Your Morning Energy News
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MORNING ENERGY NEWS | 10/20/2021
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** Energy poverty is all part of the plan for greater climate equity.
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Deutsche Welle ([link removed]) (10/17/21) reports: "The number of people unable to heat their homes this winter is expected to rise, says EU Labor Commissioner Nicolas Schmit. Rising global energy prices are causing a huge spike in heating bills. European Union Labor Commissioner Nicolas Schmit on Sunday warned of a rise in so-called energy poverty in Europe this winter due to the sharp rise in energy prices. He told Germany's DPA news agency that there are already millions of people in Europe not able to heat their home sufficiently 'and this number could rise further.' While the European Commission can help EU countries to limit the impact of the high energy priceson the public, Schmit said it was primarily up to national governments to take action. A household is said to be in fuel or energy poverty when its members cannot afford to keep their property adequately warm at a reasonable cost. In September, the European
Trade Union Confederation (ETUC) warned that more than 2.7 million people in Europe could not afford to keep their homes reasonably warm, even though they had jobs. Last week, Germany slashed its tax on renewable energy by a third. The levy accounts for one-fifth of German consumers' power bills."
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** And it's not just across the pond..."It may indicate players are preparing for propane-market Armageddon" That doesn't sound good.
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Bloomberg ([link removed]) (10/17/21) reports: "U.S. propane prices are so high and supplies so scarce that the market appears headed for 'armageddon' during the depths of winter, according to research firm IHS Markit Ltd. Stockpiles of the key heating fuel and manufacturing feedstock in the world’s biggest economy probably have already topped out for the year and will be stretched as cold weather descends in coming weeks, Edgar Ang, an IHS analyst, said during a webcast presentation on Tuesday. Prices for the first quarter of 2022 are so far above later-dated supplies that 'it may indicate players are preparing for propane-market armageddon,' Ang said. Some regions may face outright shortages before the end of winter, he said. Prices for the first quarter of 2022 are so far above later-dated supplies that “it may indicate players are preparing for propane-market armageddon,” Ang said. Some
regions may face outright shortages before the end of winter, he said."
** "Europe’s willingness to harm itself in the name of unachievable climate goals is one of the greatest acts of democratic self-sabotage in history. Yet Europe’s leaders are heading to the global climate confab next month in Glasgow to increase their energy masochism. And America’s President Biden is eager to join them in abandoning energy security. Mr. Putin must be amazed at his strategic luck."
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– Wall Street Journal Editorial Board ([link removed])
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People need energy, even when the rich & famous think they don't.
** Politico ([link removed])
(10/19/21) reports: "Governments in rich countries pledged last year to spend trillions of dollars to rescue their economies from the trough of the pandemic — and to channel that gusher of cash in ways that would aid the fight against climate change. The climate change strategy largely failed. More than 18 months later, mounting evidence shows that the spending did little to alter the trajectory that has the planet on a path toward blowing through global emissions targets. In fact, much of the stimulus spending was directed toward a 'brown' recovery that pumped money into polluting industries and energy sources like coal, oil and natural gas. Nations unleashed their spending in a way that was open to all sectors, helping their incumbent industries rather than funding the promised transformation to a clean economy. The failure to deliver on pledges made just last year presents a grim backdrop as nearly 200 countries prepare to gather in November in Glasgow, Scotland, for the latest round of
global talks to rein in greenhouse gases and cope with problems already arising from climate change. That meeting comes while much of the world faces a global energy shortage as it emerges from the pandemic that has sent prices soaring, even prompting the climate-focused White House to ask oil executives how they might tamp down fuel costs."
If you want people to thrive, empower them with affordable, reliable energy.
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Who knew?
** Mining.com ([link removed])
(10/19/21) reports: "The world’s top automakers face disruption from tight global supplies of magnesium, as China’s power crisis threatens availability of the key component used to make aluminum, Germany’s association of metals producers WVM said on Tuesday. European magnesium stocks have been particularly affected by the lack of supplies from China, which has a near monopoly on the magnesium market, the association said in a letter to the German government. The worst part of this shortage is about to come, it noted. 'It is expected that the current magnesium inventories in Germany and respectively in the whole of Europe will be exhausted by the end of November 2021,' the letter said. Magnesium is used for a range of products, especially aluminum alloys, which are used in several auto-parts from gearboxes and steering columns to seat frames and fuel tank covers. China, which is Europe’s main magnesium supplier, has ordered roughly 35 of its 50 magnesium smelters to close until the end of
the year to conserve power supplies. What makes the shortage a pressing issue is that there are no substitutes for magnesium in aluminum sheet and billet production. 'Thirty-five per cent of downstream demand for magnesium is auto sheet — so if magnesium supply stops, the entire auto industry will potentially be forced to stop,' Barclays analyst Amos Fletcher said in a report quoted by the Financial Times."
Energy Markets
WTI Crude Oil: ↓ $81.95
Natural Gas: ↓ $4.95
Gasoline: ↑ $3.35
Diesel: ↑ $3.56
Heating Oil: ↓ $253.96
Brent Crude Oil: ↓ $84.17
** US Rig Count ([link removed])
: ↓ 637
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