March 23, 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.
- The fallout from oil’s surge is spreading as forecasts for crude keep rising
- Summary: Brent and WTI crude have soared over 40% in a month, with Brent trading at $108.87 and WTI at $99.20 as Middle East conflict disrupts 20% of global seaborne refined products. Delta and American Airlines each anticipate a $400 million increase in first-quarter fuel costs, as jet fuel swap prices nearly doubled to over $4.23 per gallon. While national diesel averages crossed $5 per gallon, analysts from Citi and Saudi officials warn that prolonged disruptions through June could push crude prices as high as $180 to $200 per barrel.
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- The oil prices you see do not tell market’s real story
- Summary: While Brent futures hover around $110, physical oil prices have disconnected from “paper” markets, with the Oman benchmark soaring to $162 and Murban crude topping $145. This gap persists as the U.S. exhausts its “arsenal” to curb futures through emergency stockpile releases and potential sanctions relief, even as 17 million barrels of daily Middle Eastern flows remain disrupted. Consequently, the global economy faces an inflationary shock larger than futures suggest, with jet fuel exceeding $200 a barrel and U.S. diesel prices surpassing $5.
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- U.S drillers add oil rigs for second week in a row as prices soar
- Summary: The U.S. oil rig count rose for the second consecutive week to 414, even as the total rig count fell by one to 552 following a decline in gas and miscellaneous units. While domestic crude production dipped by 10,000 bpd to 13.668 million bpd, Permian Basin activity increased to 243 active rigs amid extreme market volatility. Despite policy interventions and potential SPR releases, Brent holds near $110 and WTI near $97 as the Strait of Hormuz remains only partially operational with long-term infrastructure damage.
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- EIA refines estimates for Permian tight oil and shale gas production
- Summary: The EIA updated its Permian Basin geologic estimates in March 2026, adding the Avalon, Barnett, Dean, and Woodford plays while removing the Delaware and Yeso-Glorieta formations. These adjustments resulted in a net increase of 0.2 million b/d for tight oil and 0.8 Bcf/d for shale gas production in 2025, with total December outputs reaching 6.0 million b/d and 22.2 Bcf/d respectively. While the newly added unconventional plays have doubled oil production since 2022, the Spraberry, Bone Spring, and Wolfcamp formations continue to drive the majority of the region’s record-breaking supply.
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- Natural gas prices in Texas plunge deep into negative territory
- Summary: West Texas Waha spot prices plummeted to a record low of -$9.75 per MMBtu, forcing Permian producers to pay for gas removal while flaring events reached five-year highs. This regional glut contrasts sharply with a global energy crisis where European futures jumped 35% to €70/MWh and Asian spot prices reached $26 per MMBtu due to the Iran war. With Iranian strikes on Qatar’s Ras Laffan sidelining 17% of its LNG exports for up to five years, Asia has begun energy rationing and a shift toward coal to manage the critical supply shortfall.
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- Vision Oil and Gas expands with the acquisition of 320 wells in the Anadarko Basin
- Summary: Vision Oil and Gas acquired 320 gas wells in the Anadarko Basin and 114 oil wells across five Permian counties, marking its 14th acquisition since June 2025. The company expects to stabilize production at 10,000 to 15,000 MCFE daily from the Mid-Continent wells and increase Permian output to 200 BOPD through intervention efforts. Supported by high WTI prices amid the U.S.-Iran conflict, the firm projected $14.2 million in 2026 sales and targeted a 1,000 BOPD production goal and an NYSE uplist by year-end.
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- Texas leads nation in oil, gas jobs
- Summary: Texas led the U.S. in energy employment with 476,777 direct jobs in 2025, accounting for nearly a quarter of the 2,043,859 industry professionals nationwide. The sector supported 36% of the state’s economy through a $385 billion Gross Regional Product and paid a record $27 billion in state taxes and royalties. Despite a slight dip in year-over-year employment, Texas hit record production levels of 2.1 billion barrels of oil and 13.5 trillion cubic feet of gas while offering average annual wages of $133,439.
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