RP Weekly Recap | August 23 – 27
Last week after crude oil prices saw their biggest week of losses in over nine months with the surging Delta variant, this week saw quite the opposite. In fact, crude oil is currently set for the largest weekly gain since October fueled by the highest demand levels since March 2020. As crude oil prices made an abrupt U-turn this week for the better, natural gas joined in on the action as U.S. natural gas futures for September delivery rose 7.4% to a 32-month high. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 214,962,872 (up from 210,325,625 last week)
- Number of Cases (USA): 38,406,617 (up from 37,325,643 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Natural Gas Prices Soar to 32-month High
- Oil Set For Largest Weekly Gain Since October
- U.S. Crude Inventories Fall as Demand Hits Highest Since March 2020
- U.S. to Restart Oil Leasing Program with Offshore Auction this Year
- Associated Gas Production from Major U.S. Shale Plays Dips for First Time Since 2016
- Big Oil Looks To Woo Investors Back With Massive Dividends
- U.S. Imposes Nord Stream 2 Gas Pipeline Sanctions
- U.S. Strategic Oil Reserve Selloff May Suppress Fuel Prices
- Merger Mania Is Over: Oil Deals To See Quietest Year In Decades
- U.S. Shale DUC Count Continues to Plunge
- Andros Capital Closes $150 Million JV with Private Permian Basin Operator
- ConocoPhillips Puts Williston Basin Oil Assets Up For Sale
- Kinder Morgan Completes $310 Million Entry into Renewable Gas Space
- Wind-Turbine Makers Struggle to Profit From Renewable-Energy Boom
- Diversified Energy Continues Haynesville Expansion with $154 Million Deal
Global Market News
- Pemex Platform Fire Takes Production Offline
- Exxon’s Imperial Oil to Produce Plant-based Renewable Fuel
- Papua New Guinea Resumes Talks with Exxon on Gas Field Agreement
- Libya Needs 40% Rise In Oil Production To Start Economic Recovery
- BHP Risks Credit Rating Downgrade on Oil Asset Sale
- Why South America Is Big Oil’s New Favorite Continent
- China Announces Major Shale Oil Discovery
- Shipping Giant Maersk Buys 8 Zero-Carbon Tankers
- India’s Demand For Petrochemicals Set To Surge Tenfold By 2050
- India To Boost LNG Import Capacity By 12%
- Texas Upstream Employment Increases
- Jobless Claims Rise Slightly to 353,000, Second Quarter GDP Revised Upward – the twin readings are consistent with an economy recovering amid a surge in coronavirus cases
United States Rig Count
- UP 5 from last week for a total of 508
- Up 100.0% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of June is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Our latest Periodical investigates the decommissioning process of offshore rigs in the United States and how rig to reef conversion allows us to give old rigs a new purpose while helping our oceans become more productive environments for marine life that thrive on these man-made reefs.
- 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 how offshore infrastructure can provide better aquatic environments than coral reefs.
- Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Reportto 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!
- If you’ve ever read the news you’ve surely seen the controversy surrounding our industrial circulatory system: pipelines. When was the first pipeline built? Are pipelines safe? Is there a better transportation method than pipelines? Find out in episode six of Hydrocarbon History!
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