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   Gold/Mining/EnergyBig Dog's Boom Boom Room


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From: Elroy Jetson8/29/2019 2:58:22 PM
   of 200786
 
Exxon, Shell and BP, today publicly criticized the Trump administration's effort to loosen federal rules on methane emissions, a powerful greenhouse gas linked to climate change. to keep the current standards in place.

Chevron, last February, tied executive compensation and rank-and-file bonuses to reductions in methane emissions and flared natural gas.

Collectively, these major firms account for 18 percent of America’s natural gas output.
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The EPA estimates that the proposed changes would save smaller financially-precarious competitors in the oil and natural gas industry $17 million to $19 million a year.
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In a statement Thursday, Shell U.S. President Gretchen Watkins reiterated the company’s support for national limits on methane, noting that Shell has pledged to reduce its methane leaks from its global operations to less than 0.2 percent by 2025.

“We believe sound environmental policies are foundational to the vital role natural gas can play in the energy transition and have made clear our support of 2016 law to regulate methane from new and modified onshore sources,” she said. “Despite the administration’s proposal to no longer regulate methane, Shell’s U.S. assets will continue to contribute to that global target.”

Ben Ratner, a senior director at the advocacy group Environmental Defense Fund, said in an interview that rolling back the regulations could reward bad actors in the industry. Given that many major players had embraced limits on methane, Ratner said, it made little sense for Trump officials to ease such restrictions.

“It’s more of an ideological reaction to regulation of any climate pollutant by the federal government,” he said.

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To: Elroy Jetson who wrote (199603)8/29/2019 3:14:55 PM
From: E_K_S
   of 200786
 
Energy | Commodities | On the Move
Trump promises 'giant package' for ethanol makers
Aug. 29, 2019 2:27 PM ET|About: Pacific Ethanol, Inc. (PEIX)|By: Carl Surran, SA News Editor

Ethanol producers trade mostly higher after Pres. Trump said he was planning a " giant package" that would please U.S. farmers angry that many more oil refiners have been granted waivers from using the fuel.

Among today's movers: PEIX +22.6%, REGI +3.9%, GPRE +3.5%, ADM+0.5%.

"Farmers are going to be so happy when they see what we are doing for ethanol, not even including the E-15, year around, which is already done," Trump said on Twitter, without offering specifics. "It will be a giant package, get ready!"

Secretary of Agriculture Sonny Perdue said yesterday that he favored strengthening U.S. infrastructure to allow more widespread use of E-15.

Meanwhile, CEOs of several major refiners urge the president not to move forward with proposed fixes to the Renewable Fuel Standard. arguing it is "simply untrue" that ethanol demand has been undermined by EPA waivers exempting some small refineries from biofuel-blending requirements.

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To: E_K_S who wrote (199604)8/29/2019 3:17:57 PM
From: Elroy Jetson
1 Recommendation   of 200786
 
He's always doubling-down on stupid.

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To: Celtictrader who wrote (199578)8/30/2019 3:43:46 PM
From: Celtictrader
   of 200786
 
NGL NGL Energy Partners LP Announces $150 Million Unit Repurchase Program

NGL Energy Partners LP (NYSE:NGL) announced today that the Board of Directors of its general partner has authorized a unit repurchase program, under which NGL may repurchase up to $150 million of its outstanding units representing limited partnership interests of NGL through September 30, 2021...

nglenergypartners.com

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From: Black Blade8/30/2019 6:47:31 PM
1 Recommendation   of 200786
 
US oil and gas rig count drops by 11 to 987 .......................................................................................................................

in Oil & Companies News 30/08/2019

The US oil and gas rig count continued to drop Thursday and was down 11 to 987 on the week, as industry continues to wait for more data points to gauge its own uncertain trajectory amid oil prices that have stalled.

The US oil and gas rig count continued to drop Thursday and was down 11 to 987 on the week, as industry continues to wait for more data points to gauge its own uncertain trajectory amid oil prices that have stalled.

Rig losses this week came almost entirely from the oil side which dropped 10 rigs week on week ended Wednesday, leaving 783. Rigs chasing natural gas remained steady at 199. There was also a net loss of one rig that was not classified as oil or gas.

Most major basins fell by at least one rig or stood still, according to data supplied by Enverus’ RigData segment.

The biggest basin movements came in the SCOOP-STACK play in Oklahoma, down 4 to 66 and in South Texas’ Eagle Ford Shale where the rig count fell 3 to 73. Colorado’s Denver-Julesburg Basin lost 2 rigs, leaving 27.

Losing one rig apiece were the Permian Basin of West Texas and southeast New Mexico, falling to 433, and the Wet Marcellus mostly sited in Pennsylvania, down to 19.

Holding firm with last week were the Dry Marcellus, also mostly in Pennsylvania, at 29 rigs, and the Haynesville Shale in Northwest Louisiana and East Texas at 52.

Two basins gained a rig – the Williston Basin in North Dakota and Montana, up to 58, and the Utica Shale mostly in Ohio, up to 16.

Many observers predict the rig count will continue to drop as oil prices remain in the mid-$50s/b for WTI and around $60/b for Brent.

E&P operators are meeting their production goals as they adhere to capital discipline pledges and devise better well completion techniques, and now seek ways to further pare expenses.

Oil prices dropped a bit on average, according to Platts average assessments. WTI was down 75 cents this week to $54.75/b, while WTI Midland was down 84 cents to $54.67/b. The Bakken Composite price was down 53 cents to $48.27/b.

OIL HORIZONTAL RIG COUNT SHOULD BE WATCHED

“A drop in the oil-directed horizontal rig count last week … should be closely watched as investors remain keenly focused on the needed rationing of upstream capital and the potential support this could lend to 2020 balances,” Evercore ISI Group Stephen Richardson said in a late Wednesday note.

Richardson added that the Baker Hughes rig count was down by 18 week on week, the second-largest weekly decline since early 2016. Baker Hughes uses Enverus RigData in its own rig count calculations.

Analysts have noted a second “merger of equals” among midcap companies was announced Monday – PDC Energy’s acquisition of SRC Energy, following Callon Petroleum’s move in July to take out Carrizo Oil & Gas – may be the next industry trend that builds scale and removes costs for oil companies.

“It’s hard to ignore the slow simmer of corporate M&A in the sector,” Richardson said. “The reality is efficiencies are [slowing] and there does not look to be much lemon to squeeze for many, but the industry is self-sufficient at a low-$50s/b WTI price.”

Permits approved were also up on the week to 983, a gain of 89. The biggest number came from the DJ Basin, up by 143 permits to 243, and the Wet Marcellus, up 28 permits to 31.

In the Permian, the number of approved permits was down 23 to 127. Otherwise, the number permits up or down was under 15 for the US’ eight large named basins.

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To: Black Blade who wrote (199607)8/30/2019 9:35:34 PM
From: E_K_S
1 Recommendation   of 200786
 
First time I saw this headline

Oil prices plunge as Russia overproduced in August
August 30, 2019

Crude oil futures tumble following reports that Russian Energy Minister Novak said Russia's oil production cuts this month will come in slightly below those agreed under the deal between OPEC and non-OPEC producers; WTI -3.7% to $54.63/bbl, Brent -1.2% to $60.32/bbl.

Novak also reportedly said the countries in the deal would discuss the agreement and the market situation at OPEC's Joint Ministerial Monitoring Committee meeting on Sept. 12.

But with Russia "faltering," it is possible the production deal "may not be taken for granted," says Price Futures analyst Phil Flynn, while noting Russia "over-complied" in July.

Earlier this week, the Monitoring Committee, which monitors compliance with the cuts, pegged overall conformity at 159% in July.

The front-month WTI contract still looks headed for a weekly gain after a large drop in U.S. inventories and cautious optimism on trade.

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To: E_K_S who wrote (199608)8/30/2019 11:48:09 PM
From: Elroy Jetson
   of 200786
 
Fourteen months ago Russia agreed to cut their oil exports by 400,000 barrels per day.

This promised cut-back is less than 1/3 of the increased oil production in the Permian Basin since that date.

I'd assume Russia has exported as much oil as they can produce during this period and their decline in production was somewhat less than the 400,000 barrels per day they promised.

OPEC proper, minus Iran, promised to cut production by another 800,000 barrel per day.

So, the total cut in exports agreed to in June 2018 was equal to the increased oil production in the Permian Basin.

If the global economy weakens and uses less oil, prices will fall.

This has virtually nothing to do with anything Russia is either doing or not doing.

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To: Elroy Jetson who wrote (199609)8/31/2019 10:07:45 AM
From: E_K_S
   of 200786
 
Interesting as there are lots of moving parts. I thought the potential shut down from the hurricane would be the markets reason for today's price drop.

I wonder how open/free these 'Oil' markets are and if there may/could be a lot of political sway (look at sanctions) that may/could impact price. There are a lot more smarter traders than me and I suspect there could also be a lot of games played by the Algos to amplify these small price moves in order to juice their returns.

Thanks for the explaination

EKS

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To: E_K_S who wrote (199610)8/31/2019 10:45:12 AM
From: Elroy Jetson
   of 200786
 
The markets for trading "Paper Oil Futures" are completely disconnected from the real world prices that real oil is bought and sold at. Futures are merely a betting parlor.

So I would imagine the price of oil futures is primarily affected by a large number of factors which are completely unrelated to the real world supply and demand for oil.

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From: isopatch8/31/2019 3:04:53 PM
1 Recommendation   of 200786
 
Informative, thought provoking, video despite being almost a yr old. Unfortunately, no time to reply to comments.

As is usually the case? Don't agree with (or accept as fact) everything in the articles and videos I post. OTOH...)) "The perfect is the enemy of the good".



Rec. reading his book. The Absent Superpower.

Logging back off.

Iso

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