Newsletter No. 130
Good afternoon,
Let's jump right in this week and take a look at what’s happening in the oil and gas industry, along with some updates from King.
This Week's Headlines
- Oil Jumps After Big Drop in U.S. Crude Supplies
- Oil Demand Surges, Supplies Struggle to Keep Up
- South Korea Cuts Petrochemical Production
- BKV Expands Lead in Barnett Shale with $370M Deal
- Don't Miss Out on Upcoming Educational Webinars
- AI, Storytelling, and the Future of Digital Marketing with Anna Covert
Oil and Gas News
Oil Jumps After Big Drop in U.S. Crude Supplies
U.S. oil stockpiles fell by 6 million barrels last week, a bigger drop than expected. That leaves supplies about 6% lower than normal for this time of year. Gasoline supplies also slipped, while diesel stocks ticked up but are still well below average.
The tighter supply pushed prices higher: Brent crude rose to over $67 and WTI climbed to over $63 today.
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Oil Demand Surges, Supplies Struggle to Keep Up
The U.S. isn’t the only driver of this trend. Globally, oil use jumped by more than 1 million barrels a day in June, led largely by higher demand in America. But production only grew by about half that amount, leaving stockpiles well below seasonal norms.
That means the oil market is running tight this summer. However, analysts warn the squeeze may not last. OPEC+ plans to boost output later this year, which could tip the balance back toward oversupply in early 2026.
South Korea Cuts Petrochemical Production
South Korea’s petrochemical industry is being forced to cut back production by up to 25% because there’s too much supply and not enough profit in the global market. Companies there will shut down a big share of their plants that turn oil into plastics and other products.
For U.S. oil and gas operators, this could be a positive. With less competition from Asia, American producers may find better pricing power, stronger demand for their products, and new opportunities to supply global markets.
Moves to Watch
BKV Expands Lead in Barnett Shale with $370M Deal
Double Eagle V, a major oil developer in the Permian Basin, is leasing more land in West Texas to drill into a deeper layer of rock called the Barnett formation. The area is attracting attention after Continental Resources struck nearly 2 million barrels of oil from just six wells drilled under the Odessa airport.
Other big names like Occidental, Diamondback, and ConocoPhillips are also moving in, pushing land prices up two to three times higher than just a few years ago. With strong early results and heavy interest from top operators, the Barnett could become one of the next big growth spots for U.S. oil production.
Happening at King
This week, my co-host Jordan Soto and I sat down with Anna Covert, digital marketing strategist, speaker, and Forbes Books author of The Covert Code. We talked about the inspiration behind her book, how AI is transforming SEO and branding in 2025 and beyond, the biggest mistakes companies make online, and why storytelling gives brands a competitive edge, even in industries like oil, gas, and energy.
We also shared what books we are reading, what we are listening to, the shows we are watching, and more. To catch all of those recommendations, along with Anna’s insights, watch the full episode below.
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All the best,
Jay
