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MORNING ENERGY NEWS | 07/13/2021
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** How can natural gas prices be going up? What about all that free "Green Energy?"
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Wall Street Journal ([link removed]) (7/13/21) reports: "A scramble for natural gas is creating pockets of scarcity in the global market, boosting prices for the fuel and for the electricity generated by burning it. Rampant demand in China is sucking in chilled cargoes of gas from the U.S., after a year in which American energy companies throttled back production. A drought in Brazil has added to the competition by curtailing power output from hydroelectric dams. Searing heat in Canada and the Pacific Northwest has also lifted gas demand. Some places are missing out, like Pakistan, where a shortage of gas and the delayed onset of the summer monsoon have prompted power outages. Europe, in particular, is feeling the pinch. With vessels of liquefied natural gas heading to Asia, buyers on the continent have struggled to replenish tanks and caverns after a long and cold winter. Storage levels are
the lowest for this time of year in a decade, said Natasha Fielding, a gas analyst at Argus Media. The price of gas at a trading hub in the Netherlands shot to a record $13.10 per million British thermal units in July, according to S&P Global Platts data going back to 2004. Barring mild temperatures this winter, gas prices are likely to remain elevated globally for at least another year, according to Chris Midgley, head of analytics at the commodities-data firm."
** "Comparing the US and Europe, Europe is about 40% below the US in GDP Per Capita, and the the US is about 60% above Europe. So Europe’s institutions do on the order of 5-10 times more damage to GDP than climate change."
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– John Cochrane, The Hoover Institution ([link removed])
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American producers are due for a "W."
** OilPrice.com ([link removed])
(7/8/21) reports: "After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production before demand falls as per WSJ. The market fears that the UAE might 'want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines,' Phil Flynn, market analyst at Price Futures Group, has told MarketWatch...Still, oil prices remain within touching distance of recent multi-year highs, with WTI trading at $72.02/bbl while Brent was changing hands at $73.34/bbl on Thursday morning. In fact, the latest bout of market volatility is within volatility levels normally seen around the July 4 holiday. Indeed, Rystad Energy says the U.S. shale industry is on course to set a significant milestone in 2021: Record pre-hedge
revenues...According to the Norwegian energy navel-gazer, U.S. shale producers can expect a record-high hydrocarbon revenue of $195 billion before factoring in hedges in 2021 if WTI futures continue their strong run and average at $60 per barrel this year and natural gas and NGL prices remain steady. The previous record for pre-hedge revenues was $191 billion set in 2019."
And that's the "cash price."
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Okay, readers, we provide the set-up, you provide the punchline...
** Reuters ([link removed])
(7/9/21) reports: " Using a toilet can pay for your coffee or buy you bananas at a university in South Korea, where human waste is being used to help power a building. Cho Jae-weon, an urban and environmental engineering professor at the Ulsan National Institute of Science and Technology (UNIST), has designed an eco-friendly toilet connected to a laboratory that uses excrement to produce biogas and manure. The BeeVi toilet - a portmanteau of the words bee and vision - uses a vacuum pump to send faeces into an underground tank, reducing water use. There, microorganisms break down the waste to methane, which becomes a source of energy for the building, powering a gas stove, hot-water boiler and solid oxide fuel cell. 'If we think out of the box, faeces has precious value to make energy and manure. I have put this value into ecological circulation,' Cho said. An average person defecates about 500g a day, which can be converted to 50 litres of methane gas, the environmental engineer said. This
gas can generate 0.5kWh of electricity or be used to drive a car for about 1.2km (0.75 miles). Cho has devised a virtual currency called Ggool, which means honey in Korean. Each person using the eco-friendly toilet earns 10 Ggool a day."
Energy Markets
WTI Crude Oil: ↑ $74.17
Natural Gas: ↓ $3.72
Gasoline: ~ $3.14
Diesel: ~ $3.26
Heating Oil: ↑ $215.44
Brent Crude Oil: ↑ $75.36
** US Rig Count ([link removed])
: ↓ 534
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