Episode 119 - Chinese energy policy | KSA's China policy | Drillers go remote | Oil rises 2%

China’s Emerging Middle Eastern Kingdom

https://www.tabletmag.com/sections/israel-middle-east/articles/china-middle-eastern-kingdom 

- can paint both narratives about China: either that its going to take over the world or that its about to fall apart

- When it comes to oil and gas, China gets over half of its imports from the Middle East or through the Suez Canal — but does it? Russia, Central Asia, US and Canada, South America are significant oil suppliers

- China’s power extension actually erodes its power long term because local people will rebel against doing business with China because they don’t want their people detained?

- Saudi Arabia doesn’t mind when Iran sends China oil because Saudi Arabia’s relationship with China is much deeper and has been going on for much longer.

 Drillers Go Remote as Pandemic Reshapes Oil Business

 https://www.wsj.com/articles/drillers-go-remote-as-pandemic-reshapes-oil-business-11596369600

- where are they still drilling?

Oil rises 2% on positive economic data

https://uk.reuters.com/article/uk-global-oil/oil-falls-on-fears-of-glut-as-opec-set-to-boost-output-idUKKBN24Z00R

- Despite the fact that OPEC is increasing production and coronavirus is still a significant problem, oil prices rose on positive economic data

- But, can this last?

Marathon Petroleum to permanently close two U.S. oil refineries

https://www.reuters.com/article/us-refineries-operations-marathon-ptrlum/marathon-petroleum-to-permanently-close-two-us-oil-refineries-idUSKBN24X3XU

- sold their gas station to 7Eleven

- Closing down Two refineries in California and New Mexico due to low fuel demand might convert California facility to a renewable diesel refinery using used cooking oil.

Jet fuel demand outlook sours after fleeting market optimism

https://www.reuters.com/article/us-oil-global-jet-fuel/jet-fuel-demand-outlook-sours-after-fleeting-market-optimism-idUSKBN24Y060

- last year we were talking about Weak distillate demand and the potential for a recession, but jet fuel demand was so strong it was as powerful argument that a recession wasn’t on the horizon.

- Now jet fuel demand is way down and given the news from airline companies and airplane manufacturers it doesn’t look good for a pick up in air travel.

https://thehill.com/opinion/energy-environment/509267-esg-may-be-popular-but-it-could-hurt-your-retirement-portfolio

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