Steps in the Right Direction

RP Weekly Recap | May 11 – 15

Summary

For the first time since January, crude oil inventories declined indicating the world has begun its journey on the road to a slow and fragile recovery. While this does not mean the global oil and gas industry is out of the weeds just yet, this week’s events show steps in the right direction.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 4,498,579 (up from 3,889,841 last week)
  • Number of Cases (USA): 1,420,692 (up from 1,263,052 last week)
  • Statistics (courtesy of Johns Hopkins)

COVID-19 News

  • 7 Oil Countries Hit Hard By The COVID-19 Crisis (Link)

Financial & Economic Updates

US Oil Market News

  • Visualizing America’s Energy Use, in One Giant Chart (Link) **MUST VIEW**
  • The Oil Crisis Puts The Entire U.S. Economy At Risk (Link)
  • U.S. Oil, Gas Rigs Fall Below 400 For The First Time Since 1940 (Link)
  • U.S. Shale Needs To Slow Down To Survive (Link)
  • Chesapeake Energy’s Stock Drops After ‘Going Concern’ Warning, Less Than Three Months After Warning Was Removed (Link)
  • California Resources’ Stock Plunges to Pace NYSE Losers After Disclosure of ‘Going Concern’ Warning (Link)

Global Market News

  • Party May Be Over: Crude Oil Inventories Decline for First Time Since January (Link)**MUST VIEW** 
  • U.S. To Withdraw Patriot Missiles From Saudi Arabia Over Oil Dispute (Link)
  • Oil Storage Crisis Fading On Global Production Cuts and Recovering Demand (Link)
  • Oil Jumps to Five-Week High Amid an Optimistic Demand Outlook (Link)
  • Has Demand For Oil Already Peaked? (Link)
  • Qatar Positioned to Risk an LNG Battle That Could Mimic Oil’s Plunge (Link)
  • OPEC Further Slashes 2020 World Oil Demand Forecast, But Makes ‘Huge’ Cut in Supply Outlook (Link)
  • Saudi Arabia is planning to increase the value-added tax for goods and services from 5% to 15% starting in July and suspend the cost of living payments to state employees in June (Link)

Employment Updates

  • Oil & Gas Industry Sheds Another 1,000 Jobs in Texas (Link)
  • North American Contractions: Murphy Oil, Marathon Oil, and Halliburton (Link)
  • Nearly 3 Million More Jobless Claims Filed as Coronavirus-Fueled Crisis Escalates – Almost 1 in 4 Americans who had a job in February have filed for government assistance since mid-March (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-35) in the last week 
  • Down 65.65% from one year ago

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RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • On Thursday, our President & CEO, Anthony D. McDaniels, sat down with Kathryn Mills of The Crude Audacity Podcast to discuss the assault on the PetroDollar LIVE on Facebook and YouTube. It was an energetic discussion on today’s Global Oil Market and what it means for the strength of the American Oilfield, American Energy Security, and American Global Influence. Be sure to check our website for updates on the PetroDollar and a Link to the recording! (Link Coming Soon!) 
  • Crude Utilization and Commodity Pricing: The Relationship between Storage at the Cushing Hub and its Influence on WTI Pricing (Link)
  • As discussed last week, Episode 2 of our newest endeavor, The Industry Leader Spotlight Podcast is available now! Be sure to check out our second installment – an interview with founder and current COO of Warhorse Petroleum, John Herring! (Link)
  • As Always, A New Monday Madness Podcast! (Link)

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PETRO Engineering, PLLC via the linked sources unless otherwise
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