Record Prices, Altered Projections, and Russian Threats

RP Weekly Recap | May 31 – June 4

Summary

In a wild week in oil and gas, crude oil prices hit their highest levels in two years, the International Energy Agency abruptly altered their projections on a return to pre-pandemic oil demand levels, all capped by Russia announcing the fact they are considering ditching dollar-denominated crude oil contracts if faced with more U.S. sanctions. Russian Deputy Prime Minister Alexander Novak noted that ideally they would prefer not to move away from the dollar as it is an international currency used for settlements, but if the Biden Administration continues to impose targeted economic sanctions on Russia, they have no other choice but gradually do that. 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): 172,265,403 (up from 168,952,728 last week)
  • Number of Cases (USA): 33,329,227 (up from 33,194,410 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

Global Market News


Employment Updates


United States Rig Count

  • Down (-1) from last week for a total of 456
  • Up 60.5% from one year ago
  • Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • 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. 

  • Is oil valuable? Depends on who you ask! Some argue it only became valuable when we learned how to use it. Join your host Tavis Kilian for episode five of Hydrocarbon History as he explores the birth of the modern oil and gas industry!

  • Chevron is no newbie to the oil and gas business, but how do their financials stack up to peers in the industry and their own financial history over the last three years? Find out with RARE PETRO’s Energy Market Report Card! Or, check out the review in Video Format!

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncovering the fact that China’s annual emissions in 2019 exceeded those of all developed countries combined. While their per-capita demand is still lower than the average of other OECD countries, China has been trending in the wrong direction in terms of emissions growth and with emissions continuing to grow while the rest of the world commits to reductions, China appears to be focused on its own economic recovery over meeting global climate goals.

  • This week’s Periodical uncovers the fact that China’s annual emissions in 2019 exceeded those of all developed countries combined. While their per-capita demand is still lower than the average of other OECD countries, China has been trending in the wrong direction in terms of emissions growth and with emissions continuing to grow while the rest of the world commits to reductions, China appears to be focused on its own economic recovery over meeting global climate goals. 

  • Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises! 

  • Episode 11 (Tackling the Data Monster Pt. 2) of 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!

Click below to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/news-pulse


The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise
noted.

Categories

Send Us a Message

1224 Washington Ave,
Suite 10
Golden, CO 80401

(720) 772-7371

contactus@rarepetro.com

Rare Petro Logo

Subscribe!

Oil & Gas News Pulse

Newsletter

You have Successfully Subscribed!