RP Weekly Recap | November 1 – 5
After years of restricting the growth of fossil fuel infrastructure, California has increasingly looked to natural gas for power generation this year after drought and wildfires left it with few other options to keep the lights on. The state has a goal of producing all of its electricity from clean sources by 2045, but has faced notable challenges to its electrical grid in recent months. With worldwide energy crunches forcing other countries to ramp up the output of coal and other fossil fuels to maintain power, it is not surprising that California is seeking help from an old foe to keep the peace. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 248,922,168 (up from 245,808,361 last week)
- Number of Cases (USA): 46,366,885 (up from 45,840,958 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- California Forced To Embrace Natural Gas
- The U.S. Is Running Out Of Coal
- Diamondback Energy Boosts Dividend after Earnings Top Estimates
- WTI Sinks Below $80 On Rising Crude Inventories
- Chesapeake Completes $2.2 Billion Acquisition of Haynesville Producer Vine Energy
- Bonanza Creek Rebrands as Civitas Following Closing of Back-to-back Acquisitions
- Continental Resources Enters Permian Basin in $3.25 Billion Expansion
- Southwestern Acquires Another Private Haynesville Producer in $1.85 Billion Deal
- Bond Investors Embrace Fossil Fuels During a Sustainability Push
- The U.S. Considers Strategic Petroleum Reserve Release After OPEC+ Snub
Global Market News
- OPEC+ Meeting Ends: Cartel Won’t Produce Extra Crude
- The Trillion Dollar Push To Decarbonize Global Shipping
- Sinopec China Signs Huge Long-Term LNG Deal With U.S. Firm
- Glasgow Expects 25,000 Climate Summit Guests. It Has Just 15,000 Hotel Rooms.
- A Glimmer Of Hope For Libya’s Long-Suffering Oil Industry
- China’s Ambitious Climate Goals Collide With Reality, Hampering Global Efforts
- Russia Says $80 Oil Adequately Reflects Market Situation
- Tariffs to Tackle Climate Change Gain Momentum. The Idea Could Reshape Industries.
- World’s Top Coal Users Will Still Use Coal Despite COP26 Pledge
- Texas Upstream Employment Rises
- Labor Market Bounces Back in October as Employers Add 531,000 Jobs. the number was well above estimates
United States Rig Count
- UP 6 from last week for a total of 550
- Up 83.3% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- In order to take advantage of growing energy demands from Europe and East Asia, the USA will be shipping significant amounts of liquified natural gas (LNG) tankers the latter part of this year. The country’s LNG exports are set to hit an all-time high, beating out previous records set back in 2017 and 2018. Read more HERE!
- The Democratic constructed Build Back Better Act is looking to budget almost $2 trillion to address problems in every sector. The energy policies are aggressive and expensive, so here is everything you need to know about this bill while we do our best to play the Devil’s advocate.
- A New Basin Breakdown for the month of September is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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 Holywood 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!
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