July 11

Interior Department Closes Alaska to Drilling

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Highlights of the Podcast

00:00 – Intro

01:29 – 1PointFive Signs an Agreement to Sell 500,000 Metric Tons of Carbon Credits to Microsoft

03:52 – Lithium ion batteries a growing source of PFAS pollution, study finds

05:48 – Department of Interior shuts down millions of acres of Alaska to all oil, gas and mining activity

8:00 – Brian Zinchuk: Alberta’s last coal plant shuts down, and days later, a grid alert is declared

09:40 – BREAKING NEWS- Shell to grow LNG business with 2027 Manatee natural gas production start-up offshore Trinidad and Tobago

11:50 – Markets Update

15:21 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:14] What’s going on, everybody? Welcome into the Thursday, July 11th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up, 1.5 signs agreement to sell 500,000 metric tons of carbon credits to Microsoft. Ooh! Space jam. Next up, lithium ion batteries are a growing source of, a S’s pollution, according to a new study out of North Dakota and Texas Tech. Next up, Department of Interior shuts down millions of acres of Alaska to all oil, gas, and mining activity. Next up, Brian’s in Zinchuk, a great opinion piece. Alberta’s last coal plant shuts down and days later, a grid alert appears. A coincidence, I guess not. And then finally, breaking news. Shell to grow LNG business with 2027 Manatee natural gas production start up offshore in Trinidad and Tobago. Stool. Then toss it over to me. I will quickly cover what’s happening in the oil and gas markets and cover a pretty crazy EIA crude oil inventory storage update, which I think is part of the reason why we’re seeing oil prices spike a little bit today. As always, I am Michael Tanner, joined by Stuart Turley. Where do you want to begin? [00:01:29][74.6]

Stuart Turley: [00:01:29] Hey, let’s start with our buddies over there with a Microsoft 1.5 signs an agreement to sell 500,000 metric tons of carbon credits to Microsoft. Michael, I found this one interesting. I actually learned a little bit out of this article. The Carbon Capture Company 1.5 announced Tuesday it has entered into an agreement with Microsoft to sell 500,000 metric tons of carbon dioxide c d r, which is removal. That’s direct air capture for you on an educated people like me, the goal is to aid Microsoft’s carbon removal strategy and become carbon negative by 2030. I see this is a scam. What does this really do? Do you know how much power it takes and electricity to do a direct air capture machine? [00:02:16][46.4]

Michael Tanner: [00:02:16] Well, and Microsoft being one of the largest investors in OpenAI, which is running ChatGPT, which we’ve talked about at nauseum, the amount of power that AI is going to use, it seems like this is just a drop in the bucket from a corporate movement standpoint relative to what they’re actually going to be burning, and let alone the water. [00:02:34][17.9]

Stuart Turley: [00:02:35] That’s exactly this is such a waste. And AT&T carbon removal agreement, they’ve also got it with AT&T so that AT&T can say, oh we’re removing carbon. But you know last I checked CO2 is good for the plants. But yeah, Michael Avery, president and general manager of the 1.5, said AT&T s carbon removal credit purchase is another proof of the vital role of direct air capture play in providing high integrity and durable solution to help organizations address their emissions. No, that doesn’t address their emissions. That addresses their. That makes them feel good. If it was going to make it, if it was going to address how their emissions were done, that would be a different story. All this does is make them feel good. [00:03:20][45.0]

Michael Tanner: [00:03:20] And this is 1.5 is acces direct air capture. Right. This is a. [00:03:25][4.5]

Stuart Turley: [00:03:25] Warren Buffett Warren Buffet effort. Yes. [00:03:27][2.0]

Michael Tanner: [00:03:28] Interesting. [00:03:28][0.0]

Stuart Turley: [00:03:29] Yeah I’ve been on round on that. And that’s what Warren Buffett is doing quite well. Invest into oxy. Get into this game. Oxy is leading the charge. Hats off to oxy. They’re going to take advantage of the money. I don’t have a problem with them taking advantage of the money. I just think it’s a waste of our money. [00:03:46][17.5]

Michael Tanner: [00:03:46] Yeah, absolutely. Let’s move on to another environmentally friendly thing lithium ion batteries. [00:03:52][5.2]

Stuart Turley: [00:03:52] This story brings up my hot buttons. This got me worked up. Lithium ion batteries, a growing source of PFOA as pollution study finds. This is really pretty cool. I like it from the standpoint that poly fuel. I like all EAF PFAs, which is the sub novel class of poly fuel. I can’t even say it. Michael, how would you say that? Poly fuel like. Well, we’ll have to get a caller in on this show. On that I’ll take two. [00:04:22][30.1]

Michael Tanner: [00:04:23] PFOA is what the common term is. [00:04:26][3.3]

Stuart Turley: [00:04:26] The what. [00:04:27][0.2]

Michael Tanner: [00:04:27] A PFOA. [00:04:27][0.2]

Stuart Turley: [00:04:28] Yes. Thank you I’ll go with Paul phase for $100 Michael. But here’s what it is really about. Our results reveal a dilemma associated with manufacturing, disposal and recycling of clean energy infrastructure, said go File, an associate professor of environmental engineering at the Edward Whitacre College of Engineering. He is dead on. Right. I’m work, starting to work with some folks with windmill removal and land reclamation stuff got going on. And this is a very important point. It is these results illustrate treatments, approaches. Designs for PFOA and PFOs can also remove the BIS study the A. S I s. [00:05:11][43.4]

Michael Tanner: [00:05:12] In the acronym for me. All we know is that it’s pretty clear that lithium ion batteries aren’t necessarily clean. We’ve known that. Now we know that they’re also a growing source of all of these terrible acids, of course. [00:05:25][12.7]

Stuart Turley: [00:05:25] And and we need them. And, Michael, there’s another story that went out on Newsbeat earlier. And California is in a dilemma because they have too much solar. And the only fix that they’ve got for this solar is more storage. So that goes right into this story is which came first more solar or storage? You gotta go. You gotta love it. [00:05:45][19.4]

Michael Tanner: [00:05:45] Hopefully neither. But what’s next here, let’s move to the last set. [00:05:47][2.3]

Stuart Turley: [00:05:48] All right. This story is amazing. Department of interior shuts down millions of acres of Alaska to oil and gas and mining activity. The decision on D1 lands removes the area the size of the state of Pennsylvania from source development. And this was originally approved by Trump. Now, this happens after the Chevron deference Supreme Court. And we’ve had four cases, Michael, that have already been overturned by the overreach of the Biden administration. And then the Biden administration rolls over and goes, we’re not quite dead yet. We’re going to make some people’s lives miserable. This is nuts. This is a quote out of the article. Today’s double whammy attack on Alaska’s resource development opportunities make 65 times the Biden administration has targeted our states in energy and economic future. The administration has completely kowtowed to radical environmental environmentalist in order to gain favor at the ballot box. 28 million acres off limits. This is just no nuts. They’re not getting. [00:06:56][68.8]

Michael Tanner: [00:06:57] What they’ve also did in. In a separate decision, they also blocked a 211 mile gravel road that would go ahead to connect west central Alaska and the mining districts and extremely rich in copper. [00:07:10][12.9]

Stuart Turley: [00:07:10] We need that. If they want to do an energy transition, they need the mining, they need the copper. And I tell you what, our great oil and gas and our mining operations up in Alaska are better than anywhere else in the world, and they care about the environment. Why do you have the Native Alaskans up there loving the oil and gas industry? Why do you have everybody lining up fighting for it? Because of the good regulatory actions that they have had in the state. Level up their hats off to the state, I love it, I love Alaska, no. [00:07:42][32.3]

Michael Tanner: [00:07:43] We love Alaska. They they specifically are citing the fact that the jobs, revenue and minerals would help Alaska continue to fund them, but also make us less energy dependent on other nations. So it’s really a catch 22 here. [00:07:56][12.6]

Stuart Turley: [00:07:56] Yeah. We got this big ugly thing called China over here. We got to go through. So let’s go to the next one before I get an aneurysm. All right. This one and this is from Brian Zinchuk Alberta’s last coal plant shuts down and days later, a grid alert is declared. Michael, you can’t buy this kind of entertainment. On July 6th, the Pembina Institute published a paper by Chris Smith as Vincent Baker. On July 6th, for the first time in more than 150 years, Alberta is out, electricity is coal free, and on July 8th, the province went into yet another grid alert. [00:08:32][36.2]

Michael Tanner: [00:08:33] It’s it’s it’s it’s dripping with irony. [00:08:35][2.2]

Stuart Turley: [00:08:36] It is okay. The grid does not care. The grid is not racist. The grid needs sustainable, low cost energy coming into it. It needs fiscal responsibility. It does not care. Physics and fiscal responsibility matter to the grid. It doesn’t care if it’s coal or not. [00:08:56][19.9]

Michael Tanner: [00:08:56] Yeah, the grid doesn’t care about your physics. That’s. We need to put that on a bumper sticker. [00:09:00][3.6]

Stuart Turley: [00:09:00] Or a T-shirt. The grid doesn’t care. [00:09:02][2.0]

Michael Tanner: [00:09:03] But it also goes to show how poorly wind and solar perform in non normal weather. If it’s going to be super hot or super cold, wind and solar, don’t you gotta? There’s a sweet spot for this type of stuff. [00:09:15][12.2]

Stuart Turley: [00:09:15] Especially in and and it goes back to California. California. There is nobody buying any more solar to go on their roofs because the subsidies have dried up, the state subsidies have dried up, and they’ve got more solar power that just burns away. And it’s just now causing a lot of pollution because these things are burning up and not distributing their electricity anywhere. Yeah. So what do you do? You go to the next story. Breaking news. Shell shell to grow LNG business with 2027. Manatee natural gas production startup of Trinidad and Tobago. This is really important. This is another trend Michael. You’ve been talking about this for a while and that is that shell and BP and the other European big oil companies are going less renewable and going more back to the basics. It’s going to grow its LNG business by. 20 to 30% compared to 2022 when LNG equal LNG volumes were planned to grow by 20 to 25. That’s crazy. [00:10:21][65.6]

Michael Tanner: [00:10:21] Yeah. I mean, they’re taking advantage of what they see as a very lucrative future LNG market. I think obviously, with the reversal of the decision for Biden to Biden administration for blocking LNG, they see possibly an advantage here. I mean, obviously, this this is you know, this is I. [00:10:37][15.5]

Stuart Turley: [00:10:37] Don’t see I don’t see LNG as a bridge fuel. Everybody saying, oh, natural gas and LNG or bridge fuels. I see them around a lot longer than a bridge. And and so I think this is brilliant on their part by expanding out their LNG portfolio. Speaking of that, if anybody is needing crude oil, jet fuel or anything else, go to the Energy newsbeat.com/trading desk and reach out to us. [00:11:03][25.9]

Michael Tanner: [00:11:03] Yeah, absolutely. We’ll make sure to get you in contact with. With that I want to cover the oil and gas markets here. But before we do that guys, we got to pay the bills around here. Thanks for checking us out on the world’s greatest website www.energy newsbeat.com where all the news and analysis that you just heard is brought to you by that website and the team do a tremendous job making sure it stays up to speed. Everything you need to know to be the tip of the spear when it comes to the energy and the oil and gas business. You can hit the description below for all the links to the timestamps articles. Jump back and forth however you want to do that. And as you mentioned, go to our website. You can sign up if you are interested in our trading desk. Crude oil, LNG, you know, jet fuel, any any of all the any of all of that. That’s a tongue twister for you. Please check us out and we’ll put you in contact with the right people there. [00:11:49][46.2]

Michael Tanner: [00:11:50] But all right, let’s move into its do I mean green light? Light one for me. I mean we’ve got oil prices up a little bit. You know, they were actually up all the way above 8250 currently trading about 8209 S&P 500 has seen a little bit of an increase despite what we’re seeing behind my screen here in in in fed drum fed chair Jerome Powell talking about how there may or may not be rate cut. More rate cuts coming this year, which I think the market is somewhat expecting a little you know, tempered expectations. Market still continue to be on a rip from here. Two year yield two year yields up about 0.04 percentage points ten year yields down about a quarter of a percentage point. And we have Bitcoin continue to fall $57,000. I’m currently at about you know three quarters of a percentage point off their daily highs. As I mentioned crude oil still up on the day over about a percentage point but really down from its mid you know mid highs where it was above 8250 currently again sitting at 8211. As we record this here mid-afternoon on the 10th. Natural gas down about three quarters of a percentage point. Brant oil down about a quarter of a percentage point 8549. Natural gas, as I mentioned, $32.32. We did see a, you know, a jump in refining activity last week. And we also did see if we can pull up the EIA highlight numbers here. 233. 4 million barrel draw from the Strategic Petroleum Reserve. That was backed off an estimated 1.8 or 1.9 million barrel draw the API estimated yesterday. So coming in about a 2 million barrel spread, which is obviously going to be bullish for prices, really all the other stuff is is is, you know, what’s going on specifically in I’m down at Houston with a lot of these refiners. Hurricane bevel is is basically how many people are still out of power down there in Houston Stuart 1.2. [00:13:26][96.7]

Stuart Turley: [00:13:27] Million in in Texas still. That’s just nuts. [00:13:30][3.0]

Michael Tanner: [00:13:31] We hope everybody staying safe down there. You know in the wake we have we did see some refineries open back up along that Gulf Coast area. But they’re you know the majority of that’s going to open up here at the end of the week. Tim Schneider, he’s over there at Matador Economics. His quote is we are seeing news stories out there that are still having little impact on the market, which mean the market is discounting those. And he’s referring to mainly the cease fire discussions over both the war in Ukraine and in Gaza. So very interesting there. I mean, that’s really all I saw today. Very excited to get our deal spotlight on Friday, recorded with John Farrell over there at well database covering the Grayson Mill Devin swoop up. We’re going to be doing a little prep call this afternoon to kind of go over what some of the highlights are. So if you if there’s anything specifically on that you want to cover guys, you go ahead and email us questions at Energy News beat.com. But truly all I’ve got still you know we we got our you know you’ll hear tomorrow you’ll hear obviously our what’s what’s going to run tomorrow. [00:14:24][53.5]

Stuart Turley: [00:14:25] I’m not sure I’ve got 2 or 3 that are stacked out there. We’ll see which one they come rolling through. [00:14:30][5.1]

Michael Tanner: [00:14:30] You’ll hear the weekly recap on Friday. We’ll have we’ll give you a Sunday off and then we’ll be back in the chair Monday. So we appreciate you guys hanging out and sticking with us all through this week. Yeah. [00:14:39][8.8]

Stuart Turley: [00:14:40] For our Texas listeners, CenterPoint energy is got 2.6 million customers and they have 1.3 million without. So CenterPoint got hammered. They’re the ones that’s the provider without the electricity. They’re the ones with the most. 1.6 is what’s out of power right now in Texas. [00:14:59][19.8]

Michael Tanner: [00:15:00] Yeah. Wow. Crazy guys. [00:15:01][1.1]

Stuart Turley: [00:15:02] But the other one for you is the Saudis threatened the G7 over Russian assets. The G7 is trying to. Claim Russian assets in Saudi Arabia stood up and said, get your hands off of Russia’s assets. That’s going to be spicy nuts. We live in a crazy time, Michael. [00:15:21][19.3]

Michael Tanner: [00:15:21] Yeah, pretty pretty crazy pretty pretty crazy. So all right, guys, we’re sticking with this thing all week. You’ll hear the the weekly recap on Saturday for Stuart Hurley I’m Michael Tanner. We’ll see you next week, folks. [00:15:21][0.0][887.7]

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