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!
- 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
- Goldman Sachs’ Jeff Currie: ‘$3.8 Trillion of Investment in Renewables Moved Fossil Fuels from 82% to 81% of Overall Energy Consumption’ in 10 Years
- Record U.S. Crude Exports Push Oil Prices Higher
- Oil Holds Gains Despite Crude Inventory Build
- Exxon’s Q3 Net Profit Soars To New Record
- Chevron Reports Its Second-Highest Quarterly Profits Ever
Global Market News
- Europe Has Too Much Gas
- Britain’s New Prime Minister To Reinstate Fracking Ban In England
- Fossil Fuel Protesters Cover King Charles III Waxwork With Chocolate Cake at Madame Tussauds
- World Bank: Energy Prices Set To Decline In 2023 After Sharp Rise In 2022
- Exxon Makes More Oil And Gas Discoveries Offshore Guyana
- The Israel-Lebanon Agreement Could Be A Game Changer For Natural Gas Markets
- High Energy Prices Force The World’s Largest Chemicals Company To Downsize
- Oil Output from Brazil’s Petrobras Dips Nearly 7% in Third Quarter
- The Houthi Threat To Oil Markets Is Back
- Employers Added 263,000 Jobs in September – slightly less than expectations but confirming the job market is still healthy
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
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!
- 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.
- As Always, A New Monday Madness Podcast!
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