RP Weekly Recap | April 11 – 15

Summary

Power generation from wind turbines was the second-largest source of electricity in the United States on March 29, behind only natural gas and surpassing both coal and nuclear power generation for the first time on record. The announcement from the U.S. Energy Information Administration added that on that day, wind turbines in the Lower 48 produced 2,017 gigawatt-hours (GWh) of electricity, allowing wind to surpass both coal-fired and nuclear electricity generation for the first time in history. 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): 503,081,868 (up from 498,154,313 last week)
• Number of Cases (USA): 80,579,736 (up from 80,399,474 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Amazon Adds 5% Surcharge For Fuel And Inflation
• U.S. Wind Surpassed Both Coal And Nuclear Power For The First Time Ever
• Wind Energy Company Pleads Guilty After At Least 150Eagles Killed in U.S. 
• Oil Prices Hold Gains Despite Major Crude Inventory Build
• Biden to Allow More Ethanol in Gas This Summer in Bid to Lower Prices
• Permian Could See Production Surge As New Permits Reach All-Time High
• SilverBow Acquires Sundance, SandPoint in $425 Million A&D Double Play

Global Market News

• Russia Pulls The Nuclear Card, Warns Sweden And Finland Not To Join NATO
• Putin’s War Set To Cost Europe Twice As Much As COVID In 2020
• Nigeria Says OPEC Is Out of Spare Capacity
• Exxon Bets Another $10 Billion On Guyana’s Oil Boom
• Oil Prices Rise As Chinese Demand Begins To Rebound
• OPEC Slashes 2022 Oil Demand Growth Forecast By 480,000 Bpd
• Russia’s Oil Production Slips Below 10 Million Bpd
• OPEC Raises Oil Production By Just 57,000 Bpd In March
• Shanghai’s Tesla Factory Could Be Shuttered Until Mid-May
• EU Set To Discuss Joint Gas Buying In Bid To Cut Russian Reliance
• China’s Offshore Oil Giant Exits Western Markets Over Sanction Fears
• Environmentalists Would Ban Urban Car Use and Internal Flights in Europe to End Russian Energy Imports
• Saudi Arabia Leads OPEC Decision to Drop IEA Data as US Ties Fray

Employment Updates

• Jobless Claims Drop to 166,000, Lowest Reading in 50 Years – revisions to the data may have been unusually affected by a change in the way the government treats seasonal variations
• United States Rig Count

United States Rig Count

• Up 4 from last week for a total of 693
• Up 57.8% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy! BONUS POINTS: The Wacky World of Energy, BONUS ADDITION!

• While the whole world has their eyes on Russia, there are a bunch of strange stories in energy revolving around oil trading. RARE PETRO has talked about it before, but the petrodollar is a monetary system that guides the trade of crude worldwide. WTI? Traded in American dollars. Canadian Crude Index? Traded in American dollars. Nigerian Bonny Light? Included in the OPEC basket, and both are priced in (you guessed it) American Dollars. The system is old, but it has worked because the US dollar was a dominant currency on the world market, so people felt comfortable using it. Others, like Gaddafi and Saddam Hussein, pushed to price oil in a different currency (the Euro), and some speculate that this was a major reason for the US’s involvement in the Middle East. So… who is currently challenging the petrodollar status quo? Check out our latest Periodical to find out more! 

• A New Basin Breakdown for the month of February 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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