Europe’s Got Gas

Posted: October 28, 2022
Category: News Pulse

RP Weekly Recap | October 24 – 28


After a summer of dire warnings about crippling energy shortages, Europe has the exact opposite problem on its hands: they have too much natural gas. Right now, dozens of ships are waiting to offload liquified natural gas at European storage facilities, but they have nowhere to put it. Caverns are filled to the brim and, given the ample supply, European natural gas prices have dropped more than 70% from their record high in August. While this situation is certainly a relief to European leaders, who feared that their move to reduce gas imports from Russia would lead to an energy crisis when the weather turned cold, will it last? 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): 629,740,541 (up from 627,141,839 last week)
  • Number of Cases (USA): 97,423,583 (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

United States Rig Count

  • Up (2) from last week for a total of 771
  • Up 42.2% 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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