Moving In Opposite Directions

Posted: December 11, 2020
Category: News Pulse

RP Weekly Recap | December 7 – 11


Last Friday, Baker Hughes reported that the number of oil rigs in the United States rose by 5 to 246 which is the highest number of rigs since mid-May. While this is welcome news for many E&P companies, the news that U.S. petroleum refining capacity has fallen to its lowest level since May 2016 has the markets in a bit of a pickle; and for good reason. With these two metrics moving in opposite directions, crude and product inventories in the United States have begun to rise at a rapid rate once again. Luckily, global demand hit a two month high after wobbling in November when several European nations imposed fresh lockdowns and experts expect this trend to continue as demand for gasoline and diesel is accelerating once again. Check out these stories 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): 69,874,472 (up from 65,552,911 last week)
  • Number of Cases (USA): 15,667,526 (up from 14,190,671 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

  • Oil Plunges After EIA Reports Huge Crude And Product Inventories Build (Link)  
  • Oil Rig Count Rises To Highest Level Since Mid-May (Link)  
  • U.S. Petroleum Refining Capacity Falls To Its Lowest Level Since May 2016  (Link)  
  • California Was The Largest Net Electricity Importer Of Any State In 2019 (Link)  
  • New York’s $226 Billion Pension Fund Is Dropping Fossil Fuel Stocks (Link)  
  • Texas Oil Regulator Barred From Waiving Environmental Rules (Link)  
  • Exxon Under Pressure From New Activist Fund In Board Seat Proxy Battle (Link)  
  • International Oil Benchmark Brent Weighs Adding U.S. Crude to Mix (Link
  • Colorado Springs Moving Away From Coal, Fossil Fuels For City Energy Needs (Link)  
  • Earth Is Still Sailing Into Climate Chaos, Report Says, but Its Course Could Shift (Link) **INTERESTING READ**
  • The Electric Car Boom Is About To Get Even Hotter (Link) **INTERESTING READ**  

Global Market News

  • World Oil Demand Hits Two-Month High (Link)  
  • Brazil’s Fuel Demand Surpasses 2019 Levels, With More Growth For 2021 (Link)  
  • Dutch Documentary Reports That Nigeria Shell Employees Ordered Vandalization of Pipelines to Profit From Clean-Up Budgets (Link)  
  • EU Reaches Agreement On Emission Cuts (Link, Link)   
  • Aramco To Sell Stakes In Subsidiaries To Raise Cash (Link)  
  • Australia Confident About Achieving 2030 Climate Targets (Link
  • ADNOC Awards Occidental With Abu Dhabi Onshore Block 5 (Link)  
  • Oil Hits $50 On Vaccine Rollout And OPEC+ Agreement  (Link
  • Exxon Makes First Promising Offshore Discovery Off Suriname (Link)  
  • China Must Close Coal Power Plants Without CCS By 2045 To Meet Climate Goal (Link) **SEE THIS WEEK’S PERIODICAL!!**
  • The Worrying Truth About The New OPEC+ Agreement (Link) **INTERESTING READ**
  • Why The World Might Not Have Enough Oil To Meet Demand Through 2050 (Link) **MUST READ**   

Employment Updates

  • Jobless Claims Jump Sharply as Virus Cases Surge – claims for unemployment benefits last week hit their highest level since September (Link)

US Rig Count

  • UP 15 from last week for a total of 338
  • Down 57.6% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • Episode 6 (Blockchain) from our newest segment, the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield, and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms HERE
  • We are reaching deep into the content vault to bring out some interviews that occurred a couple of years ago. Welcome to the Industry Leader Legacy Series where we will kick off with Dr. Charles Kohlhaas. Dr. Kohlhaas has over 60+ of oilfield experience and skills ranging from technical to teaching. Nowadays he spends his time putting his expertise towards consulting. Even though lots has changed in the years since this was recorded, his knowledge and expertise stands. Part 2 focuses on the lasting effects of the oil embargo, the development of oil contracts, and how Dr. Kohlhaas predicted the future of the energy sector would evolve and Part 3 focuses on what policy changes Dr. Kohlhaas sees as beneficial and how the US energy policy interacts with those of other countries. 
  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on the frontrunner in the race against climate change and how it can revolutionize the path towards a carbon-neutral future (Link
  • This week’s Periodical uncovers an opportunity to deliver new, clean energy and industry jobs with the potential to sustain economies well into the future. Since fossil fuels continue to sustain the global energy mix, carbon capture and storage has emerged as a frontrunner in the race against climate change. The road ahead is challenging, but if policies are set to meet standards mitigating climate change, CCS is an additional tool to make significant and necessary contributions towards achieving net-zero emissions around mid-century. Be sure to check out Carbon Capture and The Race Against Climate Change
  • As Always, A New Monday Madness Podcast! (Link)  
  • Our eighth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with the co-founder and CEO at Cemvita Factory, networking extraordinaire Moji Karimi HERE!

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