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Three Strikes and You’re Out

Three Strikes and You’re Out

RP Weekly Recap | July 6 – July 10

Summary

Three major blows were inflicted on U.S. pipelines in just a two day span. First, Dominion Energy and Duke Energy canceled the Atlantic Coast natural gas pipeline project on the same day the U.S. District Court for the District of Columbia ordered the Dakota Access pipeline to be shut and emptied. The following day, the U.S. Supreme Court ordered that construction of the long-delayed and once-resurrected Keystone XL project cannot begin. For it’s one, two, three strikes you’re out in this brutal, unforgiving game.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 12,333,740 (up from 10,761,269 last week)
  • Number of Cases (USA): 3,140,840 (up from 2,713,195 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • First Major For Pipelines: Energy Companies Abandon Long-Delayed Atlantic Coast Pipeline (Link)
  • Second Major Blow For Pipelines: U.S. Court Orders Dakota Access Pipeline Shut, Emptied (Link
  • Third Major Blow For Pipelines: Keystone XL Project Stays Blocked (Link)
  • Colorado Oil, Gas Commission Proposes Fee Hike to Cover Shortfall Due to Falling Energy Production (Link
  • Extraction Oil & Gas Lost Control of its Midstream Subsidiary as it Tumbled Into Chapter 11 Bankruptcy (Link
  • Texas Based Comstock Resources Plans to Drill New Gas Wells in East Texas (Link
  • Oil Falls After EIA Confirms Large Crude Inventory Build (Link)
  • North Dakota Will Not Impose Oil Production Cuts (Link)
  • Energy Company Bankruptcies Surge in 2nd Quarter (Link)
  • SOMETHING TO KEEP AN EYE ON: State of Wyoming to Bid on Occidental Petroleum’s Land and Mineral Rights (Link)

Global Market News

  • Oil Drops 3% as Rising COVID-19 Cases Spur Demand Fears (Link
  • BP Slashes Up to $17.5 Billion in Assets; Cites Pandemic for Swifter Shift to Net Zero (Link)
  • How Saudi Arabia Caused The Worst Oil Price Crash In History (Link)
  • Huge Debt Payments Come At Worst Time Possible For Canadian Drillers (Link)
  • Gulf Oil Producer Oman Is Quickly Running Out Of Options (Link)
  • China Set To Fall Short On U.S. Energy Purchases (Link)
  • Saudi Arabia Is Bullying OPEC Members Into Compliance (Link)
  • Iran’s Oil Storage Ready To Burst (Link)

Employment Updates

  • Jobless Claims Dipped Slightly to 1.3 Million Last Week – an additional 1 million gig workers, self-employed people and others who are not eligible for unemployment benefits also filed for aid (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-5) in the last week 
  • Down 73% from one year ago

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Our newest endeavor, the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical on Overall Global Oil Demand in a Post-COVID Society! (Link)
  • Our final part 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 4: Global Oil Demand (Link)
  • As Always, A New Monday Madness Podcast! (Link

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