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MORNING ENERGY NEWS | 06/24/2020
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** Same as the old boss.
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E&E News ([link removed]) (6/24/20) reports: "Colorado Gov. Jared Polis (D) traveled to a community solar garden in suburban Denver in May 2019 to sign a package of climate bills. There was one to slash emissions 90% from 2005 levels by 2050, a measure requiring regulators to consider a social cost of carbon in utility planning and a requirement that the state develop plans for meeting emissions reduction targets by July 1, 2020. 'This is about the health of our planet,' Polis declared before an array of solar panels. 'Particularly in a state with climate-dependent industries like agriculture and the skiing industry, it's important that we show leadership.' One year later, some environmentalists say Polis has shown little climate leadership outside such rhetorical flourishes. A study by MJ Bradley & Associates LLC, a consulting firm, suggests
the state will fall short of its interim emissions goals in 2025 or 2030. Colorado's own analysis indicates it is on track to come up short, though officials in the Polis administration contend much progress has already been made."
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** "The greatest economic value is created when a state’s energy sources provide the highest quality, most reliable energy services at the lowest possible cost. Judged against these metrics, both California’s and New York approaches fail."
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–Wayne Winegarden, Pacific Research Institute ([link removed])
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Artificial barriers like the RFS aren't helping either.
** Wall Street Journal ([link removed])
(6/23/20) reports: "After a furious rally that has seen oil prices more than double over two months, the market faces a new hurdle: Petroleum refiners are struggling to make ends meet. U.S. crude-oil prices have surged since falling below zero in April, lifted by declining production and a pickup in demand, particularly in Asia. West Texas Intermediate futures fell 0.9% to $40.37 a barrel Tuesday, but they are still up about 20% in the past month. Brent-crude futures, the benchmark in international energy markets, ended the day down 1% at $42.63 a barrel. That is more than double their closing low of $19.33 on April 21...Refiners are a vital cog in the energy market, buying thick crude and converting it into fuels for transportation and heating, as well as asphalt and ingredients for petrochemicals. Efforts to contain the coronavirus eroded their profitability by slamming demand for refined-oil products used in transport. The jump in crude prices has made the industry’s main input more
expensive, exacerbating the pressure on earnings."
Tell me lies, tell me sweet little lies.
** Reuters ([link removed])
(6/23/20) reports: "Just when his electric vehicle (EV) company Tesla seemed to be pivoting away from using cobalt in its batteries, it signs a long-term supply deal for the controversial metal with Glencore. This from the man who has vowed to eliminate cobalt from the Tesla product mix because of its financial cost and the reputational cost of a metal associated with child labour and poor safety conditions at artisanal mining operations in the Democratic Republic of Congo, the world’s dominant producer....Tesla’s move directly to take responsibility for its cobalt supply isn’t without risk. Last year saw the death of 43 'illegal' miners on Glencore’s Kamoto concession, a human tragedy that was compounded by the government’s decision to send in the army to forcibly clear the area. Tesla, though, has evidently decided the risk of not getting enough future cobalt outweighs the potential reputational risks of taking supply directly from the Congo."
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A good showing of how not to help energy producers out of this mess.
** Bloomberg ([link removed])
(6/23/20) reports: "Alberta, home to Canada’s oil industry, is reviving environmental reporting and monitoring obligations for industrial facilities that were suspended because of the coronavirus pandemic, the province said Tuesday. Reporting requirements under environmental and water protection legislation, as well as reporting under laws for oil an gas companies, will come back into force July 15, Environment and Parks Minister Jason Nixon said in a statement. Environmental, indigenous, and scientific groups had sharply criticized the suspensions of environmental reporting in the province, which has the world’s third largest oil reserves, calling them overly broad and unrelated to the pandemic...Both the province and the regulator said the temporary rules were necessary to help firms manage with smaller workforces and respect social distancing rules. The suspensions, which represented between 2% and 5% of overall monitoring requirements, allowed oil companies to follow public health
orders while remaining compliant, Brad Herald, vice-president of western Canada operations at the Canadian Association of Petroleum Producers, said in a email Tuesday."
Energy Markets
WTI Crude Oil: ↓ $39.9
Natural Gas: ↓ $1.62
Gasoline: ↑ $2.15
Diesel: ↑ $2.43
Heating Oil: ↓ $119.31
Brent Crude Oil: ↓ $41.94
** US Rig Count ([link removed])
: ↑ 303
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