European Wind-Fall

Posted: December 3, 2022
Category: News Pulse

RP Weekly Recap | November 28 – December 2


Calm weather and a lack of storms are generally considered good news entering the holiday season, but in Europe, a lack of seasonal wind is wreaking havoc on energy markets. Falling wind speeds experienced all across Europe are pushing power and gas prices higher, underscoring the heightened vulnerability of the continent’s energy system to weather conditions this winter. Amid a sharp pivot from its reliance on Russian natural gas, Europe has built up large reserves of stored gas ahead of this year’s heating season. That has helped ease power and gas prices recently and a particularly mild spell of weather across the continent also helped by pushing back gas withdrawals and keeping stockpiles topped off. Now, though, colder weather in many places is kicking in at the same time wind speeds have fallen, bolstering demand for gas while reducing the ability of wind farms to generate electricity. With temperatures dropping, this winter is shaping up to be a costly one for customers’ wallets. 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): 644,629,493 (up from 627,141,839 last week)
  • Number of Cases (USA): 98,941,981 (up from 97,156,285 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

Global Market News

Employment Updates

  • Jobless Claims Jump by 17K – the increase could be a sign that the labor market is starting to soften.

United States Rig Count

  • Up (0) from last week for a total of 784
  • Up 37.8% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • U.S. oil production has been buoyed since 2022 by DUCs – drilled but uncompleted wells. These wells have been drilled but not yet stimulated and brought onto production. Reaching a peak in 2020 of about 9,000 wells, the U.S. DUC inventory currently stands at about 4,500 wells. Due to increased drilling activity, American DUC inventories are flattening even though the national DUC inventory grew by 16 wells in August of 2022. The question becomes: will diminishing DUC inventories and a depleted SPR drive higher oil prices? Find out in this week’s Periodical!

  • 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. 

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