Trump threatens BRICS

[[{“value”:”

Daily Standup Top Stories

Highlights of the Podcast

00:00 – Intro

01:50 – Trump threatens BRICS

04:15 – U.N.’s Top Court Weighs Penalties For Countries Defying Climate Decrees

05:49 – The Secretive Oil Shipping Hub Funneling Iranian Crude to China

08:10 – U.S. LNG Demand Nears Record Highs as Winter Looms

11:07 – Texas Oil Town Odessa Now Among USA Cities With Highest Wages

13:42 – Markets Update

17:24 – Outro

Follow Stuart On LinkedIn and Twitter

Follow Michael On LinkedIn and Twitter

ENB Top News

Energy Dashboard

ENB Podcast

ENB Substack

ENB Trading Desk

Oil & Gas Investing In 2024

– Get in Contact With The Show –

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

Michael Tanner: [00:00:10] What’s going on, everybody? Welcome into the Monday, December 2nd, 2024, edition of the Daily Energy News Beat. Stand up here, the day’s top headlines. First up, Trump threatens Brics. This one’s unbelievable, guys. Definitely our top story. Next up, U.N. top court weighs penalties for countries defying climate decrees. Interesting as the cover art says, it is climate madness. Next up, the secretive oil shipping hub funneling Iranian crude to China. We’ll come back to the United States, where LNG demand nears record high as winters loom. And then finally in our news segment, Texas oil town, Odessa among U.S. cities with the highest wages go oil and gas. And then finally, Stew will torture women. I will quickly cover what happened with the oil and gas markets. We are excited to be back with you. We hope you had a great Thanksgiving. You have good Thanksgiving stew. [00:01:04][53.6]

Stuart Turley: [00:01:04] I did lots of turkey overweight, but now I’m on my diet. Lift in weight. Got to get ready for Christmas. [00:01:10][6.0]

Michael Tanner: [00:01:11] Absolutely. You got 30 days to get in and get in shape. I had a great Thanksgiving. I was at Jerry World on Thanksgiving for a little football and with the family convinced them to come down here. It was the game. It was good. It was a good game. They won. I’m not really a Cowboys fan. Go Broncos. We play actually tonight as you guys listen to this, we’re the Monday Night Football game. But it was good to see it. It’s called Jerry Wolf for a reason. Holy smokes. Huge. [00:01:34][23.9]

Stuart Turley: [00:01:35] So that great. I just I am glad that they did. And I believe Dak was not playing is why you won. [00:01:41][5.5]

Michael Tanner: [00:01:41] Yeah, well, and they had Drew Lock playing by the Giants. But that’s neither here nor there as always that Stuart Turley, I, Michael Tanner. Where do you want to begin? [00:01:50][8.5]

Stuart Turley: [00:01:50] Let’s start with my buddy Trump. Trump threatens brics. There is a publisher note on this article on Energy News. Mayko and the publisher note says If the Biden-Harris administration had not weaponized the U.S. dollar in such a criminal pattern, BRICs would not have gained the traction that has been able to have been achieved. I wonder who put that in. But anyway, I love President Trump. From this. He goes, Anybody quote, looking to replace the U.S. dollar can wave goodbye to America. The president elect has declared. Trump went on to say that he would ask brisk, brisk BRICs nations to promise not to create a common currency nor back any other currency than replace the almighty dollar. I almost disagree with his strong language to a point. I agree with the thought thought process around it. Cooperation within BRICs is not relegated against anyone or anything. President Putin came out last week. Michael, I don’t know if you remember, but he did say he’s not looking to displace the dollar. In fact, I think President Trump will lift some sanctions to end the war and stop this sanctioning madness. Yeah, I. [00:03:04][74.0]

Michael Tanner: [00:03:04] Mean, here’s the thing. Will this work? I don’t know. But at least someone’s fighting to keep the U.S. dollar as the reserve currency. And, you know, we can talk about what the, you know, the destruction of the dollar. Up until this point, Trump understands or at least is getting advice from people that understand that if the dollar becomes the second most powerful currency in the world, that $34 trillion worth of debt looks a whole lot worse than it does right now. Surely reason we’re still here right now is because, in fact, the world is the dollar is the world’s reserve currency. So if all of a sudden we become the second most powerful currency, K not the reserve currency, everybody’s trading in yen. All of a sudden we’ve got to start accepting substack donations in yen. Well, that’s $34 trillion. That becomes awful. [00:03:53][48.6]

Stuart Turley: [00:03:53] Exactly. And I firmly and very pleased by this. The only way that he could ever get rid of the Fed is if he has other things in place. And a professor strong stronghold has made a few great things on eggs. So I’m still trying to get him on the podcast. Maybe I’ll have him next week while you’re out. [00:04:13][19.7]

Michael Tanner: [00:04:13] Yeah, maybe. All right. What’s what’s next? [00:04:15][1.6]

Stuart Turley: [00:04:15] Let’s go to you. UN’s Top Court Weighs Penalties for Countries Defying Climate Degrees. Climate mandates are a sure way to kill the economy of any country. The International Court of Justice. This almost sounds like a cartoon. ICJ The Hague will begin consideration Monday of a host of proposed penalties the UN can implement in against countries that defy their on protecting the environment. I got one thing to say this is that I think President Trump, if you’re listening to this podcast, please throw the U.N. out of the United States and then back that up and then get the U.N., the U.S. out of the U.N.. This is absolutely a horrific continuation of wealth transfer. [00:05:05][49.8]

Michael Tanner: [00:05:06] Yeah, well, it’s I mean, we’ve shown the charts. We don’t need to. Go back over them. China has increased their emissions to four, but we’ve actually decreased our emissions somewhere around 15%. And so it doesn’t really matter what we do. Again, this is a way so that they can implement this climate justice. I mean, we know that phrase everybody’s been talking about. It’s madness, as you would say, Stu It’s absolutely madness. I love I want to point out this article to you. You bolded it. It has no enforcement mechanism. So it’s implicated in its rulings. Often simply ignore is existence. And that’s what we should do. Simply ignore the existence of the U.S.. I see nothing. It’s got to be a Sergeant. [00:05:43][37.6]

Stuart Turley: [00:05:44] Schultz, Or, you know, the president excuse me, the chancellor of Germany. All right. Let’s go to the next one here. Secretive oil shipping hub funneling Iranian crude to China. This story fits in with the whole theme of sanctions and everything else, because China and Iran have devised a complex system of ship to ship transfers in the South China Sea. And Michael, for our podcast listeners, this story on energy news, beat.co you look at that area of Bloomberg analysis that looks like a teenager’s a face with acne. There’s so much ships in that area out there. It is unbelievable how many ships are out there. And it says analysis of nearly five years of satellite images shows the vast area of that. This data suggests 350 million barrels of oil have changed hands in the hotspot. But China goes. We see nothing. We see no oil. They say they have not bought any oil. [00:06:47][63.1]

Michael Tanner: [00:06:48] Well, that’s I mean, that’s a lie. But, you know, I mean, we all knew this was happening. And the problem is, what can we really do to shut it down? We we you know, this article points out that Trump’s national security adviser pick, Mike Waltz, has said he’s pledged to stop or greatly reduce Iran’s ability to collect petroleum revenue, which is going to theoretically have positive benefits both for Ukraine and the Gaza wars, both from a U.S. policy perspective and where where they’re going to attack. Iran is not necessarily Iran. Where they’re going to attack is China. And basically make sure that they because if you can stop people from buying it, if they’ve got nobody sell it to, they can’t sell, that’s really you don’t have to go and stop Iran from selling it. You have to stop somebody from buying it. [00:07:31][43.3]

Stuart Turley: [00:07:31] Exactly. Now, I need to ask and and I ask because he is great on on doctor Dr. Hand and I need to ask him because you can again over think this in many ways I trust his opinion mostly on a lot of those things and I think that is an outstanding question. Do we go get China to shut it down? And then what happens to the rest of the oil market? I think OPEC would be happy with that because they cannot control their members. [00:08:01][30.0]

Michael Tanner: [00:08:02] Well, they have. They better be. You know, I mean, they better be. [00:08:05][2.9]

Stuart Turley: [00:08:05] They haven’t. They can’t. So this is kind of interesting. [00:08:07][2.3]

Michael Tanner: [00:08:08] It’s very interesting. All right. What’s next? [00:08:10][1.7]

Stuart Turley: [00:08:10] Let’s go to U.S. LNG Demand nears record highs is when winter looms. U.S. natural gas LNG plants are running full throttle. Surge comes as colder weather ends. Michael, this brings up an outstanding point. That is, listen to this. The US continues to dominate as the world’s largest LNG exporter, with more product production expected as new plants go up online, the LNG demand ramps up nearly 40% in the last two months due to cold weather forecasts. Michael I’m writing a couple papers and one of the papers is we need to get rid of the Jones Act to help out and reduce emissions. And how why we like clean Hawaii, but they can’t import U.S. LNG. How about Boston? Boston could really use low cost LNG, but they won’t build pipeline. Why can’t they? Important U.S. LNG? Yeah. So yeah, it’s hand in hand with the study I’ve got going on it. [00:09:11][61.1]

Michael Tanner: [00:09:12] No, it’s really interesting. Check that out again on our Substack little free plug there guys. But I do think the LNG, I was actually talking with my brother about it this weekend or this week while he was in town. We were talking about, you know, in the next five to 3 to 5 years, what words really are we going to see the growth? Trump keeps talking about increasing American energy. I don’t think he’s really talking about oil. I think where you’re going to see the massive growth is in natural gas. I think most people in that unit talk about the this council for this and the Energy Council that now has, you know, Doug Burgum. Chris. Wright. These guys, they are natural gas all the way. And what you’re going to see, I think, is the ability to permit a lot more of these one pipelines. We saw that with BlackRock or Blackstone and Equity Equity attempting to monetize their midstream assets at what they feel like is the highest valuation it’ll have in 3 to 5 years, because now people can build pipelines because the permitting will be fine. So the you know, we talked about that on Friday, but then. Also, these LNG export terminals are going to get approved a lot quicker. And so you’re going to see more of them sprout up and you’re going to see natural gas prices, or at least the spread being sold from the United States to Europe continue to increase because that’s why natural gas prices are depressed. Ship it anywhere. We’re all shipping overseas. We’d all be making off, you know, Jerry Jones and Comstock. We make it a fortune for the can. [00:10:31][79.2]

Stuart Turley: [00:10:31] But that goes back to my point also here. Let’s go to the next building block of growth for energy exportation. And that would be why don’t we tie this to a lot? And like Vietnam has put in an LNG power plant, meaning it goes straight from the LNG tanks to their power plant. And that would be a great thing for us to export a building. The power plants, kind of like the bricks and mortar road, the road from China. Let’s go build these markets, export our power plants, export our LNG. This would make a lot of sense. [00:11:05][33.7]

Michael Tanner: [00:11:05] Yeah, no, absolutely. All right. What’s next? [00:11:07][1.6]

Stuart Turley: [00:11:07] Let’s go to Texas Oil Town, Odessa. Now, among the U.S. cities with the highest wages. I love me, Texas Midland, Odessa. Weren’t you out there just a little while ago? [00:11:18][10.2]

Michael Tanner: [00:11:18] I was I was paying my dues. [00:11:19][1.3]

Stuart Turley: [00:11:20] Paying your dues. You got to love this. In Texas, oil town, Odessa and Denver joined the top ten metros with the highest weekly wages over the past year. Odessa is biggest sister in the Permian Basin. Remain first in that. Cool. No. [00:11:37][17.1]

Michael Tanner: [00:11:38] Well, I mean, obviously oil and gas, there’s a demand for it. There’s a need for it. My previous city, Denver, squeaks in there. Not bad. Not bad. But again, it goes to show you, two out of the ten cities are oil and gas. Two out of the ten cities are tech. Tech and oil and gas are right there in terms of the amount of earnings that you could potentially make as a young person. And for me, you’d rather going to oil and gas the tech, trust me. [00:12:01][22.2]

Stuart Turley: [00:12:01] Absolutely. Yeah. Denver kind of got all hit by having the Venezuelans hanging out there, taking some of them profits as they were putting them over the border. [00:12:09][8.0]

Michael Tanner: [00:12:10] It’s true. It’s funny. And tell me, where’d you grow up? Well, then, bro, what part of Denver. Well, you heard about in the news. You actually heard about it in the news. It’s the second most famous city in Colorado. [00:12:19][8.9]

Stuart Turley: [00:12:19] Now, I was actually the guy on the other side of the door going runaway. [00:12:23][3.5]

Michael Tanner: [00:12:24] That was actually collecting rent. [00:12:25][1.1]

Stuart Turley: [00:12:26] All the cartel money in. All right. After you. [00:12:28][2.8]

Michael Tanner: [00:12:29] Man. I say, well, we’ll jump over here and talk oil and gas finance for a second, guys. But first, we got to pay the bills. As always, the news and analysis that you just heard is brought to you by the world’s greatest website. The energy news beat.com The best place for all your energy and oil and gas news. Stu and the team do a tremendous job making sure that website stays up to speed on everything you know, to be the tip of the spear when it comes to the energy and oil and gas business. Go ahead and hit that description below for all the links to the timestamped links to the articles, you can also check out a or you can also check us out on substack. The energy news beat.substack.com brawl audio for a for some custom article. Stu is doing a great job of pumping out some nice content there. And also guys again we’re getting into December now. If you have a tax problem we have a solution for you called oil and gas investing. Hit the link below. Invest in oil.energy news beat.com. For more information on how to lower your tax burden. Become Billy Bob Thornton from Land Man. Diversify your portfolio. And again, if I hadn’t mention this, you can lower your tax burden. Gas taxes are so 2023 come into the future into AK the present 2024 where taxes are not a thing again invest in oil dot energy newsbeat.com. [00:13:40][71.7]

Michael Tanner: [00:13:42] I mean kind of a choppy last few days do oil kind of drop from where it was about $71 on Tuesday ended up closing at basically $68 straight up you know mainly from the standpoint of crude oil stockpiles falling a lot more than than was expected. We did see from a from a WTI or from a WTI standpoint, we closed at $68. Let’s go ahead quickly, though, and dive into top line numbers. So we closed at basically all time highs for the S&P 566,032. Nasdaq was up to 20,932, and ten year yields were actually down 1.4, 1.6 percentage points, respectively. Crude oil, as I mentioned from WTI 68, even on the closed, Brant Oil’s 7248 even on the close. Natural gas was up about four points, five percentage points, really almost five percentage points, $3.36. Our actual peak contract was one 4548, which was up about a 3/10 of a percentage point. You know, really, I think I think where you’re seeing prices might elevate a dollar or two in the future has has more to do, mainly with the fact that OPEC decided to push off the meeting. You know, the tea leaves coming out as they actually don’t want to bring all this production back online. That’ll be something that will definitely, definitely, definitely be watching over the next couple of months to see what happens there. We also are seeing the fact that the the the Israel Hezbollah conflict is. Is is could potentially be coming to an end. Obviously, we’re waiting, as I mentioned, OPEC, that meeting they pushed off is going to not was supposed to be the day is actually now December 30th. The thought, as I mentioned again, is they could push off their supply hikes. You know, the IEA has come out. We were seeing a lot of different people drop their their supply demand expectations. The IEA, as I mentioned and this is straight from our Routers article, sees the prospect of more than 1 million barrels per day excess supply equal to more than 1% of global output. A quote, The updated snapshot insulates the excuse promises to be looser than the current one, and oil prices are to average below the 2024 level. That’s according to oil broker P the M. Very interesting there. You know, I think from a global inventory standpoint, Stu, as you mentioned, we’re actually the lowest we’ve ever been. So there’s kind of two counterweights, I think, seen here. Obviously, from the supply standpoint, we’re oversupplied or will be oversupplied if you believe the IEA keyboard, if you believe them. And on the other hand, if you look if you believe that we’re under supply again, if you believe we’re undersupplied, the fact is we’ve kind of got these two tensions pulling in each other. I think it’ll be very interesting, basically, Reuters poll to analyze where they talked to the 41 analysts who suggested that Brant could average about 74, 53, which was what I think is interesting was the seventh time this year that the 2025 average Brant price has been downgraded. So there is a trend downward in terms of where prices are going. I think there’s something there. Where do you see it, Stu? Where do you see 20, 25 oil prices? [00:16:39][177.2]

Stuart Turley: [00:16:40] I think peace time is coming. I think global peace is going to be here. And I think people are going to want to travel. I see demand up and I see investment has been down. That is a a simple fact of life. We need trillions of dollars just to meet demand curves and a while and and and I guess who I respect very highly on X, I recommend following him. He thinks it’s going to be in the 778 range. I think it’s going to be the 85 range. But that’s just. [00:17:11][31.2]

Michael Tanner: [00:17:12] Me. Yeah, it’s it will be very interesting where we think prices go by. I do think it’s going to be a little bit low. I tend to agree with that oil broker report where I do think it’s most likely going to be a little bit lower. But with that, guys, we appreciate everybody checking us out here on this gorgeous, gorgeous Monday. We hope you had a happy Thanksgiving. Spend time with family. But we’re going to be back in the chair all this week. I’m ready to bring you the news. So, guys, pursue attorney. I’m Michael Tanner. We’ll let you get out of here. Thanks for joining us and I’ll see you tomorrow. [00:17:12][0.0][1002.9]

– Get in Contact With The Show –

The post Trump threatens BRICS appeared first on Energy News Beat.

“}]] 

​Energy News Beat