February 9, 2026 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- U.S. oil drillers add rigs even in price uncertainty
- Summary: The total U.S. rig count rose by 5 this week to 551, with oil rigs gaining 1 to reach 412 and gas rigs jumping 5 to 130, according to Baker Hughes data. Despite the increase, the total count remains 35 rigs below year-ago levels. Weekly crude production fell 481,000 bpd to 13.215 million bpd, now 647,000 bpd under the all-time high. Primary Vision’s Frac Spread Count dropped sharply by 15 crews to 148—the lowest point in five years—as oil prices traded around $64.34 for WTI and $68.72 for Brent.
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- Natural gas futures retreat on warmer weather forecasts
- Summary: Natural gas prices ended lower Friday after an early rally fizzled on forecasts of warmer U.S. temperatures trimming heating demand. March futures settled at $3.422, down 2.48%, despite a record 360 Bcf storage withdrawal that flipped inventories to 1.1% below the five-year average. The bearish 10-day outlook predicts above-normal temperatures across the Midwest and South through February 20, while the number of active gas rigs jumped to a 2.5-year high of 130—raising concerns about higher near-term production.
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- U.S. natural gas exporters brace for global glut
- Summary: A surge of LNG supply could create oversupply as soon as 2027, with U.S. capacity expanding to 19 Bcf/d by year-end and Qatar adding major new terminals. Golden Pass in Texas and new production lines at Cheniere’s Corpus Christi are set to come online, while companies approved a record six new LNG projects in 2025. Federal forecasters predict the glut could drive down global prices while pushing U.S. benchmark gas above $4.50 per MMBtu in 2027—a 30% increase over 2025—as exports divert nearly one-fifth of domestic production overseas and data centers add 3–6 Bcf/d of new demand.
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- Cheniere submits application for massive Corpus Christi LNG expansion
- Summary: Cheniere Energy filed an application with FERC to build a 24 million metric tonnes per annum LNG plant at its Corpus Christi facility in Texas—a Stage 4 expansion that would eventually boost total site capacity to 49 MMtpa. The project would add four new processing trains, each producing 6 MMtpa, and require 3.3 billion cubic feet of gas daily. Cheniere currently operates 52 MMtpa with another 8 MMtpa under construction, racing Venture Global to become the first U.S. exporter to surpass 100 MMtpa as the nation exported 111 MMt of LNG in 2025.
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- Williams eyes gas production assets to power AI data centers
- Summary: Williams Companies is exploring buying natural gas production assets in the U.S.—a rare move for a midstream operator—as it positions itself as a one-stop energy partner for hyperscalers and AI data center clients. The Tulsa-based firm has spent the past year building power generation capabilities, including its $2 billion Socrates project in Ohio supplying 440 MW to Meta Platforms. Williams spun off most upstream operations in 2012 but now sees vertical integration as key to competing for AI infrastructure contracts requiring massive, consistent electricity and simplified energy procurement.
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- U.S. federal government approves deepwater Texas oil export terminal
- Summary: The federal government greenlit Sentinel Midstream’s Texas GulfLink project, a deepwater oil terminal on the Texas coast with 1 million barrels per day export capacity. The approval marks a significant boost to U.S. energy infrastructure and is the second major offshore loading facility after the Louisiana Offshore Oil Port. Transport Secretary Sean Duffy said the project proves that slashing red tape creates jobs at home and stability abroad. The move comes as U.S. crude exports have surged from just over 100,000 bpd in 2013 to over 4.4 million bpd as of late 2025.
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- Oil prices locked in $60-$70 range as geopolitics battle oversupply
- Summary: WTI trades around $63.55 and Brent near $68.05 as Iran–U.S. tensions provide a floor while oversupply fears cap gains. Saudi Arabia cut its official selling price for Arab Light to Asian buyers for the fourth consecutive month to near five-year lows, signaling weak demand rather than shortage. Regional spreads remain rational, with Azeri Light around $70.70 and the OPEC basket at $66.65, confirming a balanced but not overheated market. Analysts view the current band as range-bound, recommending buying dips into $60–$61 WTI with targets in the mid-$60s to low-$70s.
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