Key Takeaways
-
Brent rose to $104.52 USD/Bbl on May 22, 2026, up 1.89% from the previous day
, according to Trading Economics, as
Iran's Supreme Leader ordered the country's enriched uranium reserves to remain inside Iran, complicating ongoing peace negotiations
-
Wind and solar produced 22% of the world's electricity in April 2026, compared to 20% from gas, generating a record 531 terawatt-hours (TWh) of electricity during the month
, according to Ember analysis
The UAE announced its departure from OPEC, effective May 1, 2026
, according to the EIA, reducing the cartel's spare production capacity
Equinox Gold announced plans to acquire Orla Mining for US$5.1 billion in an all-stock deal that will create Canada's second-largest gold producer
, according to CIM Magazine
Sunraycer Renewables closed a $901-million project financing facility to support three Texas-based solar power projects
, according to Energy Digest
Oil & Gas Markets
Oil markets remained highly volatile this week as geopolitical tensions surrounding Iran's blockade of the Strait of Hormuz continued to dominate trading.
Brent rose to $104.52 USD/Bbl on May 22, 2026, up 1.89% from the previous day
, according to Trading Economics.
Iran's Supreme Leader ordered the country's enriched uranium reserves to remain inside Iran, complicating ongoing peace negotiations as dismantling Tehran's nuclear program remains a central US demand, while Iran is reportedly working with Oman on a framework for a permanent toll system that would formalize its control over maritime traffic through the Strait of Hormuz
.
The supply disruption has had dramatic impacts on global oil flows.
Global oil supply declined by a further 1.8 mb/d in April to 95.1 mb/d, taking total losses since February to 12.8 mb/d, with output from Gulf countries affected by the closure of the Strait of Hormuz 14.4 mb/d below pre-war levels
, according to the IEA's May Oil Market Report.
Oil exports from producers outside the Middle East, led by the U.S., have surged by 3.5 million bpd during the Iran war, while China has slashed its oil imports by 3.6 million bpd
, according to CNBC reporting on IEA data.
The EIA provided updated forecasts this week.
The agency expects global oil inventories will fall by an average of 8.5 million b/d in the second quarter of 2026 (2Q26), keeping Brent prices around $106/b in May and June
, according to the EIA's Short-Term Energy Outlook released May 12.
As oil production in the Middle East rises, the EIA expects crude oil prices to fall, dropping to an average of $89/b in 4Q26 and $79/b in 2027
.
OPEC dynamics shifted significantly this week.
The UAE announced its departure from OPEC, effective May 1, 2026
, according to the EIA.
The seven major producers, including Saudi Arabia, will add 188,000 barrels per day to their total production quota for June
, according to Al Jazeera.
Because the UAE held spare crude oil production capacity, OPEC's spare capacity is now expected to average 2.5 million b/d in 2027, compared with the previous forecast of 3.8 million b/d
, according to the EIA.
In natural gas markets,
natural gas rose to 3.02 USD/MMBtu on May 21, 2026, up 0.62% from the previous day
, according to Trading Economics.
Marketed natural gas production in the Lower 48 (L48) averaged 117.2 billion cubic feet per day (Bcf/d) in the first quarter of 2026 (1Q26), a 4% increase compared with the same period in 2025, with L48 production expected to steadily increase throughout the forecast period, averaging 118.9 Bcf/d in 2026 and 124.0 Bcf/d in 2027
, according to the EIA.
Renewable Energy Developments
Renewable energy achieved a historic milestone this week.
Wind and solar produced 22% of the world's electricity in April 2026, compared to 20% from gas, generating a record 531 terawatt-hours (TWh) of electricity during the month, 54 TWh more than gas plants generated globally
, according to analysis from independent energy think tank Ember reported by Electrek.
Five years ago, in April 2021, gas generation was almost identical to today's level at 476 TWh, but back then, wind and solar combined generated just 245 TWh – less than half of what they produced this April
.
Major project financing deals closed this week.
Sunraycer Renewables closed a $901-million project financing facility to support three Texas-based solar power projects
, according to Energy Digest.
CPS Energy and Ashtrom Renewable Energy broke ground on El Patrimonio, a new solar facility in Bexar County, with CPS Energy purchasing about 70% of the electricity generated by the project under a 20-year Power Purchase Agreement
, according to CPS Energy's May 12 announcement.
Capacity additions continue at a rapid pace.
Utility-scale solar, wind, and battery storage will add more than 80 gigawatts (GW) of new generating capacity in the US by February 28, 2027, with renewable energy's share of total US utility-scale generating capacity projected to grow from 33.4% as of March 1, 2026 to 36.6% by February 28, 2027, with solar adding 42,628.6 MW and wind growing by 14,507.4 MW
, according to EIA data reviewed by the SUN DAY Campaign and reported by Electrek.
BloombergNEF released its New Energy Outlook 2026 this week.
Solar will become the world's single largest source of electricity in the next six years, due to a major supply glut, technology advances, and falling prices
, according to the report released May 19.
Solar becomes the world's largest generator overall by 2032, while storage jumps 17-fold to 3.8 terawatts by 2050
, according to BloombergNEF.
Technology developments also made headlines.
China invalidated First Solar's TOPCon-related patent, with the China National Intellectual Property Administration ruling it fully invalid
, according to PV Magazine on May 22, marking a significant win for JinkoSolar.
US summer generating capacity increases by 75 GW since 2025, including about 26 GW in Texas, 13 GW in the Western Electric Coordinating Council region and 11 GW in the Midcontinent Independent System Operator market
, according to FERC data reported by Utility Dive.
Mining & Critical Minerals
The mining sector saw major consolidation activity this week.
Equinox Gold announced plans to acquire Orla Mining for US$5.1 billion in an all-stock deal that will create Canada's second-largest gold producer, valued at US$18.5 billion, with the combined company anchored by the Greenstone, Valentine and Musselwhite mines in Canada, along with three other mine sites in the United States, Mexico and Nicaragua, expected to produce approximately 1.1 million ounces of gold in 2026
, according to CIM Magazine's May 15 recap.
Critical minerals development received significant government support.
Perpetua Resources received a $2.9bn senior secured long-term loan from the Export-Import Bank of the US (EXIM) to develop the Stibnite Gold Project in Idaho
, according to Mining Technology on May 22.
Arafura Rare Earths announced its Board's final investment decision to develop the Nolans Rare Earths Project in the Northern Territory, aimed at establishing Australia's first fully integrated ore-to-oxide rare earths production facility
, according to Mining Technology.
Copper projects attracted major attention.
Rio Tinto is reportedly evaluating whether to increase its stake in Argentina's massive Los Azules copper project, which ranks among the world's largest undeveloped copper deposits, with Rio currently owning a 17.2 percent stake through its Nuton technology venture, and a recent feasibility study estimating the project could produce more than 200,000 metric tons of copper annually during its first five years of operation
, according to Mining Engineering's Weekly Rundown.
Barrick Mining reported strong first quarter results.
Barrick produced 719,000 ounces of gold and 49,000 tonnes of copper in the quarter, generating $5.22 billion in revenue, $2.55 billion in operating cash flow, and $1.21 billion in attributable free cash flow, with net earnings per share of $0.96 and adjusted net earnings per share of $0.98—up 256% and 180%, respectively, from Q1 2025
, according to the company's May announcement.
Market dynamics for critical minerals remain tight.
Global copper demand is expected to grow +2.6% YOY, with increased demand, coupled with supply disruptions and reduced global inventories, expected to keep the copper market tight in 2026
, according to J.P. Morgan Global Research.
J.P. Morgan Global Research forecasts global demand for lithium to grow 16% year-over-year (YOY) in 2026, with 58% of this incremental demand projected to come from electric vehicles (EVs), while 30% will come from ESS
.
Operational disruptions affected some producers.
Cameco paused production activities at its Key Lake mill and reduced activity at the McArthur River uranium mine in northern Saskatchewan due to flooding in the area, with the flooding leading to the collapse of a bridge along the primary supply route to both operations
, according to CTV News reported by CIM Magazine.
Week Ahead Preview
Markets will continue monitoring developments in Iran peace negotiations, with any breakthrough potentially easing the Strait of Hormuz crisis and bringing relief to oil prices. The EIA's next Short-Term Energy Outlook is scheduled for release June 9, which will provide updated forecasts incorporating late-May developments. OPEC+ producers are scheduled to meet June 7 to review market conditions and production quotas. Investors will also be watching for continued renewable energy capacity announcements as the summer construction season accelerates, and for further consolidation activity in the mining sector as companies position themselves for the critical minerals supercycle.
This weekly recap is compiled from coverage by the International Energy Agency, U.S. Energy Information Administration, Trading Economics, CNBC, Bloomberg, Al Jazeera, Ember, Electrek, BloombergNEF, PV Magazine, Utility Dive, Mining Technology, CIM Magazine, Mining Engineering, J.P. Morgan Global Research, and market data from Polygon.io. For daily updates, visit stakeandpaper.com.
