"China Is Aggressively Reselling Russian Gas To Europe" - Zero Hedge

[Tom Nolan + 2,443]

China Is Aggressively Reselling Russian Gas To Europe

by Tyler Durden

Tuesday, Aug 30, 2022 - 01:00 PM

One month ago, we were surprised to read how, despite a suppressed appetite for energy amid its housing crash and economic downturn (for which "zero covid" has emerged as a convenient scapegoat for emperor Xi), China has been soaking up more Russian natural gas so far this year, while imports from most other sources declined.

In July, the SCMP reported that according to Chinese customs data, in the first six months of the year, China bought a total of 2.35 million tonnes of liquefied natural gas (LNG) – valued at US$2.16 billion. The import volume increased by 28.7% year on year, with the value surging by 182%. It meant Russia has surpassed Indonesia and the United States to become China’s fourth-largest supplier of LNG so far this year!

This, of course, is not to be confused with pipeline gas, where Russian producer Gazprom recently announced that its daily supplies to China via the Power of Siberia pipeline had reached a new all-time high (Russia is China’s second-largest pipeline natural gas supplier after Turkmenistan), and earlier revealed that the supply of Russian pipeline gas to China had increased by 63.4% in the first half of 2022.

What was behind this bizarre surge in Russian LNG imports, analysts speculated? After all, while China imports over half of the natural gas it consumes, with around two-thirds in the form of LNG, demand this year had fallen sharply amid economic headwinds and widespread shutdowns. In other words, why the surge in Russian LNG  when i) domestic demand is just not there and ii) at the expense of everyone else?

“The increase in Russian LNG could be a displacement of cargoes going to Japan or South Korea because of sanctions, or weaker demand there,” said Michal Meidan, director of the China Energy Programme at the Oxford Institute for Energy Studies.

One thing that was clear: China wanted to keep its arms-length gas dealing with Russia as unclear as possible, which is why the General Administration of Customs of China stopped publicizing the breakdown in trade volume for pipeline natural gas since the beginning of the year, with spokesman Li Kuiwen confirming that the move was to “protect the legitimate business rights and interests of the relevant importers and exporters”.

An LNG ship docked at a port in Chiba, Japan. China’s resales of LNG have added supply to the spot market

Well, we now know the answer: China has been quietly reselling that evil, tainted Russian LNG to the one place that desperately needs it more than anything. Europe... and of course, it is charging a kidney's worth of markups in the process.

As the FT reported recently, "Europe’s fears of gas shortages heading into winter may have been circumvented, thanks to an unexpected white knight: China." The Nikkei-owned publications further notes that "the world’s largest buyer of liquefied natural gas is reselling some of its surplus LNG cargoes due to weak energy demand at home. This has provided the spot market with an ample supply that Europe has tapped, despite the higher prices."

What the FT ignores, perhaps intentionally, is that it's not "surplus" - after all, if it was Chinese imports of Russian LNG would collapse. No - the correct word to describe the LNG that China sells to Europe is Russian.

Going back to the story, the details are intuitive: with Russian pipeline gas to Europe effectively shuttered...

... Europe’s imports of LNG have soared 60% year on year in the first six months of 2022, according to research firm Kpler.

Some more details:

China’s JOVO Group, a big LNG trader, recently disclosed that it had resold an LNG cargo to a European buyer.

A futures trader in Shanghai told Nikkei that the profit made from such a transaction could be in the tens of millions of dollars or even reach $100mn.

China’s biggest oil refiner Sinopec Group also acknowledged on an earnings call in April that it has been channelling excess LNG into the international market.

Local media have said that Sinopec alone has sold 45 cargoes of LNG, or about 3.15mn tonnes. The total amount of Chinese LNG that has been resold is probably more than 4mn tonnes, equivalent to 7 per cent of Europe’s gas imports in the half year to the end of June.

Make no mistake: all of this "excess" LNG was soured in part or in whole in Russia, but since it has been "tolled" in China, it is no longer Russian. It is instead - drumroll - Chinese LNG.

The good news is that the 53 million tonnes that the bloc purchased surpasses imports by China and Japan and has brought Europe’s gas-storage occupancy rate up to 77%.If this continues, Europe is likely to reach its stated goal of filling 80% of its gas storage facilities by November (at which point it will start draining the reserves at a breakneck pace to keep warm during the winter). But while China’s economic slump has brought much-needed relief to Europe, it comes with a major footnote. As soon as economic activity bounces back in China, the situation will quickly reverse, and Beijing will no longer re-export Russia LNG to keep Europe warm.

Hilariously, it also means that instead of being dependent on Russia for gas, Europe is now becoming dependent on Beijing instead for its energy - which is still Russian gas, only this time imported from China - which makes a mockery of US geopolitical ambitions to defend a liberal international order with its own energy exports.

Worse, while Europe could buy Russian LNG for price X, it instead has to pay 2X, 3X or more, just to virtue signal to the world that it won't fund Putin's regime, when in reality is is paying extra to both Xi and to Putin, who is collecting a premium price thanks to the overall market scarcity.

Amusingly, without expressly stating it, the FT does imply that Europe is buying Russian LNG by way of China:

If Russia ends up exporting more gas to China as a means to punish Europe, China will have more capacity to resell its surplus gas to the spot market — indirectly helping Europe.

Why not just admit the obvious - that China is helping Russia skirt sanctions as both countries get very rich in the process? Because then the FT's own judgment - after all, the newspaper is a conduit of the neoliberal thinking that demanded a complete embargo on Russian energy, an embargo which even the WSJ now admits (see "Russia Confounds the West by Recapturing Its Oil Riches") has backfired spectacularly - would be put into question.

FT's flaws aside, the newspaper is correct that the longer this kind of circuitous bypass of Russian sanctions by a hypocritical Europe (which signals its virtue so loudly when the adversary is Russia but doesn't dare say peep when it's China) continues, the bigger China's influence on Europe will be:

The more desperate Europe becomes about its energy supplies, the more China’s policy decisions will have the power to affect the bloc. As Europe attempts to wrestle out of its dependence on Russia for energy, the irony is that it is becoming more dependent on China.

In the end, all Europe has done is replace one energy master (as Trump warned in 2018) with another, even though both are joined at the hip and laughing at the stupidity of Brussels which, under the sage advice of a petulant Scandinavian teenager, made all of this possible just in time for China - which together with Putin now determines Europe's daily energy intake - to invade Taiwan without a peep from Europe's virtuous signalers.

https://www.zerohedge.com/markets/china-aggressively-reselling-russian-gas-europe

Edited August 30, 2022 by Tom Nolan

[Tom Nolan + 2,443]

https://www.zerohedge.com/energy/japanese-firm-signs-new-lng-deal-russias-sakhalin-2

https://oilprice.com/Latest-Energy-News/World-News/Japanese-Firm-Signs-New-LNG-Deal-With-Russias-Sakhalin-2.html

Japanese Firm Signs New LNG Deal With Russia's Sakhalin-2

by Tyler Durden

Tuesday, Aug 30, 2022 - 09:05 PM

By Tsvetana Paraskova of Oilprice.com

Tokyo Gas, the largest city gas supplier in Japan, has signed a long-term LNG agreement with the new Russian operator of the Sakhalin-2 project to keep supply volumes from the project, a spokesperson for the Japanese company told Reuters on Tuesday in a second such deal between a firm from Japan and the new operator. 

Last week, the largest power generation firm in Japan, JERA, told Reuters it had signed a long-term LNG deal to maintain its supply from the Sakhalin-2 project.   

Western majors hastened to announce they are abandoning joint projects in Russia after Vladimir Putin invaded Ukraine at the end of February. Some international companies have managed to exit their participation, such as Norway’s Equinor, which said at the end of May that “The exit from all Joint Ventures has been completed in accordance with Norwegian and EU sanctions legislation related to Russia.”

A decree from Putin stipulated in early July that a newly set up state Russian company take over the rights and obligations of Sakhalin Energy Investment Co., the joint venture running the Sakhalin-2 oil and gas project. Shell and Japan’s Mitsui and Mitsubishi were minority shareholders in Sakhalin Energy Investment Co. Shell already said a few months ago it would leave the project and has since then been looking for buyers for its stake in Sakhalin-2. 

Shell has already completed the sale of its retail and lubricants businesses in Russia to Lukoil, but hasn’t exited the Sakhalin-2 LNG project yet.

In early August, the Russian government gave Sakhalin-2 minority foreign investors – Shell, and Japan’s Mitsui & Co and Mitsubishi – one month to claim their stakes in a new entity that will replace the existing project. Shell has confirmed it is looking at ways to exit the project. The Japanese companies are expected to keep their stakes, Japan’s Industry Minister Koichi Hagiuda has said, as carried by Reuters.  

[Tom Nolan + 2,443]

https://oilprice.com/Energy/Natural-Gas/Iran-Plans-Critical-Gas-Hub-In-Bid-For-Global-Gas-Supremacy.html

Iran Plans Critical Gas Hub In Bid For Global Gas Supremacy

By Simon Watkins - Aug 30, 2022, 6:00 PM CDT

• Iran’s Petroleum Minister, Javad Owji presented Kish Island as being a crucial part of the Russo-Iranian strategy to corner global gas markets.
• Kish Island will act as a focal point not just for the gas in-situ, but will also draw in gas supplies from the North Pars gas field.
• Gazprom is Iran’s main partner in LNG development, and stands to benefit from the major expansion in LNG export capacity....

[Tom Nolan + 2,443]

https://oilprice.com/Energy/Crude-Oil/Russia-Exported-Record-Amounts-Of-Crude-In-August.html

Russia Exported Record Amounts Of Crude In August

By Alex Kimani - Aug 31, 2022, 12:00 PM CDT

• Russia’s war in Ukraine has sparked a wave of sanctions on its energy exports.
• Despite sanctions and pledges to stop buying Russian crude, the country’s oil output has continued to exceed expectations.
• Russia’s oil output broke records in August, with Greek tankers playing a big role in helping Moscow seep into international markets.

Join Our Community

Six months into Russia’s war on Ukraine, Russia's oil output has continued to exceed expectations. According to data from the Institute of International Finance (IIF), Russian oil shipments hit their highest ever August level this month, with Greek-owned tankers playing the biggest role in helping Russia's oil get to international markets. IIF chief economist Robin Brooks has tweeted that the capacity of oil tankers departing Russian ports--a proxy for exports--came in at just under 160 million barrels in August, more than in any August in any prior year.

"Russia exports most of its crude via foreign-owned oil tankers. Volume of those shipments in August 2022 exceeds any prior year, thanks to Greek-owned oil tankers who shifted capacity to transport Russian oil," Brooks has told Business Insider.

A couple of months ago, Refinitiv Eikon via Reuters reported that Greece has emerged as a new hub for Russian oil via ship-to-ship (STS) loadings. Trading Russian crude and oil products remain legal for now because EU members cannot seem to agree on the methodology of a complete ban.

For all the tough talk about abandoning Russian energy commodities, Russia is still managing to sell a good amount of its oil and gas, thanks to the fact that some of the world's biggest commodity traders have little compunction against financing Putin's war machine.

Related: Europe’s $280 Billion Support Package Could Make Energy Crisis Worse

According to ship tracking and port data, Switzerland's Vitol, Glencore, and Gunvor as well as Singapore's Trafigura, have all continued to lift large volumes of Russian crude and products, including diesel.

Vitol has pledged to stop buying Russian crude by the end of this year, but that's still a long way from today. Trafigura said it would stop buying crude from Russia's state-run Rosneft by May 15th, but is free to buy cargoes of Russian crude from other suppliers. Glencore has said it wouldn't enter any "new" trading business with Russia. Meanwhile, India and China are making up for much of the losses for Russia.

A lot of the blame falls on Switzerland. The lion's share of Russian raw materials is traded via Switzerland and its nearly 1,000 commodity firms.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:

• Fake News Or Fundamentals: What’s Driving Oil Prices?
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[Tom Nolan + 2,443]

Russia to Sell Gasoline to Taliban. In what would probably be the least anticipated part of Russia’s Asian pivot, the Taliban administration of Afghanistan is reportedly in the final stages of talks with Moscow over the terms of a contract to purchase gasoline. 

FROM... https://oilprice.com/Energy/Oil-Prices/Oil-Falls-5-On-Growing-Inflation-Fears.html

Oil Falls 5% On Growing Inflation Fears

By Tom Kool - Aug 30, 2022, 2:00 PM CDT

[Tom Nolan + 2,443]

Bulgaria: Gazprom’s Weaponization Test Case

By Irina Slav - Aug 30, 2022, 4:00 PM CDT

 

• Bulgaria is preparing to resume buying natural gas from Russia’s Gazprom.
• According to the country’s government, the return was inevitable as there are no alternatives.
• Protestors argue, however, that the country could substitute Rusisan gas for U.S. LNG and Azeri gas.

Join Our Community

Earlier this month, Russia’s state gas giant Gazprom said it would need to halt the flow of gas via the Nord Stream 1 pipeline for additional maintenance. The fear this announcement struck in European capitals, even as gas storage fills up ahead of schedule, speaks volumes about Europe’s predicament: there is no quick fix to dependence on Russian gas.

As Germany braces up for the suspension of gas flows tomorrow, in Bulgaria—the EU’s poorest member—a few hundred people have been protesting every day against the return of the Russian company as the biggest gas supplier to the country.

That return, according to the caretaker government currently in charge of Bulgaria, is inevitable because there are simply no alternative suppliers. According to protesters, U.S. LNG and Azeri gas can substitute Russian pipeline gas.

According to available data about LNG demand in Europe, as cited by government officials, the country would have to wait for months for another LNG cargo as every available import terminal slot in the vicinity has been booked already. And the interconnector supposed to bring Azeri gas via Greece is not operational yet. Meanwhile, storage levels are critically low.

Bulgaria was, according to some, a test case for Gazprom to see how many European buyers would refuse to pay in rubles. They all did—initially. Now, per European Commission directions, payment is done in line with Russian terms but documented as done the moment the buyer sends the euro or dollar payment to Gazprombank, which then converts the amount into rubles and transfers those to Gazprom.

This alone shows that Europe remains dependent on Russian gas and severe interruptions in deliveries would likely lead to chaos, ultimately. The road there is paved with record-high electricity prices.

The day-ahead prices for electricity in Europe for this Monday were close to 660 euro per MWh in Germany and over 730 euro in France, according to Bloomberg’s Javier Blas. The lowest price in the region was in Turkey, at a little over 182 euro per MWh. Two years ago, Blas noted, the typical price for electricity across Europe was no more than 50 euro per MWh.

Then there was the case of The Hague, the Dutch city where the court of human rights resides, which this month asked the European Union for a temporary exemption from anti-Russian sanctions because it had failed to find an alternative supplier of gas in time. The Hague, its authorities said, had held a tender for gas suppliers in July but no bidders had made an appearance 

Efforts to further reduce intake of Russian gas, however, continue, and the rate of storage cavern-filling is a sign of some success in that respect—some, because this faster rate of storage filling has come at a price that is 10 times higher than what Europe normally pays to fill its gas caverns for the winter.

According to an op-ed in Politico, over the long run, Europe is in the stronger position because it would continue diversifying its gas import sources while Russia would find it hard to diversify its clients since it has a much more modest pipeline network in the East.

The op-ed authors in Politico say this will give Europe leverage; however, who Europe would use this leverage on remains to yet be seen since plans are to completely stop buying Russian gas by 2030 or earlier.

Yet, there will be a price to pay for that, too: not one but several winters of energy scarcity, according to the energy minister of Belgium and the chief executive of Shell. One might hope that Bulgaria and Greece by then will have finally put into operation the notorious interconnector intended to carry Azeri gas to the center of the Balkans.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

• Canada Studies Direct LNG Exports To Europe
• What’s Behind Buffett's Renewed Interest In Occidental?
• LNG Prices Haven’t Hit A Ceiling Just Yet

https://oilprice.com/Energy/Natural-Gas/Bulgaria-Gazproms-Weaponization-Test-Case.html

[RichieRich216 + 454]

And who would be surprised by anything China does? They're the only country to make Hitler in Germany in World War Two look good.

[Boat + 1,323]

21 hours ago, Tom Nolan said:

https://oilprice.com/Energy/Natural-Gas/Iran-Plans-Critical-Gas-Hub-In-Bid-For-Global-Gas-Supremacy.html

Iran Plans Critical Gas Hub In Bid For Global Gas Supremacy

By Simon Watkins - Aug 30, 2022, 6:00 PM CDT

• Iran’s Petroleum Minister, Javad Owji presented Kish Island as being a crucial part of the Russo-Iranian strategy to corner global gas markets.
• Kish Island will act as a focal point not just for the gas in-situ, but will also draw in gas supplies from the North Pars gas field.
• Gazprom is Iran’s main partner in LNG development, and stands to benefit from the major expansion in LNG export capacity....

If the market gets to cluttered with supremacy, won’t you lose the price? 

[Tom Nolan + 2,443]

10 hours ago, Boat said:

If the market gets to cluttered with supremacy, won’t you lose the price? 

That is what I am thinking.

[Ron Wagner + 702]

On 9/1/2022 at 5:32 AM, Tom Nolan said:

That is what I am thinking.

 

On 9/1/2022 at 5:32 AM, Tom Nolan said:

That is what I am thinking.

I have been saying  the same all along. There is no shortage of natural gas in the ground and offshore. All people need to do is go and get it. There is enough for hundreds of years. LNG makes it much easier to take it to some areas. It can now go almost anywhere by ship, train, truck, if not pipeline. No excuses to flare this valuable natural resource. But it flaring is still common. 

[Boat + 1,323]

I don’t know why you think the nat gas is not rapidly growing. Fracking has taken nat from a pretty big importer to a very large exporter. World wide nat gas has been growing also. It’s hard to grow much faster because infrastructure is expensive and time consuming. A pretty robust growth happens anyways. 
Covid has slowed growth a bit but big money still goes into nat gas and renewables. Another big money bet is chip manufacturing and batteries. That includes mining. Exactly the stuff ol sleepy is dumping money in. Y’all so political you can’t see it. Like Obama did. Dumped money into the future. 

[Ron Wagner + 702]

On 8/30/2022 at 5:17 PM, Tom Nolan said:

China Is Aggressively Reselling Russian Gas To Europe

by Tyler Durden

Tuesday, Aug 30, 2022 - 01:00 PM

One month ago, we were surprised to read how, despite a suppressed appetite for energy amid its housing crash and economic downturn (for which "zero covid" has emerged as a convenient scapegoat for emperor Xi), China has been soaking up more Russian natural gas so far this year, while imports from most other sources declined.

In July, the SCMP reported that according to Chinese customs data, in the first six months of the year, China bought a total of 2.35 million tonnes of liquefied natural gas (LNG) – valued at US$2.16 billion. The import volume increased by 28.7% year on year, with the value surging by 182%. It meant Russia has surpassed Indonesia and the United States to become China’s fourth-largest supplier of LNG so far this year!

This, of course, is not to be confused with pipeline gas, where Russian producer Gazprom recently announced that its daily supplies to China via the Power of Siberia pipeline had reached a new all-time high (Russia is China’s second-largest pipeline natural gas supplier after Turkmenistan), and earlier revealed that the supply of Russian pipeline gas to China had increased by 63.4% in the first half of 2022.

What was behind this bizarre surge in Russian LNG imports, analysts speculated? After all, while China imports over half of the natural gas it consumes, with around two-thirds in the form of LNG, demand this year had fallen sharply amid economic headwinds and widespread shutdowns. In other words, why the surge in Russian LNG  when i) domestic demand is just not there and ii) at the expense of everyone else?

“The increase in Russian LNG could be a displacement of cargoes going to Japan or South Korea because of sanctions, or weaker demand there,” said Michal Meidan, director of the China Energy Programme at the Oxford Institute for Energy Studies.

One thing that was clear: China wanted to keep its arms-length gas dealing with Russia as unclear as possible, which is why the General Administration of Customs of China stopped publicizing the breakdown in trade volume for pipeline natural gas since the beginning of the year, with spokesman Li Kuiwen confirming that the move was to “protect the legitimate business rights and interests of the relevant importers and exporters”.

An LNG ship docked at a port in Chiba, Japan. China’s resales of LNG have added supply to the spot market

Well, we now know the answer: China has been quietly reselling that evil, tainted Russian LNG to the one place that desperately needs it more than anything. Europe... and of course, it is charging a kidney's worth of markups in the process.

As the FT reported recently, "Europe’s fears of gas shortages heading into winter may have been circumvented, thanks to an unexpected white knight: China." The Nikkei-owned publications further notes that "the world’s largest buyer of liquefied natural gas is reselling some of its surplus LNG cargoes due to weak energy demand at home. This has provided the spot market with an ample supply that Europe has tapped, despite the higher prices."

What the FT ignores, perhaps intentionally, is that it's not "surplus" - after all, if it was Chinese imports of Russian LNG would collapse. No - the correct word to describe the LNG that China sells to Europe is Russian.

Going back to the story, the details are intuitive: with Russian pipeline gas to Europe effectively shuttered...

... Europe’s imports of LNG have soared 60% year on year in the first six months of 2022, according to research firm Kpler.

Some more details:

China’s JOVO Group, a big LNG trader, recently disclosed that it had resold an LNG cargo to a European buyer.

A futures trader in Shanghai told Nikkei that the profit made from such a transaction could be in the tens of millions of dollars or even reach $100mn.

China’s biggest oil refiner Sinopec Group also acknowledged on an earnings call in April that it has been channelling excess LNG into the international market.

Local media have said that Sinopec alone has sold 45 cargoes of LNG, or about 3.15mn tonnes. The total amount of Chinese LNG that has been resold is probably more than 4mn tonnes, equivalent to 7 per cent of Europe’s gas imports in the half year to the end of June.

Make no mistake: all of this "excess" LNG was soured in part or in whole in Russia, but since it has been "tolled" in China, it is no longer Russian. It is instead - drumroll - Chinese LNG.

The good news is that the 53 million tonnes that the bloc purchased surpasses imports by China and Japan and has brought Europe’s gas-storage occupancy rate up to 77%.If this continues, Europe is likely to reach its stated goal of filling 80% of its gas storage facilities by November (at which point it will start draining the reserves at a breakneck pace to keep warm during the winter). But while China’s economic slump has brought much-needed relief to Europe, it comes with a major footnote. As soon as economic activity bounces back in China, the situation will quickly reverse, and Beijing will no longer re-export Russia LNG to keep Europe warm.

Hilariously, it also means that instead of being dependent on Russia for gas, Europe is now becoming dependent on Beijing instead for its energy - which is still Russian gas, only this time imported from China - which makes a mockery of US geopolitical ambitions to defend a liberal international order with its own energy exports.

Worse, while Europe could buy Russian LNG for price X, it instead has to pay 2X, 3X or more, just to virtue signal to the world that it won't fund Putin's regime, when in reality is is paying extra to both Xi and to Putin, who is collecting a premium price thanks to the overall market scarcity.

Amusingly, without expressly stating it, the FT does imply that Europe is buying Russian LNG by way of China:

If Russia ends up exporting more gas to China as a means to punish Europe, China will have more capacity to resell its surplus gas to the spot market — indirectly helping Europe.

Why not just admit the obvious - that China is helping Russia skirt sanctions as both countries get very rich in the process? Because then the FT's own judgment - after all, the newspaper is a conduit of the neoliberal thinking that demanded a complete embargo on Russian energy, an embargo which even the WSJ now admits (see "Russia Confounds the West by Recapturing Its Oil Riches") has backfired spectacularly - would be put into question.

FT's flaws aside, the newspaper is correct that the longer this kind of circuitous bypass of Russian sanctions by a hypocritical Europe (which signals its virtue so loudly when the adversary is Russia but doesn't dare say peep when it's China) continues, the bigger China's influence on Europe will be:

The more desperate Europe becomes about its energy supplies, the more China’s policy decisions will have the power to affect the bloc. As Europe attempts to wrestle out of its dependence on Russia for energy, the irony is that it is becoming more dependent on China.

In the end, all Europe has done is replace one energy master (as Trump warned in 2018) with another, even though both are joined at the hip and laughing at the stupidity of Brussels which, under the sage advice of a petulant Scandinavian teenager, made all of this possible just in time for China - which together with Putin now determines Europe's daily energy intake - to invade Taiwan without a peep from Europe's virtuous signalers.

https://www.zerohedge.com/markets/china-aggressively-reselling-russian-gas-europe

So, it will add to the total supply! Just give it time. Russia will not be able to get as much profit so will lose money and have to transport their product farther. They just lost their best customers. 

[Boat + 1,323]

Russia has been selling more oil at a higher price since the war started. N American oil sells for a high price and we export. It’s corruption, there is plenty of oil and has been. Y’all just playing the dumb game.