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. natural gas prices at Waha turn positive for first time since February as pipeline constraints ease
- Summary: U.S. spot natural gas prices at the Waha Hub turned positive at 42 cents per mmBtu after remaining below zero for a record 90 days in a row. Previously, prices averaged negative $2.19 per mmBtu so far in 2026, dropping below zero a record 99 times this year compared to a positive $1.15 average in 2025. Driven by rising summer gas demand, the Permian region’s gas output is projected to reach 30.1 billion cubic feet per day by November, supplying about a third of all fuel consumed in the U.S.
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Texas upstream employment rises by 4,100 jobs in May, TIPRO says - Summary: Texas’ upstream sector added 4,100 jobs in May, raising total employment to 197,500 positions as oilfield services gained 4,400 jobs and extraction dropped by 300. Industry hiring activity included 10,409 unique job postings, an increase of 6% from April, with Houston leading cities at 2,698 listings. Additionally, oil producers paid $677 million in production taxes, which is 64% above May 2025 levels, while natural gas producers paid $217 million as U.S. net exports hit a record 5.8 MMbpd.
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- Hormuz reopens, but obstacles remain as oil markets seek path to normalcy
- Summary: The Strait of Hormuz handles roughly one-fifth of global oil trade and has reopened following a U.S.-Iran agreement, causing Brent crude to drop nearly 8% for the week to trade near $80/bbl. Kuwait expects its production to exceed 2 MMbpd within days, ADNOC instructed customers to resume loadings, and Iran began exporting millions of barrels of stranded crude oil. However, shipping traffic slowed Friday, and supertankers holding nearly 80 MMbbl of crude inside the Gulf await clearer conditions.
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- Banks slash oil price forecasts after U.S.-Iran breakthrough
- Summary: Following a U.S.-Iran peace deal to reopen Hormuz within 30 days, Morgan Stanley cut its third-quarter Brent price forecast to $90 per barrel from $100. Goldman Sachs lowered its fourth-quarter price forecast to $80 per barrel from $90 and its 2027 average to $75, predicting full tanker recovery by the end of July. Citi reduced its forecasts to $75 for the third quarter, $70 for the fourth quarter, and $65 for 2027, while Brent crude dropped to trade at $82.51 per barrel and WTI was at $80.23.
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U.S. energy firms add rigs for eighth time in nine weeks, says Baker Hughes - Summary: U.S. energy firms increased the total oil and gas rig count by one to 563 in the week ending June 18, representing a 2% rise of nine rigs compared to the same period last year. Baker Hughes reported that gas rigs grew by one to 122, while oil rigs remained steady at 433 and miscellaneous rigs held at eight. Following historical rig count drops of 20% in 2023, 5% in 2024, and 7% in 2025, the EIA projects 2026 U.S. crude output will rise to 13.7 million bpd and gas output will reach 111.0 bcfd.
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IEA sees massive oil surplus in 2027 as Middle East supply returns - Summary: The International Energy Agency reports the global oil market could see a surplus of over 5 million barrels per day in 2027 if Middle East production recovers. This forecast projects global supply growth of 8 million barrels per day, which far outpaces the expected demand growth of 2 million barrels per day. The conflict previously blocked more than 14 million barrels per day, causing oil inventories to drop by 3.8 million barrels per day since late February and by 4.6 million barrels per day in May.
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Technological advances keep driving oilfield production up - Summary: Driven by technological advances, Permian Basin oil production increased by 430 percent from 2015 to 2025, though current shale recovery is just 5-10 percent for oil and 10-20 percent for gas. While total U.S. crude output reached 13.6 million barrels per day in 2025, the U.S. EIA projects production easing to 13.5 million in 2026 and 13.3 million in 2027. Operators are deploying horizontal laterals extending three to four miles to raise unconventional oil recovery factors from 10 to 30 percent.
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