Scholz urges Putin to “enter into negotiations” with Ukraine in first phone call in two years

Energy News Beat

[[{“value”:”

German Chancellor Olaf Scholz spoke to Russian President Vladimir Putin for the first time since December 2022 on Friday afternoon (15 November), urging him to start “serious” talks with Ukraine. 

In the phone call, Scholz urged Putin to end the war of aggression against Ukraine and withdraw his troops, German government sources stated. 

Russia should “enter into serious negotiations with Ukraine with the aim of achieving a just and lasting peace for Ukraine,” Scholz was reported to have said, stressing that Russia had not achieved its war goals. 

Scholz also stressed Germany’s commitment to supporting Ukraine as long as necessary, government sources added. The involvement of North Korean troops is seen as a “serious escalation and expansion of the conflict.”  

Putin, for his part, underlined that any agreement to resolve the conflict would have to “take into account the security interests of the Russian Federation, proceed from the new territorial realities and, most importantly, eliminate the root causes of the conflict,” Russian news agency TASS reported. 

He reiterated that, in his view, “the current crisis was a direct result of NATO’s multi-year aggressive policy.”  

German media had reported in October that Scholz was considering a phone call with Putin ahead of next week’s G20 summit in Brazil.  

However, Kremlin spokesman Dmitry Peskov had responded to the reports by saying that he did not see any relevant topics to discuss, according to Russian news agencies, adding that relations had reached “absolute zero.” 

In recent months, Scholz has repeatedly stressed his desire to bring Russia to the negotiating table. He had stated his goal of holding a peace summit with Russia following the June peace summit in Switzerland, at which Russian representatives were absent. 

The phone call marked a notable development, as it was the first call between the two leaders in nearly two years and one of the first of any major European leader in a long time. French President Emmanuel Macron had also last spoken to Putin in 2022. When contacted by Euractiv, the Elysée Palace declined to comment.  

Hungarian Prime Minister Viktor Orbán, who has repeatedly refused to cut ties with Russia, met Putin in Moscow in the summer, a move that was met with overwhelming criticism in Europe. 

On Sunday, the German leader will travel to Brazil, where Russian Foreign Minister Sergey Lavrov is expected to be present. 

*Théo Bourgery-Gonse contributed reporting. 

[Edited by Daniel Eck] 

“}]] 

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Russia Is Keeping Up Gas Flows to Europe Despite OMV Cut-Off

Energy News Beat

  • Impact of move for European gas market may be limited for now
  • Gas continued to travel through Ukraine, Slovakia on Saturday

Gazprom PJSC is sending natural gas to Europe via Ukraine at normal levels even after cutting off one of its longest partners, Austria’s OMV AG.

The Austrian energy company confirmed its Gazprom deliveries were reduced to zero as scheduled at 6 a.m. on Saturday. The cut comes after OMV said on Wednesday it would stop payments to the Russian firm to recoup a €230 million ($242 million) arbitration reward.

The impact of the move for the European gas market may be limited at least for now as Russian flows into the region as a whole continue as normal. Gazprom supplies gas into Ukraine for transit, from where it travels to Slovakia for own consumption as well as further into Austria and other neighboring countries.

Gazprom confirmed transit flows via Ukraine at usual levels for Saturday. It declined to comment further.

Data from Slovakia’s gas transport operator Eustream show flows continue from Ukraine into Slovakia at the Velke Kapusany border point as normal on Saturday. Deliveries from Slovakia into Austria at Baumgarten also continue, with nominations for the day 17% lower than for Friday.

With OMV cut off, gas is being taken or moved by other buyers, according to people with direct knowledge of the situation.

Slovakia’s Slovensky Plynarensky Priemysel AS and Hungary’s MVM Zrt. might be responsible for continued flows within the region as they use upward tolerances in their contracts with Gazprom, said James Waddell, head of European gas and global LNG at Energy Aspects Ltd. in London.

“This may be what we’re seeing today but it will be hard to sustain that level of flow without initiating a new contractual agreement,” he said.

SPP wasn’t immediately available for comment. MVM declined to comment.

Russian gas flows to central Europe may adjust at the start of next week, given it takes about three days for the gas to move from Russia to Austria’s Baumgarten and the cut to OMV came abruptly, said Karel Hirman, former Slovak economy minister.

Leo Lehr, a competition regulator at Austria’s E-Control, confirmed in a statement on X that Russian gas for now is still arriving in Baumgarten.

“Russian gas will continue to end up in Austria without an import ban; that’s market dynamics,” he said. “However, an end to the OMV contract means a severance of the long-term commercial ties with Gazprom – which is ultimately much more important than where the individual gas actually comes from.”

Meanwhile, OMV said it can meet supply obligations through 2025 and beyond via alternative sources in the event that Russian deliveries under its long-term contract are halted. The company is producing from its own assets in Norway and buying more liquefied natural gas, Chief Executive Officer Alfred Stern said in an interview on Thursday.

Austria may accelerate the use of domestic inventories, which already dipped below levels seen in the previous two years at the same time of the year amid colder weather.

“For this winter gas supplies are ensured,” OMV’s former CEO, Gerhard Roiss, said in an interview on Austrian public radio ORF. “Storage is full and demand is significantly down.”

But gas prices may rise 20% or more in the short term, risking a new round of inflation, according to Roiss, who is urging Austria’s government to tap its 2bcm fuel reserve to dissuade market speculation. “The reserves are there and should be used to dampen prices,” he said.

Energy News Beat

— With assistance from Daniel Hornak, Elena Mazneva, and Veronika Gulyas – Source: Bloomberg

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Trump considering Fox News host for top economic position – WSJ

Energy News Beat

ENB Pub Note: -This is a good thing for investors. With the possibility of Chris Wright, CEO of Liberty Energy, and Larry Kudlow on as finance, this is a great thing for investors.


The US president-elected is reportedly looking at inviting Larry Kudlow back to the White House

US President-elect Donald Trump is considering Fox Business Network host Larry Kudlow for a senior economic policy position in his administration, the Wall Street Journal reported on Friday, citing sources familiar with the matter.

Kudlow served as the director of the National Economic Council (NEC) for three years during Trump’s first term in office. Trump’s advisers now see him as a contender to lead the NEC or the Treasury, the WSJ said. Kudlow has kept in regular touch with Trump, and was reportedly a guest at his Mar-a-Lago residence in Florida this week.

Bloomberg cited its own source on Friday, however, as saying that Kudlow told Trump’s team that he does not want a job in his administration. Kudlow declined to comment, Bloomberg said.

According to the WSJ, the 77-year-old financial news commentator is being considered more heavily due to a “cold war” between two other candidates for senior economic posts in Trump’s White House. The contenders are Cantor Fitzgerald CEO Howard Lutnick and hedge fund manager Scott Bessent, both of whom made “aggressive plays” to lead the Treasury, which “irritated” Trump, the magazine said, citing unnamed advisers.

Lutnick, as co-chair of the Trump transition team, reportedly approached the president-elect about the Treasury position directly. Republican Senator Lindsey Graham has publicly endorsed Bessent as an “outstanding” choice for Treasury secretary.

Additionally, Trump has discussed Robert Lighthizer, who served as trade envoy during his first term, and Apollo Global Management CEO Marc Rowan for senior economic roles, according to the WSJ. Earlier reports suggested that Trump would again pick Lighthizer for trade czar.

Trump has promised an aggressive tariff policy aimed at securing US economic interests, especially with regard to China. During his first term in office, Trump unleashed a trade war against Beijing, with both countries imposing tariffs and sanctions.

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Who’s Who At COP29: The Taliban, Russia, Climate Reparations, And Carbon Chaos

Energy News Beat

Canada attends COP29 in oil-rich Baku, where carbon pricing, the Taliban, and $1 trillion in climate aid dominate talks.

cop29 sign

As COP29 — the United Nations’ annual climate change summit — gets underway in Baku, Azerbaijan, Canadians may notice that their government isn’t broadcasting their participation to quite the same extent as in prior years. [emphasis, links added]

At the Paris Climate Summit in 2015, Prime Minister Justin Trudeau was there on day one, promising to the assembled delegates that Canada “will take on a new leadership role internationally.”

Now, carbon pricing is one of the most singularly unpopular issues for the Liberal government, and this is the third year in a row that Trudeau won’t be personally attending the summit, which is taking place from Nov. 11 to 22.

Environment Minister Steven Guilbeault showed up promising to hand out more than $1 billion in climate-related foreign aid, and Canada has built an entire pavilion at the conference holding workshops ranging from Addressing Climate Disasters with Equity to Inspiring Change Through Global Children’s Perspectives.

But Baku may lack the glamour of prior UN climate change conferences.

As detailed below, Canada will be rubbing elbows with the Taliban, Putin loyalists — and doing it all in one of the most oily cities on Earth.

The Taliban Is There

The Taliban rulers of Afghanistan have not been allowed a seat at the United Nations General Assembly, and only a handful of countries have established any kind of official diplomatic relations with the government, which officially calls itself the Islamic Emirate of Afghanistan.

Still, they can still come to the UN’s climate change conferences.

Over the weekend, Reuters confirmed that representatives from the Taliban’s National Environmental Protection Agency will be going to Baku, making this the most prestigious international summit attended by the rogue theocratic state.

So Is Russia (They’re One Of The Biggest Delegations)

Azerbaijan used to be part of the Soviet Union and still enjoys warm relations with its former ruler.

As recently as August, Russian President Vladimir Putin made a state visit to Baku to ink an “action plan for enhanced bilateral cooperation.”

Internal emails obtained by Reuters also show that Russia was instrumental in having this year’s conference hosted in Azerbaijan versus Bulgaria, a member of the European Union.

All of this might be why Russia is leaning into this climate change conference more than most, with a delegation of 900.

Although they’re representing a country whose economy is heavily dependent on oil and has adopted virtually no material climate policies, the Russian news agency TASS did say that the Russian delegation will be “carbon-neutral” for the first time.

For the Canadians at the conference, this means they’re going to be sharing cafeteria lines and washrooms with representatives of a country whose soldiers Ottawa is helping to kill.

At last count, Canada has contributed $4.5 billion in military aid to Ukraine in countering its invasion by Russia.

The Whole Thing Is Being Held In A Historic Center Of Oil Production

Some of the most notable UN climate change conferences have been held in cities famous for their low environmental footprints, such as Copenhagen, Paris or Kyoto.

For the last two conferences, this trend has been conspicuously ended in favor of convening in some of the world’s most eminent petrostates.

Last year was in Dubai, a city funded, built, and sustained almost entirely by fossil fuels. And this year is in a place whose name is virtually synonymous with oil.

Azerbaijan refinery
A Baku industrial park for oil refining. Photo by Orkhan Farmanli on Unsplash

Baku was the world’s first major oil production center outside of the United States. And pumping oil is still primarily what Baku does.

Oil production represents about half of Azerbaijan’s GDP, as compared to Canada, where it’s only about three percent.

And the lights at COP29 are being kept on by an energy grid that is fueled almost entirely by fossil fuels.

As per the most recent analysis by the International Energy Agency, just six percent of Azerbaijani electricity comes from renewable sources (in Canada it’s more than 70 percent).

[Roughly 68% of Canada’s electricity comes from renewable sources, with hydropower being the largest contributor at about 60%. Other renewables, like wind and solar, account for around 8%. —CCD editor]

COP29’s Headline Goal Is To Convince Rich Countries To Give Trillions To Poor Countries

Press coverage of UN climate change conferences often ends up rallying around a central number. At the Paris Climate Talks, for instance, the goal was summed up as limiting temperature increases to 1.5 degrees above preindustrial levels.

This time around, the main number is a monetary figure: US$1 trillion. That’s one of the suggested targets for the new collective quantified goal (NCQG); essentially a giant pool of money provided by rich countries to finance the climate-mitigation efforts of poor countries.

The World Economic Forum, for one, has rallied around the $1 trillion goal, suggesting that new taxes and pollution levies could fund it.

One of the events scheduled at COP29’s Canada Pavilion. © Via canadacop29pav.ca

The Number Of Delegates Is Way Up Over Previous Years

Only a few years ago, Canada was routinely sending one of the largest delegations to UN climate change conferences.

In 2015, Canada sent 283 delegates to Paris; a contingent that was double the size of the American team, and triple the size of the United Kingdom’s.

This time around, Canada’s delegation doesn’t even make the top 20 for size. But it’s not so much that Canada is sending fewer people. Rather, it’s that the rest of the world is sending massively inflated delegations as compared to previous years.

Canada is sending about 370 people to Baku. Compare that to an an analysis by Carbon Brief which found that Brazil registered 1,914 delegates, Turkey registered 1,862 and even the African nations of Chad and Nigeria are beating Canada on attendance (387 and 637, respectively).

All told an estimated 65,000 people are coming to Baku. That’s nearly double the 36,000 who showed up to the Paris conference in 2015.

Activist groups, for one, are saying that part of the delegate inflation is due to the increasing presence of oil industry lobbyists at the conference; 2,456 as compared to 636 last year, according to Kick Big Polluters Out.

Top photo by Matthew TenBruggencate on Unsplash

Read more at MSN

 

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New BRICS partner state named

Energy News Beat

Indonesia is now a partner of the economic bloc, Russian Deputy Foreign Minister Aleksandr Pankin has said

New BRICS partner state namedNew BRICS partner state named

Indonesia has been awarded “partner status” by the BRICS economic group, Russian Deputy Foreign Minister Aleksandr Pankin said on Friday. Russian media reports said that Malaysia and Thailand also received the designation.

Pankin made the statement on Thursday while addressing the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in Lima, Peru.

Speaking about the BRICS Summit hosted by Russia in Kazan last month, Pankin said it had “demonstrated the desire of the world majority to establish a just world order, carry out reforms of international institutions, and build equitable economic ties.”

The deputy FM said that an “impressive” set of agreements on trade, investment, artificial intelligence, energy and climate, as well as logistics were made during the summit. “Indonesia, an APEC member state, has become a BRICS partner country,” he said.

The new ‘partner country’ status was approved at the Kazan meeting and is intended to serve as an alternative to membership after more than 30 nations applied to join the organization.

‘Partner country’ status provides for permanent participation in special sessions of BRICS summits and foreign ministers’ meetings, as well as other high-level events. Partners can also contribute to the group’s outcome documents.

Russian media quoted Pankin as saying that Malaysia and Thailand had also become partners, but the two nations were not named in the foreign ministry’s statement.

BRICS was initially comprised of Brazil, Russia, India, China, and South Africa, and expanded when Egypt, Iran, Ethiopia, and the United Arab Emirates officially became members on January 1, 2024.

Earlier this week, Russian ally Belarus announced that it had also officially become a BRICS partner country. In a statement, Minsk described the organization as “a pillar of a multipolar world” that gives many nations “hope for a fairer world order.”

On Thursday, Bolivian Foreign Minister Celinda Sosa Lunda revealed that her nation had received an invitation from Russia to become a partner country of BRICS. “We responded positively to this invitation,” she said.

The list of aspiring partners has not been officially announced, but media reports have also mentioned Algeria, Cuba, Kazakhstan, Nigeria, Türkiye, Uganda, Uzbekistan, and Vietnam as potential candidates.

 

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Week Recap: Natural Gas, Green Policy Backlash, and Trump’s Plans

Energy News Beat

Weekly Daily Standup Top Stories

Newsom Calls Emergency Session To Trump-Proof California, Defend Climate Policies And More

Gavin Newsom called a special legislative session to ‘fight’ President-elect Trump, citing him as a threat to California’s climate programs and more. On Thursday, California Governor Gavin Newsom (D) called a special legislative session to […]

German president hit man on head over Nord Stream – Bild

ENB Pub Note: If Germany wants to continue de-industrialization, then it should follow green energy policies. With the collapse of the German Government, they may want to look at cheap Russian gas as only one […]

Analysts Explain Why USA Natural Gas Price is Rising

Why is the U.S. natural gas price rising today? That’s the question Rigzone asked several analysts on Monday as the Henry Hub price ticked higher. “For me, it seems mostly like a weather phenomenon,” Ole […]

Russian Oil Gets Flipped Between Tankers Near Spanish Exclave of Ceuta

A cargo of Russian oil appears to have been switched between ocean-going tankers near a Spanish exclave in north Africa, restoring a clandestine practice that Madrid thought it had ended last summer. On Saturday, the […]

GOP Lawmakers, Fishermen Urge Trump To Keep ‘Day One’ Promise To Axe Offshore Wind

Critics are calling on Trump to end offshore wind support, citing economic and environmental issues, as Biden’s administration backs the industry. Critics of the offshore wind industry are calling on President-elect Donald Trump to keep […]

“I couldn’t be more thrilled by president-elect Donald Trump’s victory,” said Continental Resources founder Harold Hamm.

The FT writes, US oil execs are eagerly awaiting Trump’s expected rollback of environmental regulations, but despite the president’s pledge to “drill, baby, drill,” production is unlikely to increase significantly during his second term in […]

Highlights of the Podcast

00:00 – Intro

01:28 – Newsom Calls Emergency Session To Trump-Proof California, Defend Climate Policies And More

05:47 – German president hit man on head over Nord Stream – Bild

08:00 – Analysts Explain Why USA Natural Gas Price is Rising

09:26 – Russian Oil Gets Flipped Between Tankers Near Spanish Exclave of Ceuta

11:27 – GOP Lawmakers, Fishermen Urge Trump To Keep ‘Day One’ Promise To Axe Offshore Wind

13:37 – “I couldn’t be more thrilled by president-elect Donald Trump’s victory,” said Continental Resources founder Harold Hamm.

16:01 – Outro


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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.


Stuart Turley: [00:00:10] Hello, everybody. Welcome to the Energy News Beat daily. Stand up. This is the weekly recap. It has been an absolutely crazy week. This week we have had Donald Trump really throwing a lot of names around. We’ve had everything from Matt Gates signing a wife vegan to getting approved for the D. Head of the DOJ. We went and all these other ones just coming out of the woodwork. We’ve had to actually get really solidified. Elan and Vivek Ramaswamy, hats off to you guys and going to make America lean again. I like it. So lots of great stuff going on. I’m going to turn this over to the staff and have an absolutely wonderful weekend. Hugs your pets, Pass this along and if you are getting ready for your taxes right now, reach out. We have partner with Paco’s operating and they are van tastic folks. I’ve got money in it and I like having a tax benefit for an investment as well as mailbox money and production checks. Love me some production checks on oil and gas. Have a great day. [00:01:27][76.8]

Stuart Turley: [00:01:28] Governor Newsom calls an emergency session to drum through California and defend climate policies and more. Michael, this is about as dumb as it gets. Let me set the stage for this article. California gets about $228 billion in annual federal funding for different programs. That doesn’t include all the money incoming from the military that’s camped out there. That’s a lot of other things for a bankrupt state. You don’t want to piss off losing that funding and that’s what he’s doing. Let’s go through the stats on this. Governor Newsom said Trump, based on his actions during his first term in office, is a threat to California’s climate change program and illegal immigrant population, women’s rights and LGBT plus three over the square root, a three, four, or whatever the hell that is right. California is ready to fight, Newsom said. I just called an emergency session, which will be in the beginning, in December. It’ll be our fundamental civil rights. Reproductive freedom. This is bull crap. [00:02:42][73.7]

Michael Tanner: [00:02:42] Well, I mean, the thing about Newsom is he’s also a lame duck. So I think personally, what he’s trying to do with a lot of this stuff is keep his name in the news as long as he can, because when he leaves office in 2026, now there’s a gap because he’s term limited to win. If he were to try to run in 2028, we think a lot of this stuff is a bunch of hand-waving. The real question is how much can he do? I mean, the the side of it where and and hear me out on this one. I’m a state’s rights over federal. Right. I believe that the more local you get, the better you can govern your community. So I think a real Christian here is what our state’s allowed to do outside the purview. The federal government. Obviously, the federal government law trumps everything, which is good, but. [00:03:29][46.9]

Stuart Turley: [00:03:29] I’m sure you’re on the right track, Michael. But here’s where it gets a little weird. Governor Newsom has influenced the other 17 states that have passed laws that have it’s pass laws in California. They can follow it as well, too. So this complicates it in a energy perspective on California car mandates. Let’s just take the car mandates. It ruins the ability for people to get good gas mileage in in California. They do more damage to the environment and they have the highest prices possible. [00:04:07][37.3]

Michael Tanner: [00:04:08] I’m with you. I’m not arguing the fact that I think these policies are stupid. What I’m saying is, are should states allowed to be pass stupid laws assuming it’s what its citizens want? That, I think is the real underlying compelling reason. It is one thing I it is my belief that the more local you get the your local city council knows better how to govern you than they do in the White House. I agree they should because their their their every day. So some of this stuff is like if California wants to drive the car off the cliff, who are we to stop them? [00:04:41][33.4]

Stuart Turley: [00:04:41] No, I’m going to say goodbye. Have a great Thelma and Louise episode and have a great day. [00:04:47][5.5]

Michael Tanner: [00:04:47] Now, the counter argument to my argument is, well, the problem is someone’s going to have to pick up the pieces from all this. Someone is going to have to come in when their energy costs go through the roof and step in and subsidize. And, you know, it’s probably going to be you, the taxpayer, in one. [00:05:01][13.7]

Stuart Turley: [00:05:01] We have seen that. [00:05:02][0.7]

Michael Tanner: [00:05:02] On the federal government side. So that, I think, is the counter to my counter argument. [00:05:06][3.9]

Stuart Turley: [00:05:07] Well, here’s where it starts coming into play. And we’re seeing that voter fraud is still going on in Arizona. And don’t hit your head against the thing because he. [00:05:16][9.8]

Michael Tanner: [00:05:17] Wants to just let it away. [00:05:18][1.7]

Stuart Turley: [00:05:19] What I’m saying is, is that you have voter fraud going on in California and in Arizona and in you in. And when you take a look at voter fraud, you are going to have to put up some serious security measures in there, because how in the world it pencil neck shift when? [00:05:38][18.8]

Michael Tanner: [00:05:39] Well, I mean, because California because, again, the people of California are brain dead. I mean, that’s just be honest. They vote. They voted in these people. [00:05:46][7.4]

Stuart Turley: [00:05:47] German president hit a man on the head over Nord Stream. You can’t make this kind of stuff up. German President Mark Walter Steinmeier allegedly assaulted writer Marco Martin over his criticisms of the Nord Stream gas pipelines. Bild As reported. Michael, this is hilarious. Hard doing. I see nothing. I can see certain salts sitting in the corner. Now, this is absolutely hilarious when we sit back and think about it. Martin reportedly argued that the German government’s participation in Nord Stream might have emboldened the Russian president, Vladimir Putin, to launch his military campaign against Ukraine. I disagree with that 300%. The reason that Putin invaded Ukraine is because the Naito was encroaching and breaking all the rules that he told them not to do. That had nothing to do with it. The U.S. was alleged to have done the dirty deed and Biden even telegraphed it. My statement today, Michael, if you go green and you go, whoa, you go broke and your government gets thrown out. And that’s exactly what’s happened. Germany is de industrialized and they are broke. The government has failed because they are the poster child of green energy. So my recommendation is the war is going to end next month. Sign the Ukraine deal and go ahead and start buying that gas. There is still one Nord Stream pipeline that is still available to use. They only get three in the four pipelines. So I’d say fire that bad dog up and start trying to get some low cost energy so you could get your cotton picking government going and re-energize the German market. [00:07:38][111.7]

Michael Tanner: [00:07:39] Yeah, I mean, it goes to show you when you start hitting people over the head how sensitive you are with with this topic. I mean, if if it really was, you know, Russian people wouldn’t care. If you yell out, was you. It was this like the fact that they’re so sensitive about this topic tells me everything you think so in because of this. [00:07:59][20.6]

Stuart Turley: [00:08:00] Analysts explain why USA natural gas price is rising. Why is the US natural gas price rising today? That’s a good question. Rigzone asked several key analysts on that. For me, it seems like a weather phenomenon, said Ola, a vote by commodities analyst Ed Abu. I’m going to butcher this one. I’m just going to go ahead. And as then, Vulcan told rigs on the first recent updated weather forecast pointing to colder than expected temperatures across much of the US. At the same time, lower wind speeds were predicted. We’ve recently seen a similar effect in the EU Dunkle fog, which is low wind and solar output leading to reduced output from wind and power generation. Bottom line wind and solar is intermittent. So I think this is pretty good. A combination of colder weather and blue flying or whatever. Duke and flag is pretty funny. The EIA shows that according to the data from the S&P Global Commodities Insight, the average total supply of natural gas fell by 1.1% or one point 2,000,000,000 cubic feet per day compared to the previous report. Dry natural gas production decreased from 1.3% to an average of 101 Bcf per day, and an average of net imports from Canada increased by 2.2%. [00:09:25][85.1]

Stuart Turley: [00:09:26] Let’s roll over. The Russian oil gets flipped between tankers near Spanish enclave of CO2. The oil appears to have been switched between oceangoing tankers near the enclave in North Africa. It’s on the west side of the Gibraltar entrance. On Saturday, the Suez mixed class tanker Sciacca left the waters of CO2, a once popular destination for Russian oil switching with its dipped in the water, indicating an unloaded cargo. Before then, the ship vanished from digital tracking systems for about 60 hours. It’s about what it takes to unload a tanker. So just depends on the the offload or the unload. Capabilities. No euro cargo transfer been conducted near sealed since August 2023 after Spain wrote to local firms about the practice which could lead to breaches and a group of seven. Price gap on Russian oil. Before its transponder was switched off. Tracking system showed that a sorry orca collected about 700 and thousand 730,000 barrels of Russian oil from Prince Mark on the Baltic Sea in October and then sailed on through the. I just love this because this is actually a a freedom kind of thing from the standpoint that sanctions the Harris Biden administration weaponized the US dollar incorrectly and and really overstepped their bounds in so many ways. So I’m I’m almost like the old truckers when you had the the bears in the sky and you had a convoy and you had Smokey and the Bandit and you’re always trying to listen to see if you could outplay or outfox and drive faster. I’m almost rooting for the tankers just to avoid sanctions because they were improperly done and overly weaponized. You can overly weaponize against the US dollar. [00:11:27][120.6]

Stuart Turley: [00:11:27] GOP Lawmakers. Fishermen urge Trump to Keep Day one Promise to ax offshore Wind. I just saw a video of President Trump saying that he is going to through executive order. We’ll see if this is true. And offshore wind and Republican lawmakers opposed to heavy subsidies, green energy and commercial fishermen who the industry as an existential threat to their livelihoods are calling on the president elect to follow through on his campaign promise. We are going to make sure that this offshore and that day one, I’m going to write it out in an executive order, Trump told a crowd of his supporters in a rally in Wildwood, New Jersey, on May 11th. I couldn’t be happier from a standpoint that we need to really evaluate. Hey, if offshore wind could stand the fiscal sustainability and the environmental tests, I’m all in on wind. Let’s just go ahead and say that right out now. But the Biden-Harris administration have had reports, misaligned reports the offshore wind is actually pollutes more than they say it is. Where does the money go? It is not fiscally responsible from day one. Who pays for it? The consumers. And so we’re seeing the de-industrialization. If you heard of Germany, the UK. We’ve seen it in New Jersey, in New York, in California. Green policies, equal deindustrialization and then higher energy cost. And President Trump has vowed to cut your energy costs in half in order to do that. He’s going to have to take a fiscally responsible stance to energy, and I applaud that. If wind is fiscally responsible, let’s do it. If it’s not and we’ve been lied to, let’s get rid of it. [00:13:37][129.3]

Stuart Turley: [00:13:37] I could not be more thrilled by President elect Donald Trump’s victory, said Continental Resources founder Harold Hamm. I’ll tell you what, this is really cool, said Harold Hamm. This is a monumental win for American energy and the future of our nation’s energy security. Jeff Miller, CEO of Halliburton Echo, echoed those sentiments. It could only be positive. In fact, I’m quite optimistic. So you can see why everybody’s doing the Trump dance in the energy space in the oil and gas space. Anyway, taking on office next January, the industry expects Trump to slash many of the environmental rules imposed by Biden. Mike Summers, head of the API Cool Cat Love Mike Sommers of the American Petroleum Institute, said had been on a regulatory onslaught and during the past four years and I couldn’t agree more. Guess who got to pay that regulatory onslaught to the tune of about $1 trillion? US consumers. One of the most important fundamental changes brought by the industry for Trump, it would be aided by Republican control of the Senate. And and we’re hearing that House as well, too. Meanwhile, Trump has vowed to slash corporate tax and unpick Biden’s signature climate legislation. Take number one out of this article. America needs to return to the days which industry was allowed to compete in open markets. I could not agree more with limited in. Airfares for politicians and regulators are take number two. We’ve known as the media associate, good times in the oil field with high levels of production. That’s not necessarily the case in an environment in which operating and regulatory costs and risks are play low, play a much bigger role in ensuring long term prosperity and in this in the sector. I like this. Take number three in this article Magnum and as any oil gas companies that I might lobby for the retention of portions of outgoing and men’s immensely damaging and wasteful energy policy that happen to fill their corporate coffers even as they continue to rip off taxpayers. What would America do without these patriots? I’m not sure I understand that one, but I do like the. This came up. [00:13:37][0.0][796.8]

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How New York can get on track to meet its big clean energy goals

Energy News Beat

​[[{“value”:”

After the reelection of former President Donald Trump, clean energy advocates across the country are preparing for a White House that will no doubt pursue aggressive rollbacks of climate policies and further expand fossil-fuel production.

Now more than ever, states will need to step up and pursue climate efforts on their own to ​“ensure continued progress toward clean energy,” said Caroline Spears, executive director of the advocacy group Climate Cabinet.

Few states are as important as New York, which is large, Democrat-controlled — and already committed to ambitious clean energy goals. In 2019, the state passed the Climate Leadership and Community Protection Act (CLCPA), which pledged to reach 70 percent renewable energy by 2030 and net-zero emissions by 2050.

“New York State can continue to lead without federal support or federal oversight,” said Mandy DeRoche, deputy managing attorney at the advocacy group Earthjustice. ​“We’ll continue our progress regardless, and that will happen in every state no matter what.”

But so far, the Empire State is falling behind on its climate goals. Across a slew of initiatives under New York’s 2019 climate law, regulators are missing key rulemaking deadlines. According to a July report from the state, New York will likely miss its landmark clean energy target for 2030. Right now, it’s on track to get just 53 percent of its electricity from renewable sources by that date, far short of 70 percent.

The report mostly blamed external economic factors, including supply-chain disruptions and high interest rates that led to a spate of major renewable project cancellations. Another issue is skyrocketing energy demand, largely driven by new data centers for crypto mining and AI, as well as microchip manufacturing facilities and the rise in electric vehicles and appliances.

Environmental advocates argue that faltering political will contributes just as much, if not more, to the state’s lackluster progress. Governor Kathy Hochul, a Democrat, has expressed ambivalence over meeting looming clean energy targets.

“The costs have gone up so much I now have to say, ​‘What is the cost on the typical New York family?’” Hochul said in a recent TV interview. ​“The goals are still worthy. But we have to think about the collateral damage of these decisions.”

Missing the 2030 deadline would jeopardize many of the state’s other climate goals, including achieving 100 percent zero-emissions energy by 2040 and shuttering ​“peaker” fossil-gas plants that disproportionately spew toxic pollutants into low-income communities and communities of color, in addition to emitting large amounts of planet-warming carbon dioxide.

But missing these goals is far from inevitable. From raising energy procurement targets to leaning on public power agencies, climate and legal experts say that there’s still plenty of ways New York can make good on its clean energy pledge.

“We’re not ready to say we can’t meet the 2030 goal,” said DeRoche. ​“Of course, there are obstacles, but the messaging and the approach from the state should be, ​‘This is a statutory obligation, and we will do everything in our power to meet it.’”

On some level, New York’s struggles come down to a straightforward problem: The state doesn’t have enough existing or upcoming renewable energy projects to meet its goals. 

About 30 percent of the state’s electricity currently comes from renewable sources, mostly from upstate hydropower plants built many decades ago.

One bright spot is that New York has already outpaced its 6-gigawatt goal for rooftop and community solar — but its targets for utility-scale solar, wind, and battery storage projects, which make up the bulk of its clean energy plan, remain well off-track.

To help solve this, DeRoche and her team at Earthjustice argue in public comments to state energy regulators that New York should vastly increase its renewable energy procurement targets, which set guidelines for how much clean power the state should purchase from private developers. State agencies have determined that they would need to purchase about 14,000 gigawatt hours each year for the next three years to meet the 2030 deadline, yet have recommended procuring only 5,600 gigawatt hours per year.

“The Draft Review provides no basis for setting the target so low,” her team wrote, arguing that state agencies should reevaluate how feasible it would be to procure a higher volume.

New clean energy construction should be prioritized in downstate New York, DeRoche adds, a region that houses most of the state’s population yet relies heavily on fossil fuels compared with the largely hydro- and nuclear-powered upstate areas. The state will also need to address transmission and interconnection backlogs that make it harder to connect new power generation to the grid. Earlier this year, lawmakers passed the RAPID Act to expedite that process for clean energy projects and transmission lines.

Some activists argue that the state itself should take a leading role to develop more clean energy.

Last year, an amendment to the state budget granted the New York Power Authority the ability to build, own, and operate renewable energy projects for the first time. Organizers at the grassroots coalition Public Power New York say that government leaders have yet to capitalize on the change, commonly referred to as the Build Public Renewables Act. In October, NYPA released its first strategic plan for developing renewable energy projects, proposing the installation of 3.5 gigawatts of new clean energy in the next several years.

“This is only the first tranche of NYPA renewables projects,” the report said, with potentially ​“further projects for consideration.”

Andrea Johnson, an organizer with the New York City chapter of Democratic Socialists of America, a member group of Public Power New York, called that number ​“measly.” Public Power New York is rallying for the authority to commit to 15 gigawatts of new clean power by 2030, an amount based on research commissioned by the group.

Expanding clean power at a faster rate would fulfill NYPA’s responsibilities under last year’s expanded authority, which calls on it to build projects when the state falls short on its climate mandates, Johnson said. ​“When the private sector fails — and the private sector is failing — the state needs to step in and actually fill the gap.”

Leveraging NYPA can also allow New York to meet its climate goals at a lower cost, Johnson said. As a nonprofit, public institution, NYPA can access more favorable financing. It also owns and builds transmission lines, allowing it to plan for both energy generation and distribution at the same time, she said. NYPA is also required to provide utility bill credits to low- and moderate-income households for any clean energy produced from its projects.

Beyond building more clean energy, the state should also take steps to ease growing power demand, including strengthening building efficiency standards and accelerating the installation of heat pumps, said Michael Gerrard, faculty director of the Sabin Center for Climate Change Law at Columbia Law School.

That includes addressing the rapid growth of crypto mining and AI electricity use and its effects on residents, said DeRoche. State officials noted that those rising energy demands have made it far more difficult to reach clean energy targets. But agencies have policy tools available to understand and reduce unabated growth — and they should start with making sure that discounted electricity rates for cryptocurrency and AI companies aren’t being subsidized by residents, DeRoche said.

Any effort to accelerate New York’s adoption of clean energy will need to grapple with challenges in the offshore wind sector, a cornerstone of the state’s strategy that is likely to face even more setbacks under the incoming Trump administration.

New York aims to install 9 gigawatts of offshore wind power by 2035, but in the past four years, inflation, high interest rates, and supply-chain issues led developers to pull out of contracts in the state.

That challenging economic environment is now improving, however, according to Atin Jain, an offshore wind analyst at the energy consulting firm BloombergNEF. As inflation has started to ease and interest rates have begun to come down, ​“We have probably passed the worst of it,” Jain said. State officials have been quick to respond to the industry’s economic pressures, he added, expediting auctions to renegotiate previous agreements and adding language in contracts to allow for inflation adjustments.

Two new projects, Sunrise Wind and Empire Wind 1, with 924 and 810 megawatts of capacity, respectively, are currently moving forward in New York. The 132-megawatt South Fork Wind farm went live in March off the coast of Long Island.

But Trump’s reelection casts a new uncertainty over the industry. Trump has vowed to stop offshore wind development ​“on day one” and to ​“terminate” the Inflation Reduction Act. If those declarations end up translating to real policy, then offshore wind, which relies heavily on federal tax credits and requires federal approval and permits to build and operate, could suffer — in New York and beyond.

Still, New York has enshrined a legal mandate to decarbonize its economy — meaning no matter the headwinds, the state has an obligation to follow through, DeRoche said. 

“We hear from the governor that the CLCPA is the nation’s leading climate law,” said DeRoche. ​“Well, it’s only the nation’s leading climate law if we’re implementing it.”

“}]] 

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Russia Temporarily Limits Nuclear-Fuel Shipments to US

Energy News BeatRussian uranium

ENB Pub Note: I do not blame Russia for temporarily halting the uranium shipments. Ever since Ronald Reagan promised that NATO would not encroach any closer, they annexed eight more countries and had illicit activities going on in Ukraine. The war could have been stopped in two months, but the Biden / Harris administration got involved, hundreds of thousands of lives were lost, and billions in US taxpayer funds got flushed. Putin was defending Russia. He is now negotiating as Trump is coming into office, and I think that the Ukraine crime scene will get reviewed. 


  • Enriched uranium needed in reactors supplying 19% of US power
  • Russia says it’s responding to US law curbing uranium imports

Russia is temporarily limiting exports of enriched uranium to the US, creating potential supply risks to utilities operating American reactors that generate almost a fifth of the country’s electricity.

The Russian government didn’t provide details of the restrictions or their duration in a Friday statement on Telegram. Utilities tend to make purchases well in advance, so any impact is unlikely to be immediate.

As Russia’s prolonged war in Ukraine has made it increasingly unpopular on the world stage, the nation has repeatedly signaled a willingness to use its vast energy resources as geopolitical bargaining chips. The Kremlin also announced on Friday it’s throttling gas supplies to Austria, interrupting a six-decade supply agreement because of a legal dispute.

The latest move targets a particularly vulnerable US link in the nuclear fuel cycle. Russia controls almost half the world’s capacity to separate the uranium isotopes needed in reactors, and last year supplied more than a quarter of the US’s enriched fuel.

“The cumulative risks to the supply of nuclear fuel are significant and that to break the dependence on Russia and other state-owned enterprises, coordinated western responses are required,” said Veronica Baker, a spokeswoman for Canada’s Cameco Corp., one of the world’s biggest uranium miners.

Russia said the move was a response to a ban imposed by the US on imports of Russian enriched uranium. President Joe Biden signed the legislation in May, but it allows for shipments to continue until 2028 under a system of waivers. The exceptions underscore a simple fact about the industry — that the US has allowed its domestic enrichment capacity to languish.

“We don’t have enough enriched uranium here,” Chris Gadomski, head nuclear analyst for BloombergNEF, said in an interview. “They should have been stockpiling enriched uranium in anticipation of this happening.”

Read More: The Manhattan Project to Wean the US Off Russian Uranium

While the Biden administration has launched a multibillion-dollar effort to restart the nation’s domestic uranium enrichment capabilities, it is still in its nascent form. The US has just one commercial enrichment facility in New Mexico, which is owned by a British, Dutch and German consortium, Urenco Ltd.

Urenco’s US unit supplies about one-third of the enriched uranium used in American reactors, and is working to expand capacity 15% by 2027.

The company “recognizes the critical need to ensure a reliable, secure and domestically supported supply of enriched uranium for the US nuclear energy industry, particularly as geopolitical tensions highlight the risks of reliance on unstable sources,” Rebecca Astles, Urenco’s head of communications, said by email.

Among the recipients of waivers to import Russian reactor fuel are Constellation Energy Corp., the biggest US nuclear operator, and Centrus Energy Corp., a nuclear fuel supplier. Other requests are pending.

Shares of uranium or uranium-related companies rose Friday. Cameco gained more than 6%, while the US miner Ur-Energy Inc. surged as much as 10% and its rival Uranium Energy Corp. jumped 13%. Constellation Energy fell as much as 1.7%.

While most deliveries have already been made this year, a ban could have implications from 2025, said Jonathan Hinze, president of UxC, which tracks uranium-fuel markets. That may leave some reactor operators without an alternative supplier.

“There would be some utilities maybe that would be expecting that material and now might not get it,” he said.

— With assistance from Aine Quinn and Jacob Lorinc – Source: Bloomberg

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Bourbon to support exploration drilling off Namibia

Energy News Beat

French offshore vessel player Bourbon has been awarded a new fully integrated logistics contract by an oil and gas major to support its exploration campaign and the drilling of its first well off southern Namibia.

The contract’s scope covers international shipment and customs clearance of the equipment required for the drilling campaign from Houston, Singapore, and Antwerp to Walvis Bay, Namibia.

It also covers logistics base services such as handling and lifting, equipment management, storage and warehousing, waste management, and tank cleaning.

The company will also supply three platform supply vessels – the Bourbon Diamond, Bourbon Ruby, and Bourbon Topaz – to the project.

The operations will be supported by its Bourbon Logistics Suite data management system which enables all logistics operations to be planned, executed, and controlled from end to end.

The logistics base is located in Walvis Bay and will employ almost 50 shore-based staff, almost all of which are Namibians.

The client was left undisclosed but there have been several announcements regarding offshore drilling in the country earlier this month.

Namely, it was revealed that South Africa’s privately owned oil exploration company Rhino Resources is set to begin its first drilling campaign in Namibia’s Orange Basin by the first quarter of 2025.

Another development in the country this month is TotalEnergies starting its drilling activities on an exploration well in the Orange Basin.

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The Most Splendid Housing Bubbles in Canada, Oct. 2024: Single-Family Prices Drop Most in Toronto, Vancouver, Calgary, Ottawa. Condo Prices Hit 3-Year Low

Energy News BeatPrice

Toronto single-family prices -19% from peak, back to Oct. 2021. In Montreal, Quebec City, Edmonton, and Winnipeg, prices near all-time highs.

By Wolf Richter for WOLF STREET.

Home sales in Canada jumped by 7.7% in October from September, seasonally adjusted. Compared to the beaten-down levels a year ago, home sales jumped by 30%. New listings declined by 3.5% in October from September, after the 4.8% jump in September from August, “so new supply remains at some of the highest levels since mid-2022,” the Canadian Real Estate Association (CREA) said today.

Total inventory for sale of 174,458 properties was up by 11.4% from a year ago. Given the surge in sales, supply declined to 3.7 months at the current rate of sales, compared to 4.1 months in September.

Prices of single-family properties in Canada fell 0.9% in October from September and were down 2.1% year-over-year — the sixth year-over-year decline in a row — were down by 17.4% from the peak of the spike in March 2022, and were back where they’d first been in September 2021, according to the Canada MLS Home Price Index for single-family benchmark properties released by CREA today. All prices here are actual, not seasonally adjusted, in Canadian dollars. But as we’ll see in a moment, prices are on very different tracks in different markets.

Prices of condos in Canada fell 0.8% in October from September the lowest level since December 2021. They were down 4.4% year-over-year, the sixth month in a row of year-over-year declines in a row, and were down 12.0% from their peak in April 2022.

Home prices by market in Canada.

Greater Toronto Area, single-family MLS Home Price Benchmark Index:

  • Month-to-month: -1.0% to $1,280,000; below October 2021
  • From peak in February 2022: -19.2%
  • Year-over-year: -2.5%, sixth month of year-over-year declines in a row.

Greater Toronto Area, condo benchmark price:

  • Month-to-month: -0.7% to $649,900, lowest since October 2021.
  • From peak in April 2022: -17.1%
  • Year-over-year: -6.1%, with 22 of the past 21 months booking year-over-year declines.

Hamilton-Burlington metro single family benchmark price (part of the “Greater Toronto and Hamilton Area”):

  • Month-to-month: -1.5% to $894,600, where it had first been in July 2021
  • From peak in February 2022: -22.6%
  • Year-over-year: +0.6%.

Greater Vancouver single-family benchmark price:

  • Month-to-month: -0.8%, at $1,999,200.
  • From peak in April 2022: -4.6%
  • Year-over-year: +0.2%, same as in September, and both were the smallest year-over-year gains since the drop in June 2023.

Greater Vancouver condo benchmark price:

  • Month-to-month: -0.6%, to $757,200, below March 2022.
  • From high in April 2024: -2.7% from high in April 2022: -1.9%
  • Year-over-year: -1.6%, fourth year-over-year decline in a row.

Victoria, single-family benchmark price:

  • Month-to-month: +1.4%, to $1,158,400, back to about December 2021
  • From peak in April 2022: -10.4%
  • Year-over-year: -0.1%, fifth year-over-year decline in a row.

Victoria condo benchmark price:

  • Month-to-month: -1.2%, to $549,300, below December 2021.
  • From high in May 2022: -10.4%
  • Year-over-year: -4.5%, fourth year-over-year decline in a row.

Ottawa, single family benchmark price:

  • Month-to-month: -0.6% to $724,400, back to April 2021
  • From peak in March 2022: -11.7%
  • Year-over-year: +0.6%.

Calgary, single family benchmark price:

  • Month-to-month: -0.5%, third month of declines from the all-time high, to $680,900.
  • Year-over-year: +7.6%, the smallest gain since July 2023.

Calgary, condo benchmark price:

  • Month-to-month: -1.3%, to $346,500.
  • Year-over-year: +10.1%, the smallest gain since June 2023, with gains having ranged from 10.2% to 16.7%.

Montreal, single family benchmark price:

  • Month-to-month: +0.4%, to $641,600.
  • From peak in May 2022: -0.5%
  • Year-over-year: +6.9%.

Halifax-Dartmouth, single family benchmark price:

  • Month-to-month: +0.4% to $548,100
  • From peak in April 2022: -5.5%
  • Year-over-year: +1.8%.

Edmonton, single-family benchmark price:

  • Month-to-month: -0.6% to $459,800
  • Year-over-year: +9.3%
  • In the 17 years since the peak of the prior bubble in June 2007, the index is up 16%.

Edmonton, condo benchmark price:

  • Month-to-month: -1.0% to $196,000, first seen in January 2007.
  • From peak in June 2007: -18%
  • Year-over-year: +10.5%

Quebec City Area, single-family benchmark price:

  • Month-to-month: +0.6% to $421,000
  • Year-over-year: +6.9%

Winnipeg, single-family benchmark price:

  • Month-to-month: -0.3% to $381,000
  • From peak in March 2022: -1.8%
  • Year-over-year: +6.9%

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