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DAILY ENERGY NEWS | 11/08/2022
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** "Love it or hate it, oil is a miracle substance. Without it, our economy would come to a grinding halt. Indeed...if oil didn’t exist, we’d have to invent it.”
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– Robert Bryce, Power Hungry Podcast ([link removed])
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The shortages under General Secretary Biden are just getting started.
** Roll Call ([link removed])
(11/7/22) reports: "The U.S. diesel supply reached its lowest levels since 2008 at the beginning of November, stirring panic over supply chain woes and fuel price increases that have become all too familiar to Americans in 2022. Energy analysts attribute the shortage to supply disruptions triggered by Russia's invasion of Ukraine and reduced refinery capacity because of regular fall maintenance and the loss of a major East Coast refinery to a 2019 fire. Republicans are citing the shortage as a last-minute campaign jab at President Joe Biden and Democrats’ green policy initiatives. According to the Energy Information Administration, low distillate fuel inventories, which include diesel, jet fuel and heating oil, could push diesel prices close to $5 per gallon, even though the national price of gasoline has dropped below $4 per gallon. Since diesel is the primary fuel source for vessels that transport most consumer goods, increased prices are likely to bleed into other goods, too. 'This issue
has been building for a long, long time,' said Dan Kish, senior fellow at nonprofit Institute for Energy Research. 'I can tell you that we who track markets and commodities saw this coming months ago.' And the distillate shortage is only just starting to 'rear its ugly head,' Kish added. The lack of inventory is likely to continue to wreak havoc on industries like trucking and farming, especially as heating oil usage increases over the upcoming winter months."
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I guess they are too busy building coal plants.
** Daily Caller ([link removed])
(11/7/22) reports: "Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will not attend the COP27 United Nations Climate Conference, even though their nations are two of the world’s top three carbon emitters. Although China is responsible for more pollution than all other developed nations combined, Xi Jinping is not scheduled to attend the conference, which began Sunday in Egypt, according to Reuters. More than 100 heads of state are expected to attend COP27 before the conference officially ends on Nov. 18; however, no representatives from India, the world’s third-largest carbon emitter, are currently scheduled to attend the climate summit. Together, China and India account for 33.6% of the world’s CO2 emissions, according to a 2019 Rhodium Group report. China will be represented by its top climate envoy Xie Zhenhau, who arrived at the conference on Sunday and called for wealthier nations to give money to poorer nations to help them recover from 'loss and damage' caused by
climate change, Bloomberg reported. China is currently delaying its renewable energy transition and is ramping up coal production to maintain energy security. Coal, which accounted for nearly 57% of China’s energy production in 2020, emits about twice the amount of greenhouse gases as natural gas, an energy source that is commonly used in the U.S. and Europe. India, which is also heavily reliant on coal power, told wealthy nations on Nov. 4 to fulfil their promises to give billions of dollars to help developing countries like India fight climate change."
Is the COP crowd aware of the irony of talking about loss and damages while Europe is sucking up all the fossil fuels they can find, driving up prices for developing countries? Probably not.
** Bloomberg ([link removed])
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(11/7/22) reports: "Bills will be high, but Europe will survive the winter: It’s bought enough oil and gas to get through the heating seasons. Much deeper costs will be borne by the world’s poorest countries, which have been shut out of the natural gas market by Europe’s suddenly ravenous demand. It’s left emerging market countries unable to meet today’s needs or tomorrow’s, and the most likely consequences — factory shutdowns, more frequent and longer-lasting power shortages, the foment of social unrest — could stretch into the next decade. 'Energy security concerns in Europe are driving energy poverty in the emerging world,' said Saul Kavonic, an energy analyst at Credit Suisse Group AG. 'Europe is sucking gas away from other countries whatever the cost.' After a summer of rolling blackouts and political turmoil, cooler weather and heavy rains have alleviated the immediate energy crisis in Pakistan, India, Bangladesh and the Philippines. But any relief promises to be temporary. Colder
temperatures are on the way — parts of South Asia can be more bitter than London — and the chances of securing long-term supplies are slim. The strong US dollar has only complicated the situation, forcing nations to choose between buying fuel or making debt payments. Under the circumstances, global fuel suppliers are increasingly wary of selling to countries that could be heading for default."
Energy Markets
WTI Crude Oil: ↓ $91.35
Natural Gas: ↓ $6.28
Gasoline: ~ $3.80
Diesel: ↑ $5.35
Heating Oil: ↑ $389.61
Brent Crude Oil: ↓ $97.65
** US Rig Count ([link removed])
: ↓ 859
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