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Trusting the Process

Trusting the Process

RP Weekly Recap | May 18 – 22

Summary

This time last month WTI prices went negative for the first time in history as the May front month contract expired. Instead of plunging into negative territory again this month with the expiry of the June contract, prices remained strong and rallied into the thirties for the first time since March. Does this indicate the worst is over for the global oil industry?


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 5,154,152 (up from 4,498,579 last week)
  • Number of Cases (USA): 1,583,561 (up from 1,420,692 last week)
  • Statistics (courtesy of Johns Hopkins)

COVID-19 News

  • CDC Now Says Coronavirus Isn’t Easily Spread by Touching Surfaces (Link)
  • Oilfield Life After the COVID-19 Crash (Link)

Financial & Economic Updates

US Oil Market News

  • U.S. Gas Output To Hit Rock Bottom In November (Link)
  • U.S. Shale Cuts Production Deeper And Faster Than Expected (Link)
  • U.S. Shale’s Quick Response to Falling Oil Prices is Paying Off (Link
  • Hydraulic Fracturing Demand Expected to Bounce Back in the Fall (Link)
  • The World’s Most Controversial Oil Frontier Falls Out Of Favor With Big Banks (Link)
  • New Mexico Oil And Gas Lease Sale Postponed Without Notice (Link)
  • U.S. Cuts Royalty Rates For Oil Firms (Link)

Global Market News

  • Short Term Energy Outlook Shows Impact Of COVID-19 On Energy Sector (Link) **MUST READ**
  • Goldman Believes Oil Has Bottomed and is Headed Back to $65 Nest Year (Link)
  • China’s Oil Demand Rebounds To Pre-Coronavirus Levels (Link)
  • Ukraine’s Port Odessa Welcomes First U.S. WTI Crude Cargo (Link
  • The Oil Rally Is Running On Fumes (Link)
  • Could This Become The World’s Newest Oil Exporter? (Link
  • The Oil Price War Has Put A $69 Billion Mega Deal At Risk (Link)

Employment Updates

  • Additional 2.4 Million Americans File Jobless Claims – More than 38 million people have filed initial unemployment claims since the coronavirus pandemic started in the U.S. (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-21) in the last week 
  • Down 67.65% from one year ago

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RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Last week, our President & CEO, Anthony D. McDaniels, sat down with Kathryn Mills of The Crude Audacity Podcast to discuss the assault on the PetroDollar LIVE on Facebook and YouTube. It was an energetic discussion on today’s Global Oil Market and what it means for the strength of the American Oilfield, American Energy Security, and American Global Influence. Be sure to check our article for further analysis on the topic as well as links to recordings of the interview! (Link
  • Post-Crisis Recovery: Oil Supply and Demand is Moving Back Towards Equilibrium with China Leading the Way (Link)
  • New Basin Breakdown for April 2020 Podcast and Articles
  • As Always, A New Monday Madness Podcast! (Link)

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The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise
noted.

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