RP Weekly Recap | February 21 – 24

Summary

In the early hours of Thursday morning, Russian President Vladimir Puttin announced he was launching a special military operation in Ukraine, a move that was followed up by reports of explosions around cities, including Kharkiv in eastern Ukraine and the capital Kyiv. As the explosions erupted, markets were sent into a frenzy as stocks tanked and energy prices soared. For the first time since July 2014,  the price of Brent crude oil is reached $104.99 per barrel and WTI crude oil topped $100. 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): 433,358,400 (up from 420,944,864 last week)
• Number of Cases (USA): 78,909,618 (up from 78,333,189 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• U.S. Sanctions Nord Stream 2 As Biden Pledges To “Hold Russia Responsible”
• Oil Prices Retreat As Biden Leaves Energy Out Of Sanctions Package
• How California Resources is Aligning with the State’s Ambitious Climate Goals
• Frackers Push Into Once-Dead Shale Patches as Oil Nears $100 a Barrel
• API Reports First Crude Build In Five Weeks
• Devon Energy Says Inflation, Supply Chain Snags to Drive Up Costs 15%
• Pioneer Natural Resources Profit Rises, Increases Buyback Plans
• Federal Oil Lease Sales Delayed as Interior Department Navigates Court Decisions
• Crescent Energy to Acquire EP Energy Utah Assets for $815 Million
• Brigham Minerals to Acquire Midland Basin Position Operated by Pioneer, Endeavor
• Shale Producer Ovintiv Considering Sale of Utah Land, Sources Say
• NGL Energy, XRI Agree to Delaware Basin Water Collaboration
• Europe’s Energy Crisis Pays Off for U.S. Natural-Gas Sellers, Global Traders

Global Market News

• Oil Prices Soar Past $100 As Russia Invades Ukraine
• Germany Puts Nord Stream 2 Pipeline On Hold Amid Ukraine Crisis, Raising Supply Worry
• European Natural Gas Prices Skyrocket 60% As Russia Threatens To Cut Supply
• Vietnam Grapples With Fuel Shortages
• An Environmental Disaster Is Unfolding In Venezuela

Employment Updates

• Employers Added 467K Jobs in January, Defying Expectations Amid Omicron Surge – the number was well above forecasts, which projected a loss of jobs because of a spike in coronavirus cases

United States Rig Count

• Up 5 from last week for a total of 650
• Up 62% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• Last week we looked at blended ethanol to analyze if it made economic or energetic sense to produce. This week’s prime target is “biogas,” an umbrella term that looks to harness the wasted energy of food production and animal husbandry. Check out our latest Periodical to find out more! 

• Curious about the U.S. Orphan Oil & Gas Wells Nationwide Elimination Program? Check out our coverage of the topic HERE!

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

• Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!

• 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 Hollywood 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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