Presidents Day Reflections: Tank Tiger’s Weekly Roundup, Mergers in the Permian, and the Fossil Fuels!
For those of you who had yesterday off, we hope you enjoyed the long weekend in honor of Presidents Day. If you don’t know why we had the day off, perhaps these important facts will provide pause for some magnanimous reflection:
- James Madison (1809-1817): Madison was the shortest president at 5’4” and weighed barely over 100 pounds.
- John Tyler (1841-1845): Tyler fathered 15 children, the most of any president.
- William McKinley (1897-1901): McKinley’s likeness appears on the $500 bill, which was discontinued in 1969.
- Harry S. Truman (1945-1953): The “S” in Harry S. Truman was just an initial; it didn’t stand for any name. (The “S” in Ulysses S. Grant didn’t stand for anything either.)
Of course, The Tank Tiger’s online platform doesn’t know anything about holidays. Newly listed available tanks pop up on our platform at all hours of the day. For example, some very recent available tank listings were posted by our users for storage terminals in Crane, Houston, Deer Park, Texas City, Port Allen, Gretna, Birmingham, Spartanburg and Seabrook with available capacity ranging from 12,000 to 500,000 barrels covering a wide array of petroleum products and chemicals. Let us know if you’re interested in storing your commodities at any of these or other locations. There is no charge to you for our service! The Tank Tiger will be attending the AFPM in Grapevine, TX from March 9-12 and also the IPC AFPM in San Antonio from March 23-26. We still have some time slots available, if you’d like to sit down for a 30 minute session and meet with our team.
Last week the CPI and PPI reports came out higher than expected crushing expectations for a near term interest rate cut. Cue up trombone: Waaa Waaa Waaa Waaaaaaa That didn’t stop the M&A activity in the Permian, which has been un fuego. Diamondback Energy and Endeavor Energy Resources figured if you can’t beat ‘em, join em and put the ink to a $50 Billion merger. Crude prices recently have been navigating the minefield of interest rates, the greenback and geopolitical headlines in the Middle East but we’re still nowhere near the highs of 2022. The U.S. Energy Information Administration, in a Feb. 6 report, projected WTI will average 77.68 a barrel for 2024 and $74.98 in 2025, the EIA estimated. Oil closed the week with Brent at $83.47 a barrel and WTI at $79.19. It was another weekly gain for both as Brent gained more than 1% and WTI increased about 3%.
George Washington could not tell a lie, and neither can the fans of fossil fuels. Solar power is clean, but the methods of harnessing the power – not so much. Leftover solar panels that expire are not safe for human consumption as they contain such yucky things as lead, cadmium, glass, aluminum, and silicon which end up in landfills for ever and ever. No doubt technology will someday improve, but for now the dead dinosaurs rule.
