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MORNING ENERGY NEWS | 07/27/2020
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** Focus on the numbers for the people not paying attention.
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Washington Examiner ([link removed]) (7/26/20) column: "Average folks who are in need of reliable and affordable energy sources during the COVID-19 pandemic are up against a 'big green' machine that is burrowing into cities and municipalities. While President Trump champions policies for affordable energy, Joe Biden is favoring restrictions on the use of fossil fuels that will impact local communities most in need of financial relief. Biden recently unveiled a 'clean energy plan' that calls for the United States to achieve net-zero emissions by 2050...The Institute for Energy Research, a nonprofit group that favors free market policies in the energy sector, finds that the Biden plan would only serve to exacerbate the economic fallout from COVID-19. The attempt to eliminate emissions from the power grid by 2035 'might be a renewables-only approach or a net-zero carbon dioxide
emissions goal that would include nuclear energy and carbon-capture technology,' IER explains. 'But Biden’s $2 trillion proposal is not a policy to recover from the devastation of the COVID-19 recession because the time goals are not consistent, and changing the energy portfolio of the nation is an extremely costly endeavor that requires reallocating labor, capital, and innovation.'"


** "The U.S. shale gas boom of recent years has enabled domestic job creation and economic growth, and it has recast the U.S. role in the global energy landscape. The growing availability of low-cost shale gas could catalyze a renaissance in U.S. manufacturing."
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– Barteau et. al, University of Michigan ([link removed])

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Massachusetts welcomes California chefs.

** E&E News ([link removed])
(7/24/20) reports: "Massachusetts Attorney General Maura Healey (D) struck down what would have been the East Coast's first ban on natural gas this week in a victory for fossil fuel groups and other opponents of the regulation. The ban, passed last fall in the Boston suburb of Brookline as a town bylaw, would have prohibited new residences from installing gas infrastructure for space heating and hot water. Inspired by similar legislation in Berkeley, Calif., the bylaw was the first and only gas ban to be approved outside the Golden State. Its backers overcame a last-minute campaign by oil and gas interests, which sent representatives to Brookline town meetings and sought to rally local officials against the measure. But on Tuesday, Healey concluded that the gas ban conflicts with existing state laws, effectively killing it."

It takes a lot of pipelines to make solar panels, wind turbines, inverters and batteries for export to the United States.

** Reuters ([link removed])
(7/23/20) reports: "China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion). Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec, in return for cash and equity in the pipeline company. The creation of PipeChina is aimed at providing neutral access to the country’s pipeline infrastructure, much of which is owned by PetroChina, in a bid to help small and non state-owned companies and encourage investment in the sector. Investment banks Morgan Stanley and Goldman Sachs had been tapped to act as advisers in the transfer of pipeline assets, which analysts had previously valued at more than $40 billion. The government aims to have PipeChina operating by end-September."

Rise and grind.

** FX Empire ([link removed])
(7/22/20) reports: "The West Texas Intermediate Crude Oil market has gapped a little bit lower during the trading session on Wednesday to hang about the 200 day EMA. However, the Tuesday candlestick which was so bullish tells me that we are more likely than not to turn around and rally. If we can break above the highs from the Tuesday session, then it is very likely that we go looking towards the $49 level via the $45 level above. The $40 level underneath continues to be massive support, an area that has been rather supportive of the last couple of weeks. The 50 day EMA underneath is even more supportive, so I think this is a 'buy on the dips' type of scenario. Brent markets also gap the little bit lower to kick off the trading session, as we are in the middle of the overall range which I believe is being defined by the 50 day EMA and the 200 day EMA. With that being said, I do think there is more of an upward grind ahead than down, and I like the idea of buying pullbacks as they offer
value. A break above the 200 day EMA allows this market to go towards the $50 level, which of course has a certain amount of psychological significance baked in. The market has been relatively steadfast in its move higher, although it has not exactly been an explosive. The falling US dollar will probably continue to favor the upside in this market."

Energy Markets


WTI Crude Oil: ↓ $40.89
Natural Gas: ↓ $1.78
Gasoline: ~ $2.18

Diesel: ~ $2.43
Heating Oil: ↓ $124.58
Brent Crude Oil: ↓ $42.90
** US Rig Count ([link removed])
: ↓ 284



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