RP Weekly Recap | February 7 – 11

Summary

Constantly on the rise since the 1970s, Hydropower is the backbone of low-carbon electricity generation and has cemented its spot as the world’s largest source of renewable electricity generation and will play a vital role in decarbonizing the power system and improving system flexibility. With the hydropower market expected to continue its upward trajectory as global capacity exceeds 1,200 gigawatts for the first time and investments climb to $36.3 billion, there appears to be no end in sight for the king of renewables. 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): 407,180,960 (up from 390,541,923 last week)
• Number of Cases (USA): 77,460,167 (up from 76,344,963 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Biden Says Nord Stream 2 Pipeline Won’t Go Forward if Russia Invades Ukraine
• Outlook For Utility-Scale Renewables Sours After Record Year
• Depleted U.S. Distillate Stocks Show Supply Chain Pressure
• The Future Of Flight: Finding A Low Carbon Jet Fuel
• Oil Rises On Low U.S. Inventories, OPEC’s Upbeat Demand Forecast
• Senators Call For Gas Tax Suppression To Blunt Rising Prices
• Targa to Sell Gulf Coast Express Pipeline Stake for $857 Million
• Whiting Expands Position in Williston Basin’s Sanish Field for $237 Million

Global Market News

• Hydropower Cements Its Place As The World’s Most Popular Renewable Energy
• Russia Enjoys $65 Billion Windfall As Oil Rallies
• Political Chaos In Libya Threatens Oil Production, Again
• Colombia’s Oil Industry Is Finally Showing Signs Of Life
• Puerto Rico’s Ambitious Clean Energy Plan
• Italian Cities Turn Off Lights On Landmarks To Protest High Energy Bills
• Iran Oil Exports Jump Over 1 Million Bpd

Employment Updates

• Employers Added 467K Jobs in January, Defying Expectations Amid Omicron Surge – the number was well above forecasts, which projected a loss of jobs because of a spike in coronavirus cases

United States Rig Count

• UP 22 from last week for a total of 635
• Up 59.9% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• A weak point in the Texas energy grid was made painfully obvious in February of 2021 when a series of winter storms swept across the state. The storms left over 5 million people without sustained power and 11 million more dealing with rolling blackouts. Following the events, the Electric Reliability Council of Texas (ERCOT) is overhauling their system to better provide the reliability they strive for. What is in store in the overhaul? Find out in our latest Periodical! 

• Curious about the U.S. Orphan Oil & Gas Wells Nationwide Elimination Program? Check out our coverage of the topic HERE!

• A New Basin Breakdown for the month of December is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!

• 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 uncovering what Hollywood does not understand about a blowout. 

• 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 second edition of “Side Chat”. 

• 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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