Weekly Energy Market Recap: Jul 24 - Jul 31, 2026

title: "Weekly Energy Market Recap: Jul 24 - Jul 31, 2026" date: "2026-07-31" author: "Stake & Paper Editorial Team" excerpt: "This week in energy: Oil markets swing wildly as Strait of Hormuz tensions persist, Ukraine resumes strikes on Russian refineries, and Canada approves its first major critical minerals project under new federal legislation. Key developments across oil, gas, renewables, and mining sectors." contentType: "weekly-roundup"

Key Takeaways

Brent crude prices swung from $97.04/barrel on July 24 to $92.27/barrel by July 31, according to Fortune , as oil retreated from $100 a barrel despite ongoing Middle East disruptions, with Bloomberg reporting the global benchmark fell roughly 4% on Friday July 24 to settle near $97 a barrel

• According to OilPrice.com, Ukraine struck Lukoil's Volgograd refinery on July 31, resuming attacks on Russian refining capacity after a pause

U.S. natural gas storage increased by 28 Bcf for the week ending July 24, reaching 3,084 Bcf, according to the EIA's weekly report released July 30

Canada Nickel received federal approval for its Crawford Nickel Project on July 31, marking the first mining approval under Canada's amended Impact Assessment Act since 2019, according to the company's announcement

The Strait of Hormuz remained effectively closed to commercial shipping as of July 31, with only 10 ships transiting on July 23 versus approximately 88 per day normally, according to live tracking data

Oil & Gas Markets

Oil markets experienced significant volatility this week as geopolitical tensions in the Middle East continued to dominate price action. According to Bloomberg, Brent crude prices retreated from $100 a barrel as oil was still managing to traverse Middle East trade routes despite recent escalation in hostilities, with the global benchmark falling roughly 4% on Friday to settle near $97 a barrel, its biggest one-day drop since late June . Fortune reported that at 5:35 a.m. Eastern Time on July 24, oil was priced at $97.04 per barrel with Brent serving as the benchmark, a drop of $1.45 compared with the previous morning and around $27.50 higher than the price one year ago .

By week's end, Fortune reported oil was priced at $92.27 per barrel on July 31, down 38 cents from the previous morning and around $19.67 higher than the price one year ago . According to market data, WTI Crude closed the week at $71.50/bbl (+0.6%) while Brent Crude stood at $75.20/bbl (+0.5%).

The Strait of Hormuz crisis continued to weigh on markets despite some improvement in shipping traffic. According to Trading Economics, crude oil fell nearly 1% to below $84 a barrel on Thursday following a 6.6% surge in the previous session, amid signs of improving shipping activity through the Strait of Hormuz, with Kpler reporting 14 commodity vessels transited the Strait of Hormuz in both directions on Wednesday, up from single-digit daily crossings recorded last week . However, live tracking data showed the Strait remained effectively closed to commercial shipping as of July 31, with only 10 ships transiting on July 23 versus approximately 88 per day normally .

According to OilPrice.com, Ukraine struck one of Russia's biggest refineries, Lukoil's Volgograd processing facility, on Friday July 31 as Ukrainian forces resumed attacks on Russian refining capacity. OilPrice.com also reported that Saudi Arabia is pushing for a maritime coalition as oil finds support, with Brent set for an 8% weekly loss but ongoing disruptions in the Strait of Hormuz and Red Sea continuing to support oil prices near $90 a barrel. Additionally, OilPrice.com reported that ADNOC is making one of the most significant changes to Middle Eastern crude pricing in years, announcing that all of its Abu Dhabi crude grades will move to a prominent pricing benchmark.

In production news, the IEA's July Oil Market Report stated that global oil supply rebounded by a sharp 4.1 mb/d to 98.8 mb/d in June as a resumption of flows through the Strait of Hormuz underpinned a partial recovery in Gulf production, though world output was nevertheless some 9.4 mb/d below pre-war levels . Al Jazeera reported that OPEC+ members announced plans to boost oil production as energy markets show tentative signs of recovery, with seven member countries raising output by 188,000 barrels per day from August .

Natural gas markets showed mixed signals this week. According to Natural Gas Intel, New York Mercantile Exchange natural gas futures seesawed into late morning on Friday as traders juxtaposed a lean storage print and forecasts for solid weather demand against elevated levels of total supply. The EIA's weekly storage report for the week ending July 24 showed working gas in storage at 3,084 Bcf, representing a net increase of 28 Bcf from the previous week . According to Investing.com, the 28 Bcf injection came in below the forecast of 37 Bcf . According to market data, Henry Hub Natural Gas closed at $3.25/MMBtu (-2.4%) for the week.

Natural Gas Intel also reported that struggling LNG feedgas demand on the U.S. Gulf Coast has captured headlines in recent weeks, a trend occurring simultaneously in Canada and Mexico, though "extreme-heat domes" are blunting the price impact of this weakness.

Renewable Energy Developments

Renewable energy developments this week were dominated by electric vehicle news and regulatory changes. According to Electrek, the US National Highway Traffic Safety Administration has opened an investigation into roughly 1.2 million Tesla vehicles after receiving 156 complaints of a front suspension component detaching while driving. In more positive EV news, Electrek reported that BYD is bringing its boxy, seven-seat SUV to Europe and the UK, with the Ti 7 now on sale in the UK at a price cheaper than the Land Rover Defender PHEV.

According to Utility Dive, California utilities face credit downgrades without wildfire reforms, with Edison CEO Pedro Pizarro acknowledging the possibility that California lawmakers will not pass wildfire liability reforms this year with four weeks left in the legislative session. This regulatory uncertainty comes as the state continues to push forward with renewable energy deployment.

Solar Power World published articles highlighting growing battery storage demand, with one piece titled "Three reasons your customers want a battery right now" discussing what's driving the storage market and where the next wave of opportunity is emerging. Another Solar Power World article examined "Beyond solar: The European playbook for whole home electrification," noting that EVs are outselling gas cars in Europe for the first time and IKEA is offering dynamic energy solutions.

According to Deloitte's 2026 Renewable Energy Industry Outlook, wind and solar are deemed the most impacted with the expedited phaseout of 45Y and 48E tax credits for projects beginning construction after July 4, 2026, while residential solar loses the 25D credit after 2025 . Industrial Info reported that many renewable energy projects in the U.S. officially began construction in 2025 and 2026 in order to qualify for tax credits, with projects not officially under construction by July this year not qualifying for future tax credits per the One Big Beautiful Bill Act laws passed by Congress in 2025 .

According to OilPrice.com, China's solar capacity is set to overtake coal this quarter, with Chinese authorities stating that as of the end of June, solar power capacity stood at 1,000 GW and is expected to surpass coal-fired generation capacity as early as this quarter.

In the electric scooter market, Electrek reported that HMP's new $3,999 electric scooter is being positioned as an affordable, street-legal commuter option the U.S. market needs, offering something between high-powered electric motorcycles and moped-style e-bikes. Electrek also reported that a mysterious IONIQ 5 test mule was caught in South Korea with an all-new interior setup, including a large 18-inch infotainment screen.

Jackery announced its official Canadian market entry with the HomePower Series for home backup and outdoor adventures, according to GlobeNewswire, launching the HomePower 2000 Plus v2 and HomePower1000 v2 solar generators.

Mining & Critical Minerals

The week's biggest mining development came on July 31 when Canada Nickel received a positive Decision Statement from the Minister of Environment, Climate Change and Nature for its Crawford Nickel Project, marking the first mining approval issued under Canada's amended Impact Assessment Act since 2019 . According to BNN Bloomberg, the federal government confirmed Friday that it has approved plans for the Crawford Nickel Project, a project estimated to add up to $70 billion to Canada's GDP .

BNN Bloomberg reported that Crawford is one of the largest nickel deposits in the world and, once operational, would have a mine ore production capacity of 240,000 tonnes per day and a mill ore input capacity of 120,000 tonnes per day . CBC News reported that the mine will draw in $5 billion in investment and create 5,000 jobs during its construction and another 1,300 jobs for operation . According to BNN Bloomberg, the project would operate for about 41 years and create about 4,000 jobs .

The Northern Miner reported that the decision would make Crawford the first mining project authorized under the federal legislation since it came into force in 2019 . According to Canada Nickel's announcement, the Crawford Nickel Project was referred to the Major Projects Office by the Government of Canada and selected as one of the first projects to advance under Ontario's One Project, One Process framework, with the decision providing a template for how nationally significant resource projects can navigate Canada's impact assessment system .

Other mining developments this week included several project updates reported in the provided articles. According to Mining Technology, Purecore and Skyharbour signed an agreement on the Yurchison uranium project. Mining Technology also reported that Temas and SAGA reported 90.8% titanium recovery using RCL technology, while Riverside received mineral titles at Revel and Red Jacket projects. Additionally, Mining Technology noted that Buscar Company expanded its Treasure Canyon mining claims.

The Bureau of Land Management issued several decisions this week, according to BLM National press releases, including a decision on Horning Seed Orchard Operations for 2027-2031 and a decision on West Eugene Wetlands Vegetation Enhancement Strategy. BLM National also announced it is calling for nominations to help connect more Americans to the outdoors.

Week Ahead Preview

Investors will be watching for continued developments in the Strait of Hormuz situation, which remains the dominant factor in oil price volatility. OPEC+ production adjustments announced this week will begin to take effect in August, potentially adding supply to markets if shipping conditions continue to improve. Natural gas traders will monitor weekly storage reports as the summer cooling season continues, with power sector demand remaining elevated.

In the mining sector, Canada Nickel's Crawford project approval sets an important precedent for critical minerals development under Canada's updated regulatory framework. Market participants will be watching for financing announcements and construction timelines for the project. The renewable energy sector faces a critical deadline, with projects needing to begin construction by early July to qualify for expiring tax credits under current U.S. legislation.

Geopolitical developments, particularly any progress in U.S.-Iran negotiations or further escalation in the Middle East, will continue to drive energy market sentiment. Refinery capacity in both Russia and the Gulf region remains a key constraint on product markets despite improving crude flows.

This weekly recap is compiled from coverage by OilPrice.com, Natural Gas Intel, Oil & Gas 360, Electrek, Utility Dive, Solar Power World, GlobeNewswire, Mining Technology, PR Newswire, BLM National, Bloomberg, Fortune, Trading Economics, Al Jazeera, IEA, Investing.com, BNN Bloomberg, CBC News, The Northern Miner, and The Globe and Mail. Market data sourced from Polygon.io and EIA. For daily updates, visit stakeandpaper.com.