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You’re Hot Then You’re Cold…

You’re Hot Then You’re Cold…

RP Weekly Recap | June 22 – 26

Summary

Just last week we reported that JP Morgan was predicting $100 Oil “in the observable future” and “could see the price of oil hit $190 a barrel by 2025”. Well, those predictions have been revised in the past week and now they predict “oil may never hit $100 again” as a result of the price war, the ongoing pandemic, decimated demand, and U.S. Shale resilience. Talk about being indecisive! In other more exciting news, two leading oil price reporting agencies launched a new U.S. crude benchmark to rival WTI, how cool!


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 9,654,269 (up from 8,546,919 last week)
  • Number of Cases (USA): 2,425,814 (up from 2,203,659 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Two Leading Oil Price Reporting Agencies Launch New U.S. Crude Benchmark to Rival WTI (Link) **MUST READ** 
  • Oil Prices Slide As EIA Confirms Crude Inventory Build (Link)
  • Shale Industry Will Be Rocked by $300 Billion In Losses And A Wave of Bankruptcies, Deloitte Says (Link
  • Colorado Governor Jared Polis Appoints 5-Member Professional Oil Commission, With Just One Having Professional Oil and Gas Experience (Link)
  • North Dakota Oil Income Crashes By 81% (Link)
  • Louisiana Oil and Gas Would Suffer With Restrictions On Leasing, Drilling Permits (Link)
  • API: U.S. Petroleum Demand Recovered 14% Between April and May (Link)
  • In 2019 U.S. Oil Drillers Break Production Records Despite Having Fewer Rigs (Link)
  • Higher Oil Prices Ease Shale Panic, But Challenges Remain For Texas (Link)

Global Market News

  • Saudi Arabia’s Oil Price War Cost The Kingdom $12 Billion In One Month (Link) **MUST READ**
  • Oil Prices Decline, Set to Post a Weekly Loss Amid Lingering Worries About Coronavirus Impacts (Link
  • Another Major Bank Turns Bullish On Oil (Link
  • Owner Of Largest Refinery In India Stops Importing Venezuelan Oil (Link)
  • COVID-19 Could Crush Argentina’s Shale Boom (Link)
  • Inside Singapore’s $3 Billion Oil Trading Scandal (Link)

Employment Updates

  • Oil Field Services Employment Approaching 4 Year Lows (Link
  • Unemployment Claims Exceed 1 Million for 14th Straight Week – unemployment claims held nearly steady for the second week in a row as coronavirus cases surge around the country (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-1) in the last week 
  • Down 72.5% from one year ago

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Our fifth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with oil and gas advisor, presenter, and author of the critically acclaimed book Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas; Geoffrey Cann! (Link)
  • Part two of our four part series on post-COVID oil demand was published this past Wednesday. Be sure to check out: Post-COVID Global Oil Demand Series – Part 2: Freight Transport (Link)
  • New Basin Breakdown for May 2020 Podcast and Articles
  • As Always, A New Monday Madness Podcast! (Link

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