Locator: 48033EVS.
WTI: $83.44 at 1:21 p.m. CDT, Monday, July 1, 2024.
Interestingly, shares in oil companies are up a bit but not as much as one might expect. Once exception: CHRD, which pays over 5%:
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EV Mandates At Risk
The following story is incredibly important, writer is incredibly credible: Charles Kennedy -- probably the best contributor to oilprice and tends to address only major stories.
EVs and mandates, link here.
Locator: 48032MARKET.
At the close:
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Original Post
Berkshire Hathaway's equity portfolio: about 40% is made up of AAPL.
Today, AAPL: up a whopping $4.41; up 2.11%; trading at $215.13 trending toward its 52-week high.
Meanwhile, BRK: down 0.54%; down $2.18.
When 40% of your stock portfolio is "surging" and the value of your overall portfolio is decreasing, it suggests how huge the drag is caused by the other holdings, most of which are "legacy" or long-term holdings.
In BRK's case, a huge portion of the equity portfolio is held in cash because of regulatory requirements (insurance and banking requirements).
This drop in the BRK-B ticker comes a couple of days after the headline story that BRK-B made a "gazillion" dollars on the sale of BYD.
All (much?) of tech is up today -- biggest reason -- start of a new quarter? And, also:
In addition to AAPL, MSFT is also up very nicely today.
Morgan Stanley "ups" its Nvidia target:
Nvidia: response to Chinese ban -- link here -- has already responded and it sounds like "China" is happy with the solution --
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Later, AAPL
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Half-Time Report
Stephen Weiss trims NVDA -- second time in as many days or at least two trims in past week. Defends his position. Again, calls "chips" commodities. Noted on CNBC "Half-Time Report" at ~ 11:20 a.m. CDT.
If "chips" are commodities, then "everything" is / are commodities. Weiss' argument: "everybody" will jump into manufacturing chips.
If "chips" are commodities, why are automobiles not commodities? Why are fast-food restaurants not commodities. "Everybody" can make automobiles. Everybody can open fast-food restaurants.
In fact,
By the way, Stephen Weiss' last trade today: AMSL -- noted that TSM will use the EUV's the AMSL is manufacturing. One of many posts on the blog regarding AMSL: https://themilliondollarway.blogspot.com/2024/06/big-big-big-tech-story-today-asml-and_5.html.
Locator: 48031TRUMP.
Decision on immunity: a win for Trump.
Can't live on EVs and renewable energy alone -- OPEC: link here.
Under Biden, link here.
a
Locator: 48029B.
A reminder: Painted Woods Golf Course north of Bismarck, ND, now an 18-hole golf course.
Fastest growing state: North Dakota, again. Link here.
SCOTUS: rules for North Dakota business in Watford City, ND. Link here.
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Back to the Bakken
WTI: $82.05.
Tuesday, July 2, 2024: 3 for the month; 3 for the quarter, 339 for the year
40264, conf, Stephens Williston, Cabot 15591-0112-4H,
RBN Energy: the strange relationship between Mont Belvieu and Conway NGLS. Archived.
Mont Belvieu, TX and Conway, KS, are the two most significant U.S. hubs for NGL trading, storage and fractionation, with the much bigger Mont Belvieu hub primarily serving Gulf Coast and export demand, while the smaller Conway hub is focused on Midwest/Great Plains demand, especially for propane. The pricing dynamics between the two hubs are a key indicator of the supply/demand balance between the regions, but they don’t have the same kind of influence over the direction or magnitude of flows as price differential dynamics often do for other energy commodities. In today’s RBN blog, we will examine the gap between the price of the NGL “basket” in Mont Belvieu versus Conway and what that price spread tells us.
We should begin with a brief reminder for readers who don’t live and breathe NGLs. The NGL market is in some ways a world of its own, with more quirks and idiosyncrasies than the crude oil and natural gas markets combined. NGLs are, of course, produced in significant volumes in most Lower 48 production areas, with notable exceptions such as the Haynesville and parts of the Marcellus where hydrocarbon output is largely limited to dry gas with little or no liquids. The associated gas emerging from wells with crude oil includes a combination of natural gas, mixed NGLs and impurities that are separated at gas processing plants into natural gas and mixed NGLs (aka Y-grade), each of which is then moved to downstream customers. Depending on the region and pricing relationships, some of the ethane within the associated gas is “rejected” into natural gas at the processing plant.
