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MORNING ENERGY NEWS | 07/15/2020
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** 🎵 You can't keep a good man down, no baby You can't keep a good man down. 🎵
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Reuters ([link removed]) (7/14/20) reports: "The Dakota Access oil pipeline can continue to operate amid an ongoing court battle, a U.S. Appeals Court said on Tuesday, setting aside for now a lower court’s order earlier this month to shut and empty the line. The U.S. Court of Appeals for the District of Columbia granted Dakota Access, controlled by Energy Transfer LP (ET.N), an administrative stay while it considers whether the line, long opposed by local tribes and environmental activists, should be shut due to permitting issues dating to 2017. Tuesday’s ruling means oil can keep flowing through the 570,000-barrel-per-day pipeline, which runs from North Dakota’s oil production fields to Midwest and Gulf Coast refineries...In 2017, the Army Corps granted the final easements to finish the one-mile stretch of pipeline under Lake Oahe. The tribes sued, saying the easement was granted without a comprehensive environmental review.
Dakota Access says it would lose as much as $3.5 million each day the line is idled and roughly $1.4 billion if the line is shut for all of 2021. Draining the 1,172 mile (1,886 km) line would take about three months and cost roughly $27 million, it said."
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** "We're $26 trillion in debt and can't afford a zero-emission economy."
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– Cliff Maloney, Young Americans for Liberty ([link removed])

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Moscow's man isn't who the media want you to think.

** Wall Street Journal ([link removed])
(7/14/20) column: "Democratic politicians have talked tough on Russia since Donald Trump won the Presidency. But when it comes to challenging Moscow, other progressive priorities always seem to take precedence. Last week the Danish government granted surprisingly fast regulatory approval to the Nord Stream 2 pipeline, a 750-mile channel that will bring Siberian natural gas under the Baltic Sea into Germany. This belies the stereotype of Europeans as regulation-obsessed greens. While the U.S. is eager to sell more gas to the Continent, Russian fuel simply costs less. Much of the blame goes to the left’s legal and regulatory war on American energy. The best way to bring more countries along is to make American gas more competitive, which happens to be politically popular. Joe Biden, who has been hostile to fossil fuels but would like to win Pennsylvania, said last week that 'fracking is not going to be on the chopping block.' Mr. Biden sent different signals during the Democratic primaries,
so the question is whether he’ll stand up to the left, which has failed to stop oil and gas projects through traditional politics. But its strategy of lawsuits and regulation to choke fossil-fuel producers has been more effective."

Joe unveils his plan to heat American homes with the power of love... and not much else.

** E&E News ([link removed])
(7/15/20) reports: "Joe Biden's $2 trillion infrastructure and clean energy plan announced yesterday may have caught the crest of fast-moving trends that are already carrying the U.S. electric power grid toward a zero-carbon future. Or, rather than leading that charge, the presumptive Democratic presidential nominee may be pushing the industry toward a summit that still is forbiddingly high. Both possibilities are apparent in what's happening in the U.S. electric power sector today. Biden's goal is to eliminate carbon emissions by 2035 from the nation's natural gas and coal power plants, which currently provide nearly two-thirds of U.S. electricity (Greenwire, July 14). To get there, wind, solar, hydropower, nuclear power, battery storage, carbon capture technology and energy efficiency programs would have to fill the gap...Biden's plan now becomes a challenge to President Trump, whose campaign has dismissed the initiative as a gift to the "far left" and predicted it would hobble U.S.
energy efforts, cost consumers and eliminate jobs. 'We know what that kind of radical energy policy looks like, and the studies show clearly it would be devastating to jobs in America, but more importantly it would potentially double or triple the household electricity cost for hardworking families in America,' House Minority Whip Steve Scalise (R-La.) told reporters on a Trump campaign call yesterday. 'That's not the direction we want to go.'"

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While Biden bans fire, China hits the gas.

** S&P Global ([link removed])
(7/14/20) reports: "China's crude oil imports surged 34.4% year on year to all-time high of 12.99 million b/d or 53.18 million mt in June as Chinese buyers who rushed into the market to secure cheap crudes in late March received their deliveries in the month, preliminary General Administration of Customs data showed July 14. It was the first time China's monthly crude imports had surpassed 12 million b/d, and was 14.6% higher than the previous record high of 11.34 million b/d in May, GAC data showed. The record-high inflow was within expectations, but has caused serious congestion in China waters, S&P Global Platts has reported. The record June volume brought imports for the first half of 2020 to 10.82 million b/d, up 9.3% on year, despite inflow hitting an eight-month low of 9.72 million b/d in March amid the coronavirus pandemic, the data showed."

Energy Markets


WTI Crude Oil: ↑ $40.38
Natural Gas: ↑ $1.76
Gasoline: ~ $2.19

Diesel: ~ $2.43
Heating Oil: ↓ $124.64
Brent Crude Oil: ↑ $43.01
** US Rig Count ([link removed])
: ↓ 279



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