RP Weekly Recap | February 3-10
Summary
Domestically, due to an increase in retirement travel, boomers are driving a higher-than-expected rise in gasoline demand, making the demand more resistant to inflation. Retirement savings are prioritized for travel, and although gasoline demand may have peaked, a sharp decline is not anticipated. In other news, given that half of this year’s demand growth is being driven by a rise in Chinese consumption, OPEC+ may need to reevaluate its output strategy if China’s oil demand picks up. Due to the EU’s ban on Russian diesel and other petroleum products, OPEC+ is unlikely to keep oil prices below $80 per barrel.
Financial & Economic Updates
U.S. Oil Market News
- 2023 mineral and royalty market outlook report
- Is The Fed Finally Winding Down Its Fight Against Inflation?
- EIA Lowers 2023 Natural Gas Price Outlook By 30%
- Road-Tripping Retirees Set To Bolster U.S. Gasoline Demand
- Shell’s board of directors sued over climate strategy
Global Market News
- Sanctions on Russian crude oil have ‘failed completely,’ oil analyst says
- Europe is set to ramp up its oil war against Russia with products ban
- Analysts Predict 42% Decline In Russian Oil Production By 2035
- Will OPEC+ Abandon Its Output Cuts Amid Soaring Chinese Demand?
- EU and G-7 impose price caps on Russian petroleum products
- Azeri BTC crude loadings suspended at a major oil export hub in Turkey after earthquakes
Employment Updates
- Employers added 517,000 jobs in January – unemployment continues to drop!
United States Rig Count
- Up +2 rigs from last week for a total of 761
- Up 19.8% 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 December is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Grab a drink and join us for our Thirsty Thursday: An Inventory Report to stay up to date on all the weekly oil and gas numbers
- As always, a new Monday Madness podcast!
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.