Daily Energy Standup Episode #80 Fall out on the SVB – Germany and the U.S. government going after your stoves and gas

Michael Tanner [00:00:14] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat Stand up here on this gorgeous Tuesday, March 14th, 2023. As always, I’m your home correspondent Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show, the purveyor of the show and the director, publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley, my man, how are we doing today?

Stuart Turley [00:00:39] Its a Beautiful day in the Neighborhood. And we got us an action packed show today.

Michael Tanner [00:00:42] We do we have a lot. I was born with things left and right in pre-production folks that means you know it’s going to be a good show. Stu tries to jam as many stories as he can down our throats, so I have to act as the buffer between us and Stu, or else we’d we’d be here for hours.

Michael Tanner [00:00:59] So we have a, as he mentioned, an excellent show lined up of course, we’re going to talk Silicon Valley Bank. First article we have is [00:01:06]while Silicon Valley Bank collapsed, top energy executives or top executives push woke programs in news that would shock nobody. [7.8s] Silicon Valley Bank was invested in some interesting stuff, specifically in the climate tech space. So we will cover what is happening, the fallout, and what it specifically means for energy tech. Expect pretty crazy day for SBT. We will cover it all.

Michael Tanner [00:01:28] Next article, [00:01:29]How Germany plans to phase out oil and gas heating. [2.9s] The rest of the title really should say. And plans on freezing to death. But they left that out. So Stu will cover what’s going on in Germany. Absolutely incredible stuff that’s coming out of there.

Michael Tanner [00:01:44] Next. [00:01:44]Texas power grid may need breath of God to keep cool in the summer. [3.7s] That’s scary. The undisclosed location might be getting a little hot this summer, it sounds like. So this dual cover, our shaky power grid and what’s going to happen specifically in Texas this summer.

Michael Tanner [00:01:59] Next. [00:02:00]We have five ways the Biden administration is still coming for your gas stove. [3.8s] I mean, it’s unbelievable that they want to ban gas stoves, but still, apparently they’re still coming out yet so as to cover what they’re trying to do on that front at their next hour.

Michael Tanner [00:02:14] And then finally, we will cover the [00:02:16]the approval of the Willow Project. [1.4s] We covered this on Friday, ConocoPhillips and their 180,000 barrels per day Willow Alaska project. The actual was approved today. But there’s a very interesting “BUT” that goes along with this announcement title of the articles, actually. [00:02:32]Biden Declares U.S. Arctic Ocean Off Limits to New oil and gas leasing, [4.2s] if you can imagine, that’s the title of the article in which we will cover the approval of the Willow Project.

Michael Tanner [00:02:41] So that gives you any sense of where we are headed. I hope that does. He’ll kick it over to me. I will cover everything that just happened in [00:02:48]the crude oil and natural gas markets. [1.4s] I mean, it’s really not much headlines really are people are trying to tie in the drop in oil and gas prices today down to 77, 70 or 74, 76 to the PSDB collapse I mean, has nothing to do with that. They’re trying to also then say, well, there was positive China news, but we also dropped that.

Michael Tanner [00:03:04] So it’s a mess over there mainly it’s these stories still but before we get going again, check us out online. World’s greatest website EnergyNewsBeat.com Dashboard.EnergyNewsBeat.com best place for all of your oil and gas and energy data News.

Michael Tanner [00:03:22] You know, we’re hard at work here on V2, Stu, so I’m excited to see when that rolls out again to the description below, All the articles that we’re about to cover are available there. Energy News beat dot  com. I’m out of breath. Those two. Where do you want to begin? Okay, go.

Stuart Turley [00:03:36] As makes show. Okay, let’s go to. We’re going to start across the pond. All right, then we’re going to work our way back around the world. How Germany plans to phase out oil and gas heating. Okay. You can’t buy this kind of entertainment out there now. They are not going to be able to fill in 20, 23, 20, 24 winters.

Stuart Turley [00:03:59] So natural gas is going to be a problem. I just interviewed Osama Riza from Pakistan and they didn’t even get an A LNG tanker because of the issues there in Pakistan. So LNG is still going to be king. But let me drop into this article here for a reason.

Stuart Turley [00:04:18] Since about half of Germany’s households are still dependent on gas and oil, switching to alternatives is costly in simply not affordable for many, a heat pump costs 11,000 for a single family. Oh, my goal a problem with a heat pump is it runs on electricity. How’s Germany increasing their electricity? Coal?

Michael Tanner [00:04:45] Yeah, I was I was I was going to say that they want they want to get you on a heat pump and you want solar to provide. And then they’re providing you the electricity to run these things from coal state. So you have to pay for the higher energy cost and they get it cheaper.

Stuart Turley [00:05:02] And then they want you to pay $11,000. I can’t afford that right now. And there’s so many folks that cannot do that.

Michael Tanner [00:05:11] What do you mean? That’s a steal.

Stuart Turley [00:05:12] You first.

Michael Tanner [00:05:14] I blinked. Yes. It’s like a mexican standoff.

Stuart Turley [00:05:18] Yeah. I’m over here. Going to go? I’m going to start instead of the MeToo movement with all the women coming forward. I’m starting a you first movement Hashtag. You first. Okay, here we go. Let’s roll to the next one here. Five ways Biden’s coming for your gas stove. Oh, this one rolls into the same that same shift here, same story, different continent and same chatter, head logic.

Stuart Turley [00:05:45] So when you take a look at the US heat map, the heat map, the oil is used more up in the East Coast and they import that from Russia over the last five years. You take a look at natural gas in the rest of the area, they have the lower cost, everything else.

Stuart Turley [00:06:08] So what they’re wanting to do is put in heat pumps up here. Let me see where it wasn’t here. Oh, Included in the Inflation Reduction Act is an $840 rebate. Who buys a new electric stove? This adds to other state incentives to go to electric.

Stuart Turley [00:06:26] And there’s also the electric for going to a heat pump. I don’t know if it’s in this article, but it’s also in the Inflation Reduction Act. So it may be in a different article, but it’s still a rebate tax to move to electric. And as in in this area, they’re still coming after your natural gas stove.

Michael Tanner [00:06:47] Well, yeah and I think there’s a there’s a very interesting quote in here from this article that I think falls in line with something, Stu, that you’ve talked about, which is, you know, I now I’m spacing on it.

Stuart Turley [00:06:59] Cool.

Michael Tanner [00:07:01] No, it’s it’s the idea that instead of outright legislating legislation through regulation, think about it. Look at this paragraph deal we recently proposed. So this is after the administration come out and had this whole hoopla of, hey, we’re going to ban gas stoves. Then they said they weren’t. Remember, that was like two months ago.

Michael Tanner [00:07:19] Then they come out and a deal. We recently proposed its first ever energy efficiency standards for residential stoves. Those such regulations are supposed to be fuel neutral. The agency’s proposal stands out for hitting gas stoves much harder than electric versions, according to the Association of Home Appliance Manufacturers, which represents makers of both types of soap, not only with the rule likely boost the cost of gas stoves more than electric, but would jeopardize some of their features.

Michael Tanner [00:07:43] And the final sentence is the scarcity may even result in the max sitting on gas burners having to be reduced in order to comply. So this is what they’ll do. They won’t they will not outright ban it now, deregulate the crap out of it and next thing you know, you all you’re going to have is basically a match. That’s all you’re going to have.

Stuart Turley [00:08:00] Right. But, you know, it’s like forcing the Germans to do the same thing, forcing everybody to go to heat pumps. Tracy Wood, who I dearly love, he’s one of our good friends of the show for a long time. I haven’t talked to him in a long time and I need to give him a call.

Stuart Turley [00:08:15] But he’s out advocating for heat pumps because it makes sense in some markets. Now, let’s take a look at it. In a by market thing, I’m not all in on regulations because you can, you know, legislation through regulation because you can is not right.

Michael Tanner [00:08:35] I just keep thinking of taxation to representation every time I want to try to pull that phrase out of the table. I think I just think of two guys stand standing there. Because you were present at the Boston Tea Party. Little known fact to the viewers. Stu was actually there at the Boston Tea Party.

Stuart Turley [00:08:51] It was my idea and I was the one of the original team members, Tea Party members here. Everybody thought, oh.

Michael Tanner [00:08:59] That’s what’s next, too.

Stuart Turley [00:09:01] All right. We’re rolling on the next one here, dude. Let’s go to Biden Declares U.S. Arctic Ocean off Limits to New oil and gas leasing. The paradigm dichotomy of weirdness that this administration is putting off as an administration, Energy Administration is or IFIC. And let me explain this just for half sec. I have to applaud them for about 1.2 nanoseconds. Yay.

Stuart Turley [00:09:30] They got into a bind and they did approve part part of the Willow project. There’s going to be three pads they’re going to do those three pads are going to bring in 180,000 barrels per day. It’s going to take about three years to do that because of the seasons. You and I talked about that the other day, the other day yesterday or the day before but this cuts out how many thousands of acres.

Stuart Turley [00:09:54] The new restrictions on drilling could potentially undermine incentives for further oil and gas development. If they go far enough, it will shut it down. Now, here’s the thing. So they got the Willow Project almost like a grandfather. You’re in there and then they’re going running smack. It’s like hitting a rented mule with a newspaper.

Stuart Turley [00:10:17] They are absolutely beating the snot and the Alaskan folks. My son lived up there and he loved getting that check. He loved getting the check in. Alaskans love oil if it’s done correctly. Conoco Phillips is doing it right, though. All right.

Michael Tanner [00:10:35] Yeah, I think there’s it’s there’s I think there’s again, you said the dichotomy of this is is very interesting. And, you know, if he’s going to approve an oil project, you know, he’s going to give some red meat back to his base. I mean, that’s what happens.

Michael Tanner [00:10:50] Any time a politician does something opposite of what their base wants them to do they got to toss their own a little bit of red meat. Okay. And so in this case, what does he do? He says, okay, we’re going to go ahead and make sure that no offshore drilling ever happens, which I’m not an Alaskan expert.

Michael Tanner [00:11:06] But do we really need Alaskan offshore oil? Like, is there that much oil offshore that we need it? Like, are there companies that would invest? You know more about that. Don’t answer. But I know you know the answer.

Michael Tanner [00:11:16] Secondly, this the second part of the plan is, again, one of those kick the can down the road and allow really my lobbyist to continue to lobby and get paid so that we could debate whether or not because what is it under this is the quote as part of the conservation plan, the administration will also moved issue. Will will he is will move to not now they will at some point move to issue new federal rules limiting oil and gas leasing on 30 million acres of the Alaskan National Petroleum reserve.

Michael Tanner [00:11:44] I mean, it’s called the Alaskan natural Brazilian Reserve. And we have to figure out how to permit it. It’s hilarious. But so now they’re just they’re moot. They’re kicking the can down the road and allowing for more litigation. It means the lawyers dream.

Stuart Turley [00:11:56] It is. And unfortunately, in 1960, my grandfather, who was a very key reason in the Cook Inlet and up in the North Slope, discovering the North Slope as one of the key geologists on that, I believe there is some serious reason to do it. And then the Alyeska Pipeline is only like 10%, maybe 5% used. If we use that, we wouldn’t be buying oil from Russia anyway. Thanks. I just want to.

Michael Tanner [00:12:30] Now what’s next?.

Stuart Turley [00:12:32] Yeah. My head exploded. Texas power grid coming around the corner. Texas power grid may need breath of God to keep cool. And so. I love this one. Texans will be relying on the breath of God to keep the lights on, he said in an interview. This was Greg Abbott, who contends that the state’s grid is becoming too dependent on intermittent wind and solar resources.

Stuart Turley [00:12:59] I’m sorry, I do like Governor Abbott. I think that he does a lot of things. I have not agreed with everything, but in the bottom part of this article it also says small nukes are needed for ERCOT. I couldn’t agree more.

Stuart Turley [00:13:12] You know, let’s keep the wind and solar that’s there until it’s maintenance won’t allow it and they got to just abandon them. But on the other hand, I just put that out there for fun. Case anybody was listening today.

Stuart Turley [00:13:25] But on the other side, the small nuclear reactors offer a very, very nice baseload. We have two locations, four reactors that offer some serious baseline for their work.

Michael Tanner [00:13:37] Okay. Yeah. I mean, send me one of those modular reactors. I’m going to I’m going to need one to stay cool. I mean, I swear, if my power. I’ll tell you what, folks, you better brace yourself. If my electricity or my AC gets turned off in the summer while we’re like before we do a show, the entire show with me will be me just ripping our apart. You’ll see me sweating. You’ll just see, you know, the shirt will be off. It’ll be crazy. The entire show will be dedicated to me trashing ERCOT.

Stuart Turley [00:14:05] No, we won’t. I’ll be doing a solo show, and everybody will be thrilled out of my mind that I pulled an executive order and gave you the night off to do an assignment to go get pictures of the blackout.

Michael Tanner [00:14:18] Burfict, I. That’s actually a good move.

Stuart Turley [00:14:20] And the last one is back down in the Silicon Valley, and you need to head this charge up.

Michael Tanner [00:14:25] Well, I mean, well, first it’s I think is everybody I’m sure if if you’re you know, you watch the news, you’re on any social media for a fact. I think you’ve seen the updates with Silicon Valley Bank. And as we record this on Monday night here, it’s about 630.

Michael Tanner [00:14:43] We didn’t comment much yesterday other than to give everybody a little heads up as we were when we recorded that on Sunday out of like something’s coming. I think we both said they’re going to guarantee depositors, which they did.

Michael Tanner [00:14:55] They the the Fed came out this morning and said specifically, we are going to guarantee depositors up to 100%. And I don’t think it necessarily comes as a shock to anybody. I think you can you can debate whether I think there’s good arguments on both sides of the equation. Should depositors have been guaranteed?

Michael Tanner [00:15:13] I think on what argument you should say. Yeah. I mean, dude, who has time to do bank due diligence. Now you’re telling me I need to start doing my bank due diligence? I don’t have $250,000 in cash, but if you’re in any type of reputable business, you don’t have 250,000 in cash. I mean, what are you doing? I mean, Stu. Come on. What are you doing, man?

Stuart Turley [00:15:31] I’m just. I’m working for a living, baby.

Michael Tanner [00:15:33] Yeah, I know. No, but I. So there’s that argument. There’s the other argument of. Well, let’s let’s swallow. Slow down here. You know, the FDIC has a protocol for in and re basically reallocating capital back to depositors.

Michael Tanner [00:15:52] So what happens when a bank fails? Is this all the cash that’s there gets distributed? The FDIC covers everybody up to $250,000. Then what they do is they go to the assets that the bank has and begin to sell those assets in bulk or individually.

Michael Tanner [00:16:05] And as you bring in capital from those sales, you reallocate to depositors above $250,000 or the rest of the leftover capital. And in this case, from some of the analysis I’ve read, depositors, if the bank would have been allowed to fail and under the normal FDIC process, they would have maybe taken it.

Michael Tanner [00:16:28] Depositors would have gotten $0.90 on the dollar back. So we’re really talking about a 10% haircut in what depositors would have seen in two months versus what they see today. And that’s the other difference there’s a timing difference.

Michael Tanner [00:16:42] The FDIC wouldn’t have that money available right now. The 250,000 would be available. But the whatever was in your bank account wouldn’t be available until whenever those asset sales got place. Right. So that you could pull me down on either side of the argument.

Michael Tanner [00:16:58] But there’s a very important thing that the Fed also announced today, which is even scarier, is they went another step further. Not only did they basically tell all banks, hey, we’re going to guarantee deposits to whatever limit,.

Stuart Turley [00:17:11] Right.

Michael Tanner [00:17:12] Announced a new federal lending program. Okay. So let’s walk through the steps here about what’s happening, How because one of the key announcements in the Silicon Valley bank bailout, I’m using quotes. I call it a bailout, we’ll call it a depositor guarantee, was that the taxpayer will not be foot the bill. I was one of the first things that Joe Biden said. Okay, so how does that happen? Well, the Federal Reserve is the one that is providing the backstop, which okay, true, technically, that’s not the taxpayer. But guess what’s happening?

Michael Tanner [00:17:47] So what got Silicon Valley mixed mixed up in the first place is they took all the deposits that people had. Right. And they traded them for illiquid private market assets, mortgage backed, mortgage backed securities, equity in private in private companies that have no that are very illiquid.

Michael Tanner [00:18:03] Think of the most illiquid things you can think of gold. I mean, gold’s even probably more liquid than what they had and held that on their balance sheet to meet their minimum of salt, you know, to balance their balance sheet to be pun intended. Okay. Right. So then as withdrawals happen, you eventually have to then keep going to your assets.

Michael Tanner [00:18:26] These mortgage backed securities, these U.S. Treasury bonds, these things that you’ve purchased that are in illiquid markets and sell them at the market price of whatever it’s trading at now, regardless of where you bought it at, they were having to sell they’ve been selling treasuries and mortgage backed securities at a 30 to 40% loss for like three weeks now.

Michael Tanner[00:18:44] And so then what? So now all of a sudden you’re in this precarious position where you’re left with no cash and all of these illiquid securities, whether, again, mortgage backed securities, Treasury bonds, some that’s not as liquid as maybe cash is or maybe stocks are.

Stuart Turley [00:19:01] Right.

Michael Tanner [00:19:02] How do you get cash quickly? Well, the Fed came in and today on top of guaranteeing deposits, announced a new lending program. And I want to read you some of the language here. This is from the Financial Times. I think they do a great job of breaking this down.

Michael Tanner [00:19:15] They say the so called bank term funding program will offer loans up to one year to lenders that pledge collateral, including U.S. Treasuries and other, quote, qualifying assets like mortgage backed securities, like all these other things. And this is the scariest parts Stu, which will be valued at par. Whoa,.

Michael Tanner [00:19:36] What does that mean? Break that down. You buy a mortgage, back to you. I give you $1,000. Do you turn around and sell that thousand dollars or sell that use that thousand dollars to go get a mortgage backed security value to $1,000.

Michael Tanner [00:19:50] The value of that mortgage backed security drops to $500. I come to you and need my thousand dollars back. You say I don’t have your thousand dollars. I have $500 and $500 worth of mortgage backed securities.

Michael Tanner [00:20:02] So what the Fed just said is we’re going to open up a lending program that we will buy your mortgage backed securities, do four or. Poor. Well, what’s poor? $1,000. So basically, they will give you $1,000 for something that’s valued $500 on the market as another backstop lending program.

Michael Tanner [00:20:22] It’s unbelievable what they’ve actually come out and done today. And it’s the second thing nobody’s talking about. Everyone’s talking about depositors versus. This is all well in due, but it’s the second I’m going to and I’m going to be on this for a while.

Michael Tanner [00:20:36] The bank term funding program is, I think, one of the scariest things they’ve rolled out because that what they basically said is any bank can do whatever they want and when they mess up, I mean, it really is the idea of too big to fail was what’s crazy is the idea of too big to fail was a Democratic thing. Like the Democrats, Bernie Sanders made his name saying the term too big to fail. And now in 2023, I’m on the Bernie Sanders side.

Michael Tanner [00:21:01] These banks are too big to fail and they keep getting more and more help at some point. You can’t just say I could go on and on about this. But I think that’s the most important fact to note, is this bank term funding program, which basically guarantees that no bank will ever go under, which I mean, that’s insane. It’s just it’s so it goes beyond the deposit.

Michael Tanner [00:21:24] What this has to do with circling this all back to what this means for energy, I think it’s clear Silicon Valley Bank was one of the few companies that backed early that backed and provided debt. Venture debt provided products that allowed founders of startup and founders of Silicon Valley tech startups and everything you want gave them capital to be able to really large majority of climate tech startups banked with Silicon Valley Bank, and they were a huge proponent of that.

Michael Tanner [00:21:54] And the article that specifically says while Silicon Valley Bank collapsed top Executive Push Woke program. I mean, again, it’s not hard to figure out that Silicon Valley Bank was dumping a lot of their resources into propping up the climate tech industry.

Michael Tanner [00:22:09] And, you know, I’m all for innovation now. Right. And you’re trying to tell me, you know, again, I do. I want to I kind of want your thoughts specifically on this article, but I think in order to understand what’s going on with SVB,.

Michael Tanner [00:22:23] It’s important to understand that banks don’t keep your money around. You give them $1,000, they immediately ship it out and try to do something with it. And so now you’re telling banks that we will cover the value of the illiquid assets that you purchased at Bar. What incentive do you have to keep cash on hand?

Stuart Turley [00:22:41] None. And the other thing is, you can’t tell me as a bank guy and a finance guy that you’re not seeing that the Fed was two years too slow and too stupid to fix inflation. And then the Biden administration was also printing money.

Stuart Turley [00:23:00] You can’t hold on to their assets for that long without being a guy. Like I hate to say this, what I’ve been accused of as being a moron. I’ll be the first to admit I’m a moron. And that is moronic.

Michael Tanner [00:23:14] You’re absolutely right. So I think you bring up an interesting point. The Federal Reserve created the environment in which interest rates were zero and banks were incentivized. Banks were stupid. If they were not taking all of your money and dumping them into U.S. Treasuries because the spread was so much, you’re getting 0% 0% interest rate.

Michael Tanner [00:23:32] Okay, So then the Fed creates an environment of low interest rates, which increases the amount of cash on hand, which then eventually increases inflation, which means they have to come in and raise interest rates, which lowers the value of the illiquid asset that these banks purchased in the first place. And now the Federal Reserve is looking at them like and now the Federal Reserve is there to hand you a backstop lending to.

Michael Tanner [00:23:53] It. Really. I mean, if you think they care, if you’re a Republican, if you’re a Democrat, they hate everybody, okay? They’re all they literally do. They don’t care a lick about you at all. It’s all about the six. I mean, why not have a public bank at this point? Heard I was listening to a podcast this morning and they brought up a good point.

Michael Tanner [00:24:11] They think they’re their capital as they were making a joke. But right at this point, why not just have a public bank? There’s no difference. Why? Why private talk? Why? Why should bankers make any money at this point? What’s the job of banker? Tell me you now with this new lending program, you cannot tell me. Do it. You’d be hard pressed to find me now, one thing a banker can do. Who cares? Give them the money. Why do you need. Why do you need a credit team? You could literally fire your entire credit team, save a lot of money.

Stuart Turley [00:24:41] It’s one step closer to the government having all the control in the world. And that’s why when I got a call from my CPA saying that all of your Zelle in your PayPal and everything else is going to be audited for a corporation, make sure you designate it. So now all of this is an effort to get more control of personal finances.

Michael Tanner [00:25:05]  I that is I’ve seen that floated around that. Hey, why. I know. Let’s let these regional banks fail. Let’s roll everybody up into three or four banks and then roll out USD coin. And I’m learning still. I’m learning.

Stuart Turley [00:25:20] And that ain’t no conspiracy theory for me. That’s we’re already seeing it.

Michael Tanner [00:25:25] So that’s a long winded way of saying that’s what I think the scariest part of SVP. I think it applies.

Stuart Turley [00:25:32] That was a great point. Michael Great, great point. Can I compliment you?

Michael Tanner [00:25:37] Sorry. Yell at myself in the back later. You got anything else to. No.

Stuart Turley [00:25:43] My head just exploded.

Michael Tanner [00:25:45] Yeah, no kidding. So I’ll quickly pivot. We’ll cover some oil and gas pricing stuff on the oil side. Again, we were recording this Monday the 13th at about 639. Oil trade, 7461. Again, the dollar drop today. And in wake of all this banking news, ironically, the Nasdaq was up a 10th of a percentage point. But cash markets in terms of dollar index was down. And that’s really what drove oil down specifically.

Michael Tanner [00:26:11] You know, I would have thought oil would have actually done a little bit better. I’m specifically being it. It’s more of a commodity and a physical asset in a time like this, especially something, as you know, pun intended, as liquid as crude oil would be easy to move, but it’s not trade much with the dollar.

Michael Tanner [00:26:26] I love how Reuters tries to say, Oh, China had big demand. You know, some exceeded some demand numbers that nobody cares. Everything’s tied to the dollar right now. So, you know, they just got to feel like they’re, you know, some poor journalist over there just got to feel like they’re doing their job.

Michael Tanner [00:26:40] And just a tiny bit surprising China. Yeah. Yeah. Reason editor approve.

Stuart Turley [00:26:45] This week.

Michael Tanner [00:26:46] Yeah just this week on the natural gas side we did see a little bit of a pop currently trading $2.63. Again that’s mainly because weather this week does look a little bit colder than usual. Last, we are expecting a pretty, I would say, an inflection point when it comes to storage builds or storage withdrawals in the natural gas.

Michael Tanner [00:27:08] NGI estimating that we could see on Thursday anywhere between 42 to 120 Bcf draw from the reserves, which tells you expectations would be it would tells you a lot of different stuff about where people’s minds are. Right. You’ve got people who are clinging close to this. Warmer weather is leading towards a smaller bill or a smaller withdrawal or people looking at more of a global you know, we’re seeing things go.

Michael Tanner [00:27:33] They’re going to be more on that bullish or that more on that bigger draw side. So I think it’s interesting. I probably I’m going to come down closer to 40 than 120, but it’s early in the week. It’ll be interesting to see how things play out.

Michael Tanner [00:27:42] That’s really the only thing we’re out of earnings season, not much on the M&A front. Everything is a little bit, as I mentioned. Yes, it’s a little all quiet on the western front for the oil and gas markets. So, you know, there’s stuff brewing. It’s a little bit behind the scenes. But we’ll bring you will bring you what we’ve got. You got anything else for the day? Show.

Stuart Turley [00:28:01] No other than a Headache.

Michael Tanner [00:28:03] I need you need some aspirin after today?

Stuart Turley [00:28:05] Yeah, I’m going to I’m going to deny that I’m going to testify against Hillary. That’s one way to get a headache.

Michael Tanner [00:28:11] Yeah, you better. You know, I don’t know what to do with that, but we’re going to let you guys get out of here on that one. Thanks for checking out Guy’s Energy News Beat Daily podcast for Stuart Turley, I’m Michael Tanner. Stay safe out there, folks. Check your banks.