March 16, 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.
- Waha gas prices turn negative for record 25th straight day
- Summary: Natural gas prices at the Waha Hub in West Texas hit a record 25th consecutive day in negative territory, with cash prices falling as low as minus $7.15/MMBtu, as insufficient pipeline takeaway capacity continues to strand associated gas in the basin. Analysts at EBW Analytics expect negative pricing to persist through much of spring, with near-term production curtailments possible. Relief is anticipated when new pipelines, including the Blackcomb system, come online in the second half of 2026.
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- Goldman Sachs hikes Brent oil forecast to over $100 for March
- Summary: Goldman Sachs raised its Brent Crude forecast to an average above $100 per barrel for March, citing ongoing supply disruptions tied to the Middle East conflict. The bank warned that if Strait of Hormuz disruptions extend from weeks to months, Q4 Brent could average as high as $93 per barrel with near-term spikes above $100. A coordinated IEA emergency release of 400 million barrels and a U.S. waiver on stranded Russian crude have so far failed to meaningfully rein in prices.
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- U.S. drillers add oil and gas rigs for second week in a row
- Summary: The U.S. oil and gas rig count rose by two to 553 for the week ending March 13 — its highest level since November 2025 — marking the first back-to-back weekly gain since early February, according to Baker Hughes. Oil rigs climbed to 412 and gas rigs to 133, with the Haynesville reaching a count not seen since May 2023. Despite the uptick, the total rig count remains roughly 7% below year-ago levels.
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- U.S. natural gas production reached a new record in 2025
- Summary: U.S. marketed natural gas production averaged a record 118.5 Bcf/d in 2025, a gain of 5.3 Bcf/d from the prior year, according to the EIA. The Appalachia, Permian, and Haynesville regions drove 81% of that growth, with Permian output rising 11% to 27.7 Bcf/d as associated gas from oil-directed drilling continued to climb. A 60% rise in Henry Hub spot prices in 2025 to $3.52/MMBtu contributed to production growth across all regions.
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- Annual U.S. crude oil exports decrease for first time since 2021
- Summary: U.S. crude oil exports fell approximately 3% in 2025 to 4.0 million barrels per day — the first annual decrease since 2021 — despite domestic production hitting a record 13.6 million bpd. Exports declined to both Europe and the Asia-Oceania region, with volumes to China dropping sharply, while shipments to Nigeria, India, and Japan increased. A larger drop in imports brought net U.S. crude oil imports down from 2.5 million b/d in 2024 to 2.2 million b/d in 2025.
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- BOEM releases updated assessment of undiscovered U.S. offshore resources
- Summary: The Bureau of Ocean Energy Management released its 2026 National Assessment of Undiscovered Oil and Gas Resources, estimating a mean of 65.80 billion barrels of oil and 218.43 trillion cubic feet of natural gas in technically recoverable resources across the U.S. Outer Continental Shelf — representing roughly 100 or more years of offshore production at current rates. The Gulf of America leads with 26.9 billion barrels of undiscovered oil, followed by Alaska at 24.1 billion barrels. The figures represent a modest decrease of approximately 4% for oil and 5% for gas from the 2021 assessment.
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- BP wins key approval for Kaskida deepwater project in U.S. Gulf
- Summary: BP received federal approval for its Kaskida deepwater project in the Gulf — the company’s first full-scale new field development in the region since the 2010 Deepwater Horizon disaster. The $5 billion project targets a section of seafloor estimated to hold up to 10 billion barrels and is expected to begin initial crude production in 2029. The field had remained undeveloped since its discovery nearly 20 years ago due to extreme pressure and geological complexity that required technological advances to unlock.
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