RP Weekly Recap | September 20 – 24
Summary
Just two days into the fall season and fears of a European gas crisis are palpable. Global gas prices are higher than they have been during any non-winter month since they went crashing down from their peak in June 2008, but European countries have been the hardest hit. Natural gas prices for the EU are up 440% from one year ago. Unfortunately, in a globalized world, energy crunches can hardly remain regionally contained for very long, especially in a context of damaged supply chains and a rush to cut investment in fossil fuels. Do the events unfolding overseas have global implications? Find out in these stories 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): 230,821,219 (up from 2237, 248, 986 last week)
- Number of Cases (USA): 42,698,318 (up from 41,823,641 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Shell to Sell Permian Assets to ConocoPhillips for $9.5 Billion
- U.S. Crude Oil Stockpiles Fall to Lowest in Three Years
- Crude Stocks At Cushing Have Dropped By 42% So Far This Year
- Laredo Petroleum Acquires Pioneer Midland Basin Acreage for $230 Million
- New Grid Standards Set To Prevent A Texas Freeze Repeat
- Biden Administration to Move BLM Headquarters Back to Washington
- Oil Rises To Two-Month High As Inventories Fall
- Dakota Access Pipeline Asks US Supreme Court to Scrap Environmental Study Order
- UN Climate Conference Snubs Big Oil
- Key Energy Services Sells Texas, New Mexico Fluid Management Business
- Northern Oil and Gas in Lead to Buy Comstock Bakken Assets
- Lagoon Water Midstream Enters Permian Basin through Double Drop Acquisition
- Shell Gulf Platform To Remain Shut Until Year-End After Ida Damage
- Texas Is Finally Taking Up The Fight Against Flaring
Global Market News
- On The Cusp of Europe’s Winter Season, Gas Storage Hits 10-Year Low
- The European Energy Crisis Is About To Go Global
- IEA Calls On Russia To Send More Natural Gas To Europe
- European Gas Prices Soar 10% As Russia Refuses To Open The Taps
- OPEC+ Boosts Compliance With Oil Production Cuts To 116%
- China To End Coal Power Plant Construction Abroad
- Chinese Utility Companies Face Bankruptcy As Coal Prices Skyrocket
- BP Gambles Big on Fast Transition from Oil to Renewables
- Russia Expects To Boost Oil Production To Post-Soviet High In 2022
- Record Copper Prices Are Threatening The Global Energy Transition
- Opinion: Are BOEs Really Equivalent? **INTERESTING READ**
Employment Updates
- In a sign of the labor market’s recovery from the depths of the pandemic, jobless claims fell to a nearly 18-month low of 310,000. The data implies that slower job growth is being limited by a shortage of workers, not a lack of demand for them.
United States Rig Count
- UP 9 from last week for a total of 521
- Up 99.6% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of August is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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 first “Side Chat”.
- If you’ve found yourself paying more than usual at the pump lately, you’re not alone. The cost of gasoline in the United States continues to reach all-time highs, and though prices are still lower than they were when gas hit $4 per gallon in 2008, consumers are beginning to wonder if the price will continue to rise or fall, or if it will settle somewhere in between. So what makes gas prices so high? Let’s take a look at some of the factors that can affect prices so drastically in this week’s Periodical.
- Sam Gibbs revolutionized the way a rod pumped well would be managed dozens of times over. As a brilliant engineer, mathematician, and disciplined man he worked passionately to change the trajectory of rod pump technology for generations. Find out more in episode seven of Hydrocarbon History!
- 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 diving into what a hydrocarbon reservoir really is.
- 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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