June 9, 2025 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.
- Oil prices steady ahead of U.S.-China trade talks
- Summary: Oil prices held steady as investors awaited U.S.-China trade talks in London, with Brent at $66.58 and WTI at $64.64 per barrel. Brent rose 4% and WTI 6.2% last week amid hopes a trade deal could boost global demand. Meanwhile, China’s crude imports fell to a four-month low in May as refiners conducted maintenance and economic data showed slowing export growth and deepening deflation.
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- Natural gas price outlook – Natural gas gaps lower to start the week
- Summary: Natural gas prices opened the week with a gap lower amid weak demand and uncertainty over U.S. exports to Europe. Resistance is noted near $3.85, with a potential breakdown below $3.63 signaling further downside. Seasonal weakness, mild North American weather, and limited demand suggest bearish pressure, with traders eyeing $4.00 as a key supply zone.
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- U.S. gas prices hold steady at $3.12 as annual decline continues
- Summary: Today’s average U.S. gas price is $3.12 per gallon, unchanged from yesterday, $0.02 lower than last week and last month, and $0.33 less than a year ago. California and Hawaii have the highest prices, while Mississippi and Oklahoma offer the lowest. The EIA forecasts Brent crude will average $74 per barrel in 2025, down from $80 in 2024, with average gas prices expected to fall to $3.20 per gallon as global oil demand growth slows.
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- U.S. rig count slumps for sixth straight week, Baker Hughes says
- Summary: The U.S. rig count fell for the sixth straight week, dropping by 4 to 559, the lowest since November 2021, according to Baker Hughes. Oil rigs declined by 9 to 442, while gas rigs rose by 5 to 114, and 3 were classified as miscellaneous. The total count is down 35 rigs, or 6%, from the same time last year, with the Permian Basin, Eagle Ford, and Texas all hitting their lowest levels since November 2021.
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- Oil rises as solid U.S. jobs data pushes algos to drop short bets
- Summary: Oil prices rose nearly 2%, with West Texas Intermediate settling above $64 a barrel, marking the largest weekly gain since November. Stronger-than-expected U.S. jobs data eased economic slowdown fears, prompting algorithmic traders to reduce short positions from 64% to 9% in WTI. Diesel futures hit a two-week high, while U.S. oil rig counts fell to the lowest in four years amid concerns about weakening global demand and rising OPEC+ output.
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- In 2024, the United States produced more energy than ever before
- Summary: In 2024, U.S. energy production hit a record high of over 103 quadrillion British thermal units, up 1% from 2023. Natural gas led with 38% of total production, followed by crude oil at 27%, which reached a record 13.2 million barrels per day, a 2% increase from 2023. Renewable sources also set records, with solar up 25%, wind up 8%, and biofuels hitting 1.4 million barrels per day, up 6% from the previous year.
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- WTI-Brent spread shrinks to 21-month low on U.S. supply concerns
- Summary: The WTI-Brent crude spread narrowed to $2.78 per barrel on June 6, its tightest since September 2023, due to U.S. supply concerns from a falling rig count and Canadian wildfires. U.S. futures rose 4.9% while Brent gained 2.75%, with OPEC+ output increases limiting further price growth. The U.S. rig count fell to 559, the lowest since November 2021, and Canadian crude production dropped 7%, contributing to reduced exports and tighter spreads below the typical $4 arbitrage threshold.
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