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DAILY ENERGY NEWS | 10/13/2022

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Who's old enough to remember when even the suggestion of collusion with a foreign power to sway an election was worthy of years of impeachment drama?

Daily Wire (10/13/22) reports: "Saudi Arabia slammed President Joe Biden’s administration in a statement Wednesday for trying to pressure OPEC+ into not cutting oil production before next month’s midterm elections, saying that the decision would have had 'negative economic consequences.' The Saudi-led OPEC+ oil cartel announced earlier this month that member states would cut oil output by 2 million barrels per day starting in just a couple of weeks, which triggered backlash from the Biden administration. Biden responded to the announcement that there would be 'consequences' for Saudi Arabia’s actions, although he did not give specifics. The New York Times reported that Biden 'expressed openness to retaliatory measures offered by congressional Democrats such as curbing arms sales or permitting legal action against the cartel.' The administration wanted Saudi Arabia to wait another month until OPEC+ members were expected to meet again on November 3rd to make any decisions. That date is just days before the U.S. midterm elections."

“The conversation [about energy] in the developed world for sure has skewed towards climate, taking affordability and security for granted...The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow, and five years from now, 10 years from now, 20 years from now."

– Mike Wirth, Chevron

Will the World Bank and the Clinton Foundation be pushing clean cookstoves for Europe?

Fortune (10/8/22) reports: "Not far from Berlin’s Tempelhof airport, Peter Engelke is putting up a new security gate at his warehouse because of concerns about desperate people pilfering his stock. The precious asset at risk is firewood. Engelke’s actions reflect growing anxiety across Europe as the continent braces for energy shortfalls, and possible blackouts, this winter. The apparent sabotage of the Nord Stream gas pipeline is the latest sign of the region’s critical position as Russia slashes supplies in the standoff over the war in Ukraine. At a summit in Prague on Friday, European Union leaders fell short of agreeing on a price cap for gas amid concerns that any such move could threaten supplies to the region. As much as 70% of European heating comes from natural gas and electricity, and with Russian deliveries drastically reduced, wood — already used by some 40 million people for heating — has become a sought-after commodity. Prices for wood pellets have nearly doubled to 600 euros a ton in France, and there are signs of panic buying of the world’s most basic fuel. Hungary even went so far as to ban exports of pellets, and Romania capped firewood prices for six months. Meanwhile, wood stoves can now take months to deliver."

If public officials can't conduct business with an open-door policy, the business likely shouldn't be conducted.

Marcellus Drilling News (10/12/22) reports: "In a March 3rd Senate Energy and Natural Resources Committee hearing, Senator Bill Cassidy (R-LA) asked Federal Energy Regulatory Commission (FERC) Chairman Richard 'Dick' Glick this question: 'Has anyone higher up in the [Biden] administration ever spoken to you in regards to somehow slow-walking or otherwise impeding or otherwise accentuating policy that would have the effect of impeding the development of natural gas pipelines?' Chairman Glick responded with an unambiguous 'no.' Yet FERC refused to release records of communications and meetings with the White House to back up Glick’s statement. The Institute for Energy Research (IER) promptly filed a lawsuit (and nine others since) to probe the extent of the involvement of the Biden White House in reshaping FERC’s policies. FERC continues to stonewall the IER’s requests. What is FERC, and The White House, hiding?"

Don’t give in to schadenfreude. Don’t give in to schadenfreude. Don’t give in to schadenfreude…

Wall Street Journal (10/13/22) reports: "A souring market weighed on investing giant BlackRock Inc. in the third quarter, pushing profit down 16%. The world’s largest asset manager reported net income of $1.41 billion, down from $1.68 billion in the same period a year earlier. Earnings amounted to $9.25 a share. That exceeded the $7.06 expected by analysts polled by FactSet. Revenue dipped 15% to $4.31 billion, above analysts’ estimates of $4.2 billion. Central banks including the Federal Reserve are raising interest rates to try to cool red-hot inflation, adding stress to a market that is increasingly jittery over a possible recession. Stocks started the third quarter relatively strong, but soon headed lower as the Fed made increasingly clear that its rate increases are here to stay. BlackRock is a top provider of exchange-traded funds and other low-cost alternatives that track market indexes, and demand for passive investing has helped fuel the firm’s growth. BlackRock is also a large provider of actively managed investments, which include businesses like stock-and bond-picking funds. Investors’ faith in the market declined, evidenced by slowing inflows of $17 billion, down from $75 billion a year ago. The firm’s assets under management were about $8 trillion, down from $8.5 trillion in the second quarter. That marks the third quarter-over-quarter decline in a row. BlackRock ended last year with $10.01 trillion in assets, the first time any money manager surpassed that milestone."

Energy Markets

WTI Crude Oil: ↓ $86.68
Natural Gas: ↓ $6.41
Gasoline: ↓ $3.91

Diesel: ↑ $5.18
Heating Oil: ↑ $397.55
Brent Crude Oil: ↓ $92.17
US Rig Count: ↓ 873

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