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MORNING ENERGY NEWS | 10.9.2019
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** Satire...at least for now.
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Babylon Bee ([link removed]) (10/7/19) "reports": "A series of new bills working their way through state legislatures in New York, California, Oregon, Hawaii, and several other progressive states will require you to listen to a Greta Thunberg lecture before purchasing gasoline. Motorists will be required to watch a 20-minute lecture by the 16-year-old climate activist before they purchase gallons and gallons of harmful fossil fuels. 'We want to make sure drivers are informed,' said California Governor Gavin Newsom, who says he will sign the bill into law. 'So we are having them get lectured by a 16-year-old so they will have all the facts before they do something rash like put gasoline in their cars to go to work.' Once the driver has listened to Thunberg's entire lecture, they will be prompted to complete a quick, fifteen-question quiz to show they understand how horrible they are for
driving a car. Drivers who get at least 80% will then be allowed to refuel their vehicles. As they refuel, the screen will simply play a clip of Thunberg saying, 'How dare you!' over and over again. The law will not apply to celebrities purchasing jet fuel."


** "Price is not the whole answer; the poor are more adversely impacted by pricing, so we should mandate strict performance standards for technologies or ban some energy sources unless mitigated."
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– ([link removed]) S ([link removed]) ir Mark Moody-Stuart, Global Compact Foundation ([link removed])

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Watch out Elon, you might end up selling more coal than solar panels.

** E ([link removed])
** &E News ([link removed])
(10/8/19) reports: "The hottest marketing tool of North Dakota's coal industry is blue, goes from zero to 60 in 2.7 seconds and is a hit with youngsters. It's a zero-emissions electric Tesla Model X. The coal industry is one of the world's biggest sources of carbon emissions and usually finds electric cars an awkward topic. Many Tesla owners, after all, got the car at least in part because they consider fossil fuels, including oil and coal, a grave threat to the climate. But the Lignite Energy Council, which represents the state's coal mines and the power companies that use the fuel for generation, is diving headfirst into the paradox...North Dakota only has 144 electric vehicles at last count, and part of the reason for their lack of popularity is a scarcity of charging stations. That has been a focus of the Lignite Energy Council's work....To fill that gap, the coal group chipped in $5,000 to build a charging station in the parking garage of Sanford Medical Center in Fargo and is
donating $3,500 for a new charger at the Badlands Dinosaur Museum in Dickinson."

These blackouts are not about climate change. They are a consequence of California's Green New Deal.

** Bloomberg ([link removed])
(10/9/19) reports: "PG&E Corp., the California utility giant forced into bankruptcy by two years of devastating wildfires, is carrying out the biggest planned blackout yet to keep power lines from sparking more blazes. Cutoffs began overnight Wednesday, with the first phase impacting about 513,000 customers. The company began cutting power in an orchestrated shutoff that will eventually plunge almost 800,000 customers into darkness across Northern California, including parts of Napa Valley and the San Francisco Bay Area. Altogether, more than 2.7 million people may be affected, based on city estimates and the average size of a U.S. household...'We have a grid that was built to manage a set of circumstances that don’t exist anymore,' said Michael Wara, director of the Climate and Energy Policy Program at Stanford University. 'We are having to adapt to new circumstances brought about by climate change.' He estimated PG&E’s blackout for two days could have an economic impact of as much as $2.6
billion, using a planning tool developed by Lawrence Berkeley National Laboratory."

Shake it up.

** Forbes ([link removed])
(10/3/19) column: "The term 'LNG market' might be considered oxymoronic given the history of the industry, which can arguably be described as an oligopoly. Typically, a liquefaction project followed a certain trajectory: find enough gas to fulfill a long-term deal, locate a buyer willing to commit to a long-term contract (15 or 20 years) with restrictions preventing resale of LNG cargoes (destination restrictions) to reduce competition, high take-or-pay clauses, and prices indexed to crude oil, based on the relative heat contents. (Which is like pricing tea based on the caffeine content relative to coffee.) The spot market was extremely thin. Enter U.S. exporters, with the charge being led by Cheniere Energy. They have shaken up the industry by offering gas with prices indexed to Henry Hub natural gas prices, rather than crude oil prices, and often eschewing destination restrictions, while pursuing small-scale, short-term sales when profitable. (Customers in 2018 include Jamaica and
Malta, both too small to be on traditional LNG exporters’ radar.) This is an excellent example of animal spirits at work: aggressively seeking profitable business rather than avoiding competition that might reduce prices."

** ([link removed])

Do you have your bidding number yet?

** S&P Global ([link removed])
(10/7/19) reports: "The US will hold its next auction for oil and natural gas drilling rights in federal Gulf of Mexico waters March 18, the Bureau of Ocean Energy Management said Monday. Lease Sale 254 will offer 78 million acres and 14,585 blocks, or nearly all available Gulf of Mexico waters not currently facing a drilling prohibition, such as much of the eastern Gulf, which remains under a congressional moratorium. US Gulf of Mexico production is forecast to average 1.81 million b/d this month, up from 1.75 million b/d in October 2018, according to the US Energy Information Administration. US Gulf output is forecast to climb to 2.11 million b/d by December 2020, according to EIA. March's planned sale would follow the previous lease sale in August, which generated $159 million in high bids -- 35% less than the previous sale earlier this year, but enough to make combined 2019 sale totals the highest since 2015."

They've been at it for thirty years and now we're supposed to be impressed?

** E&E News ([link removed])
(10/8/19) reports: "For 30 years, the Intergovernmental Panel on Climate Change has been issuing increasingly dire reports on the impacts and consequences of human-induced climate change. Now, IPCC authors think their message may finally be getting through. In late September, scientists presented to governments their 'Special Report on the Ocean and Cryosphere in a Changing Climate' (SROCC) during talks in Monaco. The document is arguably the most alarming to come out of the IPCC process, with authors sourcing some 7,000 academic studies to present the current state of understanding of how climate change is affecting oceans, the poles and high-altitude glaciers. Contrary to expectations, IPCC authors said they experienced little resistance to their warnings and far less pushback from governments compared to prior rounds of reporting...The IPCC now is in the midst of its most active period since the U.N. advisory panel's founding. The hundreds of scientists volunteering their time to inform
the IPCC process have issued three special reports within a year, while simultaneously pressing forward on a sixth comprehensive assessment."

Energy Markets


WTI Crude Oil: ↑ $53.09
Natural Gas: ↓ $2.29
Gasoline: ↓ $2.64

Diesel: ↓ $3.00
Heating Oil: ↑ $192.57
Brent Crude Oil: ↑ $58.82
** US Rig Count ([link removed])
: ↓ 883



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