBN blog, we discuss the promise — and potential pitfalls — of lithium production from oil and gas brine.

They seem to be with us wherever we go — or don’t go — these days. Our digitized, wireless and cordless world has produced billions of devices in the form of smartphones, laptops, tablets, drills, grass trimmers, lawn mowers and, yes, even EVs, all of which are becoming so commonplace that we do not even seem to notice them anymore. You might be able to quickly come up with at least a couple of dozen other examples, but they all have something in common: rechargeable batteries that allow them to be used on the go without the fuss of being constantly plugged into an electric outlet or relying on a hydrocarbon-based fuel as part of an internal-combustion process. Also, utility-scale energy storage has been catching on in a big way — it involves series of massive, rechargeable batteries that sock away (mostly) renewable energy for use when demand peaks.