RP Weekly Recap | May 4 – 8

Summary

With many experts saying the worst is over for the oil and gas industry, prices began to rally a bit this week. Although several months ago WTI trading at $25/bbl would have seemed like a doomsday prediction, today it is welcomed news.

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 3,889,841 (up from 3,276,373 last week)
• Number of Cases (USA): 1,263,052 (up from 1,070,035 last week)
• Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

• Oil Rallies for Fourth Day as US Crude Build Slows (Link)
• Occidental Petroleum Posts $2.2 Billion Loss In Dismal Earnings Report (Link)
• Oil Majors Are Abandoning This Key Shale Basin (Link)
• Texas Eases Underground Oil Storage Rules, Raising Concerns (Link)
• Some Shale Drillers Are Restarting Production At $25 Oil (Link)

Global Market News

• Morgan Stanley Says The Worst Is Over For Oil (Link)
• A Major Bull Run Is Forming In Oil Markets (Link)
• Will The World’s Largest Oil Company Cut Its Dividend? (Link)
• China’s Oil Imports Soar In April (Link)
• Oil Jumps 10% As Saudis Raise Prices For First Time Since Price War (Link)
• Goldman Sachs: Oil Demand Could Exceed Supply By End-May (Link)

Employment Updates

• Halliburton lays off 1,000 employees at Houston HQ (Link)
• More Than 33 Million Americans Have Filed for Unemployment During Coronavirus Pandemic
• Initial unemployment claims have topped 33 million, as 21% of Americans who had a job in February have since filed for government support (Link)
• The U.S. economy may already have clawed back 5 million jobs of the 20-million-plus positions eliminated during the pandemic (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

• (-34) in the last week 
• Down 62% from one year ago

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RARE PETRO Updates

Content Updates – News Pulse – Podcast

• Energy Valuation Disconnect: Analysis of the Growing Dissociation Between Oil and Gas Equity Values and Commodity Futures (Link)
• 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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