robert tuttle

Bloomberg News Journalist covering energy. All views expressed are my own.

[Iain Cameron @theiaincameron]

Canada is the only country in the world that has an island inside a lake in an island inside a lake in an island inside a lake.

There are no known records of anyone ever having been here.

[robert tuttle @roberttuttle]

@southevropa I heard a teacher in Spain say that 25 years ago.

[Scott Robertson @sarobertson_]

Wab Kinew on US booze ban: No CUSMA, no BOOZMA.

[Bloomberg @business]

Coastal GasLink, a pipeline project in Western Canada, is readying a two-part bond sale to raise C$1 billion ($720 million), according to people with knowledge of the matter https://t.co/EKGIHuviy9

[robert tuttle @roberttuttle]

Boyhood

[Neel KashCarry’s Biggest Fan 💯🖨💵 @DitheringWenger]

Ffs 🤣😂

[Mark @Mark4XX]

CHEVRON CEO: PHYSICAL OIL SHORTAGES HAVE BEGUN AND PRICES WILL FOLLOW

Chevron CEO Mike Wirth just delivered a blunt assessment that cuts through the market noise. Traders keep crude pinned between 90 and 100 dollars because they believe the Strait of Hormuz crisis is almost over. The physical facts on the ground tell a far more dangerous story of collapsing inventories and shortages that have already arrived.

THE MARKET PSYCHOLOGY TRAP
➡️ Traders see the conflict as closer to the end than the beginning and expect flows to resume very quickly.
➡️ That belief has kept the back end of the futures curve artificially low.
➡️ The psychology has so far prevented prices from moving toward the much higher levels the supply shock would normally justify.

THE INVENTORY REALITY
➡️ Crude and product inventories are steadily drawing down in locations around the world right now.
➡️ June and July are going to be critical months as the trajectory heads straight toward the bottom.
➡️ The data shows a clear and concerning path that cannot be wished away.

THE SHORTAGE EVIDENCE
➡️ Physical shortages have already appeared in some Asian markets.
➡️ "We've seen some rationing" and adjusted workweeks imposed in affected countries.
➡️ The system carries powerful inertia and turning it around will not be easy or fast.

THE US TIGHTNESS
➡️ Distillate fuel inventories in the United States have reached their lowest levels since 2003.
➡️ Refineries are running at maximum utilization while record exports continue to support allies.
➡️ Seasonal demand is rising into an already extremely tight market.

THE UNPRECEDENTED SCALE
➡️ Twenty percent of the world's energy production has been cut off for nearly 100 days.
➡️ A billion barrels that should have been in the market are simply not there.
➡️ This is not a normal cycle and the usual patterns may not apply in the usual way.

THE BOTTOM LINE
Mike Wirth makes it clear that the current price calm rests on hope rather than physical reality and the risk of genuine shortages spreading is rising fast.

The calm before the storm is ending.
#OilShortages #ChevronCEO #EnergyCrisis #OilPrices #InventoryCrash #AsiaRationing #USDistillateLow

[Bloomberg @business]

Canada edged into a technical recession as weak business and government spending drove a slight contraction in the first quarter, pointing to persistent slack in the economy amid the US trade war. https://t.co/XTvTIyOmLW

[Bloomberg @business]

Trans Mountain plans a second open season this summer for energy firms to secure long-term capacity on the sole oil pipeline running from Alberta to the British Columbia coast, the company’s chief executive says https://t.co/Qnt3TZrEQ4

[Bloomberg @business]

Here’s the latest news and analysis on the oil market https://t.co/NTM2SeU6Pr

[Heather Exner-Pirot @ExnerPirot]

👀The security premium is real.

Canada will announce a deal tomorrow to supply Germany with LNG shipped from the Ksi Lisims project in northwest BC.
The buyer is Germany’s SEFE, the former Gazprom PJSC unit nationalized by the German government after the invasion of Ukraine.

[Heather Exner-Pirot @ExnerPirot]

US energy firm Northern Oil & Gas Inc. agreed to acquire a stake in Canada’s Parallax Energy Operating Inc. C$350 million ($254 million) in cash and stock for a 25% interest in oil-producing properties and tens of thousands of acres in the Duvernay shale basin in Alberta.

[robert tuttle @roberttuttle]

Amazing song

[Ladytron Fan Account @Lady_FanAccount]

"Hurt" is not an original by Johnny Cash. The song was written by Trent Reznor (Nine Inch Nails) in 1994 for the album The Downward Spiral. Rick Rubin had to insist several times on Cash recording his version, at first Johnny found the idea completely insane because the original version is industrial and noisy. At 71, already very ill, almost blind and with trembling hands, Cash completely transformed the band.

The iconic video, directed by Mark Romanek, was filmed at the House of Cash (his own museum). June Carter Cash appears looking at him fondly, the video was shot in February 2003, a few months before she died (May) and Johnny himself (September).

Trent Reznor was so moved that he declared, "This song is not mine anymore." It is considered one of the best covers of all time.

[Bloomberg @business]

Canadian Energy Minister Hodgson is confident the oil sector can absorb the cost of Pathways, a proposed carbon capture system. Do oil sands executives agree? Read more in the Canada Daily newsletter. https://t.co/AW8gDz5PiQ

[Bloomberg @business]

Alberta expects to reach an agreement with oil companies on the deployment of carbon capture technology in the oil sands in the summer, the province’s premier said on Friday https://t.co/vYT5BaFifj

[robert tuttle @roberttuttle]

Bet you the truck will be worth more because of this story

[Bloomberg @business]

Alberta Premier Danielle Smith says she’ll call a referendum on whether the energy-rich province should stay in Canada or start a legal process that could eventually lead to its independence https://t.co/e4aVNDnabB

[Bloomberg @business]

Canadian fund manager Mackenzie Investments has laid off a number of portfolio managers as part of a broader restructuring, sources say https://t.co/Coa85YUjMh

[robert tuttle @roberttuttle]

@LibyaLiberty And we are all afraid of ai. Ha

[Hend Amry @LibyaLiberty]

In fairness many of us share these moves.

[Bloomberg @business]

Agnico Eagle is moving ahead with a large gold mine in Canada’s far north, a project being hailed by Carney’s government as an anchor for economic development in the strategically important Arctic region https://t.co/rHWQ8h2ATK