August 31, 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.
Venezuelan oil to refill U.S. Strategic Petroleum Reserve
Summary: The United States will use Venezuelan crude to replenish the Strategic Petroleum Reserve, which stood at approximately 290 million barrels as of August 21 — near a 44-year low and approaching the operational minimum of 250-300 million barrels. Venezuela exported 1.16 million barrels per day last month, with exports to the United States averaging 786,000 barrels daily in July, the highest level since early 2019. Port capacity constraints, including tanker wait times of up to 30 days and ongoing power outages, may slow the pace of replenishment.- Read more
- Rig counts in Permian Basin, Texas increase for fourth straight week
- Summary: Baker Hughes reported that the Permian Basin added 2 rigs to reach 267 — its highest level since June 2025 — while Texas added 4 rigs to reach 281, the most since March 2025. The U.S. total held at 588 rigs, down 5 on the week but up 50 rigs or 9.3% year-over-year, with New Mexico declining by 3 to 96. Texas posted its largest single-week gain among major producing states, reinforcing sustained basin-level confidence despite broader market volatility.
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- U.S. natgas falls on mild weather outlook, healthy storage
- Summary: U.S. natural gas futures declined as milder-than-expected weather forecasts reduced near-term cooling demand and storage levels remained healthy heading into the fall shoulder season. Lower LNG feedgas flows and robust domestic production have kept supply well-supplied, limiting any meaningful price recovery despite strong international gas prices. The combination of ample storage and softening seasonal demand is expected to keep Henry Hub prices range-bound through early fall.
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- U.S. refiners face historic stress test as global crisis looms
- Summary: U.S. natural gas futures declined as milder-than-expected weather forecasts reduced near-term cooling demand and storage levels remained healthy heading into the fall shoulder season. Lower LNG feedgas flows and robust domestic production have kept supply well-supplied, limiting any meaningful price recovery despite strong international gas prices. The combination of ample storage and softening seasonal demand is expected to keep Henry Hub prices range-bound through early fall.
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- EIA raises U.S. crude oil production forecast for 2026 and 2027
- Summary: The U.S. Energy Information Administration raised its domestic crude oil production forecast for both 2026 and 2027, citing stronger-than-expected output from key producing basins including the Permian. The updated projections signal continued production growth even amid broader market uncertainty, providing a more constructive outlook for mineral owners tracking royalty revenue expectations. The EIA’s revised numbers reflect improved well productivity and sustained operator activity across major U.S. shale plays.
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- Goldman Sachs sees diesel refining margins soaring to $63 a barrel
- Summary: Goldman Sachs revised its refining profit forecast upward, doubling its earlier projection as global diesel markets tightened sharply amid the ongoing fuel shortage. Refiners are positioned to capture margins of approximately $63 per barrel on diesel — significantly above historical norms — as supply disruptions and elevated demand continue to squeeze product inventories. The revised forecast underscores the widening gap between crude oil prices and refined fuel prices that has defined energy markets this summer.
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- BLM sets October oil and gas lease sale for Montana and Dakotas
- Summary: The Bureau of Land Management announced an October federal oil and gas lease sale covering acreage in Montana and the Dakotas, providing operators and investors with access to new federally managed acreage in established producing regions. The sale represents continued federal support for domestic energy development as the U.S. works to expand production capacity amid ongoing global supply constraints. Mineral owners and operators in the region will have the opportunity to participate in competitive bidding for new drilling rights.
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