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Saturday, July 25, 2026

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☀️Morning Wire7:00 AM CST

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Energy Market Briefing

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Oil Prices

Oil Prices Drop Sharply Despite Global Supply Disruptions

Crude oil prices fell sharply on Friday, with West Texas Intermediate closing at $89.31 per barrel, a drop of $2.88 (-3.12%), according to live price data. Brent crude fell $3.91 to settle at $96.78. The pullback occurred despite significant ongoing global supply threats that continue to pressure agricultural and fertilizer markets. The decline followed reports of potential diplomatic progress between the U.S. and Iran, which reduced immediate fears of a protracted supply disruption from the Middle East, according to Rigzone. Additionally, the U.S. Energy Information Administration reported a weekly build in commercial crude inventories to 411.7 million barrels, easing some tight supply concerns. However, the underlying geopolitical risks remain severe. According to OilPrice.com, the closure of the Strait of Hormuz earlier this year has effectively blockaded about 3.9 million tonnes of urea exports, constituting roughly 30% of the region's annual fertilizer exports. This "input crisis" is contributing to higher crop...

☀️Morning Wire·Jul 25

Rig Report

North Dakota Rig Count Holds at 24 Amid Extended Stability

The number of active drilling rigs in North Dakota remained at 24 on Saturday, July 25, 2026, according to Bakken Wire's live rig data. There were no new rigs added, no rigs removed, and no rigs that moved location since yesterday's report. This steady figure continues a period of minor contraction in the state's drilling activity. The current rig count of 24 represents a decrease of one rig from one week ago, when 25 rigs were active on July 18, 2026. It is also down one rig from the level seen exactly one month ago on June 25, 2026, which was also 25 active rigs. The stability in the rig count over the past 24 hours, coupled with the slight decline over recent weeks, suggests operators in the Bakken formation and Williston Basin are maintaining a cautious and consistent capital discipline. The rig count is a closely watched leading indicator...

☀️Morning Wire·Jul 25

Daily Activity

DMR Issues 5 New Confidential Permits to Formentera Operations in Burke County

The North Dakota Department of Mineral Resources (DMR) approved five new drilling permits on Friday, all issued to a single operator for locations in Burke County, according to the daily activity report. All five permits are designated for the 'CONFIDENTIAL' field. Permit numbers 43150 through 43154 were granted to Formentera Operations LLC for wells named SAINT-14-35-PGN S610HX, S512H, S614H, S516H, and S618H. The permits are all located within the same drilling unit (SAINT-14-35-PGN) in Burke County, situated in the far northwestern reaches of the Williston Basin. The confidential status of these permits means specific location data and other details are temporarily withheld from public disclosure. This concentrated batch of permits highlights Formentera Operations as the most active filer in yesterday's report and signals continued interest in the Bakken formation's western extension. Activity in Burke County often involves targeting the Three Forks formation beneath the primary Bakken shale. In addition to...

☀️Morning Wire·Jul 25

Global Markets

Black Sea Export Disruptions Tighten Global Oil Market

Russia's largest Black Sea oil export terminal has effectively gone offline, tightening another artery that moves crude onto the global market and supporting prices that directly impact Bakken operators' revenues. The Sheskharis terminal at Novorossiysk hasn’t loaded a crude tanker since July 21, according to Bloomberg data reported by OilPrice.com. This terminal exported an average of about 650,000 barrels per day during the first half of the year. The disruption at Sheskharis comes just days after drone attacks shut down the neighboring Caspian Pipeline Consortium (CPC) terminal. Together, these two terminals form one of the most important oil export hubs on the Black Sea. The CPC terminal normally handles more than 80% of Kazakhstan's crude exports and roughly 2% of global oil supply, according to OilPrice.com. The loss of these barrels is already showing up upstream. Kazakhstan cut oil production this week after CPC suspended tanker loadings, with output at...

☀️Morning Wire·Jul 25

Global Markets

Global Risks, Gold Boom Impact Bakken Outlook as ND Oil Hits Premium

Saudi Arabia's critical Red Sea export route is facing a sustained blockade, creating a new bottleneck for global oil flows that could impact market stability. According to OilPrice.com, Houthi actions have made the Bab El Mandeb strait inaccessible, forcing Saudi cargoes loaded at the Yanbu terminal on the Red Sea to seek lengthy alternate routes. While crude can still move north through the Suez Canal, volumes destined for Asia—the primary market for Saudi oil—must travel around the Cape of Good Hope, creating one of the world's longest energy transport routes. This logistical challenge, stemming from the Iran war and Hormuz crisis, exposes a key vulnerability in global supply chains despite Saudi Arabia's use of its 7-million-barrel-per-day East-West Pipeline as a workaround. Meanwhile, a surge in gold prices to around $4,000 an ounce is transforming economies in Central Asia, a shift with indirect implications for commodity-dependent regions like the Bakken. OilPrice.com...

☀️Morning Wire·Jul 25

Operator News

Global Shifts, Output Forecasts Drive Oil Market Sentiment

Global oilfield services giant SLB sees a broadening of industry investment growth beyond the Middle East, according to Rigzone. The company, which provides drilling and reservoir mapping services, stated that ongoing conflict is encouraging its customers to spread capital across more regions. This potential geographic diversification of drilling activity could influence long-term project planning for international operators with assets in the Bakken. Separately, Australian producer Santos has narrowed its full-year production forecast, Rigzone reported. The company revised its 2026 output guidance down from a range of 101-111 million barrels of oil equivalent to 99-105 MMboe. This adjustment comes despite production ramp-ups at key projects like Barossa and Pikka. While not a Bakken-specific operator, such revisions by international peers can reflect broader operational and market challenges facing the industry. In a positive sign for U.S. producers, overseas buyers are in active pursuit of American crude, according to a separate Rigzone report....

☀️Morning Wire·Jul 25

Pipeline & Infrastructure

Global Deals, Price Risks Highlight Bakken's Market Links

A memorandum of understanding for a major Eastern Mediterranean gas pipeline and new analysis on potential Middle East conflict scenarios highlight the global market forces that can impact Bakken crude prices and operator revenues. The Chevron-led Aphrodite consortium has secured an MOU with Cyprus Hydrocarbons Company and Egyptian Natural Gas Holding Company to enable the piped export of 100 percent of production from the Aphrodite field to Egypt, according to Rigzone. While this deal involves natural gas, not crude, it underscores the ongoing global investment in hydrocarbon transport infrastructure, a critical component for market access. For Bakken producers, efficient pipeline capacity to coastal hubs remains a key factor in realizing the best price for their crude. Separately, analysts at Rystad Energy have mapped four potential U.S.-Iran conflict scenarios to assess their impact on oil prices, Rigzone reported. Geopolitical instability in key oil-producing regions traditionally triggers global price volatility. As a...

☀️Morning Wire·Jul 25

Regulatory

OEUK Reports Constructive Meeting with UK's New Energy Secretary

The UK offshore oil and gas industry's leading trade body reported a high-level meeting with the nation's new energy minister this week. Offshore Energies UK (OEUK) announced that its CEO, David Whitehouse, held a "constructive meeting" with the UK's new Secretary of State for Energy, according to Rigzone. The meeting, reported on July 24, signifies the continued dialogue between the industry and government as a new political administration settles in. While the details of the discussion were not disclosed, such engagements are critical for shaping the regulatory and fiscal environment for energy development. For Bakken operators and service companies, high-level policy meetings in other major producing regions serve as a reminder of the global nature of the energy industry. Regulatory and fiscal decisions in basins like the UK North Sea can influence international investment patterns and service sector activity. North Dakota's industry, while focused on state and federal regulations, operates...

☀️Morning Wire·Jul 25

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Drop Sharply Amid Geopolitical Shifts, Bakken Differential at -$3.42

Crude oil prices fell sharply in midday trading Friday, with Brent crude retreating from the $100 threshold as immediate supply fears eased. West Texas Intermediate (WTI) crude was trading at $89.31 per barrel, down $2.88 or 3.12 percent, according to live price data. Brent crude was at $96.78, down $3.91 or 3.88 percent. The price for Bakken crude at the wellhead was at a discount of $3.42 per barrel versus WTI. The decline follows reports of U.S.-Iran diplomacy and confirmation that oil flows through the Red Sea are continuing, reducing the immediate risk of a major supply disruption, Rigzone reported. This news provided a counterweight to ongoing tensions stemming from the closure of the Strait of Hormuz earlier this year. The prolonged closure of the critical Middle Eastern shipping channel is having severe downstream effects, particularly on global fertilizer and food supplies. According to a report from OilPrice.com, the Strait's...

🔆Midday Wire·Jul 25

Global Markets

Global Inflation Concerns Resurface, Impacting Bakken Outlook

A renewed wave of global inflation anxiety is shaping the economic landscape for Bakken shale operators, according to industry reports. Key factors driving these concerns include spiking energy prices, new U.S. tariffs, and significant spending on artificial intelligence. Rigzone reported that these combined factors are "reawakening investors' inflation fears." For Bakken operators, this environment presents a dual-edged sword. Higher global energy prices can support stronger crude oil prices, which directly benefit the revenue of North Dakota's producers. However, broader inflation increases the cost of operations, including equipment, labor, and services. The mention of "more U.S. tariffs" introduces another layer of uncertainty. While the specific tariffs were not detailed in the report, such trade policies can disrupt global supply chains and impact the demand for U.S. crude exports, a critical outlet for Bakken oil. This could influence price differentials for Bakken crude at the wellhead. The surge in spending on artificial...

🔆Midday Wire·Jul 25

Global Markets

Global Energy Shifts Impact Supply Chains, Gold Surges

The European Commission has advised EU governments to waive penalties for oil and gas companies that breach its methane emissions law for the next three years, according to OilPrice.com. The non-binding decision, announced July 25, comes after pressure from the U.S. and Qatar, as well as industry groups and most EU member states, who feared the strict rules would disrupt fuel supplies when they take effect in January 2027. The Commission justified the move citing "global energy markets tightness caused by the ongoing blockade of the Strait of Hormuz." The Strait has been almost completely closed since February following a U.S.-Israeli-led war on Iran, blocking a corridor that normally carries around 20 percent of global petroleum liquids and gas supply. The EU's methane policy, adopted in 2024, would have allowed fines of up to 20 percent of a company's annual turnover for non-compliance. Meanwhile, a separate shipping bottleneck is emerging...

🔆Midday Wire·Jul 25

Operator News

Bakken Oil Price Anomaly Boosts Tax Revenue, Operators Watch Global Shifts

North Dakota collected an estimated $29 million more in oil tax revenue in May due to a pricing anomaly that hadn't occurred in four decades, according to a report from Yahoo Finance citing Justin Kringstad, director of the North Dakota Pipeline Authority. The report, published July 23, did not specify the exact premium Bakken crude fetched but highlighted a significant, temporary windfall for the state's budget. In global operator news, oilfield services giant SLB sees industry growth broadening beyond the Middle East. According to Rigzone, the company said ongoing conflict is encouraging customers to spread investment across more regions. SLB helps clients drill wells and map underground crude reserves. For Bakken operators, this could signal increased competition for services and equipment if global investment flows into other onshore basins. Separately, Australian operator Santos has narrowed its 2026 production forecast. Rigzone reported the company reduced its full-year output guidance from 101-111...

🔆Midday Wire·Jul 25

Pipeline & Infrastructure

Overseas Demand, Geopolitical Risks Shape Bakken Crude Outlook

U.S. crude, including supplies from the Bakken formation, is drawing heightened interest from overseas refiners in Asia and Europe, according to a report from Rigzone. This sustained international demand is a key factor supporting the market for North Dakota's light sweet crude, which is often exported from the Gulf Coast via pipeline networks. Separately, energy analysts are assessing how escalating tensions could impact global oil markets. Rystad Energy has mapped four potential conflict scenarios between the U.S. and Iran to evaluate their possible effects on oil prices, Rigzone reported. Geopolitical instability in key producing regions typically increases market volatility, which can directly influence the price Bakken operators receive for their barrels. In other industry news, Russian natural gas producer Novatek reported a nine percent year-on-year decline in its adjusted net profit for the first half of 2026, falling to 216.49 billion rubles, according to a separate Rigzone report. While not...

🔆Midday Wire·Jul 25

Regulatory

International Regulatory Deals Proceed as UK Industry Meets New Minister

The Chevron-led Aphrodite consortium has secured a key agreement to export natural gas from the Eastern Mediterranean to Egypt, according to a report from Rigzone. The consortium, along with Cyprus Hydrocarbons and Egyptian Natural Gas, signed a memorandum of understanding to enable the piped export of 100 percent of production from the Aphrodite field off the coast of Cyprus. The deal was finalized on July 24. Separately, the UK's offshore energy industry reported a positive dialogue with the country's new government. Offshore Energies UK (OEUK) announced that its CEO, David Whitehouse, held a "constructive meeting" with the UK's new Secretary of State for Energy on July 24, Rigzone reported. The industry body did not disclose specific policy details discussed. For Bakken operators and royalty owners, these international regulatory developments underscore the complex, global nature of the energy market. Major companies like Chevron, which is also a significant player in the...

🔆Midday Wire·Jul 25

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Drop Sharply

The number of active drilling rigs in North Dakota held steady at 24 this week, according to live Bakken Wire data. The count comes as crude oil prices fell sharply, with West Texas Intermediate dropping 3.12% to $89.31 per barrel. The current rig count represents a long-term baseline for the state's drilling activity, far below the peak of over 200 rigs seen during the previous boom cycles. Historically, the rig count is a leading indicator for future oil production, with changes typically impacting output volumes several months later. A stable count suggests operators are maintaining, but not aggressively expanding, their drilling programs. The price for Bakken crude at the wellhead is approximately $85.89, calculated using the WTI price of $89.31 and the live Bakken differential of -$3.42 versus the benchmark. The international Brent crude benchmark also fell, settling at $96.78. Natural gas prices were reported at $2.89. The simultaneous drop...

🔆Midday Wire·Jul 25

Workforce & Community

Bakken Rig Count Holds at 24 as Oil Prices Retreat Sharply

The active drilling rig count in North Dakota held steady at 24 on Saturday, July 25, 2026, according to live Bakken data, providing a measure of stability for regional employment even as crude oil prices saw a significant sell-off. West Texas Intermediate (WTI) crude fell $2.88 to settle at $89.31 per barrel, a drop of 3.12%. The global benchmark Brent crude declined 3.88% to $96.78. The current rig level, while stable week-to-week, reflects a historically moderated pace of activity for the Bakken formation. Direct oilfield employment, including drilling, completion, and production crews, is closely tied to this rig count. A sustained count in the mid-20s suggests a core level of operational jobs is being maintained, but offers limited prospects for the large-scale hiring booms seen during previous high-price cycles. The sharp midday price drop for crude, with WTI falling below the $90 threshold, introduces renewed uncertainty for local economies in...

🔆Midday Wire·Jul 25

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply as Geopolitical Fears Ease, Inventories Rise

Crude oil prices fell sharply on Friday, with West Texas Intermediate dropping more than 3% to trade below $90 per barrel. The pullback erases recent gains driven by supply concerns, offering a mixed outlook for Bakken producers. As of market close on July 24, WTI Crude settled at $89.31, down $2.88 or 3.12% for the day. The international benchmark Brent Crude fell $3.91 to $96.78, a 3.88% decline, according to live price data. The price for Bakken crude at the wellhead was trading at a discount of $3.42 to WTI. The primary driver of the sell-off was a reduction in immediate geopolitical risk premiums. According to a report from Rigzone, crude declined after reports on US-Iran diplomacy and continued Red Sea oil flows reduced immediate supply concerns. The prospect of eased tensions helped push Brent back from the psychologically significant $100 per barrel threshold. Further pressure came from bearish inventory...

🌅Afternoon Wire·Jul 25

Rig Report

North Dakota Bakken rig count holds at 23, down one rig

The number of active drilling rigs in North Dakota remained at 23 on Saturday, July 25, 2026, according to live rig data monitored by Bakken Wire. The count held steady despite one rig being removed from service. Phoenix Operating LLC was the only operator to report a change, removing its T&S DRILLING 2 rig from location 161-93-1 in Burke County. No new rigs were activated and no rigs moved between locations, resulting in a net day-over-day decrease of one active drilling unit. The current fleet of 23 rigs represents a decline from recent historical activity. The count is down by two rigs compared to one week ago, when 25 rigs were active on July 18. Compared to one month ago, on June 25, the rig count has also fallen by two, from 25. The stability in the overall count suggests that, while some operators are completing wells and releasing rigs,...

🌅Afternoon Wire·Jul 25

Global Markets

Global Inflation Fears Resurface, Impacting Energy Market Sentiment

Renewed global inflation concerns, driven by spiking energy prices and new U.S. tariffs, are shaping the market environment for North Dakota's oil and gas operators, according to a report from Rigzone. The financial news service reported that investor anxiety over inflation is being reawakened by a combination of factors, including higher energy costs, additional U.S. tariff actions, and significant spending on artificial intelligence. These macroeconomic forces directly influence the capital markets and commodity price outlook critical to the Bakken. For Bakken operators, a return of inflation angst presents a mixed financial picture. On one hand, the cited "spiking energy prices" can translate to higher near-term revenues for oil and gas production. However, persistent inflation typically pressures operating costs, including for labor, equipment, and services like hydraulic fracturing. Furthermore, inflation fears can lead to higher interest rates as central banks act to cool the economy. This increases the cost of capital...

🌅Afternoon Wire·Jul 25

Global Markets

Global Roundup: AI Nuclear Plans, CCS Challenges, Plastic-to-Hydrogen Tech

China is advancing a plan to integrate artificial intelligence throughout the nuclear energy lifecycle, a move highlighting the growing role of AI in critical energy infrastructure. According to OilPrice.com, researchers at the Chinese Academy of Sciences unveiled the Accelerator-Driven Advanced Nuclear Energy System (ADANES) this week at the World Artificial Intelligence Conference in Shanghai. The system aims to change the safety logic of conventional reactors, with AI processing operational signals to enable early shutdown during mishaps. Wang Shoujun, president of the Chinese Nuclear Society, stated that AI will play a core role in improving the quality, efficiency, and safety of nuclear energy. However, the "black box" nature of current large language models presents a transparency challenge for stringent nuclear safety requirements. The ADANES architecture is designed to embed AI across five layers, from data infrastructure to system control, throughout a plant's full life cycle. China is also developing a national-scale...

🌅Afternoon Wire·Jul 25

Operator News

EU Eases Methane Rules Amid Supply Fears; ND Oil Sees Rare Price Boost

The European Commission has advised EU governments to waive penalties for oil and gas companies that breach its methane emissions regulations for the next three years, according to a report from OilPrice.com. The move, made under pressure from the U.S. government and others, is a response to global energy market tightness caused by the ongoing blockade of the Strait of Hormuz. The Strait has been nearly closed since February following a U.S.-Israeli-led war on Iran, restricting a corridor that normally carries about 20% of global petroleum liquids and gas supply. The EC stated that "geopolitical developments in the Middle East are re-shaping the global energy system," leading to fears that strict EU methane rules set for January 2027 would disrupt fuel imports. Critics, like Climate Action Network Europe's Esther Bollendorff, argue the "sanction holiday" risks giving a free pass to methane-intensive gas imports, notably from the U.S. Separately, North Dakota...

🌅Afternoon Wire·Jul 25

Pipeline & Infrastructure

Global Energy Shifts Impact Bakken Outlook Amid Price Uncertainty

Global energy developments reported this week highlight factors influencing the oil price environment crucial to Bakken formation producers. While not directly involving Williston Basin projects, shifts in international production and geopolitical risk assessments affect the revenue calculus for North Dakota's tight oil plays. Australian LNG and oil company Santos has narrowed its full-year production guidance, according to Rigzone. The company now forecasts 2026 output of 99-105 million barrels of oil equivalent, down from prior guidance of 101-111 MMboe. This revision comes despite production ramp-ups at its Barossa and Pikka projects. For Bakken operators, any downward revision in global non-OPEC supply can provide marginal support for prices, though the direct impact is limited. Separately, Russian natural gas producer Novatek reported higher revenue for the first half of 2026, Rigzone noted. However, the company's adjusted net profit for January-June fell nine percent year-on-year to 216.49 billion rubles. The mixed financial results from...

🌅Afternoon Wire·Jul 25

Regulatory

Global Gas Deal, UK Policy Meeting Mark Regulatory Landscape

A major Mediterranean gas export deal moved forward this week, while UK industry leaders met with their new energy minister, highlighting the interconnected regulatory developments that can influence global energy markets. The Chevron-led Aphrodite consortium, along with Cyprus Hydrocarbons and Egyptian Natural Gas, signed a memorandum of understanding to enable the piped export of 100 percent of production from the Aphrodite field to Egypt, according to Rigzone. The deal, reported July 24, secures a destination for gas from the offshore Cypriot field. While a specific timeline was not disclosed, such long-term supply agreements can affect global LNG trade flows and benchmark pricing. In the United Kingdom, offshore industry body Offshore Energies UK (OEUK) announced that its CEO, David Whitehouse, held a "constructive meeting" with the UK's new Secretary of State for Energy, Rigzone reported on July 24. The meeting represents early engagement between the industry and a fresh government administration....

🌅Afternoon Wire·Jul 25

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Retreat Sharply

The number of active drilling rigs in North Dakota held steady at 23 this week, according to live Bakken data for July 25, 2026. This historically low rig count coincides with a significant drop in crude oil prices, pointing to a continued conservative approach by operators in the Williston Basin. The benchmark West Texas Intermediate (WTI) crude price fell to $89.31 per barrel, a drop of $2.88 or 3.12% for the day. The international Brent benchmark also declined sharply to $96.78. The price for Bakken crude at the wellhead is effectively $85.89, reflecting a differential of $3.42 below WTI. The current rig level, while stable week-over-week, remains near the lowest counts seen in the post-pandemic era. Historically, the active rig count is a leading indicator of future oil production, as it reflects the level of new drilling and well completion activity. A sustained rig count in the low 20s suggests...

🌅Afternoon Wire·Jul 25