Daily Standup Top Stories
Big oil and gas firms deepen investment in carbon capture
Carbon capture companies find themselves in an odd position. They exist because of the threat of climate change, a problem created largely by fossil fuels. At the same time, the firms that extract and […]
BRICS helping Russia bypass Western sanctions – Lavrov
Moscow uses multilateral formats outside US control to work around the restrictions, the foreign minister has said Russia and China are able to overcome the problems arising from Western sanctions by using multilateral formats, such […]
Highlights of the Podcast
00:00 – Intro
01:10 – Big oil and gas firms deepen investment in carbon capture
04:10 – BRICS helping Russia bypass Western sanctions – Lavrov
06:35 – Markets Update
09:04 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:15] What’s going on, everybody? Welcome in to the Thursday, April 11th, 2024 edition of the Daily Energy News Beat stand up. Here are today’s top headlines. First up, big oil and gas firms deepen investments in carbon capture. Next up BRICs helping Russia bypass Western sanctions. This is according to their foreign minister on his recent trip to China. Lots of good nuggets in there. I will then quickly cover what’s going on in the oil and gas markets. We did see oil prices settle slightly higher after some interesting Israeli moves over there. And then we will also take a glimpse at what the IEA put out today. News flash it’s a billed as the AP said, but, a little bit bigger than expected. And then we will let you guys get out of here and get your day. Stu is still out on assignment, so I am rocking a solo show today, so let’s just go ahead and dive on in. [00:01:09][54.8]
Michael Tanner: [00:01:10] First up, big oil and gas firms deepen investment in carbon capture. You know, this is a really interesting I love the first line of the article here. Carbon capture companies find themselves in an odd position. You know, obviously everyone thinks they’re here too. You know, they’re the ones and taking the brunt of this climate change debacle that’s going on. But ironically, they’re also the people that are on the forefront of this new carbon capture futures market. You know, in an in, you know, this this article, you know, kind of basically says that that tension is now I’m going to read straight from the article on full display in the recent acquisition of fireworks earlier this month, the carbon capture startup Iron Clean Energy raised $45 million in series A funding round led by Chevron. Iron says its Ice 31 liquid, Amy and solvent stays intact longer and captures more carbon dioxide from the carbon emission streams, than conventional options can. Chevron says it plans to integrate Ice 31 into its going carbon capture and storage, otherwise known as CCS, as in 2023. We all remember that they bought 50% stake in the body van, which is a large carbon capture storage facility in Houston and invested in the carbon capture tech from Carbon Clean Solutions. And another one was 70. Some bridge also getting in on the app was on it. You know, earlier this year, they bought an 80% stake in the CSE tech provider, Carbon Capture that was worth about $400 million in March total. Went ahead and dove in and bought Talos Low Carbon Solutions for about $150 million. That the main asset in that deal in toe to toe Dow’s low carbon solutions is this 45% stake in that famed by U bend. Equinor also owns another 25% of the project. You know, it’s pretty crazy. And I think the other interesting thing that this article points out is that this while it looks like it’s accelerating, it’s not actually entirely new. BP is an investor in CO2 minerals startups. For over ten years. You know, U.S. steel has, as you know, or they decide to do with us to start called and capture. You know, this is a trend that has been going on for a while, but recently has ramped up quickly. And I think it shows the dichotomy of, you know, diversifying your asset base. If you’re Exxon Mobil right now, you’re Chevron, you’re one of these large oil. And you know, you know, international IOCs, you’re you’ve got excess profits right now with $85 oil. It does probably behoove you to go ahead and say, okay, let’s maybe dive in and look at what ad some of these alternative sources because, you know, there’s tax deductions around it. We know there’s funding available from the government. You’re going to get great tax benefits because of it. But also it may diversify you. And a little venture money never hurt anybody. Because if it does take off great. You’re an exact position, to capture some very interesting big oil and gas Prince deepening their investment in carbon capture. [00:04:09][179.8]
Michael Tanner: [00:04:10] Let’s move to the next one. BRICs helping Russia bypass Western sanctions. That’s according to their foreign minister. He was in China recently talking at the, he’s on a two day visit to China. But he basically in this visit, he has some great quotes. My colleagues spoke in detail about specific economic gaps that will emerge as a result of the illegal policy of unilateral sanctions, which will solve within the framework of bricks and and within the FCO, the CEOs, the Shanghai Cooperating Organization. And so basically what their this article is getting at is the fact that because of the sanctions put on the United States and the fact that Russia has been able to have has been forced to force and make these new alliances and expand and make and do deals with BRICs, do deals with China to work outside of the sanctions. What it’s done is it’s pushed the rest of the rest of those entities to a point where we’ll make. Maybe we don’t need to rely on the United States specifically for oil trade. Maybe we don’t need to use the petrodollar. Maybe we need to start transacting in other currencies. And Stu has been on this, and I and I bring this up in honor of Stu not being here, because he would be all over, because this is a clear signal that the petrodollar is continuing to be undermined. And it could. And if we start seeing massive trade, and if Russia is able to prove the model of being one of the largest oil players in the game, being able to bypass the American system, it does not look well. You know, he also, you know, there was a bunch of other good nuggets in here, but it really it’s really interesting what they’re doing and, and when and where this Petro dollar might go. [00:05:54][104.4]
Michael Tanner: [00:05:55] Let’s jump over to finance quickly. But before we do that guys we’ll go ahead and pay the bills here. As always check us out. www.energynewsbeat.com the best place for all your energy and oil and gas news. We appreciate everybody. Who’s reaching out. Doing the team do a tremendous job making sure their website stays up to speed. Everything we need to know to be the tip of spear when it comes to the energy in the oil and gas business. You can also hit the description below. See all the links to the articles timestamps, everything you need to jump around and interact with the show as necessary. Check us out. Dashboard.EnergyNewsbeat.com The best place for your data energy news combo. As always guys, www.energynewsbeat.com. [00:06:33][37.9]
Michael Tanner: [00:06:35] Hey overall markets you know a little spicy for the day. This S&P 500 drops about a full percentage point. Nasdaq a little less by 8/10 of a percentage point. we saw two year yields drop about about an 8/10 of a percentage point ten year yields up about 0.04 percentage points. Dollar index actually up one percentage points, which is interesting. We saw crude oil up 1.5 percentage points, 8621. We also saw bitcoin up about 8/10 of a percent at 69,000. But to get back to crude oil, 8621 current trading price here at about 430. Here on the 10th natural gas currently sitting at $1.88. Brant oil up above 90 at 9069. You know, we we had a really interesting rollout, you know, developments. So part of what you, you know, early on in the trading session on the 10th, we saw prices drop. That was due to, what the EPA will cover in a bit, which was what the, the fallout from the EIA. But then we see in the afternoon there was an Israeli airstrike in Gaza that basically has it set and basically is unfortunately popping the narrative that these peace talks are going well. So if these cease fire talks stall, obviously that’s a big boy. The prices. So again you can really see how this cease fire, what the reaction is to prices. You know, speaking of what happened early on in the trading session with the EIA, we saw them drop their Strategic Petroleum Reserve crude oil inventory. Now as we go and pull that image up here, 5.8 million barrel build, that’s a little bit more than what the AP was recommending yesterday. We also did see, about, about 600,000 barrel build, the strategic Petroleum Reserve. We also saw, a drop in fuel for, distillate fuel oil was up about 1.7 million barrels. And we also saw total stocks, excluding the SPR, were up 12.4 million. So all around a little bearish on the EIA side. But mainly again, what what happened with with the cease fire talks that seems to be, trending. What’s going on with prices? I didn’t really see anything else in the markets. We did see Diamondback, offer up some senior notes for about $5.5 billion to really great interest, great prices, 5.75, 5.4 and five point. And we’re getting good, getting decent, interest rates on that. Relative to I think what most of the market’s been able to sell him for. So no good for them getting that enter plus deal locked down. [00:09:04][149.6]
Michael Tanner: [00:09:04] But we’re going to let you guys get out of here, get back to work. Appreciate everybody checking us out ww.energynewsbeatyoutube.com. We will lie on Friday. You’re going to hear something from us I don’t actually know what’s up on the schedule here. I’ll have to pull it up. but on Saturday you will hear the weekly recap and then we’ll be back in the chair Monday bringing you all energy news. We’ll let you guys get out of here. We’ll see you on Saturday, and we’ll see you next week. Bye. [00:09:04][0.0][526.5]
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