The latest disaster machine datapoints from the Sub-Zero kakistocrat countdown.
Saudis now near peak output, SPR draining at 1mmb/d and lack of refining won’t counter distillate drawdown.
“Palisades Power Plant was shut down on the same day that the North American Electric Reliability Corporation issued a report saying the U.S. electric grid doesn’t have enough generation capacity & blackouts are almost certain to occur across the country this summer.” @pwrhungry pic.twitter.com/BGrcOhF3WM
— chris keefer (@Dr_Keefer) June 4, 2022
Chevron CEO says “no sign of demand destruction… can’t pump more, todays activity was determined 2 years ago… plans depend on long-term prices not prices today”. Oil futures +2 years out still in $60-70s, no supply response until curve re-rates significantly higher.
This is despite 1) active SPR drawdowns and 2) China operating below economic capacity.
— Giovanni Staunovo🛢🇮🇹 (@staunovo) May 25, 2022
Oil in severe backwardation
There is very little demand destruction to date.
Sub-zeros exported 7.29 million tonnes of liquefied natural gas (LNG) last month, second highest on record, as sales to Europe and South America expanded.
“The nightmare scenario we’ve all been hypothetically thinking about for years, if not decades, is here. Runaway German inflation at the same time as soaring Italian yields.” – Deutsche Bank
OIL MARKET: US government meteorologists anticipate an “above-normal” hurricane season due to “ongoing La Niña” and “above-average Atlantic temperatures”.
— Javier Blas (@JavierBlas) May 24, 2022
Massive Fire Breaks Out At Poultry Farm That Supplies Eggs To Major Supermarkets. Coinkydink?
Winter wheat condition: 23% very poor, 17% poor
pasture and range condition: 22% very poor, 24% poor
spring wheat emerged May 29: 42% versus 69% 2017-2021 average
corn emerged May 29; 61% versus 68% 2017-2021 average
soybeans emerged May 29: 39% versus 43% 2017-2021
Once again sub-zero kakistocrat Biden’s infrastructure boondoggles are poorly conceived and executed. https://t.co/Vf5vwDCwat
— Winter Watch (@New_Nationalist) June 6, 2022
Update on the NFT Ponzi scam: read: The ‘Bored Ape Yacht Club’ NFT Pump-and-Dump Ponzi Scheme
Full Story https://t.co/JtYku9bcAD
— Watcher.Guru (@WatcherGuru) June 4, 2022
Masked tyrant Arden conclaves with the sub-zero ESG peddlers at Blackrock.
New Zealand Prime Minister Jacinda Arden leaving the offices of BlackRock. Absolutely nothing to see here whatsoever. pic.twitter.com/WycVr6S5Zr
— James Melville (@JamesMelville) June 4, 2022