Market Take Over

RP Weekly Recap | May 25-29

Summary

Early signs of growing demand for crude oil have prompted market optimism that has led to increased WTI buying, setting the stage for the benchmark’s best-ever monthly performance regardless of domestic storage hitting their highest levels in history. With oil surging, there seems to be renewed optimism in the energy industry.


BREAKING NEWS – Are the Market Machines More Knowledgeable Than Humans?

On Thursday, the EIA released a report showing domestic storage of crude oil hit their highest levels in history (excluding the SPR) after two weeks of drawdowns and yet the price of crude remained strong. In the previous month as inventories were building and humans were panicking, prices crashed! Are the market machines more knowledgeable about the future of the industry than humans? Probably not, but they do seem more sensible in times of COVID, er, chaos. 


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 5,867,727 (up from 5,154,152 last week)
  • Number of Cases (USA): 1,725,656 (up from 1,583,561 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Chevron Cutting Jobs; Exxon Has ‘No Layoff Plans’ (Link)  
  • U.S. Renewable Energy Consumption Beats Coal For First Time In 130 Years (Link)
  • U.S. Shale Production Won’t Bounce Back Until 2021 (Link)
  • Trump Wants To Mediate In Escalating Conflict Between Asian Superpowers (Link)
  •  U.S. Shale Is Living Beyond Its Means (Link)  

Global Market News

  • IEA chief says low oil prices will take demand beyond pre-crisis highs (Link) **MUST READ** 
  • Deja Vu: OPEC’s Recurring Oil Production Dilemma (Link)
  • Oil Slides On Russia’s Plan To Raise Production, 24 Hours After Plans To Cut (Link, Link)
  • Will There Be Another Oil Price War? (Link
  • Oil Markets Could Soon Face A Devastating Supply Crunch (Link
  • Oil Plunges After API Reports Large Unexpected Crude Inventory Build (Link)
  • How Big Oil is Trying to Win Back Investors (Link

Employment Updates

  • Renewable Energy Firms Scooping Up Cast-Off Oil and Gas Workers (Link)
  • Chevron Cutting Jobs; Exxon Has ‘No Layoff Plans’ (Link)  
  • Texas oil and gas industry cut record 26,300 jobs in April (Link)
  •  2.1 Million Workers File Jobless Claims, Pushing Total to 41 Million – More than a quarter of workers have filed for unemployment benefits since mid-March (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-17) in the last week 
  • Down 69% from one year ago

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RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Our third installment of The Industry Leader Spotlight Podcast will be available on June 2nd! Be sure to come back and check out our interview with industry leader, philanthropist, and retired oil and gas executive; Timothy Marquez!
  • The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market (Link)
  • New Basin Breakdown for April 2020 Podcast and Articles
  • As Always, A New Monday Madness Podcast! This time with a twist, Memorial Madness! (Link)
  • As we have mentioned, our President & CEO, Anthony D. McDaniels, sat down with Kathryn Mills of The Crude Audacity Podcast to discuss the assault on the PetroDollar LIVE on Facebook and YouTube. It was an energetic discussion on today’s Global Oil Market and what it means for the strength of the American Oilfield, American Energy Security, and American Global Influence. Be sure to check our article for further analysis on the topic as well as links to recordings of the interview! (Link)

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