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CIR Morning Brief — Tuesday, May 19, 2026

CIR Morning Brief — Tuesday, May 19, 2026

Oil prices eased modestly at Tuesday's open as the market absorbed Monday's geopolitical premium. WTI settled back from Monday's $104.38 close to $103.09, and Brent slipped from $112.10 to $110.14, a move that looks more like technical consolidation than any

Russia's Waiver Expires, India Pivots: What Monday's Close Means for Atlantic Basin Supply

Russia's Waiver Expires, India Pivots: What Monday's Close Means for Atlantic Basin Supply

Trump let India's Russian oil waiver expire. WTI pulled back $3.65. Henry Hub hit $3.02. Here's what today's close actually means.

Crude oil storage terminal with large numbered tanks

$38 Billion and Counting: What 2026's M&A Pace Says About Operator Confidence

Sources: SEC EDGAR 8-K filings (DVN, CTRA, OVV, NOG, OXY); NOG Q1 2026 earnings press release (April 28, 2026); Ovintiv Q1 2026 earnings press release (May 11, 2026); OXY Q4 2025 earnings release; EIA Short-Term Energy Outlook The Deal Environment Has Already Reset US upstream M&A

Five Up, $97 Floor: Friday's Rig Count Says Operators Aren't Blinking

Five Up, $97 Floor: Friday's Rig Count Says Operators Aren't Blinking

WTI touched $97.23 intraday Friday before recovering to close near $101.26. A $4-plus swing on the week's last session. The geopolitical backdrop — Iran, Hormuz, Commonwealth's $13B LNG FID that printed this morning — gave traders every reason to volatility. They took it. Then they

The LNG Inflection Week: FIDs, Waha's Floor, and What Production Services Still Misses at $110 WTI

The LNG Inflection Week: FIDs, Waha's Floor, and What Production Services Still Misses at $110 WTI

Commonwealth's $13B FID, Waha going negative, EU storage retreat. CIR synthesizes the week's LNG signals and Friday's production services beat — including why RPC's 37% revenue gain came with near-zero operating margin.

Commonwealth LNG FID: What It Means for Haynesville and Appalachian Gas Producers

Commonwealth LNG FID: What It Means for Haynesville and Appalachian Gas Producers

Commonwealth LNG pulled the trigger on a $13B FID backed by Kimmeridge and Mubadala. Here's what it means for Haynesville and Appalachian gas producers positioning for the next wave of LNG offtake contracts.

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

The Trump-Xi summit produced something oil traders have been waiting weeks for: a direct US-China agreement that the Strait of Hormuz must remain open for all shipping. By Thursday afternoon, Iranian state media confirmed it — around 30 Chinese vessels were cleared for Hormuz transit in coordination with Iran&