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Easing the Glut

Easing the Glut

RP Weekly Recap | August 10 – 14

Summary

After months of pain and suffering, an end seems to be in sight. After three straight weeks of U.S. crude inventory draws, an end to the supply problem seems to be inevitable. The demand picture remains shrouded with uncertainty, even as the number of new coronavirus cases in the United States is now falling, as experts predict a full recovery will not occur until 2022. Regardless, optimism has taken over and crude prices have continued their climb and rise to five-month highs.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 20,981,938 (up from 19,160,806 last week)
  • Number of Cases (USA): 5,258,056 (up from 4,888,070 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Southwestern Energy Announces Agreement to Acquire Montage Resources (Link
  • Trump Reverses Obama Methane Rule Despite Opposition From Big Oil (Link
  • Oil prices End At Highest Since March With U.S. Crude Supplies Down Three Weeks In A Row (Link)
  • How COVID Relief Saved Texas Shale Jobs (Link)
  • The Wyoming The Bureau of Land Management Approved The Development of 4,250 Oil and Gas Wells For The Moneta Divide Project (Link)
  • Secretary of Energy Dan Brouillette Backs Colorado-Oregon Natural Gas Export Project (Link, Link)
  • Wyoming’s Bid To Purchase $5 Million Combined Acres of Land From Occidental Petroleum On Hold (Link)

Global Market News

  • Oil Rises Toward 5-Month High (Link
  • Saudi Aramco Aims To Boost Production Capacity To 13 Million Bpd (Link)
  • Iraq to Be ‘Forced’ to 100% OPEC+ Compliance, Oil Minister Says (Link)
  • Aramco Announces Second Quarter and Half-Year 2020 Results (Link)
  • Norway’s Largest Discovery of 2019 Raises Norwegian Oil Project Hopes (Link
  • BP Set For Biggest Downsizing Of Its Office Space Ever In Light Of “WFH” (Link)
  • Why The Japanese Bulk Carrier Oil Spill Off Island Nation of Mauritius Is So Serious (Link)

Employment Updates

  •  Shale Job Losses Accelerating and the Worst May Be Yet to Come (Link)
  • Jobless Claims Fall Below 1 Million for First Time Since March – claims have fallen significantly for the last two weeks after weeks of plateauing (Link

US Rig Count Statistics (courtesy of Baker Hughes)

  • Down 3 rigs in the last week for a total of 244
  • Down 74% from one year ago

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical uncovering the impact of U.S. regulatory bottlenecks on domestic production (Link
  • This week’s periodical continues the trend of renewable energy and uncovers the impact of U.S. regulatory bottlenecks on domestic oil and gas production. While policy changes and regulation on domestic oil and gas activities have been enacted to ensure the oil and gas industry responsibly produces hydrocarbons while protecting both individual and environmental health and safety, many of these policies have hampered the advancement of the industry under the guise of public and environmental health and safety without foundational justification. Be sure to check out: The Impact of U.S. Regulatory Bottlenecks on Domestic Production! (Link
  • As Always, A New Monday Madness Podcast! (Link)

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