RP Weekly Recap | September 11 – 17
The surge of the Delta variant around the globe is set to partially delay oil demand recovery into the next year when robust economic growth and stronger recovery in fuel consumption will see global oil demand averaging 100.8 million barrels per day, exceeding pre-crisis levels. OPEC further raised its 2022 demand forecast by a shocking 900,000 bpd but plans to remain compliant with its proposed output cuts in order to help stabilize prices. With demand returning and commodity prices soaring, experts question how long these cuts will last. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 227,248,986 (up from 223,426,353 last week)
- Number of Cases (USA): 41,823,641 (up from 40,635,669 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Natural Gas Futures Jump to Seven-year High on Rising Demand Forecast
- U.S. Gasoline Prices Hit 7-Year High
- Oil Jumps To Six-Week High On Brighter Demand Outlook
- U.S. Grants California Request to Boost Natural Gas Power
- Freehold Royalties to Acquire Eagle Ford Position for $180 Million
- Chevron Forms JV to Advance Carbon Capture from Midcon, Gulf Coast Operations
- Colgate Flips Occidental Petroleum Water Asset in Sale to WaterBridge
- California’s Top Oil Producing County Sues Governor Newsom
- Oil and Gas Industry Braces for ‘Punitive’ Methane Fee
- Largest U.S. Fuel Pipeline Shuts as Power Outages from Nicholas Rise
- The U.S. Is Set To Break Another Solar Record Despite Rising Costs
- Chevron Triples Low-carbon Investment, Pledges $10 Billion Through 2028
- Los Angeles County Bans Oil And Gas Drilling
- Major U.S. Shale Producer Pioneer Natural Resources Sets Net-zero Target
- U.S. Shale Production to Rise on Projected Permian Basin Boost
Global Market News
- Oil Prices Climb On Shocking OPEC Report
- OPEC+ Raises Oil Production But Remains Compliant
- Global Oil Supply Set To Overtake Demand
- Gazprom Completes Construction Of Nord Stream 2 Gas Pipeline
- Nord Stream 2 Comes Just As European Gas Prices Reach 13-Year High
- Ithaca Energy to Buy Marubeni’s North Sea Assets for $1 Billion
- Energy Prices in Europe Hit Records After Wind Stops Blowing
- China To Auction First 7.4 Million Barrels Of Oil From SPR
- IEA: Oil Supply Losses From Hurricane Ida Reach 30 Million Barrels
- Can Iran Overcome U.S. Sanctions And Become A Top Oil Producer?
- Spain’s Government Announces Tax Cuts To Battle Record Power Prices
- China Refinery Runs Fell To 15-Month Low In August
- In a sign of the labor market’s recovery from the depths of the pandemic, jobless claims fell to a nearly 18-month low of 310,000. The data implies that slower job growth is being limited by a shortage of workers, not a lack of demand for them.
United States Rig Count
- UP 9 from last week for a total of 512
- Up 100.7% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- 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 first “Side Chat”.
- If you’ve found yourself paying more than usual at the pump lately, you’re not alone. The cost of gasoline in the United States continues to reach all-time highs, and though prices are still lower than they were when gas hit $4 per gallon in 2008, consumers are beginning to wonder if the price will continue to rise or fall, or if it will settle somewhere in between. So what makes gas prices so high? Let’s take a look at some of the factors that can affect prices so drastically in this week’s Periodical.
- 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!
- 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 what a hydrocarbon reservoir really is.
- 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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