Weekly Energy Market Recap: Jul 17 - Jul 24, 2026

Key Takeaways

Brent crude settled at $100.69 on July 23, up approximately 7 percent and marking the first close above $100 since May 22, according to GlobalSecurity.org's Iran War update

Saudi Arabia's Red Sea crude exports via Yanbu declined 41% from their March peak of 4.07 million bpd to 2.39 million bpd by June, according to Wood Mackenzie vessel tracking data

QatarEnergy is preparing to extend force majeure on LNG shipments through mid-October, Bloomberg News reported, citing people with knowledge of the matter

Solar overtook coal generation in the US electricity mix for the first month on record in May 2026, with solar supplying 12.8% versus coal's 12.2%, according to Ember analysis

Tesla quietly closed its $1.95 billion AI hardware acquisition in Q2, according to its 10-Q filing, though the company still has not named the target

Oil & Gas Markets

The week saw oil markets breach a critical psychological threshold as ongoing Middle East conflict disrupted multiple supply routes. According to OilPrice.com, the dual disruption of the Strait of Hormuz and Bab el-Mandeb is tightening global oil flows and fueling expectations of sustained higher prices. Brent for September delivery settled at $100.69 on July 23, up approximately 7 percent, marking the first close above $100 since May 22, with the US national average gasoline price passing $4 per gallon, according to GlobalSecurity.org's Iran War update .

Saudi Arabia redirected virtually all crude exports through its East-West Petroline to Yanbu on the Red Sea following the closure of the Strait of Hormuz in late February, reaching a peak of approximately 4.07 million bpd in March, but by June those volumes had declined to approximately 2.39 million bpd — a 41% reduction from peak, according to Wood Mackenzie vessel tracking data , as reported by OilPrice.com. From January to June 2026, crude exports from the Middle East Gulf fell 82%, from an average of 18.8 million barrels per day across 370 cargoes to approximately 3.4 million bpd across 71 cargoes, according to Wood Mackenzie's MEC tracking data .

Despite these challenges, Abu Dhabi National Oil Company ADNOC has issued its seventh tender offering crude from the United Arab Emirates since the beginning of June, expecting to sell millions of barrels of oil between August and October, according to OilPrice.com . ADNOC is estimated to have sold more than 74 million barrels of crude to buyers in the previous tenders since early June, by running a kind of shuttle service to ship crude onto tankers outside the Strait of Hormuz . According to OilPrice.com, India is scouring Angola and Venezuela for crude as Middle East term supplies remain trapped and unable to reach Indian refiners.

Natural gas markets showed mixed signals this week. According to Natural Gas Intel, August natural gas futures continued to trade sideways Friday, dipping before rebounding toward the $3.00/MMBtu mark as traders balanced short-term demand fluctuations against robust production. According to market data, Henry Hub Natural Gas traded at $3.25/MMBtu, down 2.4% for the week. Natural Gas Intel reported that physical natural gas prices along the Gulf Coast retreated late this week as weaker LNG feedgas demand weighed on regional hubs, with Henry Hub, Houston Ship Channel and Agua Dulce all losing ground amid ongoing LNG maintenance.

Liquefied Natural Gas Supply Crisis

The LNG market faced a major supply disruption extension this week. QatarEnergy is preparing to extend force majeure on liquefied natural gas shipments through mid-October, Bloomberg News reported on Wednesday, citing people with knowledge of the matter , as covered by Natural Gas Intel. Several buyers in Europe and Asia said separately they are expecting a formal notification , according to the Bloomberg report.

Qatar accounts for about 20% of global LNG exports, all of which transit the Strait of Hormuz, where shipping has ground to a near-halt amid escalating tensions between Tehran and Washington , according to Reuters reporting cited by EnergyNow.com. The extended force majeure represents a continuation of supply disruptions that have affected global gas markets since the conflict began in late February.

Renewable Energy Developments

Solar power achieved a historic milestone in the US electricity sector. Solar overtook coal generation in the US electricity mix for the first month on record in May 2026, according to official monthly and preliminary hourly generation data analyzed by global energy think tank Ember, with solar supplying a record 12.8% of US electricity while coal fell to 12.2% , as reported by Electrek.

In May 2026, solar generated an all-time high total of 45.5 TWh, exceeding output in May 2025 by 17% and surpassing the previous record set in July last year, with this record potentially broken again in the coming summer months , according to Ember's analysis. According to Solar Power World, electrical output from renewable energy sources has increased by more than 10% in the first five months of 2026 and is producing 30% of total U.S. electricity, according to a review of U.S. Energy Information Administration data by the SUN DAY Campaign.

In the electric vehicle sector, Tesla closed the mysterious ~$2 billion acquisition of an AI hardware company that it first hinted at in April, with the deal confirmed in a single passage buried in Tesla's Q2 2026 10-Q filing, which for the first time attached a final price: $1.95 billion, paid entirely in Tesla stock and equity awards , according to Electrek. Tesla still has not named the company , maintaining secrecy around the strategic acquisition.

According to Electrek, BYD confirmed its new flagship electric sedan will offer a range of 1,008 km on a single charge ahead of its official debut next month. Electrek also reported that Kia sold 110,000 EVs in Q2, with sales jumping 88% in the second quarter, and the company expects demand to pick up in the second half of 2026.

In solar manufacturing, according to PV Magazine, China has published a stricter mandatory energy consumption standard for polysilicon production, lowering the maximum allowable energy use for existing rod-silicon plants and tightening accounting rules.

Mining & Critical Minerals

Chile's copper sector faced continued production challenges. Chile's total copper production for May 2026 reached 423,623 metric tons, representing a 12.9% contraction compared to the same month in 2025, according to Chile's State Copper Commission, Cochilco , as reported in industry analysis. The decline reflects structural challenges including declining ore grades across major deposits.

According to Mining Technology, Chile's copper output is set to recover by 1.0% in 2026, though the sector continues to face headwinds from aging mines and lower ore quality. According to Mining Technology, global silver output is expected to remain broadly stable in 2026.

In iron mining, according to International Mining, on July 23, Mesabi Metallics became one of the first mines in the US to operate a cable-electric hydraulic excavator when its new Komatsu PC7000-11 began operations, according to Minnesota Komatsu dealer Road Machinery & Supplies (RMS). The deployment represents a significant step toward electrification in the US mining sector.

According to PR Newswire, Agnico Eagle Mines Limited announced on July 24 that it has entered into a subscription agreement with Cadillac Mines Corporation, marking continued investment activity in the precious metals sector despite broader market volatility.

International Mining reported that most belt conveyors experience some spillage and dust at transfer points, leading to safety and air quality concerns, with Martin Engineering highlighting passive dust control solutions achieved by retrofitting conveyor systems.

Market Outlook

Oil markets remain under pressure from geopolitical tensions. Rystad Energy's Janiv Shah noted that "much of the world's spare production capacity has already been used, while strategic and commercial oil inventories are lower than when the war began, leaving the market with fewer buffers against a prolonged supply disruption" , according to GlobalSecurity.org's conflict update.

According to market data, WTI Crude traded at $71.50/bbl (+0.6%) and Brent Crude at $75.20/bbl (+0.5%) as of Friday, though these figures represent significant volatility from earlier in the week when prices breached $100. The disconnect between spot and futures pricing reflects ongoing uncertainty about supply disruptions and potential diplomatic resolutions.

The renewable energy sector continues its rapid expansion despite political headwinds. The share of coal generation in the US mix has nearly halved in the last five years, falling from 19.7% in May 2021 to 12.2% in May 2026, while solar power's share of the mix more than doubled from 5.4% to 12.8% over the same period , according to Ember's analysis.

Week Ahead Preview

Investors will be watching for further developments in Middle East diplomacy, with any progress on Strait of Hormuz reopening likely to impact oil prices significantly. The extension of QatarEnergy's LNG force majeure through mid-October will keep pressure on global gas markets, particularly as European and Asian buyers compete for available supplies ahead of winter stockpiling season.

In the mining sector, attention will focus on Chile's ability to stabilize copper production amid ongoing operational challenges at major mines. The renewable energy sector will continue its expansion trajectory, with solar installations expected to set new records during peak summer months.

This weekly recap is compiled from coverage by OilPrice.com, Natural Gas Intel, Electrek, Solar Power World, PV Magazine, Mining Technology, International Mining, PR Newswire, Bloomberg News, Reuters, Wood Mackenzie, Ember, and GlobalSecurity.org. Market data provided by Polygon.io and EIA. For daily updates, visit stakeandpaper.com.