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Not Out Of The Woods

Not Out Of The Woods

RP Weekly Recap | June 8 – 12

Summary

It was a rough end to a week in oil and gas that started so well. After weeks of climbing, oil prices will experience their first weekly loss in seven weeks just as the United States announced an official recession. Things are moving forward but we are not out of the woods just yet.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 7,558,687 (up from 6,694,512 last week)
  • Number of Cases (USA): 2,029,037 (up from 1,880,703 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Colorado Group Drops Plans For Anti-Fracking Ballot Measure (Link)
  • U.S. Frackers to Zero In on Richest Oil Fields After Coronavirus (Link
  • Trump Issues Emergency Executive Order On Pipelines (Link
  • Oil Prices Fall As EIA Confirms Crude Inventory Build And Fear of Second Coronavirus Wave Take Control of Market (Link

Global Market News

  • OPEC and Allies Agree to Extend Record Oil Production Cut (Link)
  • Morgan Stanley: This Oil Rally Won’t Last (Link)
  • New Chief Executive Appointed To Run Malaysia’s Petronas (Link
  • Schlumberger names new top executives to oversee corporate overhaul (Link
  • Is the African Kavango Basin the Next Global Oil Hot Spot? (Link)
  • Upstream Oil & Gas Investment Crashes To 15-Year Low (Link)
  • Libya’s Largest Oil Field Shuts Down Just One Day After It Restarted (Link)
  • Goldman Sachs Bearish on Brent (Link
  • The Oil And Gas Industry Faces A $1.8 Trillion Loss In 2020 (Link)
  • Arctic Circle Oil Spill: Russian Experts Cite Global Risk As Fuel Races to Arctic Ocean (Link)

Employment Updates

  • BP To Cut 14% of Workforce – 10,000 jobs (Link)
  • Mexican Oil Major Pemex Slashes Thousands Of Jobs In Oilfield Services (Link)
  • 1.5 Million More Americans Filed Jobless Claims Last Week – It’s The Lowest Number of Weekly Jobless Claims Filed Since The Start of the Pandemic In the U.S. But Is Nonetheless Historically High (Link)
  • May Sees Biggest Jobs Increase Ever of 2.5 Million as Economy Starts to Recover From Coronavirus (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-5) in the last week 
  • Down 71% from one year ago

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RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Our third installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with industry leader, philanthropist, and retired oil and gas executive; Timothy Marquez! (Link
  • Commodity Supply Balance: How Production Cuts have Caused Bullish Sentiment on Commodity Markets (Link)
  • As Always, A New Monday Madness Podcast! (Link)

Click above to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/newspulse


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

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