BROADCASTS.com

b'Interior Secretary Approves Oil Drilling in Alaska\\u2019s Arctic Refuge
https://www.wsj.com/articles/interior-secretary-to-approve-oil-drilling-in-alaska-s-arctic-refuge-11597667400
- Does anyone want to drill in ANWR anyway?
- Is there financial backing for this?
- However, its not a bad idea to have a forward-oriented energy policy that doesn\\u2019t assume that current low price conditions will persist years down the line.

Saudi Wealth Fund Moves Billions From Blue Chips to ETFs
https://www.wsj.com/articles/saudi-wealth-fund-moves-billions-from-blue-chips-to-etfs-11597513874
- PIF sold positions in Citi, many oil companies, Facebook, Marriott, etc. and moving to ETFs

How a Texas shale supplier\'s founders made fortunes as the firm failed
https://www.reuters.com/article/us-usa-oil-hicrush-deals-insight-idUSKCN2591JE
- This is why new companies will continue to be founded and go bankrupt.

Russia\'s Novak expects no hasty OPEC+ decisions this month: reports
https://www.reuters.com/article/us-global-oil-russia/russias-energy-minister-sees-no-hasty-opec-decisions-this-month-reports-idUSKCN2590U2
- Russia happy to continue pressuring OPEC cheaters into compliance while also increasing its own production as Urals blend is in strong demand in Russia.

API Monthly Statistical Report - July
- Demand is growing, though still 12% below where it should be
- Production is down to 10.3 million bpd
- With supply continuing to rationalize with a lag, that says higher demand, lower supply.
- US has reverted to being a net petroleum importer for the third consecutive month.
- Structural - we are seeing supply looking structurally lower. Drilling permits are lower. Enduring impact for industry.
- Potential turning point for economy even though its deeply negative. Slowing of industrial production for some time, but its starting to turn and means potential upward indicator.
- Gasoline: increased in 4.5% in July, month on month. Change from June to July generally barely positive. This is more than just seasonality, its actual recovery.
Higher refinery throughput.
- Coronavirus accelerated trend that was already in place. 131/132 refineries operating in US. Number going down but capacity is expanding at the remaining refineries - not just domestic demand but also refining products for export.
- Smaller refineries, especially in Texas and Louisiana had advantages of being so close to very low cost feedstock but those advantages disappeared for awhile when the differential between WTI and Brent disappeared. Now, its back, but not as much as before. Lower difference stymied their strategy.
- Refinery maintenance: if you can delay refinery turnaround you will in order to make as much money as you can.
- Rig Count vs. production. Rig count doesn\\u2019t necessarily indicate lower production.
- Jet fuel: up A LOT since June, but still way down from last year. Structural changes.
- How can refineries de convert jet fuel to something that can be used? It can be converted to low sulfur marine fuel.
- Trade is down but expectation is that trade will increase. China\\u2019s industry is nearly back to pre-pandemic levels. Marine shipping industry is there.
- Light vs. heavy crude: Saudi Arabian exports to US practically evaporated (less than 200,000 bpd) and Mexican and Canadian heavy crude oil exports to US are down. Incentive for heavy crude is still there even American light oil heavily incentivized in the current atmosphere.
- $15 of global stimulus. Everyone is expecting big bounce in the economy next year regardless of politics. From an oil market perspective, as economy improves, oil demand will increase. Good sign that economy is recovering.
- Catch Dr. Foreman speaking on natural gas prorationing for Oklahoma. OK did institute not gas prorationing and Dr. Foreman will discuss data on impact of prorationing.

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