Texas Deep Freeze

RP Weekly Recap | February 15 – 19

Summary

On Monday, all 254 of Texas’s counties were under a winter storm warning at the same time. As wind turbines froze in place, natural gas pipelines froze shut, refineries shut down, and more than 4 million barrels of crude oil production was shut in; the amount of power supplied to the grid fell rapidly just as demand was increasing as consumers and businesses turned up the heat and stayed inside to avoid the weather. Now, millions in Texas are still left without power from an electric grid that had not taken winterization measures as low temperatures continue to rock the Lone Star State that is woefully underprepared for such a rare event. 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): 110,498,364 (up from 107,969,754 last week)
  • Number of Cases (USA): 27,908,859 (up from 27,412,787 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

Global Market News


Employment Updates


United States Rig Count

  • UP 0 from last week for a total of 397
  • Down 49.8% from one year ago
  • Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • A NEW Basin Breakdown for the Month of January, and the first Basin Breakdown of 2021, is available now! Be sure to check out the articles HERE and podcast HERE!

  • Episode Twelve of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Founder and CEO of Ethical Energy, Deb Ryan!

  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering the relationship between crude oil and copper and how market evidence suggests there is energy building for a crude oil price increase to correct towards copper.   

  • This week’s Periodical highlights the fact that since copper can be considered a barometer of global economic health, it is no surprise a correlation to oil and gas demand exists as a healthy, growing economy requires more and more energy. A recent divergence has developed between the two since the start of the pandemic, but market evidence suggests there is energy building for a large commodity price upcycle in which crude will close the gap and correct upward to its industrial cousin, copper.

  • Episode 9 (3-D Printing) from our newest segment, 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!


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