RP Weekly Recap | September 27 – October 1
While the UK obsesses about panic-buying at fuel stations, there are fuel crises going on elsewhere around the world, no more so than in China. At least 20 Chinese provinces and regions making up more than 66% of the country’s gross domestic product have announced some form of power cuts, mostly targeted at heavy industrial users. The reasons are two-fold — record high coal prices are causing power generators to trim output despite soaring demand, while some areas have pro-actively halted electricity flows to meet emissions and energy intensity goals. With supply chains already in disarray, the effects will certainly be felt on a global scale. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 233,955,450 (up from 230,821,219 last week)
- Number of Cases (USA): 43,481,064 (up from 42,698,318 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Cabot, Cimarex Emerge as Coterra Energy Following All-stock Merger
- Whiting Petroleum Wraps Up $187 Million Exit from D-J Basin
- Crescent Pass Expands into Eagle Ford Shale with Armor Energy Acquisition
- Biden Administration Begs OPEC+ Again To Bring Down Oil Prices
- Liberty Achieves 24 Hours of Continuous Pumping Time in Permian Basin
- Oil Prices Fall On First Crude Inventory Build In Eight Weeks
- ConocoPhillips Exits Vaca Muerta Shale Partnership in Recent Sale
- American LNG Producers Look To Fill The Gap Amid A Global Gas Crisis
- Permian Operator Diamondback Energy to End Routine Flaring by 2025
- U.S. Frackers Fear Vaccine Mandate Will Worsen Worker Crunch
- PennEast Kills its $1.1 Billion Natural Gas Pipeline Project
- Permian Basin-focused Chisholm Energy Reportedly Considering Sale
Global Market News
- Green Policies Not to Blame for Energy Price Surge: IEA
- Chinese Cities In The Dark After Widespread, “Unexpected” Blackouts
- China Further Restricts Power Use Amid Widening Energy Crisis
- Europe’s Natural Gas Prices Surge 10% To Fresh Record Highs
- OPEC Sees Global Oil Demand Growing Until 2035
- OPEC Boosts Oil Production By 420,000 Bpd To Highest Since April 2020
- Brent Temporarily Breaks The $80 Mark
- Panic Buying Leaves Up to 90% of Fuel Pumps Dry in Major British Cities
- The World’s Biggest Carbon-Removal Plant Just Opened. In A Year, It’ll Negate Just 3 Seconds Worth of Global Emissions.
- BP Expects Oil Demand To Return To Pre-Crisis Level In Autumn 2022
- BP Starts Production at Thunder Horse Expansion Project in Gulf of Mexico
- Major Coal Consumer India Sees Stockpiles Slump To Four-Year Low
- Oil Prices Soar As Beijing Orders Energy Suppliers To Stock Up For Winter
- In a sign of the labor market’s recovery from the depths of the pandemic, jobless claims fell to a nearly 18-month low of 310,000. The data implies that slower job growth is being limited by a shortage of workers, not a lack of demand for them.
United States Rig Count
- UP 7 from last week for a total of 528
- Up 98.6% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Many see hydrogen fuel as the fuel source that could revolutionize the way we use energy in the 21st century. Despite all the hype around hydrogen fuel, there are several questions that remain about this new technology and its future applicability. Click HERE to find out more.
- 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 diving into Brazil’s worst drought in 91 years, which is a problem as 2/3 of its power generation capacity is thanks to its hydropower infrastructure.
- A New Basin Breakdown for the month of August is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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 first “Side Chat”.
- Sam Gibbs revolutionized the way a rod pumped well would be managed dozens of times over. As a brilliant engineer, mathematician, and disciplined man he worked passionately to change the trajectory of rod pump technology for generations. Find out more in episode seven of Hydrocarbon History!
- 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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