Daily Energy Standup Episode #77 – Sheffield says $100 oil in Q4, Ukraine denies blowing up Nord Stream says “we have no Navy, Divers, or underwater demolition” and SMR nuclear is on the way

Daily Standup Top Stories

Pioneer CEO: Oil Could Reach $100 a Barrel by Q4

Pioneer Natural Resources CEO Scott Sheffield says oil could reach $100 a barrel by q4. He also says oil output in the Permian Basin will peak in five to six years. He speaks to Bloomberg’s […]

Ukraine denies involvement in Nord Stream pipeline blasts

Ukraine has denied any involvement in September’s attack on the Nord Stream pipelines, which were built to carry Russian natural gas to Germany. The denial follows a report from the New York Times, which cites […]

American suppression of fossil fuels courts a national security disaster

The capacity of a modern economy to produce food and products for its citizens, and weapons and fuels for its military to project power, are the undeniable twin pillars of global power. Both depend on […]

Enginuity Power Systems: Clean Power with Natural Gas, Propane, and Hydrogen

Reliable and affordable home heating in the winter is essential, as residents of northern regions across the country can attest. As energy prices have continued to climb, homeowners face record costs for heating and cooling. […]

Small Modular Nuclear Reactors May Become The Go-To Energy Source

Can renewable energy replace electric power plants that run 24-7 — including nuclear energy — once battery storage matures and the transmission grid expands? It’s unlikely, given that the intermittent nature of renewables requires a […]

Despite Gas Price Slump, EOG Full Steam Ahead in Emerging Plays

EOG Resources Inc.’s drilling plans — particularly in emerging plays in South Texas and the Utica Shale — are not being significantly impacted by the recent slump in natural gas prices, the company recently told […]

Highlights of the Podcast

00:00 – Intro
03:20 – Pioneer CEO Scott Sheffield says oil could reach $100 a barrel by Q4
05:59 – Ukraine denies involvement in Nord Stream pipeline blasts.
07:27 – Americans. Suppression of fossil fuels caught national disaster
09:42 – Ingenuity Power Systems Clean Power with Natural Gas, Propane and Hydrogen
11:44 – Small modular nuclear reactors may be the go to energy source
14:11 – Hydrogen fuel gas turbine could lead to lower carbon intensity
16:45 – Despite price slump, EOG full steam ahead in emerging plays
20:19 – Market Updates
22:19 – Natural Gas
24:46 – 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 is going on, everybody? Welcome into another edition of the Daily Energy News Beat stand up here on this gorgeous Thursday, March nine, 2023. As always, I’m your humble correspondent, Michael Taylor, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producers of the show and the director and publisher of the world’s greatest website, Energy News Beat dot com, Stuart Turley. My man, how are you doing today? [00:00:36][22.0]

Stuart Turley: [00:00:37] It’s a beautiful day neighborhood. I’ll tell you what. Hey, I just wanted to let you know I sent Paris, our good buddy when we originally started the show, a note that I was just thinking of him, so I just wanted to give Oprus a shout out. It’s nice to have another long term listener. [00:00:50][13.6]

Michael Tanner: [00:00:51] No kidding. We have. Our audience is ballooned from 1 to 3, so we appreciate him sticking around from the beginning. We have a great show for everybody lined up today. Stu’s got some great stories to cover. First, We’ve got Pioneer CEO Scott Sheffield says oil could reach $100 a barrel by Q4. Interesting. We will cover all what he said in his comments. [00:01:12][20.8]

Michael Tanner: [00:01:13] Next up, Ukraine denies involvement in Nord Stream pipeline blasts. I think they’re the last country I think would have done this. But it has to break down a pretty funny comment that he found actually in this one. [00:01:25][12.5]

Michael Tanner: [00:01:26] Next up, American suppression of fossil fuels, or it’s a national security disaster. This is an opinion piece that’s do we’ll dive into that I think has some really great points specifically around national security and energy policy. [00:01:38][12.1]

Michael Tanner: [00:01:38] Next Ingenuity, power systems quote clean power with natural gas, propane and hydrogen. So this is a very interesting company called Engina of Power Systems. They have a really very clean way of producing specifically natural gas, which is already clean a stool dive into what they’re doing on the energy tech front. [00:01:56][18.0]

Michael Tanner: [00:01:57] Next, Small modular nuclear reactors may become the go to energy source. So if you’re not feeling if you’re feeling a little frisky, we’ve got some nukes coming up in the show, so you have to stay tuned to that one. [00:02:09][11.9]

Michael Tanner: [00:02:09] And the final article Stu’s got towards is Despite gas prices slump, EOG full steam ahead in emerging plays. EOG is is kind of one of those super independents that are really are heavily invested all around the United States. So it’ll be interesting to see. As Stu explains what is happening in Eog’s schedule, he’ll kick it over to me. [00:02:30][21.0]

Michael Tanner: [00:02:30] I’ll cover slumping oil and gas prices again. We The fallout from Fed Chair Jerome Powell comments yesterday or two days ago as you listen to this is really has affect oil trading 7659 natural gas $22.60. I will cover all what that means and a bag of chips for the markets, guys. But first check us out online www dot Energy News Beat dot com. [00:02:51][20.7]

Michael Tanner: [00:02:51] Hit the link in the descriptions below. All of the articles we’re about to cover are from that website who does a great job of curating that check us out Dashboard dot Energy News Beat dot com our attempt to combine data and news, specifically some of the specific EIA data that we cover on the show. [00:03:06][15.4]

Michael Tanner: [00:03:07] We are hard at work on V2 attempting to roll out new features to you, the Loyal Listener. So we appreciate you guys. Energy News Beat dot com Dashboard dot Energy News Beat dot com I’m out of breath. Those two. Where would you like to begin? [00:03:18][10.8]

Stuart Turley: [00:03:18] I’ll tell you. Let’s start with our buddy Pioneer CEO Scott Sheffield. There was a video that was supposed to be on this article, and he is. I just really enjoy his attitude and everything else. But the gist of this article is in his interview over there at Ceraweek Key in Houston. He’s claiming it’s going to be another $100 a barrel by Q4. What do you think about Scott Sheffield and his track record in the past? [00:03:46][27.5]

Michael Tanner: [00:03:46] Well, I mean, his track record of predicting oil prices, I don’t know. I’ve I’ve this is one of the first times he’s really come out against his track record as a CEO is impeccable. So it’s hard to. But does that have anything to do with his ability to, in my opinion, do I it. [00:04:02][15.5]

Michael Tanner: [00:04:02] Does that mean he can now forecast and foresee oil prices? No. Does doesn’t mean I don’t think he’s a great CEO does it mean I don’t think pioneers probably as we talk about those super independence when we get the energy, is it part of that group? You know, there are $40 billion company. He’s doing something right. You know. [00:04:18][15.9]

Stuart Turley: [00:04:18] So when he speaks, I listen. So, yeah. [00:04:21][2.6]

Michael Tanner: [00:04:21] I mean, I consider I have my area of expertise, but you wouldn’t want me to you wouldn’t call me up like Michael. I have an issue on my car. Can you help me? I’d be like, I have. No, I don’t even change my own oil. [00:04:32][10.3]

Stuart Turley: [00:04:32] No, we know that you can barely it. [00:04:34][2.0]

Michael Tanner: [00:04:34] All I’m saying is. All I’m saying is, what are his qualifications? I mean, sure, he’s the CEO of Pioneer Natural Resources. I again, I think he wants oil prices to be 100 bucks. I think what he’s specifically talking about is things he sees in the Permian, which, yes, things in the Permian are tight. [00:04:49][14.8]

Michael Tanner: [00:04:49] But that doesn’t just mean that those same problems apply elsewhere in the United States. You don’t have necessarily the infrastructure problem that West Texas is dealing with. You have multiple other issues that you deal with, and a lot of it isn’t necessarily focused. Again, the growth is going to come from Gulf of Mexico, if anything. [00:05:08][18.2]

Michael Tanner: [00:05:08] That’s why I think this Department of Interior mandated sale through the. Porkulus bill is going to be interesting to see if anybody scoops it up, because that’s one of the that outside of the Permian has the most potential to increase our actual depen and then what he’s saying won’t happen. [00:05:22][13.7]

Michael Tanner: [00:05:22] So what’s got you to basically saying is he’s forecasting our our supply to fall faster in demand. Well, while he’s drilling a lot of wells that are coming online too hot if there’s any, you know what I mean? You know what the Gleicher. [00:05:34][12.4]

Stuart Turley: [00:05:35] Know, we have used up all our ducks so it doesn’t hurt if we do drill a few ducks and leave them there just in case. All right. Hey, let’s come around the corner. [00:05:43][8.2]

Michael Tanner: [00:05:44] I know a couple. [00:05:44][0.3]

Stuart Turley: [00:05:45] Yeah. Hey, is. We’re sitting here. You know, we had that random guy on Substack. They created the one rumor going around there that the U.S. that Biden admitted that. He said that he blew up the Nord Stream, that he’d take it out. Then we had another one. The Defense Department and Biden’s group this week announced that Ukraine blew it up. [00:06:07][22.4]

Stuart Turley: [00:06:08] This is a response not by some guy, random guy on substack This article is a hoot. It says Ukraine has denied any involvement in September’s attack on the Nord Stream pipeline, which were built to carry Russian natural gas to Germany. [00:06:25][17.0]

Stuart Turley: [00:06:25] I just love some of these quotes in here. Kremlin spokesman Dmitry Peskov reported a coordinated fake news media campaign and told the state agency whose attack the pipeline clearly wanted to divert attention. And I mean, come down here and they say they have no they have no Navy, they have no divers, they have no ability to do it. And so the even the Russians are going, hey, this is stupid. [00:06:52][26.9]

Michael Tanner: [00:06:54] Yeah, I mean, this is the one scenario in which the random dude on Substack was wrong, which is, you know. [00:06:59][5.3]

Stuart Turley: [00:07:00] Yeah, this guy right here, the saying Ukraine did it. It was the Defense Department, the US Defense Department saying Ukraine did it. So anyway, I just got really. [00:07:09][9.4]

Michael Tanner: [00:07:10] Hillary Clinton with the candlestick. [00:07:11][1.3]

Stuart Turley: [00:07:12] Oh, I hope Tucker has some good security. Okay, let’s go to the next one here. That was funny. [00:07:19][6.6]

Michael Tanner: [00:07:19] If it’s a good one, I’ll give that to. [00:07:22][2.8]

Stuart Turley: [00:07:23] Tucker Carlson get security now. Okay. Hey, Americans. Suppression of fossil fuels caught national disaster. This article, Michael, has a lot in here. And when you consider that the Biden administration policies are really pulling a Thelma and Louise, if you want to look at the US energy policy as the end and the Thelma and Louise movie as they’re shooting off into the Grand Canyon,. [00:07:52][28.7]

Stuart Turley: [00:07:53] It’s going to be a whole kind of thing. Sadly, the US is killing fuel transport pipelines, curtailing permitting of refineries and natural gas exports, suppressing oil and gas leasing and worst of all, stifling long term investments in the industry. [00:08:11][18.2]

Stuart Turley: [00:08:12] QUESTION There’s in the article I’m reading from the article, Michael, how can the ruling class in a few wealthy countries of Germany, Australia, UK, Canada and America believe that all the infrastructures and products manufacture from crude oil, such as medical electronics, communications and many transportation infrastructure such as airlines, merchant ships, automobiles, trucks, military and air space programs are not needed by future generations. [00:08:41][28.9]

Stuart Turley: [00:08:42] Look at this in this list. It just really carries it on. Michael Tires for billions of vehicles, asphalt for all the roads, space program, water filtration systems, sanitation systems, all revolves around fossil fuels. So next time you flush that toilet, it’s going to have some fossil fuels to get it moved around. [00:09:02][19.8]

Michael Tanner: [00:09:03] All right. I just don’t know how people don’t like inherently sort of like I guess because I work in oil and gas. I get it. I’m around it. But like, how do people not realize that they bash oil and gas on an iPhone that was made by fossil fuels and slaves. I mean, it’s just I don’t know how people don’t see the irony in that. [00:09:22][19.4]

Stuart Turley: [00:09:23] Right? Hello, McFly? [00:09:24][1.2]

Michael Tanner: [00:09:27] Hi. Hello. Is anybody in there? McFly? [00:09:29][1.6]

Stuart Turley: [00:09:30] I don’t know, you know. All right, let’s go to the next one here. Dude, I love that movie. By the way, here’s Michael. Energy Tech is how we’re going to get out of this problem. And I love this article. The article is titled Ingenuity Power Systems Clean Power with Natural Gas, Propane and Hydrogen. [00:09:46][16.8]

Stuart Turley: [00:09:47] And there’s a couple things in here. And the reason I really wanted to bring this article up to you here is it’s a Alexandria, Virginia, based engineer. We Power Systems developed appliances with hybrid generators. I love this. I got me one that works on natural gas, propane or gas. [00:10:09][21.5]

Stuart Turley: [00:10:10] And I absolutely. They love it. So when they’re looking at this, there’s so many houses around the U.S. that could use a extra generator like this. Generac is one of the best ones out there. But this one. And if they ever get hydrogen fixed, Michael, I think that’s going to be very important as well, too. Hydrogen, I think, is still a few years away. It’s too costly. But I. Love. the Technology. [00:10:38][28.2]

Michael Tanner: [00:10:38] Definitely to off I love the technology. I mean, this is how you this is how technology evolves. You have small incremental steps is ingenuity, power systems like the next greatest thing since sliced bread. It’s a step in the right direction,. [00:10:50][11.6]

Stuart Turley: [00:10:51] Right? [00:10:51][0.0]

Michael Tanner: [00:10:51] But it’s not maybe the full scale deployment that everybody hopes for, but it could be again, it’s an incremental step. They’re looking at it the right way. I always come back to natural gas, is now being pivoted, is clean. Oh, you call it. Yes. You called it out And you were right. I did. And I just love it because you’re seeing it firsthand in these articles. I mean, this arm, they’re talking positively about how clean natural gas. [00:11:14][22.9]

Stuart Turley: [00:11:14] Is in that. Great. But like Debra Wald, you’re I know you’re tired of me here and talk about green energy and I know you’re going to is going to like hit me up but Deborah walls green lily energies how we got to do it and that is to build diesel, bio gasoline or anything else. We got to use our trash and our methane from the sewage plants or anything else and use that to get us origin and natural gas, renewable natural gas. [00:11:42][27.8]

Stuart Turley: [00:11:42] All right. Let’s go to the next one. Did small modular nuclear reactors may be the go to energy source? And Michael, this article is really important from the standpoint that by the time you get a real, real big reactor, it’s 20 years to get approved. The smaller ones are coming around the corner and they’re going to be able to be made in a production line. And that way you’re able to use these and drop them off simply must have some form of baseload. [00:12:15][32.5]

Stuart Turley: [00:12:15] I’m reading from Geoff Mary Field. You simply must have some form of reliable baseload power because you can’t get there with these assets that operate part of the time, like wind or solar, says Jeff Merrifield, partner at Pillsbury, Winthrop Shaw and Pittman, a former nuclear regulatory commissioner. [00:12:34][18.8]

Stuart Turley: [00:12:35] Nuclear power plant is more costly upfront, but it has assets that operate for over 80 years. If you compare it to wind and solar, they generally have a 20 year lifetime in batteries for about eight. [00:12:47][11.8]

Stuart Turley: [00:12:47] And I think if you divide that number by two, you’re actually closer to right they generally have a ten year and four years, but we’ll leave that alone. Anyway, this goes with that other article of energy security. We need small nuclear for baseline. Anyway, your. [00:13:02][15.4]

Michael Tanner: [00:13:03] Thought. I mean nuclear I in theory and probably on paper, even though you could argue, is probably the best for baseload energy supply, which is critical to sustaining growth in a emerging market or keeping the quality of life wherever you live. [00:13:18][14.9]

Stuart Turley: [00:13:18] Right. [00:13:18][0.0]

Michael Tanner: [00:13:18] Now. Am I in favor of just trying to make modular nukes? And everyone’s walking around with Fatboy and Littlejohn in their trunk? I mean, I’m I don’t know if that’s quite the conversation I’m willing to have yet. I mean, can you imagine you just. Oh, just, you know, you pull out your laptop and there’s just a little nuke in there because it’s power in your laptop. I mean, right now. [00:13:40][21.2]

Stuart Turley: [00:13:40] You’re watching too many Marvel things when you got Iron Man rolling around with it. [00:13:45][5.3]

Michael Tanner: [00:13:45] Exactly. But that’s what everybody jumps to. That’s my point. Everybody jumps to modular nukes. What? They’re going to be in my car now. [00:13:52][6.7]

Stuart Turley: [00:13:53] Modular nukes at this particular point are going to be the size of a semi or they’re going to be sized at two or three semis. You know, it’s going to be the same size that power ships. [00:14:02][8.8]

Michael Tanner: [00:14:03] It still creeps me out, but I see what you’re saying. What’s next? [00:14:05][2.5]

Stuart Turley: [00:14:06] All right. Let’s go on down around the corner now that you’re totally creeped out. I’ve made my day. Hydrogen fuel gas turbine could lead to lower carbon intensity. Okay, this is where I’m going to go. All right. That’s kind of going to be a kind of a nice one, Michael. And a certain hydrogen can be used in natural gas pipelines. [00:14:28][22.2]

Stuart Turley: [00:14:29] The problem with hydrogen is it’s a lot lighter and smaller, so it will leak easier. I don’t know. I love this idea, but I don’t know the technology is here yet in order to do this. But Chevron is trying. What’s not in this article is Chevron’s trying to go down the ESG road now like Oxy. [00:14:52][23.2]

Stuart Turley: [00:14:53] Oxy was the number one we talked about yesterday, number one on the S&P 500, because they went to CCU as or carbon capture, storage and utilization. The this one is Chevron trying to work with hydrogen in natural gas and turbines. Ah. So they went, Hey, wait a minute. Oxy’s on to something here. Now, I like the way they’re thinking. Hydrogen’s Not ready for mainstream yet. [00:15:20][27.3]

Michael Tanner: [00:15:21] Yeah, I mean, you would know more about hydrogen than I would. I do agree with you, though. You know, from what you tell me, it’s not ready, so I’ll take your word for it. I do think it’s very fascinating that Chevron is going this route, because I think they’re. [00:15:33][12.6]

Michael Tanner: [00:15:33] And I don’t know if this was they you know, obviously they’ve made this decision, you know, over the course of two years now. But they’re going about this ESG movement, in my opinion, in the right way. [00:15:43][9.9]

Michael Tanner: [00:15:44] The pivot is towards very analogous things that we can do with our own infrastructure and apply our economies of scale to actually be able to own this market versus, again, what BP has done, what Shell has done. [00:15:56][12.4]

Stuart Turley: [00:15:57] Like O-Town. [00:15:57][0.3]

Michael Tanner: [00:15:57] Or has done Portal Energy’s, we’re going to become an offshore wind developer. Good luck with that. Have Fun this and I don’t know where this will go, whether hydrogen becomes big or not. This at least is more in line with what I see as, you know, business units that that that can play off each other. You can apply shared knowledge between that and your oil and gas midstream. Right. [00:16:21][23.5]

Stuart Turley: [00:16:22] I did reach out to a CEO of a wind mast for tankers and shipping. I thought that was absolutely outstanding. I’m trying to get in the PODCAST. [00:16:31][9.2]

Michael Tanner: [00:16:31] Interesting. So we’ve got Pirates of the Caribbean now coming back. [00:16:33][1.5]

Stuart Turley: [00:16:33] Absolutely, baby. Hey, if Captain Jack Sparrow will save me some carbon, you know, and deliver oil low cost, I’m in. All right, let’s go to the next one here. Despite price slump, EOG full steam ahead in emerging plays. Michael, I’m going to let you kind of Henry Hub. Gas prices average 3.27 MBT you in January. I’ll let you go from here. [00:17:00][26.6]

Michael Tanner: [00:17:00] Yeah I again I think it’s what this article is mainly talking about. So EOG is one of the largest, what we would call super independents. They’re not an integrated midstream company, but their market cap is, is fairly incredible up there with Pioneer. [00:17:12][12.2]

Michael Tanner: [00:17:13] And with this article mainly is talking about is EOG drilling plans. It says they’re drilling plans particularly in emerging plays in south Texas and the Utica Shale are not being significantly impacted by the recent slump in natural gas prices the company recently said. [00:17:26][13.2]

Michael Tanner: [00:17:27] This is as interesting as you’d expect. Gas plays like the Utica, like South Texas, like East Texas, you know, places in which your primary product is natural gas. You know, the Utica Shale, obviously we’re talking about Appalachia and and all that pennsylvania in a very flat natural gas fields. [00:17:44][17.1]

Michael Tanner: [00:17:44] You would expect all of it to be winding down a little bit. What EOG is telling us is the exact opposite. They said that they have kept an eye on volatility in natural gas space since last year, according to their chairman and CEO, Ezra Yaka or Ezra Jacob. [00:17:58][13.7]

Michael Tanner: [00:17:59] But the company plans to continue development in infrastructure and build out emerging plays as it expands its drilling program in 2023. What they’re telling you is they don’t care what price they may be willing to take a quote unquote short term loss in order to bring wells online to keep production steady. [00:18:14][15.2]

Michael Tanner: [00:18:14] Because, again, the calculus is different between a large company, a super large company, a super huge company. They they like to tell you and they’ll tell you every single well they drill is economic. And they would never drill a well because it’s uneconomic. [00:18:28][13.8]

Michael Tanner: [00:18:29] But in reality they do it all the time because their the dirty little secret is it sometimes just doesn’t come down to economics. We like to we like to say and it makes for a great sound bite on the investor call. Oh, we just it all comes down to economics. [00:18:43][13.5]

Michael Tanner: [00:18:44] That’s not that could be the furthest thing from the truth. Stewart laughing because he knows it right with the economics of a well, it’s part of the decision of whether or not we’re going to go drill this well. It really is because and I never in favor of it because sometimes you have to drill in uneconomic well to make a project economic that people might not agree with me there and we can have a longer discussion on that. [00:19:06][22.4]

Michael Tanner: [00:19:06] But that is a I have seen it time and time again in my career have been spent in field planning and development. There are times when an uneconomic well will help make a project economic. I will die on that hill. So to an extent I agree with that assumption. [00:19:22][15.9]

Michael Tanner: [00:19:23] But to think, you know, so now in response to what they’re doing, if every well you drill, if you’ve got 100 wells lined up and all of them are underwater because of the current strip price, you know, then you’re just gambling on natural gas prices. Then you’re Scott Sheffield. Now we’re just spinning on what we think prices are going to do. And what’s this got? You know,. [00:19:43][20.4]

Stuart Turley: [00:19:44] I’m. Going to try to get him on the Podcast. [00:19:45][1.0]

Michael Tanner: [00:19:45] Yeah,. I like it but. [00:19:46][1.2]

Stuart Turley: [00:19:47] I disagree. [00:19:47][0.2]

Michael Tanner: [00:19:47] Hes Smart! [00:19:47][0.0]

Stuart Turley: [00:19:48] Hes Smart. Oh, he is. He’s smarter. He’s better looking than I am. [00:19:50][2.6]

Michael Tanner: [00:19:51] Yeah, he’s more qualified than I am. So Im just here talking. [00:19:54][2.8]

Stuart Turley: [00:19:55] Absolutely. If I get him on the show. Yeah. [00:19:56][1.8]

Michael Tanner: [00:19:57] We’ll ask him why ask him what their strip price is. It’s mainly and it’s not. And again, these guys aren’t worried, Mr. Price they’ve got hedges in place, so. Oh, you’re worried about hedges. You got anything else to do before I go crazy? [00:20:08][10.9]

Stuart Turley: [00:20:08] Oh, no. But I thoroughly enjoyed making you crazy today. It was big fun. [00:20:12][3.6]

Michael Tanner: [00:20:12] It took a little bit. You had to wait till the last story, but I will die on that hill. And then maybe that that that that’s a story for another show. I think we’ll kick it over to finance. Couple things here. Oil trading down 76, 58. If only because we’re dealing from the fall from Chad. Fed Chair Jerome Powell, his comments yesterday. Looks like we’re going to see a 50 basis points increase in overall interest rates, which again, will not do good for oil prices. It’s going to bring that dollar down, which is very heavily tied to crude. We did see EIA drop their numbers today. We were expecting a 3.8 million barrel draw. [00:20:44][31.7]

Michael Tanner: [00:20:44] Only check in at about 1.7 million barrel draw. Nothing from the Strategic Petroleum Reserve. Domestic production down 100,000 barrels, 12.2 million barrels and then refinery utilization at 86%. All that courtesy of dashboard on energy news dot com. Check it out. It’s why we made this dashboard for times like this. [00:21:05][20.7]

Michael Tanner: [00:21:06] Leave us a comment. Questions and EnergyNewsBeat.com. Tell us how cool or bad the application is. We are hard at work at V2, but but you know, when you when you look at all these numbers encompassing Stu it didn’t do much to on the bull side you know production dropped a little bit. That’d be a little bullish. [00:21:21][15.5]

Michael Tanner: [00:21:22] We had a little bit of a draw from the Strategic Petroleum or from overall crude oil reserves that should be both bullish items and yet we fall today, if only because we’re expecting interest rate increase. So it tells you what the sentiment of the market is tagging on. [00:21:35][13.6]

Michael Tanner: [00:21:35] Today’s a good day to note. It’s not really supply and demand at this point. It is, but it’s more so the upcoming Fed chair’s decision and probably going forward, you need to be putting more weight on that data point then you short on supply and demand. [00:21:50][14.2]

Michael Tanner: [00:21:50] This is one of those you just take notes one of those days, if you’re a fervent listener of the show and you hear us opine on prices every day, this is a note this this is a learning moment. This is we just had a little class session here. [00:22:03][12.8]

Stuart Turley: [00:22:03] Learning for them or for us. [00:22:05][1.3]

Michael Tanner: [00:22:05] Everybody, I should put this, if you were on Udemy, I charge $15 for this. [00:22:10][4.6]

Stuart Turley: [00:22:10] Okay? [00:22:10][0.0]

Michael Tanner: [00:22:11] It’s not. You get it for free. So by Venmo and Genius, you can Venmo me. It’s fine to business expense. Trust me. Natural gas, $2.06. Again, it’s three straight days of choppiness. The weather models haven’t quite rolled over enough for us to say one way or the other. You know, obviously it’s it’s warmer than we expect. We are expecting tomorrow as well, a a storage drop from the EIA on natural gas as always Wednesdays crude oil Thursdays is natural gas. [00:22:41][30.4]

Michael Tanner: [00:22:42] Range of expectations is somewhere between 61 and 95 Bcf draw Last year we did about 120 Bcf draw. I mean we’ve been we’ve been on the low side in the high said we’ve never really been in the middle. So if you had to pick one or the other, I’m going to go on the low side, I’m going to say it’s going to be 60 to 70 Bcf, but we will see those numbers. [00:22:59][17.5]

Michael Tanner: [00:23:00] They’ll drop about 10 a.m. have if you guys on Thursday. So if you guys are listening to this on Thursday, check it out and see whether I was right or wrong. Stool laughs me either way when we sign in for the next show again, outside of that, weather’s going to be dry. The driving force here, nothing. Nothing’s really much outlook seems fairly warm again, unfortunately,. [00:23:19][19.6]

Michael Tanner: [00:23:21] Nothing really. On the finance news side. I do think this EOG article is interesting because it highlights, I think specifically the dilemma some of these companies are going through. Do you continue to drill through uneconomic wells if it’s part of the overall field development plan. [00:23:33][12.0]

Michael Tanner: [00:23:33] Again, field development and planning is a science that’s not a science, but it’s a job in and of itself. And you you can’t be shortsighted, but you can’t be too far sighted. There’s that happy medium you got to live at. So I’m going to leave it there. Do you got anything else for us? [00:23:48][15.2]

Stuart Turley: [00:23:49] Yeah, and I got to give a shout out to Greta Thunberg for finally taking up, you know, and really going after the wind farms. You know, she’s now upset that the reindeer, our wind farms are disturbing the reindeers and last time I checked, I hadn’t seen any whales hurt by any oil and gas wells in the Permian. So, you know, I just want to give them a shout out, I guess. [00:24:13][24.2]

Michael Tanner: [00:24:13] Shout out Greta Thunberg Sweet. [00:24:14][1.1]

Stuart Turley: [00:24:16] She’s going after wind farms. I just I hope she goes after the wind farms in the ocean. [00:24:21][4.9]

Michael Tanner: [00:24:22] Next thing you know, she’s going to be a Derek hand on an offshore oil rig. We’ll get her there. Facilitator. [00:24:27][5.5]

Stuart Turley: [00:24:29] Okay, let’s get her on the Podcast [00:24:30][1.4]

Michael Tanner: [00:24:32] Okay. Have fun with that. With that. Guys, work on that fine note. On on that note of Stu interviewing Greta Thunberg, we’re going to let you get out of here, get back to work, hopefully finish that. We appreciate you guys checking us out, World’s greatest website and podcast EnergyNewsBeat.com We’ll see you tomorrow, folks. [00:24:32][0.0]