RP Weekly Recap | February 28 – March 4
The operator of Nord Stream 2 AG, a major gas pipeline connecting Russia with Germany, has laid off all of its staff and wound down its operations, according to a Swiss official. The end of business operations follows less than a week after the German government suspended the operating permit for the pipeline. The $11 billion project is fully complete, but last week, the administration of German Prime Minister Olaf Schultz decided that it will not be activated due to Russian aggression against Ukraine. Shortly after, the United States imposed stringent (though long-delayed) sanctions on Nord Stream 2 AG, giving counterparties until March 2nd to wind down their business relationships. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 443,000,936 (up from 433,358,400last week)
- Number of Cases (USA): 79,232,260 (up from 78,909,618last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- WTI Hits $100 As Sanctions Weigh On Russian Oil Flows
- Brent Holds Above $110 As EIA Confirms Crude Draw
- APA Discloses $805 Million Mineral Sale in Delaware Basin
- PDC Energy Adds Inventory with $1.3 Billion Core Wattenberg Acquisition
- CO Net-Zero Building Codes Clash With Economic Reality
Global Market News
- Nord Stream 2 Gas Pipeline Lays Off All Employees
- Russia’s War Against Ukraine Is Fracturing Its International Energy Partnerships
- Fake ‘Environmentalism’ Fueled the Ukraine War
- Gas Prices In Europe Hit Record High Amid Supply Concerns
- U.S. Refiners Cut Russian Oil Imports
- Coal Prices Reach Highest Since 2008
- Russian Gas Via Yamal Pipeline Halts Flows To Germany
- OPEC+ Is Unlikely To Break From Its Production Plan
- Russia Struggles To Sell Its Oil After Ukraine Invasion
- BP to Exit From Stake in Russia’s Rosneft Following Pressure From U.K.
- Russia Scrambles to Maintain Oil Sales, Lifeblood of Economy
- Russia Fails To Meet OPEC+ Quota Again Despite Rising Oil Production
- Russian Oil & Gas Giants Lose 95% of Their Market Cap On London Exchange
- Ukraine War Could Wipe Out 1 Million Bpd In Local Oil Demand
- Europe’s Gas Prices Soar 60% To Record High As Buyers Shun Russia
- UK LNG Workers Call On Government To Stop Inbound Russian Tankers
- KKR, Pembina Combine Canada Gas Assets In $9 Billion Deal
- Economy Adds a Whopping 678,000 Jobs in February, Blowing Past Expectations – the unemployment rate dipped to 3.8%
United States Rig Count
- Up 0 from last week for a total of 650
- Up 62% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of January is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Last week we looked at blended ethanol to analyze if it made economic or energetic sense to produce. This week’s prime target is “biogas,” an umbrella term that looks to harness the wasted energy of food production and animal husbandry. Check out our latest Periodical to find out more!
- Curious about the U.S. Orphan Oil & Gas Wells Nationwide Elimination Program? Check out our coverage of the topic HERE!
- 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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