RP Weekly Recap | January 13-20
European distress over fuel shortages was at an all time high during the months leading up to the winter. With Russian natural gas a no-go, European countries stocked up on fuel from anywhere they could. Now that we are a month or so into the winter, those worries have been put to rest as much of Europe is experiencing their warmest winter in years. Meanwhile the U.S. has realized their refining capacity is limited and is working on overhauling older refineries to handle more production. In the meantime, fuel output is expected to decrease and prices for fuels such as gasoline and diesel are expected to increase until those refiners come back online.
Financial & Economic Updates
U.S. Oil Market News
- Oil production picking up in second-largest U.S. shale field
- Heavy slate of U.S. oil refinery overhauls to crimp fuel output
- The future of U.S. offshore oil drilling hangs in the balance
- U.S. drillers add oil and gas rigs for first time in three weeks
- Occidental Presentation Implies Strong Years Coming For Energy Security
Global Market News
- Russian gas will eventually return to Europe
- Hungary’s foreign minister says Brussels has failed on Russia sanctions
- IEA chief expects Russia to lose the energy battle
- Aramco says windfall taxes ‘not helpful,’ could stifle decarbonization
- Congo extends its relationship with the US and Canada via new oil and gas deal
- China bets on Saudi oil and gas
- UK Labour Party Calls for Inverse OPEC Alliance
- Employers added 223,000 jobs in December – unemployment continues to drop!
United States Rig Count
- Up (-4) from last week for a total of 771
- Up 31% 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 November is available now with December’s episode right around the corner! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Grab a drink and join us for our Thirsty Thursday: An Inventory Report to stay up to date on al the weekly oil and gas numbers
- As Always, A New Monday Madness Podcast!
Click below to subscribe to the RARE
PETRO Podcast Network or visit
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise