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MORNING ENERGY NEWS  | 06/23/2021
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Isn't this what President Trump warned us about?


Newsweek (6/21/21) reports: "As temperatures hit triple digits during California's heat wave last week, the state's power grid operators encouraged residents to relieve pressure on the grid by charging their electric vehicles before the peak energy use times of day. The California Independent System Operator (ISO), which oversees the grid, called upon Californians to conserve energy twice last week through the use of Flex Alerts, which ask residents to practice energy conservation on a voluntary basis. Charging electric vehicles before the time period covered by the alerts was included on a list of energy conservation tips the California ISO posted on Twitter, as was avoiding use of large appliances and turning off extra lights. 'Now is the perfect time to do a load of laundry,' the state's Flex Alert Twitter account posted on June 18. 'Remember to use major appliances, charge cars and devices before #FlexAlert begins at 6 p.m. today.'...Increased reliance on solar and wind energy will present a 'tricky problem' regarding 'how much can we move what's currently overnight charging to be during the daytime hours, when generation may be more excessive,' Moniot said."
 

"The oil and natural gas industry play an integral part of West Virginia’s present and future and continues to prove so by producing clean and economical energy for our state and country...When it comes to delivering this outstanding resource, let’s not be our own worst enemy." 

 

– Kelly Moss, Apex Pipeline Services

An oil company worried about profiting too much from oil. Beyond parody.


Reuters (6/22/21) reports: "BP will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Chief Executive Bernard Looney told Reuters on Tuesday. The recent rally in crude prices, which climbed on Tuesday to a more than two-year high above $75 a barrel, is likely to continue, Looney said in an interview at the Reuters Events: Global Energy Transition conference. 'There's a very strong possibility that these prices will sustain over the coming years, and if they do, that's very good for our strategy.' Higher oil prices mean BP will be able to raise more cash from selling assets that will go towards building its renewables and low-carbon business, as well as returning money to shareholders via share buybacks, he said. The 50-year old Irishman brushed aside investor concerns that BP might miss out on the rally because of its plan to slash oil output by 40% and grow its renewables output 20 fold by 2030 as part of its energy transition. 'As people understand we're going to be in the hydrocarbons business for decades to come, that concern has gone away a little bit,' Looney said. 'We want to run the best hydrocarbons business possible. We don't want to run the biggest hydrocarbons business possible.'"

Always read the fine print...

Get those holiday orders in early this year...


Wall Street Journal (6/21/21) reports: "The latest obstacle hitting global shipping is likely to jolt trade flows for several more weeks and could delay shipments heading into the year-end holiday shopping season. Shipping executives say around 50 container ships remain backed up around the Yantian port in Southern China and that some 350,000 loaded containers are stacked up on docks as the major gateway for China goods heading to Western nations struggles to recover from a Covid-19 outbreak that disrupted operations there. The ship bottlenecks began in late May when a coronavirus outbreak forced authorities to shut down parts of Guangdong province, which is home to Yantian, one of the world’s busiest ports and a major gateway for containerized exports like electronics, furniture, home appliances and car parts...Hapag-Lloyd and other big container ship operators, including Denmark’s A.P. Moller-Maersk A/S and France’s CMA CGM SA, expect the peak season of year-end imports to be in full swing at the beginning of July instead of August, which is the case during normal years. 'It’s a crisis of excessively high demand and a severe shortage of supply of vessel space and empty containers,' said Alan Murphy, CEO of Denmark-based marine consulting firm Sea Intelligence ApS. 'Any type of disruption like Yantian can create a lot of mess for an extended period so don’t be surprised if your Christmas shopping list comes out short.'"

Energy Markets

 
WTI Crude Oil: ↑ $73.82
Natural Gas: ↑ $3.34
Gasoline: ↑ $3.07
Diesel: ~ $3.22
Heating Oil: ↑ $217.67
Brent Crude Oil: ↑ $75.74
US Rig Count: ~ 533

 
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