RP Weekly Recap | April 4 – 8

Summary

Amid an energy crisis within their borders and a humanitarian crisis around the corner, Germany’s Finance Minister Christian Lindner stated an immediate ban on imports of Russian oil and gas into Germany is not feasible. Since the start of the Russian war in Ukraine at the end of February, Germany – Europe’s biggest economy, which depends on Russian gas for around half of its consumption – has been one of the biggest opponents of an energy embargo on Russia. But balancing their fears that directly targeting Russian energy exports could lead to a deep recession and supporting the crisis in Ukraine have weighed on the country with an unknown path forward. Check out this story and more in this week’s recap of all things happening in oil and gas!

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 498,154,313 (up from 488,938,781 last week)
• Number of Cases (USA): 80,399,474 (up from 80,112,722 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• U.S. Natural Gas Price Jumps Above $6
• Oil Prices Fall After EIA Confirms Crude Build
• Climate-Reporting Rules Could Let Companies Look Greener Than They Are
• WTI Crude Falls 5% As IEA Agrees To 120 Million Barrel SPR Release
• New York Set to Ban Natural Gas in New Buildings, Environmental Groups Say
• U.S. Allies to Release Close to 60 Million Barrels of Oil From Reserves
• U.S. Wants More Oil From Canada but Not a New Pipeline to Bring It
• Evolution Petroleum Closes $26 Million Acquisition of Natgas Assets in Wyoming’s Jonah Field

Global Market News

• German Finance Minister: Immediate Russian Oil, Gas Embargo Impossible
• Shell Faces $5 Billion Impairment Charge Over Exit From Russia
• UK Drivers Queue For Gasoline As Climate Activists Block Fuel Depots
• Canada Greenlights Controversial $12 Billion Deepwater Oil Project
• Russia Expects $9.6-Billion Windfall From High Oil Prices In April
• War Crimes In Ukraine Bring The EU Closer To Full Russian Oil Ban
• Sellers Are Looking To Unload Russian Crude For Yuan
• Russia’s Grand Plan To Undermine The U.S. Dollar
• Russia Blames Ukraine for Fuel Depot Explosion as Kyiv Denies Role

Employment Updates

• Employers Added 455,000 Jobs in March – economists forecast a slowdown of the economy in 2022 but with the unemployment rate falling to 3.6%, the labor market is showing no sign of that, Blowing Past Expectations – the unemployment rate dipped to 3.8%

United States Rig Count

• Up 16 from last week for a total of 689
• Up 56.5% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!

• While the whole world has their eyes on Russia, there are a bunch of strange stories in energy revolving around oil trading. RARE PETRO has talked about it before, but the petrodollar is a monetary system that guides the trade of crude worldwide. WTI? Traded in American dollars. Canadian Crude Index? Traded in American dollars. Nigerian Bonny Light? Included in the OPEC basket, and both are priced in (you guessed it) American Dollars. The system is old, but it has worked because the US dollar was a dominant currency on the world market, so people felt comfortable using it. Others, like Gaddafi and Saddam Hussein, pushed to price oil in a different currency (the Euro), and some speculate that this was a major reason for the US’s involvement in the Middle East. So… who is currently challenging the petrodollar status quo? Check out our latest Periodical to find out more! 

• A New Basin Breakdown for the month of February is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!

• RARE PETRO is the tik talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video uncovering what Hollywood does not understand about a blowout. 

• RARE PETRO and Rainmaker GBD collaborate on a monthly newsletter highlighting everything you need to know about the energy sector. This is a video interview with RARE PETRO’s Anthony McDaniels as he speaks on the biggest stories and dives a little bit deeper into supporting data. Welcome to the second edition of “Side Chat”. 

• Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round.  

• As Always, A New Monday Madness Podcast!  

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