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MORNING ENERGY NEWS | 12/07/2020
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** Largest oil reserves in the world + socialism = fuel shortages and imports.
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Bloomberg ([link removed]) (12/4/20) reports: "Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with knowledge of the matter. Some of the flotilla of about 10 Iranian vessels will also help export Venezuelan crude after discharging fuel, the people said, asking not to be named because the transaction is not public. The Nicolas Maduro regime is widening its reliance on Iran as an ally of last resort after even Russia and China have avoided challenging the U.S. ban on trade with Venezuela. The country’s fuel crunch follows decades of mismanagement, corruption and under-investment at state-owned Petroleos de Venezuela since the time of Maduro’s late mentor and predecessor, Hugo Chavez. The country that was once a top supplier of crude to the U.S. and boasted one of the
lowest domestic gasoline prices in the world, now can barely produce any fuel. The last Iranian fuel shipments sent in early October on three vessels are running out, threatening steeper nationwide shortages with hours-long queues at gas stations."


** "Next time you hear politicians, from the prime minister down, boast about the fantasy number of green jobs they’re going to create, remember the sorry case of the BiFab yard in Scotland, now plunged into administration despite £52m in taxpayer aid since 2017. All gone."
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– Andrew Neil, The Spectator ([link removed])

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Because the last thing people need in Ghana is affordable, reliable electricity.

** BBC ([link removed])
(12/1/20) reports: "A climate activist has been awarded a prestigious Goldman Environmental Prize for leading a grassroots campaign to stop a new coal-fired power station being built in Ghana. Chibeze Ezekiel worked with local communities to highlight the damage the power station would have caused, and persuaded his government that renewable energy was the way forward."

Something is rotten in the state of Denmark.

** Wall Street Journal ([link removed])
(12/4/20) reports: "Denmark is to end all new oil and gas exploration with immediate effect as part of a plan to phase out fossil fuels by 2050, one of the most drastic moves by a crude-producing nation to curb carbon emissions. The country’s parliament agreed to scrap planned licensing rounds in the North Sea and said extraction of oil and gas must end by the middle of the century, at which point Denmark aims to be carbon neutral. While Denmark is a small oil producer by global standards, it is the most significant move to ban fossil-fuel extraction, following more symbolic gestures from countries such as France and New Zealand. The move highlights a global shift away from fossil fuels as countries and companies seek to reduce carbon emissions with the aim of limiting global warming...While its output is dwarfed by the U.S. and Middle Eastern countries, Denmark is the largest oil producer in the European Union, which excludes Norway and the U.K. The Danish Energy Agency forecasts the
Scandinavian country will produce just over 100,000 barrels of oil and gas a day this year."

China controls the world's AOCinium, necessary for Joe's Green New Deal.

** OilPrice.com ([link removed])
(12/4/20) reports: "BMO Capital Markets says that a surge in the price of Chinese rare earth metals in November is a reflection of the geopolitical tensions between that country and the developed world. Commenting on the sudden price gains in a research note, BMO’s commodity analyst Colin Hamilton also said that as nations around the world consider self-sufficiency in rare earths and other critical minerals, while also enacting more trade restrictions and economic protectionism, the market 'is set for long-lasting transformation over the coming years, one that we believe will likely lead to a gradual erosion of Chinese dominance in processing capacity.' November saw the prices of all major Chinese-sourced rare earths spike, but especially those used in magnets. In particular, the research note mentioned neodymium, which is the most common rare earth used in making magnets, which rose by 27% since early in November, up over 50% year to date. Several other key rare earths also increased in
value last month, including dysprosium (+17%), gadolinium (+9%) and terbium (+27%). Another factor in the price surge is a new law that came into force in China on December 1, Hamilton noted. Known as the Export Control Law, it creates new regulations that give the government more control over such exports as technology and rare earths."

Energy Markets


WTI Crude Oil: ↓ $45.93
Natural Gas: ↓ $2.40
Gasoline: ↑ $2.16

Diesel: ~ $2.44
Heating Oil: ↓ $139.57
Brent Crude Oil: ↓ $48.89
** US Rig Count ([link removed])
: ↑ 407



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