RP Weekly Recap | November 8 – 12

Summary

This week, Tesla’s market value surpassed that of the entire energy sector it promises to disrupt. The electric vehicle giant headed by Elon Musk surged a staggering 43% in October, which helped propel its market capitalization to $1.2 trillion, higher than the $1.1 trillion market value of the entire S&P 500’s energy sector. Although Tesla currently has less influence on the index than the energy sector, that conceivably could change if the stock continues to climb. Check out this story 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): 252,181,189 (up from 248,922,168 last week)
• Number of Cases (USA): 46,872,659 (up from 46,366,885 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• U.S. Shale Patch Reports Blowout Earnings
• California Gasoline Prices Reach Highest In History
• Democrats Call On Biden To Ban Oil Exports 
• Tesla Surpasses a Whole Index Worth of Energy Industry Leaders
• Biden Could Take Action This Week To Curb High Gasoline Prices
• Biden Administration Will Not Shut Down Line 5 Oil Pipeline
• Colgate Energy Continues Permian Expansion with $190 Million New Mexico Bolt-on
• Crescent Pass Energy Adds 60,000 Net Acres to Growing East Texas Position
• Brazos Midstream Acquires Permian Gas Gathering Systems from Diamondback Energy
• Noble, Maersk Drilling Plan $3.4-Billion Merger
• Occidental Petroleum Stops Hedging Oil In 2022

Global Market News

• U.S. And China Don’t Join Pledge For Fossil Fuel Vehicle Phase-out
• Exxon Boasts It Will Hit Emissions Target Four Years Early
• U.S. And Russia Discuss Oil Market Collaboration In Rare Talk
• OPEC Fell Short On Oil Production Target In October
• European Natural Gas Prices Plunge As Russia Increases Gas Flows
• Saudi Arabia’s Economy Booms As Oil Prices Rise
• COP26 Climate Summit Not Hearing Africa’s Concerns 
• Saudi Arabia Aggressively Hikes Oil Prices As Market Tightens
• Russian Oil And Gas Discoveries Plunge To Five-Year Low
• Saudi Prince Lashes Out At Greenpeace During COP26 
• Chinese Oil Giant CNPC In State Of Emergency After Covid Outbreak

Employment Updates

• Number of People Quitting Their Jobs Hits Record 4.4 MIllion – the number of job openings, meanwhile, remained unchanged from August 

United States Rig Count

• UP 6 from last week for a total of 556
• Up 78.2% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• The White House Office of Domestic Climate Policy has just released its U.S. Methane Emissions Reduction Action Plan, laying out several steps that can be taken to reduce the amount of methane leaked from oil and gas wells and pipelines. Operators, midstream, and utility companies alike will be affected by these rules, so here is what they all must know about the Action Plan.  

• The oil and gas industry is known as a generous one, and its charitable giving should come as no surprise to those who work in it. The charitable donations given by oil and gas companies can take many forms, from scholarship funds to food drives to clothing donations. Many oil and gas companies also go beyond just financial support, as volunteers from the industry often take time out of their schedules to give back as well. In times of crisis, the generosity of the oil and gas industry truly shines through, with numerous organizations setting up funds specifically for those affected by various disasters. Find out more HERE! 

• A New Basin Breakdown for the month of September is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• 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 Holywood 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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