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Predicting The Impossible

Predicting The Impossible

RP Weekly Recap | September 14 – 18

Summary

On September 5th, Saudi Arabia cut its official crude selling price to Asia and U.S. buyers in an attempt to “boost global demand” all while U.S. crude oil inventories are seeing drawdowns at historic rates. In addition, the Russian Oil Minister announced on September 18th that global oil inventories are in decline and yet the world’s main oil forecasting agencies, analysts, and companies are pessimistic about oversupply creating a grim oil demand outlook. Clearly forecasting oil demand in 2020 is becoming a seemingly impossible task and has the world’s best scratching their heads.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 30,255,091 (up from 28,257,406 last week)
  • Number of Cases (USA): 6,688,236 (up from 6,408,332 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

  • Extraction Oil & Gas Sues Local Government Claiming Unconstitutional Attempt to Shut Down Oil Development (Link
  • Dakota Access Pipeline To Continue Operating Until the End of 2020 (Link)  
  • U.S Keeps Top Crude Oil Producer Status (Link
  • Trump Administration Sides With Farmers Over Oil Industry in Biofuel Waiver Decision (Link
  • Crude Oil Production in the U.S. Shale Patch is Set to Decline by 68,000 BPD Next Month (Link
  • Enterprise Pipeline Project Cancellation Indicates a Lasting Slowdown Ahead (Link
  • Extraction Oil & Gas Attracts M&A Interest, Possibly a Denver-Based Suitor (Link
  • Oil Prices Rally as U.S. Crude Supplies Post a Weekly Decline and Hurricane Sally Curtails Production (Link)  
  • The Future Of Fracking In The United States (Link) **INTERESTING READ**

Global Market News

  • Russian Oil Minister: Global Oil Inventories Are In Decline (Link
  • BP Says the Era of Oil-Demand Growth Is Over (Link, Link
  • Oil Could See Another Demand Shock, Adding to the ‘Extraordinary’ Destruction This Year (Link
  • Oil Rises On Major Crude Draw (Link
  • China Not Looking To Ban Gasoline Powered Cars Any Time Soon (Link
  • OPEC+ Complied 101% With Oil Production Cuts In August (Link
  • A Wave Of Consolidations Hit Canada’s Oil Patch (Link)  
  • Kosmos Sells Frontier Interests to Shell in $100-Million Deal (Link
  • Mediterranean Tensions Flare Up As Israel Rehabilitates Pipeline (Link
  • Saudi Aramco Is Now Suffering The Consequences Of A Failed Oil Price War (Link
  • Weatherford Names New CEO (Link)  
  • Bullish Goldman Sachs Expects Brent To Hit $49 By Year-End (Link)

Employment Updates

  • Initial Jobless Claims Dip Slightly, Remain at Historical Level – the number of filings for unemployment benefits have plateaued in recent weeks, a sign that the labor market recovery is slowing (Link)  

US Rig Count

  • UP 1 from last week for a total of 255
  • Down 71% from one year ago
  • Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion where we uncover a growing disconnect between crude oil prices and the principles that have historically set commodity prices! (Link
  • This week’s periodical investigates how the supply and demand principles that have governed the price of oil for decades is being thrown out the window and has become largely influenced by emotional market sentiment. Be sure to check out: Crude Drawdowns and Price Disconnects! (Link
  • As Always, A New Monday Madness Podcast! (Link

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