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CIR Research Desk

CIR Research Desk

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

CIR Morning Brief — Thursday, April 2

Good morning. Thursday, April 2nd, 2026 — here's what you need to know before the market opens. 💹 Overnight Price Action Crude surged sharply overnight, with WTI (May 2026 front month) jumping $8.72 to $107.63/bbl (+8.82%) and Brent Crude rising $8.62 to $108.84/bbl

Multi-basin oil and gas production operations, U.S. upstream activity scorecard

CIR Basin Scorecard: Q1 2026 Update

Each quarter, CIR publishes a clean basin-by-basin reference update using Baker Hughes rig count data and EIA production figures. This is the Q1 2026 edition. Use it as a snapshot and a baseline for tracking Q2 2026 changes. 🛢️ Permian Basin — 241 Rigs Production context: Texas output at 5,

Upstream oil and gas pumpjack and production infrastructure, U.S. E&P operations

The Midstream Buildout: Infrastructure Catching Up to Production

The 2024-2025 U.S. midstream buildout didn't get the attention it deserved. While the E&P consolidation wave dominated headlines, a quiet but consequential set of infrastructure additions was reshaping the economics of Permian gas, Appalachian takeaway, and LNG feedgas delivery. In 2026, those additions are

Natural gas processing facility and pipeline, LNG export terminal

Natural Gas: The Recovery That Almost Wasn't

Henry Hub hit $7.72/MMBtu in January 2026. By February, it was back at $3.62. That 53% move in 30 days tells you everything you need to know about the 2026 natural gas market: volatile, weather-dependent, and not yet structurally healed. The recovery that U.S. gas

Permian Basin pumpjacks operating at sunset, West Texas oil production

The Permian in Q1 2026: Still Running Hot

Oil and gas production facility representing E&P company quarterly performance

Q4 2025 Earnings: Mid-Cap E&Ps and the Diversification Dividend

U.S. land drilling rig against open sky, upstream oil and gas operations

February Rig Count: Q1 2026 Taking Shape

The Baker Hughes rig count is the most widely cited real-time indicator of upstream activity in the United States, published weekly every Friday. As February 2026 closes, the count provides the clearest signal yet of how operators are executing on the 2026 capital programs they outlined during Q4 earnings.