Energy Week

House Democrats Will Call for 100% Clean Cars by 2035
https://www.bloomberg.com/news/articles/2020-06-28/house-democrats-to-call-for-100-clean-cars-by-2035-in-new-plan
- Net zero emissions in electric sector by 2040 — just means buying carbon offsets
- Net zero emissions by 2050, 100% clean vehicles by 2035
- extends tax credit for solar power
- “enviromaniacs”

BP to sell global petchems business to Ineos for $5bn
https://www.argusmedia.com/en/news/2118490-bp-to-sell-global-petchems-business-to-ineos-for-5bn
- BP giving up, they missed the boat on petrochemicals and are jettisoning an asset that they just didn’t focus on
- Selling it as a PR move to “reinvent itself”
- Private businesses may be in a better situation to acquire strategic assets at this particular time because they aren’t worried about satisfying public shareholders or holding shareholder calls

Iraq to review some oil contracts at high-cost fields
https://www.reuters.com/article/oil-opec-iraq-contracts/iraq-to-review-some-oil-contracts-at-high-cost-fields-idUSL5N2E509T
- Iraq now open to renegotiating contracts with service providers on higher cost of production fields
- US oil consumption is still not trending up, Beijing isn’t fully open either
- Not a bad move for Iraq because it will show companies that gov is willing to be flexible in order to keep companies with the best expertise interested in staying in Iraq. Will help Iraq in the long-run.

Bloomberg New Economy: China’s Post-Covid Climate Choice
https://www.bloomberg.com/news/newsletters/2020-06-27/bloomberg-new-economy-china-s-post-covid-climate-choice
- problem with green initiative. Nuclear could replace coal
- China building lots of coal-fired power plants in order to jump start economies

The “Mother Fracker” Reckons With the Mother of All Oil Busts
https://www.texasmonthly.com/energy/scott-sheffield-pioneer-oil-bust
- Sheffield supported proration at TRC hearing but word on the street is that he wanted it in order to get out of some obligations.

The World Isn’t Ready for Peak Oil
https://www.theatlantic.com/ideas/archive/2020/06/were-not-ready-transition-away-oil/613621/
- Was 2019 the year for peak oil?
- China’s “middle class” is 10% of its population - they want upward mobility
- Declaring that oil consumption is at a peak is leaving out 4 billion people in the world who still want upward mobility.

The Small Canadian Province That Could Lead The Future Of Energy
https://www.forbes.com/sites/ellenrwald/2020/06/25/the-small-canadian-province-that-could-lead-the-future-of-energy/#32d58d6aeba7

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Physical oil rally pauses due to weak margins
https://mobile.reuters.com/article/amp/idUSKBN23T0O7
- refinery margins are down
- this year we will see difference in typical seasonal variations in refining because of a backlog of products that have be consumed before stored crude can be tapped to produce more products.

Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC
https://www.bloomberg.com/news/articles/2020-06-21/asian-buyers-turn-to-u-s-oil-amid-uncertain-flows-from-opec
- Chinese petrochemical companies buying WTI Midland crude, Indian Oil Company purchased 12 million barrels of US crude for delivery between now and 2021

Extra oil cuts from delinquent OPEC+ members could shrink the market by 1 million b/d
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/061920-extra-oil-cuts-from-deliquent-opec-members-could-shrink-the-market-by-1-million-bd
- Some OPEC+ members have to submit plans for how they will cut production but some still haven’t
- This means that some producers will still be cutting into July, August and September while others are increasing production

API Monthly Statistical Report & API Industry Outlook Q2
- relationship between oil and dollar. Usually inverse. The strength of the dollar can make oil more or less expensive for consuming nations in local currency terms since oil is transacted in dollars. But what we’re seeing is actually a flight to the dollar, people moving assets and cash into US dollars
- Saudi Arabia’s has had to lean on international debt market and is suffering because its riyal is pegged to the dollar
- Dichotomy in fuel recovery. 80% of the recovery in fuel demand is in gasoline. Distillate and Jet fuel recovery looks quite different. Diesel fuel didn’t decline as much as gasoline and jet fuel because uptick in trucking and delivery but STILL trending down. Demand For distillate did pick up month-on-month. Jet fuel is the only product that went down. Jet fuel may no longer be a good indicator of economic growth. Airline travel may change fundamentally as a result.
- New record for month of May in crude oil stocks - from a total inventory perspective it looks a lot like 2019 but from crude oil inventory its way out of the range. Are prices in fantasy land given where crude oil stocks are today?
- Deliveries are a proxy for demand: Fits and starts seen in deliveries show us that stations aren’t ordering deliveries of fuels as regularly as they used to so the demand looks like its coming in fits and starts.
- Supply decrease was very good from a policy standpoint because the market itself prevented states from having to make policy decisions to artificially alter the market. It’s painful though.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Aramco maintains July crude cuts to some Asian buyers
https://www.argusmedia.com/en/news/2114337-aramco-maintains-july-crude-cuts-to-some-asian-buyers
- Aramco raised OSPs to Asia about $6 but WILL Refiners bite? Seems like some are taking full volume but others are looking at more Russian Urals and US WTI instead

Iraq agrees with oil companies on deeper output cuts in June- sources
https://www.reuters.com/article/global-oil-iraq/update-1-iraq-agrees-with-oil-companies-on-deeper-output-cuts-in-june-sources-idUSL8N2DR0H4
- Iraq finally agreed with Lukoil, BP and Exxon on further production cuts

Germany will require all petrol stations to provide electric car charging
https://www.reuters.com/article/us-health-coronavirus-germany-autos-idUSKBN23B1WU
- 70,000 charging stations 7,000 fast charging stations needed
- Will electric vehicle users actually charge their cars at gasoline stations? Or are the infrastructure needs of EVs totally different from those of ICE vehicles?

Special Report: How China got shipments of Venezuelan oil despite U.S. sanctions
https://uk.reuters.com/article/uk-venezuela-oil-deals-special-report/special-report-vast-amounts-of-venezuelan-oil-are-hidden-en-route-to-china-bypassing-u-s-sanctions-data-documents-idUKKBN23J1N7
- How? Put it in a tanker and say its going to Malaysia and use a Rosneft subsidiary in Switzerland

Banks Cut Shale Drillers’ Lifelines as Losses Mount
https://www.wsj.com/articles/banks-cut-shale-drillers-lifelines-as-losses-mount-11592217000
- $1.2 billion to $700 million from Centennial. Who gets the money? Is the money going from one driller to another? Or is it cutting out oil and gas from its portfolio entirely and shifting it to real estate?
- Not enough information to say whether this is actually bad news or not since reigning in credit limits could just be a response to decisions by companies to drill less

What rebound? North Dakota in economic crunch as virus batters oil, agriculture
https://www.reuters.com/article/us-health-coronavirus-usa-states-insight-idUSKBN23J1I9
- Trouble in North Dakota due to agriculture and oil
- 53% of North Dakota tax revenue comes from oil taxes. Is North Dakota a petrostate?

Texas Oil-Export Terminals Start Up Even as Shipments Tumble
https://www.bloomberg.com/news/articles/2020-06-12/texas-oil-export-terminals-start-up-even-as-shipments-tumble

Permian operators to drive US output revival
https://www.argusmedia.com/en/news/2114422-permian-operators-to-drive-us-output-revival#

https://www.nytimes.com/2020/06/13/opinion/sunday/women-leaders-coronavirus.html?

Enemy of the People: The Untold Story of the Journalists Who Opposed Hitler
https://amzn.to/3d4ATFR

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Saudi Arabia says there is 'no room whatsoever' for non-compliance over OPEC+ production cuts
https://www.cnbc.com/amp/2020/06/08/oil-prices-saudi-arabia-says-no-room-whatsoever-for-opec-non-compliance.html
- but really, can Iraq comply when it doesn’t have full control over its own industry

Russia's Novak sees potential 3-5 million bpd oil market shortage in July: Ifax
https://mobile.reuters.com/article/amp/idUSKBN23B0ZF

What the Data Tells Us: US Oil Needs $70 Per Barrel to Sustain Operations
https://www.realclearenergy.org/articles/2020/06/05/what_the_data_tells_us_us_oil_needs_70_per_barrel_to_sustain_operations_495417.amp.html
- Rig count IS an indicator of activity But rig count had been declining for awhile. It doesn’t have to go back to where it was before.
- We could get back to where we were in December with fewer rigs
- Companies are planning well into the future and ready to apply for permit to drill the rig
- Sitton predicts $100 oil before the end of 2022???

Morgan Stanley flags risk oil price rally will lead to a fall
https://www.reuters.com/article/us-research-morganstanley-oil/morgan-stanley-flags-risk-oil-price-rally-will-lead-to-a-fall-idUSKBN23F15I
- Could it be that coronavirus lockdowns actually helped shale industry more by ripping off the bandaid?
- Instead of a slow bleeding, forced Saudis and Russians to pull back
- Will the protests help people conquer their fear of going out and actually help oil Restore oil demand

Shale producers’ hedging strategies take center stage
https://www.argusmedia.com/en/news/2112308-shale-producers-hedging-strategies-take-center-stage#.Xt5GY7E-hiQ
- Pioneer, Diamondback, Parsley and Concho have hedged over 85% of their 2020 output

Saudis Make Biggest Oil Price Hike in 20 Years After OPEC+ Cuts https://www.bloomberg.com/news/articles/2020-06-07/saudis-make-biggest-oil-price-hike-in-20-years-after-opec-cuts

China's May crude imports hit record high at 11.34 mil b/d, up 19% on year
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/060820-chinas-may-crude-imports-hit-record-high-at-1134-mil-bd-up-19-on-year
- China likes cheap oil
- China doing more than people think to keep people happy WHILE at the same time doing what they want to.

Check out “The Rise and Fall of OPEC in the Twentieth Century” by Giuliano Garavini
https://www.amazon.com/dp/B07VBGDBCD/ref=as_li_ss_tl?_encoding=UTF8&btkr=1&linkCode=sl1&tag=ryanraysr-20&linkId=0eeeb607dd43f7f65af5b04eb9d6e102&language=en_US

https://www.forbes.com/sites/ellenrwald/#ddfe4cd3ebaf

https://www.forbes.com/sites/ellenrwald/2020/06/08/coronavirus-lockdowns-may-only-exacerbate-climate-fights/

https://www.bloomberg.com/news/articles/2020-06-08/china-says-debt-payments-paused-for-77-nations-after-g-20-deal?sref=UDsXHHSk

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

China’s Fuel Thirst Nurses Asia’s Oil Market Back to Health
https://www.bloomberg.com/amp/news/articles/2020-05-29/china-s-fuel-export-cuts-are-saving-asia-refiners-from-more-pain
- China isn’t allowing local refiners to sell so much fuel to Indonesia and other importers in the region due
- Diesel strong performer as lockdowns in Asia have eased, but will we see a similar recovery in the United States? Diesel indicators have been weak and are even weaker in the U.S. (indicator of industrial activity)

Occidental Nearly Eliminates Dividend Amid Low Oil Prices
https://www.wsj.com/articles/occidental-nearly-eliminates-dividend-amid-low-oil-prices-11590778229
- (New spin) To keep shareholder trust, saves dividend! Oxy dividend is cut to 1 cent per share
- Share prices were down 5% on Friday, but rebounded on Monday up 6%

OPEC delivers three quarters of record oil cut in May: survey
https://uk.reuters.com/article/us-oil-opec-survey/opec-delivers-three-quarters-of-record-oil-cut-in-may-survey-idUKKBN23520D
- Only 77% compliance - Nigeria and Iraq are the laggards

OPEC+ discussing advancing meeting on oil production cuts to June 4
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/053020-opec-discussing-advancing-meeting-on-oil-production-cuts-to-june-4

Russia has no objection to earlier OPEC+ meeting: sources
https://www.reuters.com/article/us-oil-opec-meeting/russia-has-no-objection-to-earlier-opec-meeting-sources-idUSKBN2370IS

- OPEC meeting moved to June 4, still waiting on OPEC+ meeting
- Will they extend current cuts for another 2 months or will they allow cuts to expire As planned and production to increase by another 2 million bpd

Oil prices fall as U.S. fuel demand remains weak
https://www.cnbc.com/2020/05/29/oil-markets-crude-demand-us-china-tensions-in-focus.html

The Oil Recovery Will Be Complicated. Here Are the 3 Stages to Expect.
https://www.barrons.com/articles/the-oil-recovery-will-be-complicated-here-are-the-3-stages-to-expect-51590607217

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Poor Countries Borrowed Billions from China. They Can’t Pay It Back.
https://www.nytimes.com/2020/05/18/business/china-loans-coronavirus-belt-road.html
- China has loaned money for projects to make developing nations. They can’t pay because their economies are down from Coronavirus. China is open to renegotiating debt but not forgiving it.
- Many countries have discovered that Belt and Road Initiatives from China aren’t all they had cracked up to be. Nothing good happening for countries.
- Beijing is a bigger lender than the World Bank and the IMF at this point.
- Many African nations would prefer that the US rather than China fund these projects. But its harder for the US due to legal restrictions but there is an opportunity here because African countries are dissatisfied with China

Iran Is Hauling Gold Bars Out of Venezuela’s Almost-Empty Vaults
https://www.bloomberg.com/news/articles/2020-04-30/iran-is-hauling-gold-bars-out-of-venezuela-s-almost-empty-vaults

Iran warns US of 'firm response' if action taken against its fuel tankers
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/051820-iran-warns-us-of-firm-response-if-action-taken-against-its-fuel-tankers

Oil jumps to two-month high on easing lockdowns, positive vaccine results
https://in.reuters.com/article/us-global-oil-idINKBN22U033
- will be see demand surge based on normal indicators?
- If China returns to pre-Coronavirus demand so soon, can we get there too?
- Was the Vaccine headline really worthy of the jump in oil prices? Very preliminary.

Oil jumps 8% to two-month high above $31 as June futures contract nears expiration
https://www.cnbc.com/2020/05/18/oil-news-crude-wti-brnet-prices-today.html

Traders feared June oil futures would go negative, instead they expire Tuesday possibly above $30
https://www.cnbc.com/2020/05/18/oil-outlook-vastly-different-than-when-it-plunged-into-negative-territory-a-month-ago.html
- Last month’s negative pricing was a fluke, at the June expiry WTI is above $32
- No one is freaking out about storage anymore
- Enterprise CEO said there’s no storage problem, aren’t going to hit the top
- Actual storage level was only at 60% not 70% as people had been saying
- Energy Transfer and Enterprise offered to turn pipelines into storage

Global Oil 2000 in Forbes
https://www.forbes.com/sites/ellenrwald/2020/05/13/global-2000-saudi-aramco-debuts-as-worlds-largest-oil-company-while-industry-reels-from-crisis/#430dd126999f

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Coronavirus cases in long-term care facilities
https://www.nytimes.com/interactive/2020/05/09/us/coronavirus-cases-nursing-homes-us.html

Elon Musk threatens to move Tesla headquarters out of California following extended shelter-in-place rules
https://www.cnn.com/2020/05/09/tech/elon-musk-tesla-threatens-california/index.html
- Calling California tyrant
- Potentially moving Factory and headquarters to Texas/Nevada
- Hidalgo county wants Tesla to move to its county because of existing auto manufacturing facilities

Saudi Arabia to slash June oil output by an extra 1 million bpd - ministry
https://in.mobile.reuters.com/article/amp/idINKBN22N1OA

- troubling signs of impact in Saudi ARabia and Russia for impact of oil price drop
- Saudi Arabia increasing VAT from 5% to 15% and cutting spending
- political instability is a possibility
- what is Q2 going to show when signs are that Q1 is so bad

Wanted: Somewhere, Anywhere, to Store Lots of Cheap Oil
https://www.wsj.com/articles/wanted-somewhere-anywhere-to-store-lots-of-cheap-oil-11589207580?
- check out the “oil-storage bladders” for $65,000

Dr. Dean Foreman from API on the monthly statistical report:
- production is down significantly, the market is responding
- shut ins locally but demand side problem not a supply side problem
- gasoline demand: starting to see an uptick but 50% below what it should be: jet fuel is likely to lag but gasoline and diesel will pick up more quickly
- diesel is down but not that much because uptick in trucking due to shipping
- February and march people were driving more because not flying but with stay at home orders gasoline went down too
- 31 states gradually starting to reopen and in last 2 weeks seeing gasoline demand rise
- will we see gasoline demand increase this summer? Will people drive more to avoid flying or will driving decrease because people aren’t going anywhere?
- Gasoline exports: down but not down nearly as much as would have expected. Crude oil imports dropped.
- Refinery utilization for April at record low.
- Winter vs. Summer gasoline: trying to get waivers for use of winter gasoline into the summer because too much in storage. Usually have a 20-30 supply of gasoline but current supplies are much higher
- Refinery utilization is at 1985 levels - In 1985 there was a labor shock, not a demand shock like here is now.
- Imports dropped 3x as much as US exports - because of crackers and cokers we use in the United States
- Uncertainty over what you will get when you reopen a well that was shut-in early. May not be able to produce as much, productivity loss.
- Natural gas market: gas is in better position now even though it was a relatively warm winter
- Oklahoma proration hearing: mandate production quotas in a proportionate way, usually well-based not operator based. Tens to penalize most efficient wells.
- Economic indicators are factoring in the worst. Weekly data are showing a turn around. Economic expectations, with trillions of dollars of stimulus expecting lots of economic growth in 2021. Market could be short oil in Q4.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Special Guest Texas Railroad Commissioner Christi Craddick
- Meeting at 9:30 am CT (10:30 am ET). Will discuss proration. Will be first vote we will take on this issue.
- Only been talking about this for the first time in 50 years
- Continue to have the conversation on proration
- Will likely see TRRC not do pro-rationing on May 5
- Doesn’t make a lot of sense with how fast the market has moved
- Legal background and legal aspects: being lawsuit proof is important because if it goes to court then it doesn’t help anyone.
- Definition of waste is up to commissioners.
- Role of history: Looked to people who had been around the last time TRRC did prorationing in 1960s and early 1970s. But things have changed - especially administrative procedures. Market has also changed. OK and TX basically were the US market in 1973, now its very different. Much more diverse market, even within the state.
- All of commissioners have had conversations with other oil producing states and even Canada. Fed gov is actually second largest producer. Texas shoudln’t go it alone, need to do this with other states. Biggest challenge is that don’t want to disadvantage Texas over other markets.
- Providing regulatory certainty. Not picking winners and loser, allowing market to take precedence and correct itself.
- Permits off 60% in a month. Regulatory body needs to watch what market is doing and engage if market isn’t correcting itself.
- From a commission perspective important priorities are making sure industry is still a round and people still have jobs. Started by looking at regulations and rules that could be waived, without impacting environment that could help and could protect jobs.
- Biggest question: How does it really protect someone? Could proration put a floor on price of oil? Texas produced about 4 million bpd, though not probably down by 1 million. Don’t want to disadvantage anyone or prevent oil recovery. Use production numbers from Dec 2019 and cut 20% from there? Someone emailed to say that this would disadvantage. Cut 60% and now will have to cut another 20% would disadvantage people who are still in the market and see opportunity. Also concern to disadvantages in midstream and downstream.
- There is pipeline capacity, refinery capacity, Asia opening and people selling overseas. There is opportunity.
- Citizen’s rights and mineral owners: Companies are looking to readjust leases. Hearing that mineral owners don’t want companies to drill at today’s prices and would like companies to wait and leases are being renegotiated and extended. Companies are trying to extend leases.
- Role of TRRC going forward: when the industry is in a deep need to have more inspectors on the ground. Have a well-plugged program and will inherit some wells that will need to be plugged. In the future, hopefully this is a short-term (a year or 2 years). Opportunity to assess rules and regulations and continue to have conversations, work on best practices and be ready for the next piece. Rules are in place but that TRRC isn’t preventing innovation. Many people have called about storage opportunities and innovating ways to store oil. Will look at waiving some regulations, but could set up more storage in Texas to be complementary to Cushing. Certainty is important with regulation so that people can make investments for the future.
- If I believed that prorationing would have kept anyone’s job, I would have done it. Prorationing wouldn't have helped anybody, in the short-term or the long-term. The market is taking care of itself. This is what this economy and this country are about.

Seems like Ryan Sitton backed down. Mind wasn’t changed.
Is the market overly optimistic about demand return?
Role of public transportation in demand: Beijing- how many more cars could they even put on the road? Maybe get more scooters, tiny electric vehicles. Is that even logical or logistical?

https://www.reuters.com/article/us-iraq-oil/iraq-faces-problems-cutting-1-million-bpd-of-crude-output-sources-idUSKBN22C3OG

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Is the fear factor too strong for an economic recovery even if economies start to open up?
- stimulus matters
- gov subsidizing fear

Oil Slump, Coronavirus Create a Perfect Storm for Nigeria’s Economy
https://www.wsj.com/articles/oil-slump-coronavirus-create-a-perfect-storm-for-nigerias-economy-11588000761
- Nigeria’s break even oil price is $133/barrel
- Oil accounts for 60% of government revenue and 90% of foreign exchange
- Was once number 1 country for pipeline theft. How much is that driving up break-even price?
- Political ramifications of low oil prices will be amplified in Nigeria

How the U.S. could use taxpayer dollars to save oil and energy companies
https://mobile.reuters.com/article/amp/idUSL2N2CC2KF
- Could the U.S. “nationalize” the oil industry? No, not likely
- Could the U.S. gov bailout oil industry by getting equity state in oil companies and then selling it back?

What Saudi Arabia Can Do to Lead Again on Oil
https://www.bloomberg.com/opinion/articles/2020-04-23/coronavirus-3-things-saudi-arabia-can-do-to-lead-again-on-oil
- Replace leadership at the top to try and restore market confidence in Saudi Arabia’s leadership

When oil became waste: a week of turmoil for crude, and more pain to come
https://mobile.reuters.com/article/amp/idUSKCN228059?
- What will happen to midstream contracts if small companies go bankrupt or the assets are purchased by other companies?
- Midstream companies might be in trouble

Oklahoma asks Trump to declare coronavirus an 'act of God' to help oil producers
https://www.reuters.com/article/us-oil-usa-oklahoma/oklahoma-asks-trump-to-declare-coronavirus-an-act-of-god-to-help-oil-producers-idUSKCN2280OR
- declaring Force Majure on oil would allow leases to be maintain, but why don’t producers Just renegotiate with the land owners?
- compare this to North Dakota which is issuing well wavers for 5,000 wells. Production could decline about 300,000 bpd.

Russia's Tatneft cuts oil output ahead of OPEC+ amid lack of storage, poor demand: sources
https://mobile.reuters.com/article/amp/idUSKCN2290Y0

South Korea Has Run Out of Commercial Storage Space for Oil
https://www.bloomberg.com/amp/news/articles/2020-04-27/south-korea-has-run-out-of-commercial-storage-space-for-oil

Global oil supply to fall 6% by 2030 due to delayed projects: data
https://www.reuters.com/article/us-global-oil-supply-graphic/global-oil-supply-to-fall-6-by-2030-due-to-delayed-projects-data-idUSKCN2261LL

DOE Announces Crude Oil Storage Contracts to Help Alleviate U.S. Oil Industry Storage Crunch
https://www.energy.gov/articles/doe-announces-crude-oil-storage-contracts-help-alleviate-us-oil-industry-storage-crunch

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com

Oil Prices Slump as Crude Storage Shortage Intensifies
https://www.wsj.com/amp/articles/oil-prices-slump-as-crude-storage-shortage-intensifies-11587382034

U.S. oil falls more than 10% to lows not seen since 1999
https://www.reuters.com/article/us-global-oil/u-s-oil-falls-more-than-10-to-lows-not-seen-since-1999-idUSKBN2210V9

Why Oil Is $11 a Barrel Now but Three Times That in Autumn
https://www.wsj.com/articles/why-oil-is-11-a-barrel-now-but-three-times-that-in-autumn-11587392745

- WTI contract for May is about to expire and no one wants to buy so its basically fallen to pennies
- But will demand actually go up even when the economy restarts? Will people be willing to go out?
- regional variance?

Saudi oil official refutes claim that crude exports to the US rose last month
https://www.cnbc.com/amp/2020/04/17/saudi-arabias-oil-exports-to-us-skyrocketed-amid-coronavirus-lockdowns.html?

Oil War And Peace: A Russian-Saudi Standoff Is Over -- At What Cost To The Kremlin?
https://www.rferl.org/a/russia-saudi-standoff-oil-war-peace-kremlin-cost/30557642.html

Biggest Oil ETF Shakes Up Structure
https://www.etf.com/sections/features-and-news/biggest-oil-etf-shakes-structure?nopaging=1

Railroad Commission of Texas Considers Oil Production Cuts
https://www.natlawreview.com/article/railroad-commission-texas-considers-oil-production-cuts
- Will they prorate?
- Sense from the hearing is that prorating isn’t going to happen because implementation is too difficult and the market implications would be harmful in the long run.
- Physical waste vs. ergonomic waste
- What would Exxon do? Could argue that what they produce isn’t actually oil.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com