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MORNING ENERGY NEWS | 05/12/2020
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During the global outbreak of COVID-19 America's energy producers are pitching in to help our communities. We'll be doing our best to amplify these great stories made possible by America's producers.
** Pandemic, or not, America's petrochemical industry is always on the job.
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American Fuel & Petrochemical Manufacturers ([link removed]) provides the goods: "Flatten the curve. Those three words represent life or death for millions of Americans as efforts to stem the spread of the COVID-19 pandemic persist. There is much experts still don’t know about this contagion, but what is known for certain is that beyond social distancing, flattening the curve (represented by the number of COVID-19 cases) is contingent on the availability of personal protective equipment (PPE) and germ-fighting products essential to its containment. Right now, those critical supplies are depleted due to the scale of the crisis. Designated as critical infrastructure by the Department of Homeland Security, U.S. fuel and petrochemical manufacturers are uniquely suited to maintain supply chains that create everything from hand sanitizer and face masks to protective suits, and the fuels required to transport them. In
recent weeks, these industries have proven integral to keeping critical products moving...Amid the threat of hurricanes and other disruptions in recent years, planning and simulation exercises have enabled fuel and petrochemical manufacturers to quickly establish crisis response management centers, determine minimum employee headcounts needed for safe operations and seamlessly share vital updates with government agencies."
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** "While it is hard to imagine that those with an ideological agenda will be swayed from their convictions, the public deserves better than politicians using the oil and gas industry as a scapegoat during a time when all industries across America are making sacrifices."
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– ([link removed]) S ([link removed]) usan Combs, The Hill ([link removed])
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The sooner we're out of this lockdown the sooner prices return to normal.
** Reuters ([link removed])
(5/11/20) reports: "Oklahoma’s energy regulators on Monday took no action on applications from oil and gas producers seeking to win state-support for measures they said would help stabilize oil prices. The Oklahoma Corporation Commission, which regulates the state’s oil and gas industry, heard proposals seeking to declare some oil production in the state waste, and a plan submitted by trade group Oklahoma Energy Producers Alliance (OEPA) that included mandated output cuts. After a five-hour meeting, the commission took the two under advisement and did not set a date or timeline for any decisions. U.S. oil futures CLc1 this year have fallen about 60% to $24.14 a barrel as coronavirus-related lockdowns have crushed demand for fuel. The price collapse has companies in major oil-producing states pushing for regulatory action to stave off further declines."
Betting on humanity to get out of this slump.
** Bloomberg ([link removed])
(5/12/20) reports: "Bleak crude prices and fuel demand forecasts won’t blunt oil company bidding for Arctic drilling rights, Interior Secretary David Bernhardt said yesterday. Instead, companies are more likely to make offers based on longer-term forecasts and other considerations, Bernhardt said, as his agency weighs a sale this year of oil leases in the Arctic National Wildlife Refuge’s 1.56-million-acre coastal plain. 'I don’t think the bidding would be driven by today’s prices,' Bernhardt said in an interview yesterday. 'I don’t generally believe that decisions on whether or not to bid in a lease sale are really driven by the near-term dynamics.' However, Bernhardt allowed, current price and demand conditions 'could affect perhaps the universe of bidders.' Falling fuel demand from the coronavirus and collapsing crude prices have prompted oil producers to idle drilling rigs, shed staff and curtail new spending across the U.S., with analysts predicting a wave of bankruptcies to follow.
The price rout may force some potential bidders in Alaska to sit out an Arctic sale, after already spurring Oil Search to pare some operations and Hilcorp Energy to renegotiate its payment plan for BP’s Alaska business."
The clean energy cronies never take a day off. That's OK, neither do we.
** E&E News ([link removed])
(5/12/20) reports: "Clean energy advocates are urging Congress to consider efficiency and renewable financing programs in a post-pandemic economic stimulus package. In a joint letter yesterday, top officials with the American Council for an Energy-Efficient Economy, Environmental and Energy Study Institute, National Association of State Energy Officials, and National Cooperative Business Association CLUSA International asked senior leaders on the Hill to prioritize the clean energy sector, calling it an "obvious starting point" to restore and create jobs while reducing pollution and carbon emissions. House Democrats are in the process of crafting a new stimulus package amid skepticism from Republicans in both chambers (E&E Daily, May 11). And while energy issues may take a back seat, groups have been mobilizing to influence the deliberations. '[A]mong the range of potential stimulus measures, innovative financing for cost-effective energy efficiency and renewable energy projects will
deliver immediate and longer-term, self-sustaining benefits,' the letter states."
Energy Markets
WTI Crude Oil: ↑ $25.52
Natural Gas: ↓ $1.77
Gasoline: ↑ $1.85
Diesel: ↓ $2.41
Heating Oil: ↑ $87.15
Brent Crude Oil: ↑ $30.41
** US Rig Count ([link removed])
: ↓ 377
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