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DAILY ENERGY NEWS | 11/16/2022
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** We live in the wealthiest country in human history, and this winter is going to be a struggle just to keep everyone warm. Welcome to the Green New Deal.
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Wall Street Journal ([link removed]) (11/15/22) reports: "A surge in heating-oil prices is hitting the Northeast as it braces for colder weather, putting the squeeze on household budgets and potentially accelerating the region’s shift toward other fuels. An average household that burns heating oil could spend 45% more for it this winter, according to a base-case forecast by the U.S. Energy Information Administration, translating to hundreds more dollars apiece. People who burn the fuel to heat their homes should expect a bigger financial hit than those who use natural gas or propane. Higher heating-oil bills are the latest knock-on effect of a global oil-and-gas crunch that has helped power inflation to 40-year highs. The economic struggle running in parallel with Russia’s invasion of Ukraine has exacerbated the situation, analysts say, as export cuts by the Kremlin and a growing web of Western sanctions have
tightened global supplies. With the highest natural-gas prices in years in Europe and elsewhere, many industries have switched to diesel and related products such as heating oil. In the Northeast, where the EIA estimates that about four million households burn 85% of residential heating oil used in the U.S., suppliers dispatching trucks to refill households’ tanks are finding some customers are having difficulty paying on time or are switching to other energy sources."
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** "Conservatives must govern on offense if they are to maintain the trust of those who sent them to Washington. This means taking a strong, uncompromising stance on key issues like inflation. There is no ground to concede here—either we’re a nation of sound money, or we aren’t. We either have strong banking and energy sectors, or we don’t."
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– EJ Antoni, The Heritage Foundation ([link removed])
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China continues not to emphasize climate at the expense of energy security and its economy. Utterly unsurprising. So why does Biden emphasize climate to the exclusions of energy security and the economy?
** Bloomberg ([link removed])
(11/15/22) reports: "China’s plans to add to its world-leading fleet of coal power plants are a short-term Band-Aid to address energy security concerns and don’t represent a shift in emissions policies, according to members of the team representing the nation at the COP27 summit. New plants are being planned to address a spate of high-profile electricity shortages in recent years while providing a buffer to global energy markets that have become more volatile following Russia’s invasion of Ukraine, according to interviews with three of China’s delegates at the climate meeting in Egypt. In the long run, electricity market reforms and massive investments in renewable power and energy storage will eventually curb and curtail coal use, allowing the country to hit its targets of peaking emissions by 2030 and zeroing them out by 2060, they said. The strategy underscores China’s desire to avoid the kind of energy crisis facing Europe, but it has set off alarm bells for climate scientists who say
the fuel needs to be phased out by 2040 to avoid the worst effects of climate change."
It's funny what is considered newsworthy these days...
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And what isn't...
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"Highly developed" Europe now relies on essential resources from one of the least "developed" countries in the world thanks to embracing the "green" agenda.
** Further Africa ([link removed])
(11/13/22) reports: "Mozambique flagged off its first shipment of liquefied natural gas, exports that could help ease Europe’s energy crunch as Russia squeezes supplies. For Mozambique — one of the world’s poorest nations — it marks the end of a decade-long wait to monetize one of Africa’s largest offshore gas fields. President Filipe Nyusi announced the first cargo’s departure in a statement Sunday. The British Sponsor arrived in Mozambique’s northern waters on Oct. 16, about two weeks after the Coral-Sul Floating LNG vessel, operated by Eni SpA, started producing the super-chilled fuel. The tanker, owned by BP Plc — which has the rights to buy all of Coral-Sul’s output — first moored at the platform on Oct. 23, according to ship-tracking data compiled by Bloomberg. The production platform has a capacity of 3.4 million tons per year of super-chilled fuel — equal to about one-third of the UK’s LNG imports last year. The first cargo is bound for Europe, Mozambique’s oil and gas regul
ator said last month. The International Energy Agency warned in a report that Europe’s LNG markets are bracing “themselves for a winter of unprecedented uncertainty of supply,” because of sanctions in response to Russia’s invasion of Ukraine and that a complete shutdown of pipeline flows to the European Union can’t be ruled out. That’s brought Mozambique’s resources into the spotlight, even as its biggest projects have faced years of delays."
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Energy Markets
WTI Crude Oil: ↓ $86.13
Natural Gas: ↓ $5.89
Gasoline: ↓ $3.73
Diesel: ↓ $5.35
Heating Oil: ↑ $364.19
Brent Crude Oil: ↓ $93.45
** US Rig Count ([link removed])
: ↓ 858
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