If you build it, they will come.

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DAILY ENERGY NEWS | 08/05/2024

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One candidate wants to build pipelines. The other one blocks pipelines.

Bloomberg (7/29/24) reports: "Crude oil pipelines connecting the busiest Texas oil fields to a critical export hub across the state are nearly out of space, threatening to cap US oil exports at a time when the world needs more. Key pipelines that transport barrels produced in the Permian Basin to the Port of Corpus Christi are more than 90% full, and companies that operate some of these lines say the congestion is likely to get worse. By the second half of 2025, the pipes could be 94% or 95% full, estimates researcher East Daley Analytics. Demand for the limited pipeline space comes at a time when the US is producing more crude oil than any other nation, with output set to hit a new record next year. The Permian region, one of the top producing shale basins in the world, accounts for nearly half of all US oil production. While output is set to keep growing, it will be difficult for that incremental output to reach international buyers without ample pipeline space."

"With 18 mentions of 'energy' and zero of climate, ESG, DEI, decarbonization, 'low-emission future,' net zero, or any other leftist political agendas, the Republican Party platform offers a stark contrast from a Harris Administration and optimism to Americans that energy may once again be affordable. Let’s boldly and unapologetically celebrate the role of American energy in our nation’s future and support the candidates who will preserve it."

– J ason Isaac, American Energy Institute

How's that energy transition going?

Robert Bryce (8/2/24) Substack: "Electricity is the world’s most important and fastest-growing form of energy. More proof for that assertion came a few days ago when the International Energy Agency released its 'Electricity Mid-Year Update.' The Paris-based agency expects global power demand to grow by 4% this year. That’s the fastest growth since 2007. The new electricity report — along with a new IEA report on coal, a July 24 article by Reuters saying that domestic wind energy production went AWOL last month, and a July 25 report from the Energy Information Administration saying that gas-fired generation in the U.S. hit a new record — shows that the global power sector will be relying on coal and natural gas for decades to come."

I wonder if something or someone is preventing us from building new LNG export terminals. 🤔

Reuters (8/1/24) reports: "U.S. LNG exports plunged in July to the second-lowest level of this year, LSEG ship tracking data showed, as Freeport LNG shut for eight days after suffering damage from Hurricane Beryl. Texas-based Freeport LNG is the country's second-largest LNG export facility, and its production woes in the last few years have played a crucial role in swings in U.S. natural gas and global LNG prices. The U.S. exported 6.69 million metric tons (MT) of LNG in July, compared to 7.11 MT in June and 7.60 MT in May, preliminary data from LSEG showed. The 6.69 MT is the second-lowest reading in 2024 and is only higher than the 6.19 MT in April, when shipments were also affected by mechanical problems at Freeport LNG. Freeport LNG halted operations on July 7, ahead of Hurricane Beryl, which hit the Texas coast near Freeport as a Category 1 hurricane. The plant remained down for eight days and resumed operations on a phased basis. The company said the storm damaged the plant's fin fan air coolers, which dissipate heat during processing."

Journalists seem confused that government edicts aren't working...

Motor1 (7/23/24) reports: "In March 2022, Porsche set a bold objective. The company wanted electric vehicles to account for more than 80 percent of sales by the end of the decade. But now Porsche's not so sure it can reach that goal. In an interview with Reuters, a company spokesperson said: 'The transition to electric cars is taking longer than we thought five years ago.' That's not to say the product strategy is changing. Porsche's EV agenda will make it (theoretically) possible for four in five cars sold by 2030 to do away with the combustion engine altogether. But the peeps from Zuffenhausen are now adding an asterisk next to 2030: 'dependent on customer demand and the development of electromobility.'"

Energy Markets

WTI Crude Oil: ↓ $72.75
Natural Gas: ↓ $1.94
Gasoline: ↓ $3.47

Diesel: ↓ $3.79
Heating Oil: ↓ $228.57
Brent Crude Oil: ↓ $76.13
US Rig Count: ↑ 632

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