Daily Standup Top Stories
Mass casualties feared as boxship takes out bridge in Baltimore – other coal and exports blocked
Many are feared dead in Baltimore following a dramatic bridge collapse tonight after the 9,962 teu Dali containership smashed directly into one of the bridge’s pillars. The Maryland Transportation Authority and US Coast Guard confirmed […]
As AI booms, land near nuclear power plants becomes hot real estate
The land surrounding a nuclear power plant might not sound like prime real estate, but as more bit barns seek to trim costs, it’s poised to become a rather hot commodity. All datacenters are energy-hungry […]
Germany used to be Europe’s economic powerhouse – it is fast becoming today’s sick man of Europe
In 2010, the now German minister of the economy Robert Habeck wrote, in his book published that year, that “patriotism, love of country, that makes me want to vomit”. This was a typical sentiment among the Greens […]
European Economies Limped Into 2024
Several European countries will hold elections this year, with economic conditions and the Russia-Ukraine war dominating discussions. Slovakia, Lithuania and Romania will elect presidents; Lithuania and Romania will also elect parliaments, as will Belgium, Croatia […]
BlackRock’s Larry Fink ditches ESG for ‘energy pragmatism’
The climate change-focused investment strategy known as ESG suffered another blow Tuesday at the hands of someone who was once its biggest steward on Wall Street: Larry Fink. The BlackRock CEO called for “energy pragmatism” in his annual […]
Oil settles lower as markets weigh Russian supply woes
March 26 (Reuters) – Oil prices settled lower on Tuesday as investors took a more mixed view toward the loss of Russian refinery capacity after recent Ukrainian attacks. Front-month Brent crude futures due to expire […]
Highlights of the Podcast
00:00 – Intro
01:43 – Mass casualties feared as boxship takes out bridge in Baltimore – other coal and exports blocked
03:47 – As AI booms, land near nuclear power plants becomes hot real estate
05:40 – Germany used to be Europe’s economic powerhouse – it is fast becoming today’s sick man of Europe
07:23 – European Economies Limped Into 2024
08:58 – BlackRock’s Larry Fink ditches ESG for ‘energy pragmatism’
13:03 – Markets Update
13:46 – Oil settles lower as markets weigh Russian supply woes
15:16 – 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 in to the. Wednesday, March 27th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up. Terrible terrible, terrible. Mass casualties feared as box ship takes out bridge in Baltimore. Other coal and exports blocked. This is just that. A terrible disaster will cover everything coming out of Baltimore. Next up, as AI booms, land near nuclear power plants becomes hot. Real estate. Interesting. Low. What do they say? Location, location, location. Now, real estate used to be, Germany used to be Europe’s economic powerhouse and is fast becoming today’s sick man of Europe. Absolutely love that headline. Next up, European comedies limped into 2024. And finally, ESG and BlackRock’s Larry Fink ditches ESG for energy. Pragmatism. Talk about the 180 of the century stool. Then toss it over to me. I will quickly cover what’s going on in the oil and gas markets, touch on briefly what’s going on with prices and the crazy API, EIA, crude oil inventory estimates. I want to let you guys get on out of here and start your day. As always, I am Michael Tanner joined by Stuart Turley. Let’s go ahead and kick it off. [00:01:36][82.0]
Stuart Turley: [00:01:37] Hey hey, this is a disaster. And, it’s really sad to hear what is going on. Mass casualties feared as box ship takes out bridge in Baltimore. Here’s where I didn’t know this Michael Cole. Other coal and exports blocked. Miss producer. Or if you could have or, bring in. You’ll see. UN baffle me. Baltimore. There is a, map of this, bay. Baltimore is now effectively cut off for traffic by C major. All route for I-95 around Baltimore is also cut off. This is a disaster for several different reasons. I did not know that. But this bridge, Michael, right there with the little circle around it, that’s the bridge that was built for one reason hauling kid, chemicals around Baltimore to go to the north. And guess what? That’s gasoline. That’s diesel. That’s chemicals. They don’t like pipelines. So that’s a that is how everything rolls. So this is significant for energy going north. Unbelievable. [00:02:54][76.6]
Michael Tanner: [00:02:55] Yeah. It’s it’s an absolute disaster. I mean we can only be thankful that it happened at 1:30 a.m. and not 6:30 a.m. during the, you know, a massive O or else there would have been a lot more a lot more tragedy. We were praying for everybody out there in Baltimore, but yes, I, I’m with you. I didn’t know this was a, a big shipping, specifically coal coal shipping corridor. So, you know, you immediately saw the price of coal. Go ahead and, and or coal per ton spike slightly. We also saw some stocks relative, to, shipping around that Baltimore area under. [00:03:29][34.0]
Stuart Turley: [00:03:30] 5 to 7, 5 to 7 years to replace it. [00:03:34][4.1]
Michael Tanner: [00:03:34] Yeah, absolutely. So absolute disaster. But and we’re just praying for everybody effective out there. But yeah, you know that we’re still using coal and it’s going to get cut off here. So all right let’s move to I okay. [00:03:47][12.6]
Stuart Turley: [00:03:47] Hey let’s go rolling around the corner. AI and I love the pun on this one as I booms land near nuclear power plants become hot. Real estate like glowing. You know, you know. Nice. Okay. All data centers are energy hungry, but with more. What greedy AI workloads on the horizon. Nuclear power has fresh appeal. Bill gates actually, made a trip to Houston to get to Texas. He’s going to put some data centers here in Texas. Do you know why? [00:04:23][35.9]
Michael Tanner: [00:04:24] Because we got cheap energy. [00:04:25][1.0]
Stuart Turley: [00:04:26] Yeah, exactly. And all of a sudden, Bill gates is all in on, nuclear. So I think it’s according to the Hartford, current North East Energy has secured 1.6 billion to construct the switching station and bit barns, which will span one point 2,000,000ft² in total. It’ll spend equivalent sum on 25,030 5000 servers. Holy smokes. That’s a lot of servers. [00:04:58][32.3]
Michael Tanner: [00:05:00] Well, you know your favorite company, Microsoft. They’re also actively exploring the use of small modular reactors with the idea that they can instead of buying land right. Next. Two nuclear facilities. They can go ahead and just deploy them in whatever. So you got to give them a little bit, a little bit credit for that. We have seen AWS or Amazon Web Services, dip their toe into the nuclear market. They agreed last month, to purchase cumulus, cumulus data, atomic data centers for about 650 million. So, you know, what do they say? Location, location, location. [00:05:34][34.5]
Stuart Turley: [00:05:35] Location, location and get glowing, you know? Woo hoo! Let’s go to the next one here, dude. Germany used to be Europe’s economic powerhouse. It is fast becoming today’s sick man of Europe. You know what’s sad is so goes Europe. So goes Germany. So goes the EU. But, now it’s just really horrible. They’ve done this themselves. The German economy continues to be under fire from self inflicted idiotic idiot asses. In addition to the notoriously high energy prices and mounting buyer bureaucratic burdens on both the EU and national level, you know, Berlin now has to deal with the eco terrorism and a wave of strikes in the transportation sector. The farmers are now piling in on this. According to Doctor Hagan, which of the German Economic Institute 2024 could become a record year for strikes in Germany? Nobody’s happy in Germany. [00:06:39][64.0]
Michael Tanner: [00:06:41] No. And they’ve again, as you said, they’ve become a real trendsetter for for what’s going on in Europe. I love that quote that starts out the article patriotism. Love of country makes me want to vomit. Interesting. That’s the typical sentiment of the Greens. What can you say? [00:06:59][18.2]
Stuart Turley: [00:07:01] You know, here it is. There’s about the last line in the thing says supposedly making trains run on time again was supposedly a cause for Mosley Mussolini’s takeover of Italy. If this is true, then the fascist threat for Germany might not come from the AfD, but from the country’s unions. [00:07:19][17.8]
Michael Tanner: [00:07:21] Yeah, absolutely. [00:07:22][0.5]
Michael Tanner: [00:08:04] There. Let’s throw that image up right now if you don’t mind, Miss Producer, the the update 22 for 2023. [00:08:09][5.4]
Stuart Turley: [00:08:11] It’s not good. I mean Denmark is is with the high animal in there at two for a GDP. [00:08:18][7.6]
Michael Tanner: [00:08:19] George though George Freeman does a great job over there. Geopolitical futures. We love him. [00:08:23][4.4]
Stuart Turley: [00:08:24] Oh absolutely. And when you sit back and take a look Q4 2023 is not good. And you take a look at Ireland. It’s -3.4% GDP growth. And then take a look at Poland. It’s flat. France .01 GDP Italy .02. in Germany is not even on that list. [00:08:49][25.1]
Michael Tanner: [00:08:52] Which is crazy to think about. I mean, Europe is is is in shambles right now. Let’s let’s talk Larry Fink. [00:08:57][5.3]
Stuart Turley: [00:08:58] Speaking of shambles, Larry Fink. BlackRock’s Larry Fink ditches ESG for energy pragmatism. I’ll tell you what. This guy, he’s been. This quote is unbelievable. Now, the demand for clean energy is being amplified by something else. Focus on energy security, Mr. Fink wrote I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call energy pragmatism. You gotta be kidding me. This is what we’ve been talking about for three years. You can have your energy security. You can take care of people, have the low cost of energy. And now he’s waking up. [00:09:50][52.4]
Michael Tanner: [00:09:51] Well, it’s it’s it’s really it’s really like he’s just, you know, licking his finger and putting it out there on the wind and seeing where the wind is, but oh ESG. Yeah. Let’s go over here. Oh, wait, wait. No it’s not working. Let’s go over here. Texas, don’t pull out. We’re still in oil and gas. Which they are. They never left. So you. You can say that again. It all comes down to money, folks. Larry Fink doesn’t care about energy, pragmatism. He doesn’t care about ESG. He doesn’t care about oil and gas. The dude wants to make money. You can talk about other stuff. Maybe he wants to do. But we’ll save that for Stu’s conspiracy podcast. Later on down the money. But there’s somebody. All he wants is, you know, all BlackRock’s doing is they just want money. They do. And they’ll and they’ll they’ll do whatever it takes. They don’t care. ESG non ESG coal whatever. [00:10:43][51.5]
Michael Tanner: [00:11:15] He literally says, we’ve got 300 billion fossil fuel companies. Yep. He said that, you know, it was all divest two years ago. It was all the best. I was working for a client who was trying to get Larry Fink on the podcast to talk about their divestment in oil and gas. Who can we get him on the podcast now to talk about their reinvestment into oil and gas? Unbelievable. [00:11:38][22.6]
Stuart Turley: [00:11:39] Now, here’s a quote. We invest in these energy companies for one simple reason. It’s our clients money. He said that’s part of being an asset manager. We follow our client’s mandates. What was he smoking this morning? I’m sorry. I mean, opioids, I don’t know, this is what. [00:11:59][19.7]
Michael Tanner: [00:11:59] They’re doing down there in, in Miami was probably a little bit of booger sugar, as we like to say. [00:12:03][4.1]
Stuart Turley: [00:12:03] Oh, nice. I have no idea. I, me and Hunter are not buddies, so I don’t know. Hey. All right, off to you. [00:12:12][9.1]
Michael Tanner: [00:12:13] All right, well, we’ll go ahead and. And before we dive into finance, guys will pay the bills here, as always. The news and analysis you just heard is brought to you by the world’s greatest website. Energy News Beat.com The best place for all your energy and oil and gas news. Doing the team do a tremendous job making sure that website stays up to speed. Everything you need to know to be the tip of the spear when it comes to the oil and gas business. Check out the description below. Links to all of the articles you can find out. Exactly. Also the timestamps you can jump back forth. It’s absolutely incredible. Guys. Appreciate the team. Keeping up dashboard.energynewsbeat.com the best place for all your data and energy news combo. Some really cool stuff. Partnerships we’re working on. So we’ll, we’ll, we’ll announce those here in a bit. [00:13:02][48.7]
Michael Tanner: [00:13:03] But we’ll go ahead and and dive on into the finance guys. Oil prices. You know the settled a little bit lower today. They’re currently sitting currently sitting at 8162. That’s about 4/10 off the top line. Brant oil down 8/10 of a percentage point. natural gas pops a little bit thereof. It’s up about $0.17 a dollar. 78, mainly as that contract rolls over, to the next one. So we’re really just seeing kind of a rollover contract there. Not much, in the way of, of of decent, natural gas sentiment. We also saw the overall markets down about 2/10 of a percentage point, Nasdaq down 3/10 of a percentage point. Kind of you know, really there’s two things moving oil prices today. You know there’s a really the fallout from this, you know, you know, week long Ukrainian attack on Russian refining, which means we’re going to see a lot more. We see a lot less oil reach the market. You know, you know, literally these sanctions aren’t working or if Ukrainian, Russian or if you can’t or Russian refiners, you’re getting hit by Ukraine. [00:14:05][62.0]
Stuart Turley: [00:14:06] I’m the only one you want. I have a speech impediment on this show. You’re too. You’re too young to not have a speech impediment. [00:14:11][5.5]
Michael Tanner: [00:14:12] I know why sometimes, you know, you get you know, you get tongue twisted a little bit. But no, it’s, you know, that sentiment of what’s going on out of Russia in, in terms of, you know, supply specifically being shut down on top of some of the the geopolitical tensions that are happening right now in the Middle East with, with, with Israel and Palestine. It makes for a frothy future. We did see the API come out today in Guestimate, the EIA crude oil inventories that we can throw this image up 9.3 million barrel build estimate out of the API last week was 1.5 million draw. Now we’re up at 9.3. You know this is this is worse than Larry Fink. We’re down one month. Up one week. It’s crazy. [00:14:59][47.8]
Stuart Turley: [00:15:00] That seesaw does not make sense to me. But what it does mean is that you’re probably having the EIA, fictitious put numbers. Now they gotta catch them back. Up is what that sounds like to me. [00:15:12][11.8]
Michael Tanner: [00:15:12] Okay, okay, well, you know what? [00:15:14][1.9]
Stuart Turley: [00:15:15] That has happened before. It. I mean, it is now a fact that that happened. You know, I’m not making that one to. [00:15:22][7.4]
Michael Tanner: [00:15:23] No. Yes. You you you are not. Don’t worry about that. What else you got to do? I’m done. It was pretty chill day for. [00:15:29][5.9]
Stuart Turley: [00:15:29] I’m done a lot of ass. I’m not having a conspiracy theory moment here. No. [00:15:34][5.1]
Michael Tanner: [00:15:35] I’m here again. We’ll save it for you. Oh, you get one podcast a month. We just let you go hog wild with that? [00:15:40][5.3]
Stuart Turley: [00:15:41] Oh, no. I don’t need no, agencies showing up on my doorstep, because all I know is public, and they’re already. [00:15:47][6.4]
Michael Tanner: [00:15:47] Listen. And don’t worry. [00:15:48][0.7]
Stuart Turley: [00:15:50] Yes, they are. By the way. [00:15:51][0.9]
Michael Tanner: [00:15:52] I know I seen the stats. [00:15:54][2.1]
Stuart Turley: [00:15:59] We appreciate all the great feedback we’re getting. [00:16:01][2.1]
Michael Tanner: [00:16:02] Yeah. No, well, we’ll let you get out of here early, guys. Appreciate you checking this out. Energy news Beat .com again. Check us out there for Stuart Turley. I’m Michael tanner. We’ll see you tomorrow, folks. [00:16:02][0.0][903.5]
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