RP Weekly Recap | August 30 – September 3
Global oil demand will reach a new high in 2025, barely eclipsing its 2019 record, but natural gas will overtake oil in 2032 and retain the top spot among primary energy sources through 2050, according to the latest Energy Transition Outlook 2021 released by DNV. As natural gas fills the demand gap left as coal demand falls by 62% through 2050, the Energy Transition Outlook still predicts the energy transition is moving too slowly to achieve the goal of slowing global warming sufficiently, unless more dramatic measures are taken. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 219,273,783 (up from 214,962,872 last week)
- Number of Cases (USA): 39,562,893 (up from 38,406,617 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Natural Gas Demand Projected to Surpass Oil by 2032
- Hurricane Ida Shuts In 95% Of U.S. Gulf Coast Oil Output
- Appalachian Basin Reports Record-breaking Natural Gas Production
- Biden Administration to Resume Oil and Gas Drilling Auctions
- U.S. House Democrat Proposes Repeal of Arctic Refuge Oil Lease
- U.S. Loans Exxon Mobil 1.5 Million Barrels of Crude from Strategic Petroleum Reserve
- U.S. Shale Ramps Up Drilling But Maintains Spending Restraint
- FTC to Crack Down on ‘Unlawful’ U.S. Oil Industry Mergers
- Southwestern Energy Completes $2.7 Billion Haynesville Shale Expansion
- Enerplus to Sell ‘Non-strategic’ Williston Basin Asset for $115 Million
- Contango Oil & Gas Closes Acquisition of ConocoPhillips Wyoming Asset
- WTI Oil Jumps Above $70 On Bullish U.S. Demand Data
- Top E&Ps Report Worst Capex, Revenue Performance in 2020, Study Shows
- Labour Day Gasoline Prices To Hit 7-Year High
- U.S. Oil, Gas Rig Count Rises for 13th Consecutive Month
- Alaska’s Oil Industry May Be On Its Last Legs **INTERESTING READ**
Global Market News
- Oil Could Be Primed For Up To 50% Rally, Strategist Says
- The World Officially Stops Using Leaded Gasoline After 99 Years
- OPEC+ Ignores Biden, Keeps Output Plans Unchanged
- OPEC Raises Oil Production To Highest Since April 2020
- Rising Energy Prices Send German Inflation To 13-Year High
- Eni Makes Giant Oil Discovery Offshore Ivory Coast
- Oil-Producing Countries Need Support In Net-Zero Scenario
- UK North Sea Investment Crashes To 50-Year Low
- Hess Completes $150 Million Sale of Interests in Denmark
- Israel Stops Onshore Oil Exploration Permits
- Africa Needs To Invest $130 Billion Per Year To Go Net-Zero By 2050
- The One And Only Way To Avoid A Climate Crisis **INTERESTING READ**
- Jobless Claims Fall Below 350,000, Hitting 340,000 – the steady improvement in the labor market continues
United States Rig Count
- DOWN (-11) from last week for a total of 497
- Up 94.6% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Sam Gibbs revolutionized the way a rod pumped well would be managed dozens of times over. As a brilliant engineer, mathematician, and disciplined man he worked passionately to change the trajectory of rod pump technology for generations. Find out more in episode seven of Hydrocarbon History!
- A New Basin Breakdown for the month of June is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- With Hurricane Ida ripping through the South, you may be curious as to how offshore platforms navigate these situations. While hurricanes are devastating onshore, they are downright destructive when it comes to offshore platforms. These massive structures are built to withstand the elements, but what happens when the power goes out and the wind picks up? Our latest Periodical will break down how companies prepare and execute evacuations in times of emergency, as well as what procedures must be taken to ensure that everyone makes it off safely.
- 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 diving into how offshore infrastructure can provide better aquatic environments than coral reefs.
- 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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