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MORNING ENERGY NEWS | 02/11/2020
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** Plastics.
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Town Hall ([link removed]) (2/10/20) reports: "Former Vice President Joe Biden called for eliminating plastics during a town hall in Hudson, New Hampshire. While he specifically addressed single-use items such as straws, he also seemed to call for a broader ban on the material. 'I don’t think we should use plastic straws anymore at restaurants,' Biden said, responding to a question from a child about pollution in the ocean. 'There’s millions of pounds of plastics being dumped in the oceans, millions of pounds,' he said. 'I don’t think we should be using plastic straws anymore in restaurants.' He continued: 'And I think what we should do, just like we did with plastic bottles, I think there should be a requirement in most states, a lot of states to it, they should do it federally that there has to be a deposit on the bottom.' Biden then spoke of the significance of addressing climate change. 'It’s the
single most important issue facing the United States of America,' he told the child. 'But we should eliminate the use and transition away from the use of plastics. That’s why an awful lot of supermarkets now you know are going back to the old paper bags or giving you canvas carryout bags.'"
** Meanwhile, on planet Earth, American energy is unleashing a petrochemical renaissance. Take a listen:
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** “The faster we produce and consume goods, the more we damage the environment. There is no way to both have your cake and eat it, here. If humanity is not to destroy the planet’s life support systems, the global economy should slow down.”
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– Giorgos Kallis, Autonomous University of Barcelona ([link removed])
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Just a lull before the storm.
** Reuters ([link removed])
(2/10/20) reports: "The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may well end up having a longer-term impact, especially on thermal coal. The spot price dropped to $2.95 per million British thermal units (mmBtu) for the week ended Feb. 7, the lowest price in records stretching back to 2010. It has lost 57% of its value since the pre-winter peak of $6.80 per mmBtu in mid-October, and is down 74% from the peak price in 2018 and 86% from the all-time high from February 2014. The reasons for the slumping price are well understood, with both demand and supply factors playing a role. On the demand side, growth in China has slowed from its breakneck pace as the world’s second-biggest buyer of LNG works to build the infrastructure needed for more coal-to-gas switching in both residential heating and industry...On the supply side, the commissioning of several new projects in Australia, which has overtaken Qatar as the top LNG exporter, as well
as in the United States, has led to an abundance of cargoes. While it’s unlikely that spot LNG prices will stay at the current depressed levels indefinitely, the trend toward structurally lower prices appears sustainable."
It was the best of times, it was the worst of times...
** E ([link removed])
** nergy In Depth ([link removed])
(2/7/20) blog: "While Pennsylvanians continue to prosper thanks to growing natural gas production, their neighbors to the north in New York are meeting a much different fate, despite shared access to the Marcellus Shale. In the midst of the Great Recession, Pennsylvania experienced job and wage growth including a 259 percent increase in oil and natural gas jobs and a 12 percent increase in average annual pay, according to a recent report by the advocacy group Power the Future. The Commonwealth has continued to flourish from a natural gas fee, which has raised $1.7 billion for communities and public programs since 2012. Meanwhile, New York’s fracking ban has cost 400 jobs per year in many counties and caused a “statistically significant increase in unemployment,” according to the report. Political decisions to further block infrastructure development and limit access to affordable natural gas supplies have inflicted plain on New York consumers that their neighbors to the south have been
able to avoid."
** ([link removed])
Energy Markets
WTI Crude Oil: ↑ $50.55
Natural Gas: ↓ $1.76
Gasoline: ↓ $2.42
Diesel: ↓ $2.90
Heating Oil: ↑ $163.22
Brent Crude Oil: ↑ $54.34
** US Rig Count ([link removed])
: ↓ 817
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