News of the Day:
Lower Taxes Lead to More Investment: Tax Relief To Push Norway’s Oil Investments Higher
OIL
China Charters Tankers For 37 Million Barrels Of U.S. Oil
Irina Slav, OILPRICE.COM, August 21, 2020
China has chartered tankers that could deliver as much as 37 million barrels of crude oil from the United States next month, Bloomberg reports, citing data from the Census Bureau. This would be a record-high for China, despite the latest escalation between the two, and in accordance with its obligations under the trade deal closed last year. China committed to buying some $18.5 billion in additional energy supplies from the United States this year and another $33.9 billion next year. The supplies range from crude oil and LNG to coal and oil products. However, the pandemic has shattered the demand that would have helped soak up these supplies, making it a lot harder than before for Beijing to stick to its commitment.
Russia Overtakes Saudi Arabia To Become Second Largest Oil Producer
GAS
October U.S. LNG cargo cancellations to be lowest in months: traders
Jessica Jaganathan, Reuters, August 21, 2020
Buyers are expected to cancel up to 10 liquefied natural gas cargoes (LNG) for October loading from the United States, the lowest number in months as prices in Asia and Europe recover, several trade sources said on Friday. The exact number of cancellations was not immediately clear, but several trade sources estimated a range of three to 10, much lower than the 25 cargoes likely cancelled for loading in September and the 40 to 45 likely cancelled in July and August. Rising spot prices in Asia and Europe and expectations of increasing gas demand during winter is the likely cause of the drop, traders said. “At current prices, the majority of U.S. projects are in the money but there is still time for buyers to take a decision to cancel cargoes with some projects,” a Singapore-based LNG trader said.
MINING
Canadian mining company ramps up exploration near Juneau’s Herbert Glacier
Jacob Resneck, Coast Alaska, August 20, 2020
A Canadian mining company has expanded its efforts to explore a potential hard rock gold deposit near Juneau’s Herbert Glacier. The area has been laid bare in recent decades by retreating ice. Grande Portage Resources has been drilling on federal mining claims in the Tongass National Forest off and on since 2010. The company’s CEO, Ian Klassen, says shares sold to investors have allowed the company to ramp up drilling core samples from several gold-quartz veins this summer. “This season is looking a little different than previous years because we have two drill rigs operating on the Herbert gold project we started drilling in the first week of July, and both rigs will now be running probably until mid to the end of September,” Klassen said.
POLITICS
Tulsi Gabbard heads to Alaska for Army Reserve duty
WDRB, August 21, 2020
Maj. Gabbard reporting for duty!
U.S. Rep. Tulsi Gabbard, D-Hawaii, left for Alaska on Thursday to fulfill her annual Army Reserve commitment. Gabbard, who is a major in the Hawaii Army National Guard, will be assisting an Alaskan Native tribe with critical infrastructure needs such as health care, construction, transportation and cybersecurity for her two-week assignment, according to the Big Island Gazette in Hawaii. The mission is part of the Innovative Readiness Training program that increases deployment readiness through training opportunities while helping communities across the U.S. and territories.