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DAILY ENERGY NEWS | 09/15/2022
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** If European leaders want more oil and natural gas, they need to renounce net zero. Otherwise, why will private companies make huge investments to increase supply?
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World News ([link removed]) (9/14/22) reports: "The US shale industry has warned it cannot rescue Europe with increased oil and gas supplies this winter amid fears that a plunge in Russian exports will send crude prices soaring back above $100 a barrel. Even though oil markets have softened in recent weeks, the respite could end when an EU embargo on Russian sales comes into full effect later this year. US Treasury secretary Janet Yellen this week warned the embargo 'could cause a spike in oil prices.' However, US shale executives sitting on vast oil and natural gas reserves that could be used to alleviate a European energy crunch say they will be unable to step up supplies quickly enough to prevent winter shortages. 'It’s not like the US can pump a bunch more. Our production is what it is,' said Wil VanLoh, head of private equity group Quantum Energy Partners, one of the shale patch’s biggest
investors. 'There’s no bailout coming,' VanLoh added. 'Not on the oil side, not on the gas side.' Oil and liquefied gas exports from the US have risen to take advantage of higher prices in Europe but are now near a maximum, executives said, warning crude output growth will fall short of government forecasts for around 1mn barrels a day this year. Asked about the prospect of a big production increase from the US shale industry, Scott Sheffield, chief executive of Pioneer Natural Resources, said: 'No, I don’t see it coming.'”
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** "Humankind has made great strides at great costs during the past few centuries to reach the current state of energy abundance that civilization enjoys. Elite policy makers are reversing this progress by denying people the energy they need to prosper and even to survive."
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– Vijay Jayaraj, The CO2 Coalition ([link removed])
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Things are getting pretty dim in Europe.
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Biden's SPR antics just keep getting worse.
** Bloomberg ([link removed])
(9/13/22) reports: "The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter. Biden administration officials are weighing the timing of such a move, with an eye toward protecting US oil-production growth and preventing crude prices from plummeting, said the people, who asked not to be named sharing internal deliberations. The discussions come as West Texas Intermediate, the U.S. benchmark, plunged to almost $81 a barrel last week, its lowest level since January. While President Joe Biden in March ordered the release of an historic 180 million barrels from the Strategic Petroleum Reserve -- an effort to tame skyrocketing oil and gas prices -- officials are now aiming to slow those releases to keep the market in check heading into the winter. At the same time, officials are trying to reassure oil producers that the administration won’t let prices collapse amid intense volatility that’s fueled massive daily
swings. Buying crude to refill the reserve, which is now at the lowest level since 1984 after a record drawdown last week, would be supportive for the market. WTI pared losses to trade near $87 a barrel on the news on Tuesday."
Don't be too hard on Elon. Only Tesla's service fleet is gas-powered because they need long range, reasonable price and good reliability.
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Energy Markets
WTI Crude Oil: ↓ $86.01
Natural Gas: ↓ $8.43
Gasoline: ↓ $3.69
Diesel: ↓ $4.98
Heating Oil: ↓ $318.28
Brent Crude Oil: ↓ $91.34
** US Rig Count ([link removed])
: ↑ 852
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