China: A Positive Or Negative Influence In The World?
Think A Balloon With 3 Hypersonic Missiles Would Nuke The US? Well It Was Tested By China In 2018. Would you Shoot Them Down Now?
What’s behind Iran and Russia’s efforts to link banking systems?
California’s Newsom Seeks Federal Probe Into Soaring Natural-Gas Prices
BP Slows Retreat From Oil as Russia War Drives Record Profit
Highlights for this Podcast
00:00 – Intro
03:31 – What’s behind Iran and Russia’s efforts to link banking systems
09:22 – Three hypersonic nuclear capable missiles successfully launched from a balloon
10:55 – Welcome to the global recession It began in December last year
11:57 – Natural gas prices up and down
17:53 – Crude oil storage numbers drop today
21:25 – Outro
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Daily Energy Standup Episode – 57
Automatic Transcription Edited for Grammar. We disavow any mistakes unless it makes us better-looking or appear smarter.
Michael Tanner, Co-Host [00:00:07] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat. stand up here on this gorgeous [00:00:13]Thursday, February 9th, 2023. [1.8s] As always, I’m your global correspondent [00:00:18]Michael Taylor, [0.3s] coming to you from an undisclosed location. You’re in Dallas, Texas. I was able to stay dry yesterday.
Michael Tanner, Co-Host [00:00:25] I’m about over this rain, so something’s got to give here, guys. But as always, I’m joined by the executive producer of the show to prevent the show, the director and publisher of the world’s greatest website, energynewsbeat.com, [00:00:35]Stuart Turley. [0.3s] My man, how are we doing today.
Stu Turley [00:00:37] This building neighborhood?
Michael Tanner, Co-Host [00:00:39] Was it just rainy up north where you’re at?
Stu Turley [00:00:41] Oh, it has taken out the road. I can’t get out. It’s fun, man.
Michael Tanner, Co-Host [00:00:48] You probably actually like that.
Stu Turley [00:00:50] I do. And I and Noah are buddies now. You know, I got. I got our going on, man.
Michael Tanner, Co-Host [00:00:56] I did not realize in movie gear it rains so much. Like you do not get this much rain in Colorado. You did you get maybe one or two days where you get a little bit of rain, but you I mean, this is like flooding down here. Yeah.
Stu Turley [00:01:09] I mean, my roads washed out.
Michael Tanner, Co-Host [00:01:11] Yeah, that’s unbelievable. But Stu is surviving to bring us some great stories and we have some absolute bangers today. First one on the list. [00:01:20]What’s behind Iran’s and Russia’s effort to link banking systems? [3.7s] Dun, dun, dun. I’m sure there’s something spooky in there.
Michael Tanner, Co-Host [00:01:27] Stu will tell us about [00:01:29]Californians. Newsom seeks federal Probe into soaring natural gas prices. [4.1s] I mean, could we be this dumb? But we’ll unfortunately have to cover it the next.
Michael Tanner, Co-Host [00:01:40] [00:01:40]Think a balloon with three hypersonic missiles would nuke the U.S.? [3.3s] Well, it was tested by China in 2018. Would you shoot them down? I mean, they did that idle does it tell you everything about that Article? I don’t know what else will. Stu will give his thoughts on what this Chinese balloon means.
Michael Tanner, Co-Host [00:01:58] Next one we have his [00:01:59]Welcome to the global recession It began in December last year. [4.4s] Oh, just fine. And if you’re wondering the the image on energy news be for this, this is a great one. He’ll kick it over to me for finance.
Michael Tanner, Co-Host [00:02:15] [00:02:15]We had crude oil storage numbers drop today. [2.8s] I’ll cover that. We had a pretty wild day in natural gas prices up and down. We’ll have to talk a little bit about what happened in the State of the Union last night. We’ll be remiss if I didn’t cover that.
Stu Turley [00:02:30] I got my opinions.
Michael Tanner, Co-Host [00:02:32] And then we will talk. Well, yeah, I’m sure we all wondering what Stu thought of the of the State of the Union. I’m pretty sure we’re all wondering what side of the fence you’re going to come down, so we’ll figure out Stu’s opinions.
Michael Tanner, Co-Host [00:02:45] Also then cover BP. They had some interesting comments in their earnings call, along with some stock buybacks, which and we will cover what I think that means and a bag of chips, guys. But first, check us out, the world’s greatest website, energy newsweek.com. Via the description below, you can find all the links to the stories.were about to talk about I kid you not is the best place for all of your energy news.
Michael Tanner, Co-Host [00:03:09] We have some big stuff in the works, guys, so just hit on our website like subscribe. Whatever the kids are saying nowadays, do it, please, Stew, though. Enough of the pleasantries. Where do you want to begin?
Stu Turley [00:03:22] You’ll never see me on Tik tok. Okay, let’s go to.
Michael Tanner, Co-Host [00:03:26] Come on, Let’s get you on Tik tok.
Stu Turley [00:03:28] Hey, now. Okay. [00:03:31]What’s behind Iran and Russia’s efforts to link banking systems? [5.1s] Michael, this is really, really critical because both of them have been taking out of Swift, which is the worldwide Internet, interbank, financial, telecommunications or Swift.
Stu Turley [00:03:53] And so they’re bringing up SPF s, which is the Russian equivalent of the society of Worldwide Inter banks. And so [00:04:03]what this means is you have open trade season now between Iran and Russia. [8.4s] And remember, Iran really learned how to avoid sanctions. And then our buddy Putin, who I do a lousy imitation of, is, hey, I can do better. So now.
Michael Tanner, Co-Host [00:04:27] We pay.
Stu Turley [00:04:29] You know, that’s a cross between Putin, Fonzie and Sopranos.
Michael Tanner, Co-Host [00:04:33] Nice. Exactly.
Stu Turley [00:04:38] So. And so when you take a look at this article, it’s frightening. Michael, besides our imitation of. Ponzi, Who’s imitating Sopranos? Who is imitating? So yeah, that now says this is critical. [00:04:57]Iran says several dozen of its financial institutions can now connect Russian banks. [5.8s] In other words, 100 banks from other mostly 13 Eurasian.
Stu Turley [00:05:09] Here’s the part they’re not talking about, Michael. This article has a big hint in here, and that is going into BRICS.
Stu Turley [00:05:19] So now you have these monetary things coming in and [00:05:25]India is buying everything they can, not in the U.S. dollar. [3.8s] So this is really a big thorn in, again, the coffin for the U.S. dollar. So, okay.
Stu Turley [00:05:39] So I’m going. To move on.
Michael Tanner, Co-Host [00:05:41] I think this is interesting. I don’t think it’s scary. I don’t think Russia and Iran creating a new financial. How much commerce are they doing between themselves? And who else is going to get on board with.
Stu Turley [00:05:54] Its step Michael? It’s a step,.
Michael Tanner, Co-Host [00:05:56] Brianna. I mean, well, who’s next?
Michael Tanner, Co-Host [00:05:59] North Korea? North Korea is going to join next.
Michael Tanner, Co-Host [00:06:02] You’re going to get the Congo on it.
Michael Tanner, Co-Host [00:06:04] I mean, who? There’s no reasonable global players would ever join something like this. Now, if China joined something like this, then you’re in trouble. But China would never do that because they would be they lose access to the actual swift. So they’re not dumb. They’re not dumb.
Stu Turley [00:06:20] You have a roundabout and a passing kind of like an ethernet. In a switch, you drop Swift into an Asian country and a bank transfer happens into those other ones.
Stu Turley [00:06:35] You’re missing the point in how important it is for trade. All of a sudden, trade happens through Swift and this is now and then you add in BRICS, BRICS, and this funneling of money is a huge deal.
Michael Tanner, Co-Host [00:06:54] Yes, I. We’re going to have to slightly agree to disagree. I see your point. But at the end of the day, what this.
Michael Tanner, Co-Host [00:07:03] This s p f. S. All it’s doing is allowing Russia and Iran to do commerce between the there banks.
Stu Turley [00:07:11] Read a paragraph in there, Michael in it says other Asian countries. Those other Asian countries. And I have good sources, don’t I, Michael?
Michael Tanner, Co-Host [00:07:24] Yeah, I know you have good sources.
Stu Turley [00:07:26] Those other Asian countries are members of Swift.
Michael Tanner, Co-Host [00:07:32] Yeah.
Stu Turley [00:07:33] Uh,.
Michael Tanner, Co-Host [00:07:35] I’ll see. This is one of those where it’s like. I’ll see it when I believe it. You know, like, today at work, they. You know, someone was trying to tell me they know an oil well that’s doing 4000 barrels of oil a day. And that’s one of those numbers where it’s like,.
Michael Tanner, Co-Host [00:07:51] I’ll see you when I believe it, that you can show me all the data you want until it’s printed in front of me. I’ll see it. I’m not putting this in that outrageous of a category, but I’m not as I’m not going to go quite, quite heavy on this. But for the interest of time, we must move on. What’s next?
Stu Turley [00:08:12] Okay. The balloon. Me and that balloon. So hang on. This is we’re going to cover this for about two and a half seconds. Okay.
Stu Turley [00:08:22] I enjoyed getting trolled. I love me a good troll on Twitter. Love it. And when I put this out there that people are saying, it’s no big deal. Let’s wait for the the thing to go across the country. You know, Tomcat was called up and he he was in an F-4 over Idaho 50 years ago and these things were being done.
Stu Turley [00:08:51] 2018. Okay. If this balloon was going over all of our military bases and it’s going over all of the grid in across the whole central United States, the most populated areas across the central United States, guess what happened? That’s most of where the grid, the U.S. grid is. Okay.
Stu Turley [00:09:15] This article has a video link to it that also shows this test of [00:09:22]three hypersonic nuclear capable missiles successfully launched from a balloon. [6.7s] You get another balloon in here and guess what? You drop that in the center in the United States into the grid.
Stu Turley [00:09:38] You got it broken up, U.S. in chaos. Here’s one more thing. The head of no, no read said nay read. Well, that’s a terrible way to talk. No read said he did not know that they were there.
Stu Turley [00:09:53] He did not know that balloon was there. And he lit. He said, we have a gap in our notification system. That one frightened me like you wouldn’t believe.
Michael Tanner, Co-Host [00:10:05] Yeah. I mean, here’s here’s I’m absolutely with you on this. I mean, it’s absolutely insane that we’ve gotten to this point. And, you know, it’s.
Michael Tanner, Co-Host [00:10:18] I don’t even know what to think. We literally let a Chinese balloon float over the entire country. Who knows what it gathered? Who knows what they gathered? So, yeah, All right. It just. It’s a little weird that we’ve gotten to this point where we have you. Yeah, whatever.
Stu Turley [00:10:34] Yeah. Yeah. One last thing. [00:10:36]It picks up radio signals, cell phone towers. Locations of the grid, communications and pipeline underneath pipeline and underground military airports. [11.1s] Oops.
Stu Turley [00:10:49] Okay, let’s go to the next one, dude. Rock solid. Okay.
Stu Turley [00:10:55] The global recession. You are. You got your head down. Go ahead and hit your head against your microphone. There’s some interesting stats in here. we’re going to go very quickly on this. But, Michael, you remember two years ago.
Stu Turley [00:11:10] I was saying, you print money. Inflation happens, right? What was your comment? No
Michael Tanner, Co-Host [00:11:20] No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. That is a complete mischaracterization.
Michael Tanner, Co-Host [00:11:27] Mischaracterization
Stu Turley [00:11:29] Tell me your version, and I’ll tell you my version.
Michael Tanner, Co-Host [00:11:31] Show me yours and Ill show you mine
Michael Tanner, Co-Host [00:11:36] My assertion two years ago was. Inflation. Was not necessarily around the corner, but. That doesn’t mean that it is a shock that it’s here. We were talking about two years ago. Everybody was screaming for inflation. It was like, well, it’s not here.
Michael Tanner, Co-Host [00:11:57] So. We can. It’s like with oil prices, everyone’s screaming their oil prices need to be 100. That natural gas prices need to be $5. We’ll just accept in real time that it is what it is. And when it then when finally your assertion comes to two years later, you can’t sit there and ride the coattails of being wrong for two years. So I’m not saying.
Michael Tanner, Co-Host [00:12:17] So. I never said printing money doesn’t cause inflation. That’s an idiotic thing to think. And I do think that because True.
Stu Turley [00:12:25] Im gonna pull the tape and we’re going to play the tape.
Michael Tanner, Co-Host [00:12:27] Pull the tape
Stu Turley [00:12:29] Pull the tape. Move that bus. Okay. Global recession, Michael. There is some good, good data in this one when he was saying they put this that that that.
Stu Turley [00:12:45] There are limits to the amount of spending that can continue and savings are being drawn down. There’s just some things in here, Michael, that I wish people would pay attention to monetary policies, you know. Anyway. ahmm
Stu Turley [00:12:59] Now.
Michael Tanner, Co-Host [00:13:00] My issue is with this whole talk of a recession is inflation is high. I completely agree with you.
Stu Turley [00:13:09] Right.
Michael Tanner, Co-Host [00:13:09] But unemployment is still very low. What that, I think is the one thing holding back a full stop recession. And until we see unemployment rise, I think that’s what’s going to hold back this the kind of the floodgates of a recession, if you know what I mean.
Stu Turley [00:13:29] I do. Let me agree with you and I’m going to agree to disagree with you. Okay.
Stu Turley [00:13:34] Energy has taken such an important first role that, Energy Prices have caused inflation in ways that it has not in the past.
Michael Tanner, Co-Host [00:13:48] Mm hmm.
Stu Turley [00:13:48] Yeah. Jobs are really rolling in, and it’s. [00:13:53]People have forgotten they’re having two and three jobs. [3.8s] They’re also missing a bunch of information. The numbers, folks admitted that there’s some false numbers in there.
Michael Tanner, Co-Host [00:14:09] Okay,.
[00:14:09] So I guess. Hang on. Hang on. So we are in a situation I know you’re banging your head against the microphone going, I oh, my goodness. I love it when you and I differ opinions, Michael. I just we love it now.
Michael Tanner, Co-Host [00:14:25] I love it. It’s just hard to hear everything’s a conspiracy because it’s like in what’s real. Well, it’s real.
Stu Turley [00:14:33] It’s not a conspiracy. I’m. I’m telling you what other people were saying on this, and I happen to agree with them.
Michael Tanner, Co-Host [00:14:39] I feel you the I have read some solid stuff on that. There has been some some fudging, to say the least, on the unknowable. Yes. So I agree with you. But the posted unemployment number,.
Stu Turley [00:14:52] Hahaha
Michael Tanner, Co-Host [00:14:54] You might be right on this one, but it’s still low. So but if everybody knows they’re screwing with it, why are market why are we still above 44,000 on the S&P?
Michael Tanner, Co-Host [00:15:06] Is that just that we need to be down to recession starts. We need to have huge drops. So I’m again, I’m not saying we’re not entering an in a recession or not, but to say this is like worse than 2008 is an overstatement because we’re it hasn’t happened yet when it happened. You know what I mean?
Stu Turley [00:15:23] It has. And I’ll tell you why and we’ll go into it another time. There are only two two times now that the GDP has been it was World War two. And now that the GDP had exceeded oh, should I forget the number? But. Where we are in a situation that we haven’t seen since World War Two.
Stu Turley [00:15:49] So. Okay.
Stu Turley [00:15:51] Let’s go.
Michael Tanner, Co-Host [00:15:51] I’m not disagreeing that we’re not in a situation that’s unique. But the question is, is this unique situation going to lead to a massive recession? Yes, probably. But has it started? I think we’re close. I don’t know. Maybe.
Michael Tanner, Co-Host [00:16:04] Maybe.
Stu Turley [00:16:05] I can. I can we agree on one thing? There is so much good. Maybe I love it. Michael.
Michael Tanner, Co-Host [00:16:12] Yey!
Stu Turley [00:16:13] There is so much going on that we’re in new territory, and in new territory. The old definitions, even though I was teasing the Biden administration by recreating definitions too, you know, they change the definition every day.
Stu Turley [00:16:30] I’d like to open it up and say, you know, recent met, recession, smash. And we are now in definitions of a a global economic disasters that we haven’t seen since World War Two.
Michael Tanner, Co-Host [00:16:46] No, Absolutely. Absolutely. So I got to agree with you on that.
Stu Turley [00:16:52] Cool. Let’s go to you and finance and then we can talk about my beloved speech that I think we need to cover.
Michael Tanner, Co-Host [00:16:59] Yeah, well, I mean, we’ll cover finance really quickly. [00:17:02]Oil currently trading 7844 as we record this on February 8th, the night before at about 630, [7.0s] really again, buoyed by [00:17:13]Fed Chair Jerome Powell. [1.6s] His comments yesterday on being a little less hawkish on interest rate increases,.
Michael Tanner, Co-Host [00:17:19] Which would be absolutely critical in order to help support oil prices at this level so I think we saw holding here, like I said, at about 7840.
Michael Tanner, Co-Host [00:17:28] Interesting day for natural gas. We were all the way up to 265, now currently trading about 243.
Stu Turley [00:17:34] Uhh,.
Michael Tanner, Co-Host [00:17:35] Yeah. You know, talk about a seesaw of a day again, with the expectations of a light storage of a light draw, which means, you know, ample supply out there. I think that’s really staving off a lot of the nat gas bulls who were hoping to drive it above.
Michael Tanner, Co-Host [00:17:53] Excuse me. Drive it above $3. On the crude oil side. We did see crude oil inventories today. [00:17:59]They checked in at 2.4 million barrel draw for the E, the strategic petroleum or from the Cushing crude oil storage. [9.5s] So great to see there again, just continue to stabilizing oil prices you know, again, we have plenty of demand things to do to keep sorting out, but it’s good to see us with the big draws.
Michael Tanner, Co-Host [00:18:24] I think the only other thing it would be interesting to cover is BP. They did drop earnings and I thought while having record profits, conveniently for a a large oil producer, their shift from talking heavily about renewables and now focusing their shift a little bit into oil and gas has been, I think, the the topic over the past couple of days it isn’t the first day these earnings dropped they dropped two days ago. But with us missing yesterday’s show,.
Michael Tanner, Co-Host [00:18:53] I felt it was important to cover just a little bit. They did beat earnings expectations by 28%, but they came out in and after floating in The Wall Street Journal on Thursday of last week that they were definitely going to.
Michael Tanner, Co-Host [00:19:05] Ahhh Ahm…
Michael Tanner, Co-Host [00:19:07] Shift back into oil. And our loonie, their CEO, came out to confirm that in his earnings call, announced more share buybacks. And again, I think it’s interesting how all these different companies are going about marketing it. But.
Michael Tanner, Co-Host [00:19:19] I really what I want to do, Stu, is I get your thoughts on the State of the Union last Night Miner brief, I didn’t watch. I saw the clips. The clips was back. I assume the clips were as bad as it sounded. I it’s hard to say if anything he says it’s true.
Stu Turley [00:19:37] Oh, I couldn’t agree more. And I only want to say two things. For him to stand up as the president of the United States and say that Republicans are wanting to get rid and defund Social Security and get rid of Medicare and Medicaid is a bold face lie.
Stu Turley [00:19:58] One Republican made a comment and he even said it, and that was probably he was a RINO. And so when you sit back and constitutionally, I mean, the whole thing by law is set up independently of our national budget, GDP, everything else, it is independent.
Stu Turley [00:20:20] You can’t get rid of it.
Stu Turley [00:20:22] Let me throw this at you. During the Trump impeachment, [00:20:28]Nancy Pelosi pulled millions upon millions out of Social Security to pay for Trump’s impeachment. [9.9s]
Stu Turley [00:20:40] Bull hockey on him saying that in this in this thing. The other thing that I applaud is that we do need more conversation together to unite this country. That’s my $0.02.
Michael Tanner, Co-Host [00:20:59] Yeah. I mean, is this is is this too early? 2024? Is this the launch of Charlie? 2024.
Stu Turley [00:21:04] Heck no. I got way too many skeletons in my closet.
Michael Tanner, Co-Host [00:21:08] I we don’t want and we don’t want to know what those skeletons are.
Michael Tanner, Co-Host [00:21:12] So on that happy thought, guys, we’re going to let you get out of here start your day again we appreciate you checking us out here on the energy news beat for Stuart Turley, Michael Tanner. So you folks on the other side.
Michael Tanner, Co-Host [00:21:24] Picturing Stuart as underwear.
Stu Turley [00:21:25] Uh
