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DAILY ENERGY NEWS | 07/11/2022
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** "A food, energy, and financial crisis has brought down Sri Lanka's government. But the underlying cause is the fact that the nation's political leaders had fallen under the spell of green elites peddling 'ESG' and banning modern fertilizers."
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– Michael Shellenberger, Forbes ([link removed])

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Start splitting wood, Europe. Biden's shutting down LNG.

** Daily Caller ([link removed])
(7/8/22) reports: "The Biden administration is expanding restrictions on carbon emissions that could impact half the liquefied natural gas (LNG) export capacity in the U.S. The Environmental Protection Agency (EPA) is expanding a rule under the U.S. Clean Air Act called the National Emissions Standards for Hazardous Pollutants (NESHAP), which places restrictions on the emission of formaldehyde and benzene from stationary combustion turbines. Starting in August, the rule will now apply to two types of gas-fired turbines that were previously left out of the regulation, the EPA announced in February. Around 250 U.S. gas turbines will be subject to the expanded rule and may no longer be able to operate, according to an EPA list. In March, Cheniere Energy, the top U.S. exporter of liquefied natural gas, requested that the EPA reverse the rule or for the administration to exempt it from the limits on emissions, Reuters reported. The company argued that the rule will slash its capacity for an
extended period, endangering the country’s ability to supply Europe and break its reliance on Russian fuel amid the Russian war in Ukraine and an ongoing energy crisis. President Joe Biden previously vowed to increase LNG shipments to Europe to 50 billion cubic meters per year by 2030, more than double the amount sent there from the United States in 2021, to help wean Europe off Russian imports."

If only a world leader had warned Germany in no uncertain terms that relying on Russia wasn't a good idea.

** Bloomberg ([link removed])
(7/9/22) reports: "On calendars in Germany’s industrial heartland and the halls of power in Berlin, July 11 has been marked in red for weeks. When the main conduit for Russian gas to Europe goes down for 10-day maintenance on Monday, Germany and its allies are bracing for President Vladimir Putin to use the opportunity to cut off flows for good. If Moscow signals the Nord Stream pipeline won’t come back as planned, Chancellor Olaf Scholz’s government would likely trigger emergency measures such as rationing and company bailouts. The consequences would almost certainly mean a deep recession for Europe’s largest economy and create ripple effects across the continent. 'Are we worried? Yes, we’re very worried,' said Christian Kullmann, chief executive officer of German chemical giant Evonik Industries AG. 'It would be naive and starry-eyed not to be worried.' Given Germany’s dependence on Russia for more than a third of its gas supplies and a lack of viable alternatives in the short term, the
chance to inflict damage on Europe in retaliation for sanctions and support for Ukraine may be too good for the Kremlin to pass up. While Moscow denies it’s using energy as a weapon, the calculus for Putin is as straightforward as it is cynical. Europe is desperate to fill up storage to keep homes heated and factories running through the winter. So the sooner Moscow acts to disrupt gas markets further, the higher the prices and the more time Russia has to reap the rewards."

Sri Lanka has one of the highest ESG scores in the world. Enough said.

** Reuters ([link removed])
(7/9/22) reports: "Sri Lanka's President Gotabaya Rajapaksa plans to step down, the country's parliamentary speaker said on Saturday, bowing to intense pressure after a violent day of protests in which demonstrators stormed the president's official residence and set fire to the prime minister's home in Colombo. The announcement, following the dramatic escalation in months of largely peaceful anti-government protests over a dire economic crisis on the Indian Ocean island of 22 million people, triggered an eruption of celebratory fireworks in the city. Speaker Mahinda Yapa Abeywardena said in a video statement that Rajapaksa had informed him that he would step down from his post on Wednesday. 'The decision to step down on 13 July was taken to ensure a peaceful handover of power,' Abeywardena said. 'I therefore request the public to respect the law and maintain peace,' he said. Prime Minister Ranil Wickremesinghe also said he was willing to resign to make way for an all-party government, his
office said in a statement on Saturday evening."

Energy Markets


WTI Crude Oil: ↓ $102.65
Natural Gas: ↑ $6.60
Gasoline: ↓ $4.67

Diesel: ↓ $5.64
Heating Oil: ↑ $373.84
Brent Crude Oil: ↓ $105.19
** US Rig Count ([link removed])
: ↑ 837



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