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DAILY ENERGY NEWS  |  12/03/2020
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Get the highlights from President "Rig Count's" latest self-aggrandizement, and much more.

"If California wants to do a better job at providing continuous uninterruptable power to its residents, they need to build power plants “in” California, which means natural gas, nuclear, or hydro, all of which are the exact power plants that California wants to be rid of."

 

– Ronald Stein, P.E.,
Heartland Institute

How's that Green New Deal workin' out for ya? 


Asia Times Financial (12/1/20) reports: "China implemented its Export Control Law on Tuesday December 1, which looks likely to have a major impact on the rare earths sector and possibly other industries. The Export Control Law was endorsed by the Standing Committee of the 13th National People's Congress. It highlights the Chinese government's determination to 'uphold the rule of law and maintain trade fairness in the context of counter-globalisation', the Party says. The law aims to safeguard China's security and interests in the current 'complex international trade environment', otherwise known as a trade war with the United States and a global recession caused by the coronavirus pandemic. The law, to be overseen by China Customs officials, is China's first special law in the field of export control, aside from cultural relics. It stipulates that the state will implement export control on dual-use items such as military products, nuclear, and other goods, technologies, services, rare earths and other items related to national security and interests, and fulfilling international obligations such as non-proliferation. The Export Control Law means China now has a mechanism to further reduce rare earth exports, according to Netease news. If so, it is likely to cause the global supply of rare earth elements to shrink, so the price of these mineral elements has continued to rise recently, as demand for rare earths has increased." 

Darn shame China's thinking of cutting us off.


Mining.com (12/2/20) reports: "A new research note from battery supply chain specialist and price reporting agency, Benchmark Mineral Intelligence, has a warning for carmakers about the direction of battery prices used in electric vehicles – that they won’t fall indefinitely. Andrew Leyland, Head of Strategic Advisory at Benchmark, points out that lithium-ion battery cell prices have fallen from $290 per kiloWatt hour six years ago to $110/kWh today, driven by economies of scale and technological improvement...Given the chasm between future demand for battery raw materials used in electric vehicles and new supply entering the market over the next decade, the current low price environment for lithium, cobalt, graphite and less so nickel is not likely to endure. Benchmark estimates lithium supply has to double every four to five years to meet demand. For the other metals, additional supply required is of similar magnitude, but incentive for new mining projects is simply not there at today’s prices."

Honesty for a change!  How rare! 


E&E News (12/3/20) reports: "Petrobras is pledging a 25% cut in carbon emissions by 2030, but that hasn't stopped Chief Executive Officer Roberto Castello Branco from dismissing pledges by peers to completely neutralize their carbon footprints two decades later. 'That's like a fad, to make promises for 2050. It's like a magical year,' the head of Brazil's state-controlled oil giant said in an interview. 'On this side of the Atlantic we have a different view of climate change.' His stance more or less echoes those of U.S. oil giants Exxon Mobil Corp. and Chevron Corp., which have emission reduction plans but have been outspoken about their focus on crude. Shale explorer Occidental Petroleum Corp. recently became the first large American oil producer to aim for net zero emissions from everything it extracts and sells by 2050. Royal Dutch Shell PLC, BP PLC and other major European producers were the first to make similar pledges. Even though Petrobras' emissions cut goal is more modest, it still underscores the growing importance of environment, social and governance, or ESG, to investors and the general public."

Energy Markets

 
WTI Crude Oil: ↓ $45.11
Natural Gas: ↓ $2.59
Gasoline: ↑ $2.16
Diesel: ~ $2.43
Heating Oil: ↑ $136.62
Brent Crude Oil: ↓ $48.19
US Rig Count: ↑ 401

 
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