Energy Week

Energy Week episodes:

• 07.25.2023

  231 - Is global demand set to increase?

  Goldman Sachs expects ‘all time high’ oil demand to spur large deficits, boosting prices https://www.cnbc.com/2023/07/24/goldman-sachs-expects-all-time-high-oil-demand-will-boost-prices.html - expect demand to rise by 2 million bpd from India and China - Is this coming from OPEC via China? - IEA says global...

  
• 07.19.2023

  Chinese oil demand can't support prices

  Oil slides more than 1% as Chinese GDP dents demand hopes https://www.reuters.com/business/energy/oil-slips-after-libya-resumes-output-china-data-eyed-2023-07-17 - GDP grew 6.3% year-on-year in the 2nd quarter, compared with analyst forecasts of 7.3% - what analysts were forecasting such high growth? - slow correction where expectations...

  
• 07.13.2023

  230 - Biofuel displacing diesel | Kunal Patel from the Dallas Fed

  Biofuels are displacing petroleum-based distillate fuel oil consumption on the West Coasthttps://www.eia.gov/todayinenergy/detail.php?id=57040 - renewable diesel = diesel made from  - biodiesel used as well - petroleum distillate consumption down on west coast in 2022 but biodiesel consumption up - unique to west coast...

  
• 06.22.2023

  229 - Oil falls amid China growth uncertainties | Dr. Dean Foreman returns

  Oil falls amid China growth uncertainties https://www.reuters.com/business/energy/oil-prices-come-off-earlier-gains-banks-cut-china-growth-forecasts-2023-06-19/ - the issue is headwinds, but is China's economy really that bad - the real issue is that expectations for China's great economic reopening haven't materialized.  - China's demand growth was baked in...

  
• 06.07.2023

  228 - OPEC cuts | China drills second deepest well

  Commodities Slide as Investors Bet on Economic Slowdown https://www.wsj.com/articles/commodities-slide-as-investors-bet-on-economic-slowdown-233a6d3 - if prices trend down to the $60s or $50s by October then Shale producers might curb production plans Saudi Arabia Springs 1 Million b/d Cut in Opec Megadeal https://www.energyintel.com/00000188-857f-d6e7-a9ba-efffca560000 -...

  
• 05.24.2023

  227 - Who wants an EV F-150 | Chevon's $6.3 Billion Deal

  Ford to charge up EV drive with flurry of battery deals https://www.reuters.com/business/autos-transportation/ford-announce-new-battery-material-deals-investor-event-2023-05-22/ - doubts about Ford's ability to actually hit their EV production targets - But do people even WANT to buy F-150? - Ford says its electric vehicle unit...

  
• 05.10.2023

  226 - Is oil up or down? | Kunal Patel from Dallas Fed - Q1 Survey

  Big Oil Has $150 Billion in Cash and Investors Want a Share https://www.wsj.com/articles/big-oil-has-150-billion-in-cash-and-investors-want-a-share-b5cdea35 - oil companies sitting on cash now, but they may need that cash for when prices are lower - should they return all this cash to shareholders...

  
• 05.03.2023

  225 - Will China's demand lift oil prices? | No, the petrodollar is not going away

  China’s mixed economic data fuels concerns about recovery https://www.japantimes.co.jp/news/2023/05/01/business/china-economic-recovery-concerns/# - Is this something that China can deal with domestically? Or is it the fault of the global economy which isn't ordering as much stuff from China? - China's consumer demand...

  
• 04.27.2023

  224 - Crackdown on power plants | Exxon expanding permian footprint?

  Biden admin preparing major crackdown on power plants that fuel nation's grid https://www.foxnews.com/politics/biden-admin-preparing-major-crackdown-power-plants-fuel-nations-grid - EPA planning to issue regulation that would limit emissions from fossil fuel power plants. Basically would require plants to shut down or install costly carbon capture facilities....

  
• 04.19.2023

  223 - Is Russia cutting production or not?

  Russia forecasts stable oil output to 2025, to set up stockpiles https://www.reuters.com/business/energy/russia-forecasts-stable-oil-output-2025-set-up-stockpiles-2023-04-17/ - Russia wants to build their stockpiles. Are they taking 500,000bpd off the market and putting it in storage or are they going to cut production in order...

  
• 04.05.2023

  222 - OPEC cuts | James Hill MCF Energy

  OPEC+ announces surprise oil output cuts https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/ - Does OPEC think that China's oil demand isn't coming back strong? - Russia retaliating against price cap from West - Want to defend $80 or higher oil - Could it be about...

  
• 03.08.2023

  221- Saudi Arabia and U.A.E. Clash Over Oil

  Saudi Arabia and U.A.E. Clash Over Oil, Yemen as Rift Grows https://www.wsj.com/articles/saudi-arabia-and-u-a-e-clash-over-oil-yemen-as-rift-grows-ff286ff9 - "Once close friends, the two biggest Arab economies are increasingly competing for money and power" - Will the UAE leave OPEC?  - Doubtful because UAE benefits more...

  
• 02.14.2023

  220 - Russia cuts 500,000 BPD | Ademiju Allen with Rystad Energy

  Russia to cut oil output by 500,000 bpd in March https://www.reuters.com/business/energy/russia-cut-oil-output-by-500000-bpd-march-2023-02-10/ -"As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere...

  
• 02.08.2023

  219 - How much electricity storage do we have?

  No OPEC ministerial meeting, but the Saudi oil minister gets his 2-cents in Saudi energy minister cautious on oil production, warns on investment outlook and geopoliticshttps://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/020423-saudi-energy-minister-cautious-on-oil-production-warns-on-investment-outlook-and-geopolitics- ABS says: "With all due respect, forecasters are good forecasters. They do their best but...

  
• 01.31.2023

  218 - Gasoline prices set to surge

  Worst London air pollution in six years as home fires burnhttps://www.theguardian.com/environment/2023/jan/27/worst-london-air-pollution-in-six-years-as-home-fires-burn - wood is a really dirty burning fuel - its expensive to pay for heating, people turning to fires, but this is actually a really high emission fuel Natural...

  
• 01.25.2023

  217 - Russian price cap not working | Dr. Dean Foreman with the API

  Russian oil trade remains in ship-shape as the EU price cap has failed to stem Moscow's freight and insurance income, analyst sayshttps://markets.businessinsider.com/news/commodities/russian-oil-india-china-not-cheap-shipping-fees-kpler-analyst-2023-1 - "Debunking number one, no one really knows the price of Russian oil" - Urals blend may be...

  
• 01.17.2023

  216 - Kunal Patel from the Dallas Fed on the Q4 2022 Energy Survey

  China’s corn-based ethanol fuel threatens food security while crowding the market, state commentary warns https://www.scmp.com/economy/china-economy/article/3207013/chinas-corn-based-ethanol-fuel-threatens-food-security-while-crowding-market-state-commentary-warns#Echobox=1673879264 - China can't feed its own people, and they are using corn for fuel - The US puts ethanol in gasoline to replace MBTE (found...

  
• 01.11.2023

  215 - How will China impact the oil markets in 2023?

  Oil rises on demand optimism as China borders reopen https://www.reuters.com/business/energy/oil-nudges-higher-after-china-opens-borders-lifts-fuel-demand-outlook-2023-01-09/ - we are seeing back and forth with whether CHina's demand is going to surge or not - Saudi Arabia cuts its OSP to Asia - indicates they think that...

  
• 12.14.2022

  214 - Where are fuel prices heading?

  Subscribe to the newsletter WTI higher or lower than $73, Brent higher or lower than $77? Ellen-Higher Ryan-says Lower (but really thinks higher) Biden adviser calls investor refusal to ramp up shale drilling ‘un-American’ https://thehill.com/policy/energy-environment/3771025-biden-adviser-calls-investor-refusal-to-ramp-up-shale-drilling-un-american/ “I think that the...

  
• 12.07.2022

  213 - Will the Russia price cap have any impact?

  Subscribe to the newsletter Oil prices rose as much as 2% on hopes of China’s reopening and as OPEC+ maintains output cut targetshttps://www.cnbc.com/2022/12/05/oil-prices-rise-as-much-as-2percent-on-signs-of-china-covid-easing.html - OPEC decided production quotas from Oct 5 continued through end of 2023, next meeting June 4,...

  
• 11.30.2022

  212 - Chevron permitted to restart in Venezuela | U.S. diesel shortage starts to ease

  Subscribe to the newsletter Biden gives Chevron permit to restart Venezuelan oil saleshttps://www.politico.com/news/2022/11/26/biden-chevron-permit-venezuelan-oil-sales-00070836 Chevron can resume key role in Venezuela's oil output, exportshttps://www.reuters.com/business/energy/us-issues-expanded-license-allow-chevron-import-venezuelan-petroleum-2022-11-26/- this might add barrels to the market, but if might not because it might just shift oil...

  
• 11.23.2022

  211 - Are we headed for a recession? Dr Dean Foreman with API

  Frackers Say Oil Production Slowing in the Shale Patch https://www.wsj.com/articles/frackers-say-oil-production-slowing-in-the-shale-patch-11667743226 - problem is that frackers are drilling in gassier areas - will likely get more production in 2023 because of rejiggering where they drill, etc. - WSJ very different interpretation...

  
• 11.16.2022

  210 - Fossil Fuel Execs Show up to COP27

  Subscribe to newsletter Fossil fuel producers flex their muscle at UN climate summit https://www.ft.com/content/a29c1204-70cf-46c1-b266-780788bfa048 - Fossil fuel companies invited to COP27 for the first time - Are they hijacking the conference with their money? - Definitely seem to be hijacking the...

  
• 11.07.2022

  209 - Xi Jinping to Visit Saudi Arabia | UAE is still in the oil business | Will gas prices impact the midterms

  Never miss an episode by subscribing to the newsletter China’s Xi Jinping to Visit Saudi Arabia Amid Global Reshufflinghttps://www.wsj.com/articles/chinas-xi-jinping-to-visit-saudi-arabia-amid-global-reshuffling-11667818979Chinese-Saudi relationship is developing beyond oil. Not sure exactly where that will come. Perhaps tourism? It's not an attempt to push out...

  
• 11.04.2022

  208 - US backs Opec calls for more oil, gas investment | Guest John Belizaire

  US backs Opec calls for more oil, gas investment https://www.argusmedia.com/en/news/2385879-us-backs-opec-calls-for-more-oil-gas-investment- The US' top energy envoy Amos Hochstein today supported calls for investment in oil and gas to increase globally alongside spending on the transition to a lower-carbon energy system. - Say...

  
• 10.26.2022

  207 - Congress eyes cutting off foreign markets from US strategic reserve oil | Dr. Dean Foreman API

  Congress eyes cutting off foreign markets from US strategic reserve oil https://www.washingtonexaminer.com/restoring-america/courage-strength-optimism/congress-eyes-cut-off-foreign-markets-us-strategic-reserve - this could be problematic because US refineries can't handle all the light, sweet oil in the SPR so there would be a lot of oil unpurchased if it couldn't...

  
• 10.05.2022

  206 - What do the OPEC + cuts mean? | Kunal Patel from Dallas Fed Energy Survey

  OPEC+ to Weigh Production Cut to Bolster Oil Prices https://www.wsj.com/articles/opec-to-weigh-production-cut-to-bolster-oil-prices-11664734482 - oil prices are inflated due to inflation so $80/barrel oil is perhaps more like $70/barrerl oil or even $60/barrel oil. - could this cut put prices back up to $90 or $100/barrel -...

  
• 09.20.2022

  205 - When will us production pick up? & Dr. Dean Foreman with API

  Private Oil Drillers Are Hitting Their Limits https://www.wsj.com/articles/private-drillers-are-hitting-their-limits-11663579982 - "they tapped many of their best drilling spots, and will have to ease their rapid pace of drilling as their inventory shrinks" - US oil production could decrease by "hundreds of thousands of barrels...

  
• 09.16.2022

  204 - Should Biden give big oil a bailout?

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• 08.30.2022

  203 - Is it time to activate Nord Stream 2?

  In a US first, California will pilot solar-panel canopies over canals https://electrek.co/2022/08/26/in-a-us-first-california-will-pilot-solar-panel-canopies-over-canals/ - is this idea well thought through? WHat would the impact to the water be? chemical runoff? Algae growing? Earthquakes!!? - If all 4,000 miles of California’s canals were covered with...

  
• 08.17.2022

  202 - Oil Sinks to Six-Month | Saudi Aramco profit soars | Dr. Dean Foreman from API

  Oil Sinks to Six-Month Low on China Outlook, Iran Supply Boost https://finance.yahoo.com/news/oil-extends-losses-traders-weigh-225340219.html China’s Economy Slows Unexpectedly as Covid and Property Woes Mount https://www.barrons.com/articles/chinas-economy-slows-covid-property-51660559065 China's Covid and economic policy: - were they using covid policy to try to exert a downward pressure on prices? - No one...

  
• 08.10.2022

  201 - Why did gasoline demand drop? | Shale drillers focus on returns | Goldman cuts near-term oil forecasts

  Gasoline Demand Dip That Spooked Market Sparks Furor Over US Data https://finance.yahoo.com/news/gasoline-demand-dip-spooked-market-205412111.html - issues with the data made it look like gasoline demand was below summer 2020 levels - difference between wholesale gasoline supplied and retail demand. - check out Rory Johnston's report...

  
• 07.20.2022

  200 - Biden's visit to Saudi Arabia | Would a Russian price cap work?

  Ellen's thoughts on Biden's visit to Saudi Arabia: Whether this message is understood by the Biden administration is unclear given the fact that Amos Hochstein's statement after the summit was that he was confident that "there will be a few more...

  
• 07.13.2022

  199 - Biden heads to Middle East | Kunal Patel with the Dallas Fed

  Biden’s Middle East Trip Is a High-Risk Bid to Reset Saudi Relations https://www.wsj.com/articles/bidens-middle-east-trip-is-a-high-risk-bid-to-reset-saudi-relations-11657481150 - will he ask for more oil? no indication more Saudi oil would even bring down prices Oil From U.S. Reserves Sent Overseas as Gasoline Prices Stay High https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/ - this isn't...

  
• 06.28.2022

  198 - G7 will stand with Ukraine | Will an export ban help or hurt? | Chet Thompson, CEO of AFPM

  Pledging new sanctions, G7 to stand with Ukraine 'for as long as it takes' https://www.reuters.com/business/energy/g7-hike-sanctions-russia-close-oil-price-cap-deal-us-official-2022-06-27/ - What can G7 nations do to Russia at this point? - Recession could send prices down and that might hurt Russia - How can the plan to put...

  
• 06.15.2022

  197 - We need more production | Dr. Dean Foreman API

  Drilling vs returns. U.S. oil producers' tradeoff as windfall tax threatens https://www.reuters.com/business/energy/drilling-vs-returns-us-oil-producers-tradeoff-windfall-tax-threatens-2022-06-13/?taid=62a72ca5802cad0001f87694 - will the US pass a windfall tax? - lockdowns have helped created this situation - market responds to incentives. interference in market has gotten us to this spot. why take it...

  
• 06.08.2022

  196 - China looks to reopen | Lululemon raises prices | Biden uses defense act

  U.S. to let Eni, Repsol ship Venezuela oil to Europe for debt https://www.reuters.com/business/energy/exclusive-us-let-eni-repsol-ship-venezuela-oil-europe-debt-sources-2022-06-05/ - will this even help Europe that much because VZ doesn't make that much oil? - is this a prelude to more relaxing of sanctions? Biden invokes Defense Production Act to...

  
• 05.23.2022

  195 - ESG out of style? | Garret Golding from Dallas Fed

  White House LNG Task Force Compared to Secretive Cheney Oil Group https://financialpost.com/pmn/business-pmn/white-house-lng-task-force-compared-to-secretive-cheney-oil-group - criticized for lack of transparency HSBC suspends banker over climate change comments https://www.ft.com/content/8e1a16ea-bf63-45f8-81af-dc41c0df4e06 Energy crunch causing ESG to fall out of favor, warns ex-BP CEO https://www.worldoil.com/news/2022/5/20/energy-crunch-causing-esg-to-fall-out-of-favor-warns-ex-bp-ceo/ Ukraine war creates new tensions for ESG investors https://www.ft.com/content/b2869451-0899-4e02-8fc8-23d6d2ba9d17 -...

  
• 05.17.2022

  194 - Aramco reports record profits | Domestic flights fall by 17$ | Dr. Dean Foreman with the API

  Oil giant Aramco reports record first quarter as oil prices soar https://www.cnbc.com/2022/05/15/aramco-worlds-largest-company-reports-record-first-quarter-as-oil-prices-soar.html - Aramco not doing share buybacks like other oil companies. Awarding 1 share for every 10 - increasing capacity to 13 million bpd by 2026/2027 but will they ever produce that...

  
• 05.09.2022

  193 - China buys more from Russia | Nigerian airlines to halt operations | India buys more LNG from Russia

  China's Imports From Russia Hit Record on Energy Price Rises https://financialpost.com/pmn/business-pmn/chinas-imports-from-russia-hit-record-on-energy-price-rises - China IS importing more oil from Russia despite the Chinese lockdowns and news that a major Chinese oil company claims they don't plan to increase imports from Russia India Buyers Grab...

  
• 04.25.2022

  192 - Russian oil production is down and India is buying it at a discount | Dr. Dean Foreman API

  Russia is pumping nearly 10% less oil than before it invaded Ukraine, satellite imagery suggests https://www.businessinsider.com/russia-pumping-less-oil-since-ukraine-war-began-satellite-data-2022-4 - Russian oil production - China planning to cut refinery runs significantly due to lower demand (lockdowns) - could this bring global prices down? - Will Russia have...

  
• 03.07.2022

  191 - Will the Saudis save the day?

  Scoop: Biden advisers weigh Saudi Arabia trip for more oil https://www.axios.com/biden-saudi-trip-oil-b7a91070-8045-4155-9120-a35d59fd7603.html - Is there any chance that Saudi Arabia will go for this? - Saudi Arabia isn't likely to blow up the OPEC+ deal for Biden U.S. Officials Meet With Regime in Venezuela,...

  
• 02.28.2022

  190 - Russia invades Ukraine | Russell Gold on the Texas Railroad Commissioner election

  EU energy ministers to discuss plans for supply shocks from Ukraine crisis https://www.reuters.com/business/energy/eu-energy-ministers-discuss-plans-supply-shocks-ukraine-crisis-2022-02-27/ Finnish refiner Neste swaps Russian crude for North Sea oil https://www.reuters.com/article/ukraine-crisis-neste/finnish-refiner-neste-swaps-russian-crude-for-north-sea-oil-idUSL8N2V35JN India's IOC no longer accepts Russian, Kazakh crude on FOB basis https://www.reuters.com/article/indian-oil-corpn-oil-russia/update-1-indias-ioc-no-longer-accepts-russian-kazakh-crude-on-fob-basis-document-source-idUSL1N2V31FA - Why are firms dropping Russian oil? Is it moral...

  
• 02.22.2022

  189 - Russia's knocking on the door | Dr. Dean Foreman with the API

  Russia/Ukraine - will Russia invade? - What does Russia want? Expansion = national security - Will Ukraine allow Eastern Ukraine to separate? Crude oil futures slip after opening surge as risk appetite wanes https://www.spglobal.com/platts/en/market-insights/latest-news/petrochemicals/022122-crude-oil-futures-slip-after-opening-surge-as-risk-appetite-wanes - What's the risk premium on oil? $10? $7 per barrel -...

  
• 02.07.2022

  188 - Christine L. Williams Gaslighted: How the Oil and Gas Industry Shortchanges Women Scientists

  Russia, China ink new energy deals amid rising Ukraine tensions https://www.spglobal.com/platts/en/market-insights/latest-news/oil/020422-russia-china-ink-new-energy-deals-amid-rising-ukraine-tensions - Russia is already looking more towards the East - Is this a diversion of the current or in addition too? - Russia not all that concerned about finding markets for its oil Should...

  
• 01.31.2022

  187 - Amid rising prices US courts block offshore lease

  Court blocks latest GoM offshore lease sale, wants more greenhouse gas calculations https://www.ogj.com/general-interest/government/article/14232851/court-blocks-latest-gom-offshore-lease-sale-wants-more-greenhouse-gas-calculations - must run additional calculations on emissions contribution to global climate change - “failed to include a calculation of potential impacts on global fossil fuel consumption if the lease sale...

  
• 01.25.2022

  186 - Will the Russia & Ukraine conflict send prices soaring?

  Saudi Arabia expands share in China oil market, Russia lags https://www.reuters.com/markets/europe/saudi-arabia-expands-share-china-oil-market-russia-lags-2022-01-20/ Oil could jump to $150 a barrel this quarter on the back of an 'adverse supply shock' from Russia-Ukraine tensions, JPMorgan says https://markets.businessinsider.com/news/commodities/oil-price-outlook-russia-ukraine-tensions-150-per-barrel-supply-2022-1 - would need to get 2.3 million bpd of oil...

  
• 01.17.2022

  185 - As oil prices rise, China looks at a SPR release | Dr. Dean Foreman with the API

  Two Anne Arundel power plants announce plans to transition from coal to oil, get green light from Maryland Public Service Commission https://www.baltimoresun.com/news/environment/bs-md-brand-shores-ha-wagner-coal-to-oil-psc-approval-20220113-zdwx3gcwjvbtzjn3blqdhyqux4-story.html - what benefit will switching from coal to oil provide? power plant says it will only operate at 8% of...

  
• 01.10.2022

  184 - Recapping what's happen over the past few weeks and Kunal Patel with Dallas Fed

  How Institutional Investors See the Future of Oil and Gas https://www.bcg.com/publications/2022/how-investors-see-future-of-oil-gas - 70% of institutional investors think oil prices will stay above $60 per barrel through 2024 - Want more clarity on firms' energy transition plans - Nearly 2/3 of institutional investors believe...

  
• 12.21.2021

  183 - Can the EU escape their energy crisis?

  US shale producers face spending hikes https://www.argusmedia.com/en/news/2284916-us-shale-producers-face-spending-hikes - some mixed messaging in terms of costs of production. some are saying that improvements in efficiency offset increasing costs - DUCs being finished means that costs are going up, also salaries and cost of material -...