Your Morning Energy News
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MORNING ENERGY NEWS | 11/18/2020
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** Communist duplicity on full display, but the 'build back better' crowd is still demanding unquestioned adherence to Paris.
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Reuters ([link removed]) (11/17/20) reports: "China’s commercial oil stockpiling sector, which emerged as a key swing buyer of crude as prices plunged earlier this year, is setting plans to grow again in 2021, supporting a further boost in imports. Private tank farm operators, refiners and traders pumped an extra 310-600 million barrels of oil into storage in China this year, according to a survey of five analysts, more than a month’s usage in the world’s second-largest oil consumer. The buying helped prop up global oil markets as the coronavirus slashed demand, and delivered big profits for operators, traders and refiners who were able to stock up cheaply. While oil prices have partly recovered, they remain below historical levels. 'Given how lucrative the storage business is in 2020, everyone will try to boost their storage capacity,' said Liu Yuntao,
China analyst with Energy Aspects. Private refiners and storage operators will put about another 100 million barrels of new tanks to use in 2021, according to interviews with six top storage operators and data from company and Chinese media reports. With Chinese demand a key factor for crude markets -- along with output curbs by major producers and how quickly global fuel demand can recover from the pandemic -- more storage can potentially boost flows into the country."
** "While activists and politicians endlessly tout electric vehicles as a ‘zero emissions’ solution to climate change and air pollution, replacing gasoline with electricity as the energy source for personal transportation does not eliminate emissions of air pollutants and carbon dioxide so much as displace them."
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– Ben Lieberman, Competitive Enterprise Institute ([link removed])
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Sort of like when your cousin, whom you never talk to, takes advice from your brother you don't like.
** Motor Authority ([link removed])
(11/18/20) reports: "The United Kingdom is going ahead with plans to bring forward an earlier proposed ban on sales of new cars powered purely by either gasoline or diesel from 2040 to 2030. Some hybrid cars capable of driving in zero-emission mode for extended periods will be allowed to remain on sale until 2035 under the new plans. The new plans were confirmed by U.K. Prime Minister Boris Johnson in an interview with the Financial Times published Tuesday. 'Now is the time to plan for a green recovery with high-skilled jobs that give people the satisfaction of knowing they are helping to make the country cleaner, greener and more beautiful,' he said. A ban on sales of new internal-combustion cars by 2040 was first confirmed in 2018, as part of a broader strategy to achieve net-zero carbon emissions by 2050. The 2040 deadline has been criticized as not aggressive enough. In May, U.K. transport secretary Grant Shapps said sales of new internal-combustion cars could be ended by 2035 or
2032...While the Trump administration has sought to roll back federal emissions standards, California Governor Gavin Newsom signed an executive order in September aiming to end sales of new gasoline cars by 2035. The Canadian province of Quebec also said this week it will ban the sale of new gasoline cars from 2035."
Sure, why shouldn't the government forcefully change 100+ years of consumer preference in a decade? What could go wrong?
** E&E News ([link removed])
(11/17/20) reports: "A coalition of electric vehicle manufacturers, utilities and mineral companies today launched a group to press for the United States to reach 100% electric vehicle sales by 2030. The group, dubbed the Zero Emission Transportation Association, comes as President-elect Joe Biden prepares to enter the White House with plans to boost EV adoption to fight climate change. 'Our north star is that we want to put in place policies to enable every vehicle sold by 2030 to be an EV,' Joseph Britton, the association's executive director, said in an interview. 'That takes a lot of work and the right balance and sequencing of policies, but ultimately it's going to be consumers that are choosing this, so we want to put in place the support and incentives to make that a reality,' he added. Members of the group include Tesla Inc., which has dominated the domestic EV market in recent years, and Lordstown Motor Corp., an Ohio-based startup that plans to deliver an all-electric pickup truck
in fall 2021."
The Fed slowly starting to jump on climate. Suddenly this guy doesn't sound so crazy...
** Reuters ([link removed])
(11/9/20) reports: "The U.S. Federal Reserve for the first time called out climate change among risks enumerated in its biannual financial stability report, and warned about the potential for abrupt changes in asset values in response to a warming planet. 'Acute hazards, such as storms, floods, or wildfires, may cause investors to update their perceptions of the value of real or financial assets suddenly,' Fed Governor Lael Brainard said in comments attached to the report, released Monday...'Increased transparency through improved measurement and more standardized disclosures will be crucial,' Brainard said. 'It is vitally important to move from the recognition that climate change poses significant financial stability risks to the stage where the quantitative implications of those risks are appropriately assessed and addressed.' Monday’s report comes just days after Joe Biden won the U.S. presidential election against President Donald Trump, who has downplayed the risks of climate change.
Biden has promised to put fighting climate change back on the U.S. policy agenda."
Energy Markets
WTI Crude Oil: ↑ $42.08
Natural Gas: ↑ $2.74
Gasoline: ~ $2.12
Diesel: ↑ $2.39
Heating Oil: ↑ $126.78
Brent Crude Oil: ↑ $44.59
** US Rig Count ([link removed])
: ↑ 377
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