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MORNING ENERGY NEWS  |  12/30/2019
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And here's to a roaring 20's!


Washington Post (12/29/19) Column: "Even big oil companies say solar and wind will be the energy of the future. But while we wait, the energy of the present is being transformed — for better and for worse — by technologies that unlock fuel from underground rocks known as shale. A tsunami of oil and gas from the technique called fracking has made the U.S. the world’s biggest producer of both, giving the country the energy independence its leaders have sought for decades and upending the geopolitics of the world energy trade. At the same time, fracking has generated environmental concerns in communities where it’s practiced and provoked a broader debate about whether it’s a good or bad thing for the planet: While new supplies of cleaner natural gas are speeding the decline of coal in some places, there are fears that the shale revolution will extend the world’s reliance on the other fossil fuels, key drivers of climate change...U.S. oil and gas output has surged 57% over the past decade, largely thanks to shale-rich areas such as the Permian Basin, which stretches from Texas to New Mexico and alone pumps more oil than most OPEC nations. That has enabled the world’s largest economy to export fossil fuels at a pace unthinkable only a few years ago."

"The reality is that oil is heavily utilized and often irreplaceable in plastics manufacturing. Oil is integral to literally thousands of products that humans depend on everyday."

 

– Jude Clemente, Rigzone

In case you needed a reminder as to what shale's impact has been in the last decade:


Energy In Depth (12/19/19) blog: "The American oil and natural gas industry broke production and export records, redefined global energy markets, and helped American families save thousands of dollars – all while helping the United States continue to lead the world in reducing emissions. As 2019 comes to a close, let’s review the highlights from the oil and gas industry’s record setting year: 1: United States Makes Export History In October, the United States made history, exporting more petroleum products to overseas markets than it imported...2: World’s Leading Oil and Natural Gas Producer. Seven years ago, the United States supplanted Russia to become the world’s top producer of natural gas, according to BP statistical data. In 2018, America produced 24 percent more natural gas per day than Russia and recorded the largest annual growth seen by any country in history. The Appalachian region alone produces enough natural gas (28.4 bcf/d) to earn it the number three spot over major players like Iran, Canada and Qatar."

Blowing up all predictions.


Axios (12/23/19) reports: "America’s energy sources, like booming oil and crumbling coal, have defied projections and historical precedents over the last decade...It shows how change can happen rapidly and unexpectedly, even in an industry known to move gradually and predictably. With a new decade upon us, let’s look back at the last one’s biggest, most surprising energy changes....The following five charts show the U.S. Energy Information Administration projections for the future from a decade ago, along with current EIA data to compare those projections with what actually has happened....The stark differences are driven by myriad factors not included in the decade-old projections, including policy changes and ever-more efficient technology extracting oil and gas. Oil production and prices In 2010, the U.S. Energy Information Administration projected that in 2019, the U.S. would be producing about six million barrels of oil a day. The reality? We're now producing 12 million barrels of oil a day. Meanwhile, EIA projected oil prices would be more than $100 a barrel. They're currently hovering around $60 a barrel. What’s happening: A pair of extraction methods — horizontal drilling and hydraulic fracturing — have unlocked far more oil and gas than experts had predicted, and companies have gotten hyper-efficient extracting more oil from each well."

At least their families got a break for the holidays.


New York Times (12/28/19) reports: "This holiday weekend found Jane Fonda and Lily Tomlin standing in front of an empty Capitol building, debating the environmental hazards of fresh-cut Christmas trees. Ms. Fonda and Ms. Tomlin star in Netflix’s 'Grace and Frankie,' where they play two women in their 70s whose husbands have run off together. The two women have been a buddy act since the 1980 film '9 to 5,' and on Friday they teamed up for Fire Drill Friday. The weekly protest against congressional inaction on climate change began 12 weeks ago, billed as something of an adult 'atta girl' celebrity cheering section for the youth climate strikes of Greta Thunberg. Ms. Fonda was told that Congress is rarely in session on Friday afternoons, but she stuck to the schedule because throughout the world, youth climate actions are also on Fridays. And though Congress has almost never taken in one of Ms. Fonda’s curtain calls, her Fire Drill Fridays have become something of a place to see and be seen in Washington, a challenge to the adage that the nation’s capital is 'Hollywood for ugly people.'" 

Energy Markets

 
WTI Crude Oil: ↑ $62.09
Natural Gas: ↓ $2.21
Gasoline: ↑ $2.58
Diesel: ~ $3.00
Heating Oil: ↑ $206.59
Brent Crude Oil: ↑ $68.87
US Rig Count: ↓ 830

 
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