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MORNING ENERGY NEWS  |  12/02/2019
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Looks like Nancy is going to leave impeachment, budget, and trade talks behind as she rides into Madrid on her trusty horse, Rocinante...


New York Post (11/30/19) reports: "House Speaker Nancy Pelosi is jetting off to sunny Spain this week to talk about climate change — leaving looming issues like impeachment, federal budget appropriations and the USMCA trade treaty behind. Only seven voting days remain on Congress’ calendar before lawmakers leave Washington, DC, for their Christmas recess. 'Taking action to protect our planet is a public health decision for clean air and clean water for our children,' Pelosi said Saturday in a statement announcing her trip, which will be joined by 14 other congressional Democrats. Congress returns from its Thanksgiving recess on Tuesday, one day into the United Nations Framework Convention on Climate Change in Madrid, set for Dec. 2-13. The House Judiciary Committee will begin its impeachment hearings on Wednesday, as the conference continues. The Trump administration is sending its own delegation to Madrid, led by Ambassador Marcia Bernicat, a State Department deputy — even though President Trump has started the process of withdrawing the US from the Paris climate accord."

"Collective action works; we have proved that. But to change everything, we need everyone. Each and every one of us must participate in the climate resistance movement."

 

– Greta Thunberg,
Anti-education activist

Sounds like the Europeans really have their priorities in order.


Reuters (11/28/19) reports: "Almost half of all Europeans fear climate change more than losing a job or of a terrorist attack, a study by the European Investment Bank (EIB) showed on Thursday as EU lawmakers declared a 'climate emergency.' The symbolic vote by lawmakers was designed to pressure for action against global warming at an upcoming United Nations summit. The EIB survey of 30,000 respondents from 30 countries, including China and the United States, showed 47% of Europeans saw climate change as the number one threat in their lives, above unemployment, large scale migration and concerns about terrorism. 'European citizens are highly concerned about climate change and its impact on their everyday life and future,' said Emma Navarro, EIB Vice-President responsible for climate action and the environment."

We might be new to this, but we're ready for the big spot.


Seeking Alpha (12/1/19) reports: "Amid the shale boom and President Trump's drive for American energy independence, the U.S. has posted its first full month as a net exporter of crude oil and petroleum products since government records began in 1949. The nation exported 89K barrels a day more than it imported in September, according to data from the Energy Information Administration. Analysts at Rystad Energy predict the U.S. is only months away from achieving total energy independence, citing surging oil and gas output, and the growth of renewables."

Keep your eyes on Bill!


Wall Street Journal (11/29/19) reports: "Bill Armstrong, one of America’s last oil wildcatters, had a hunch there was one more fortune just waiting to be tapped. Computer screens at his company, Armstrong Oil & Gas Inc., glowed with clues pointing to an undiscovered oil field on Alaska’s North Slope. The biggest oil explorers had long ago abandoned the area. And oil companies had already picked over what had been one of the world’s biggest discoveries...The availability of U.S. oil from shale fields has helped create a global surplus and soured interest in wildcatting, where just one well in 10 might yield profits. The industry spent about $28 billion seeking new oil and gas fields last year, down almost 70% compared with five years ago, according to analytics firm Wood Mackenzie Ltd. Discoveries in the past three years were the lowest in more than seven decades, according to industry data provider IHS Markit...When Mr. Armstrong asked the team whether it was likely that Alaska was hiding one more massive oil field, the debate went on for a year. The team sat at tables set up on the court for the back and forth. For one thing, how could such a find have gone undetected by big oil companies working nearby. There was also the exploration cost, as much as $500 million. Mr. Armstrong, who dresses in jeans and black form-fitting Armani shirts, would have to call on the Hip National Bank, referring to his own pocket. He would be repaid only when an oil company agreed to buy his discovery—if he found one. He came to a decision a decade ago. Nobody was surprised. The company would embark on one last costly, risky adventure. 'We’re looking for buried treasure where nobody’s found it before,' he said. 'We all feel like pirates.'" 

Energy Markets

 
WTI Crude Oil: ↑ $56.42
Natural Gas: ↑ $2.32
Gasoline: ↓ $2.58
Diesel: ↑ $3.01
Heating Oil: ↑ $191.57
Brent Crude Oil: ↑ $61.79
US Rig Count: ↓ 812

 
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