All Dressed Up With Nowhere To Go

Posted: May 1, 2020
Category: News Pulse

RP Weekly Recap | April 27 – May 1


Global Economies are officially shrinking with the release of first quarter data, shale wells are being shut-in, global crude has nowhere to go, and according to new EIA data, the United States actually produced more energy than it consumed for the first time since the late 1950s in 2019.

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 3,276,373 (up from 2,761,121 last week)
  • Number of Cases (USA): 1,070,035 (up from 880,112 last week)
  • Statistics (courtesy of Johns Hopkins)

COVID-19 News

  • How COVID-19 Will Change Oil Markets Forever (Link) **MUST READ
  • COVID-19 Set To Wipe Out $1 Trillion In Oil Production Revenues (Link)

Financial & Economic Updates

US Oil Market News

  • The Death of U.S. Oil (Link) **MUST READ** 
  • Diamond Offshore Files For Bankruptcy, Citing ‘Price War,’ Coronavirus (Link)
  • Six US Oil Firms Are Expected To Shut 300,000 Barrels Per Day of Production in May and June (Link)
  • U.S. Oil Companies Begin Sending Crude To Strategic Petroleum Reserve (Link)
  • Why Is So Much Oil Being Produced If No One Wants It (Link)

Global Market News

  • Trump Could Use ‘Nuclear Option’ To Make Saudi Arabia Pay For Oil War (Link)
  • Three Scenarios That Could Push Oil Above $30 (Link)
  • South Korea Out of Onshore Oil Storage for Third-Party Lease (Link)
  • BP Looks to Break Even at $35/BBL (Link)
  • Canadian Drillers May Shut-In More Than 1.3 Million BPD In Second Quarter (Link)
  • Shell becomes the largest global energy company to commit to a net-zero emissions goal by 2050 (Link)

Employment Updates

  • A Record 30 Million Americans File for Unemployment in Six Weeks Amid Coronavirus Outbreak – Nearly 1 in 5 workers who had a job in February have filed for unemployment since mid-March (Link)
  • GDP Contracts 4.8% as Coronavirus Upends the U.S. Economy – The first quarter of the year was the economy’s weakest since 2008 as the coronavirus ravaged the U.S. economy. The second quarter will be even worse. (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-57) in the last week 
  • Down 42% from one year ago

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Content UpdatesNews PulsePodcast

  • Crude Benchmarks and Price Spreads: How Market Intervention Creates Disconnect Between Regional and International Crude Prices (Link
  • We told you about this last year but Episode 1 of our newest endeavor, The Industry Leader Spotlight Podcast is available now! Be sure to check out our first installment – an interview with our President & CEO, Anthony McDaniels! (Link)
  • As Always, A New Monday Madness Podcast! (Link)

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