News of the Day:
OIL
Morgan Stanley sees tighter oil market, raises Brent forecast
Oil & Gas 360, May 27, 2020
Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply. “We expect demand to rebound to about 97 million barrels per day (bpd) by Q4 as economies come out of lockdown – a significant improvement although still down about 4 million bpd year-on-year,” the bank said.
Exxon shareholders soundly reject splitting CEO/chairman roles
Jennifer Hiller, Reuters, May 27, 2020
Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive’s roles at the oil major’s shareholder meeting on Wednesday. Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on climate reports. This year’s vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year. Exxon’s director slate was approved by an average of 93.6%, the company said in preliminary results.
GAS
Pro-Gas States Pass Laws Barring Local Natural Gas Bans, Limits
Bloomberg Environment, May 27, 2020
States friendly to oil and gas development are trying to stop more cities, towns, and other municipalities from banning natural gas connections in favor of electric hookups, which are seen as more climate friendly. A bill scheduled for debate Wednesday in the Louisiana House of Representatives would ban local governments from prohibiting utility connections, including natural gas hookups. It follows a measure signed in Oklahoma May 19 and similar bills approved in Tennessee and Arizona earlier this year
MINING
Quaterra’s Alaska prospect may be similar to Pebble project — report
Mining.Com, May 27, 2020
Quaterra Resources (TSXV: QTA) published a report that, according to the company, supports its assessment of the Groundhog prospect in Alaska as a possible copper-gold porphyry system hosting mineralization similar to that of Northern Dynasty’s (TSX: NDM) massive Pebble project. Groundhog is located some 300 kilometres southwest of Anchorage. It is a 54,880-acre property that covers the northern extension of a 10-kilometre wide north-northeast trending structural zone that hosts a number of porphyry copper-gold prospects, including the Pebble project, which is approximately five kilometres south of the Groundhog claim boundary.
POLITICS
AMERICA HAS NO APPETITE FOR RADICAL ‘GREEN ENERGY’ POLICIES
Daniel Turner, Real Clear Energy, May 27, 2020
Our nation has no appetite for radical green policies.
When the Senate Majority Leader Mitch McConnell (R-KY) brought the environmental policy resolution the “Green New Deal” authored by Senator Markey (D-MA) and Congresswoman Alexandria Ocasio-Cortez (D-NY) to a vote, every Democrat voted “present” including the author. Going into the congressional record supporting green socialism is a lot harder than going on a talk show.