July 13, 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.
EIA: Crude oil inventories in U.S. see rare build- Summary: According to the EIA, U.S. crude oil inventories increased by 3.0 million barrels to 411.4 million barrels for the week ending July 3, placing commercial stockpiles 6% below the five-year average. Meanwhile, gasoline inventories decreased by 1.9 million barrels with daily production at 9.7 million barrels, and distillate stocks fell by 5.0 million barrels to leave them 12% below the five-year average. On Wednesday morning, Brent crude futures rose 4.33% to $77.37 per barrel, while WTI gained 4.22% to settle at $73.41.
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U.S. oil, gas drillers hang back in volatile market - Summary: The total active U.S. drilling rig count rose to 581, up 44 from last year, as oil rigs held at 445, gas rigs remained at 126, and miscellaneous rigs grew to 10. Meanwhile, weekly U.S. crude oil production rose to an average of 13.860 million bpd, up from 13.810 million bpd the prior week, while the frac spread count rose by 5 to 205 crews. Regionally, the Permian Basin rig count dropped by 5 to 256 while Eagle Ford rose by 3 to 47, as Brent oil fell to $75.72 per barrel and WTI dropped to $71.26.
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- Marubeni acquires Barnett shale operator EagleRidge Energy
- Summary: Marubeni Corporation has completed its acquisition of EagleRidge Energy to expand its North American natural gas portfolio. As the third-largest producer in the Barnett Shale, the Dallas-based company operates more than 3,500 wells across around 450,000 gross acres in North Texas and produces around 300 MMcfe/d. This transaction expanded the position through a series of acquisitions completed since September 2024, appointing Tom Ashton and Sam Miller as co-presidents alongside vice chairman Michael Ronca.
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- Permian growth leads U.S. to record oil production
- Summary: U.S. crude oil production reached a record 13.6 million barrels a day in 2025, breaking the 2024 record of 13.2 million barrels a day. Driven by the Permian Basin, which grew 4% to 6.6 million barrels a day, domestic output was roughly 40% higher than Russia’s 9.9 million barrels and Saudi Arabia’s 9.6 million barrels. These 2025 gains occurred despite a 5% drop in active rigs and a decline in WTI prices to $65 a barrel, though the EIA forecasts production will hit 14.2 million barrels a day by 2027.
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U.S. Strategic Petroleum Reserve is 56 percent empty - Summary: U.S. Strategic Petroleum Reserve stocks fell to 319.48 million barrels for the week ending July 3, leaving the authorized 714 million barrel capacity about 44 percent full and 56 percent empty. This volume dropped by 6.2 million barrels, or 1.9 percent, week on week and 83.5 million barrels, or 20.7 percent, year on year. The drawdown is a 172 million barrel domestic contribution to a broader 400 million barrel international release, which will be replaced with 200 million barrels very soon.
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U.S. natural gas futures held back by adequate supply - Summary: U.S. natural gas futures are lower as ample supply and above-average storage keep weather-driven rally attempts at bay, leaving Nymex natural gas off 2.3% at $3.139/mmBtu. Bank of America Global Research raised its Henry Hub price forecast for the second half of the year to $3.80/mmBtu from $3.60/mmBtu while keeping its 2027 price estimate at $4/mmBtu. While production continues to grow, it has been offset by LNG feedgas demand, power sector factors, and Canadian imports since the April lows.
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Texas oil and gas exploration and production jobs rise for third straight month - Summary: Texas upstream oil and natural gas employment grew by 4,100 jobs in May, marking the third consecutive month of gains for the sector. The upstream oil and natural gas industry currently sustains over 850,000 total positions, supporting an additional 232,000 indirect supply chain jobs and 421,000 induced jobs across the economy. From a longer-term perspective, employment has expanded by 40,500 jobs since the pandemic-era low point in September 2020, representing an increase of nearly 26 percent.
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