Saturday, July 4, 2026

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Oil Prices

Oil Prices Edge Higher Amid OPEC Supply Rebound, Bakken Diff Holds at -$3.42

Front-month WTI crude oil futures rose 9 cents to settle at $68.78 per barrel on Friday, a marginal gain of 0.13%. The global benchmark Brent crude climbed 33 cents to $72.13. Bakken crude at the Clearbrook, Minnesota, hub traded at a discount of $3.42 per barrel versus WTI, according to live price data. The slight price increase comes as the market digests a significant but incomplete rebound in OPEC production. According to a Reuters survey cited by OilPrice.com, OPEC's 11 members produced 19.43 million barrels per day in June, a sharp increase of 3.3 million bpd from May's multi-decade lows. The rebound was led by Kuwait and Iran, the latter benefiting from a lifted U.S. naval blockade. Despite the jump, analysts note the recovery is not a return to normal. OilPrice.com reported that production remains below OPEC+ quotas, and tanker traffic through the critical Strait of Hormuz remains depressed due...

☀️Morning Wire·Jul 4

Rig Report

Bakken Rig Count Holds at 25, Extends Recent Downward Trend

The number of rigs actively drilling for oil and gas in North Dakota held steady at 25 on Saturday, July 4, according to live rig data monitored by Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location compared to the previous day. The current count continues a modest, multi-week decline in Bakken drilling activity. The rig count is down by one compared to one week ago, when 26 rigs were active on June 27. Furthermore, activity has fallen by two rigs over the past month, slipping from 27 rigs active on June 4. The stability in the daily count comes on a major U.S. holiday, when field operations often see minimal change. The broader trend, however, reflects a gradual easing from levels seen earlier in the summer. The rig count is a key leading indicator for future oil production in the Bakken...

☀️Morning Wire·Jul 4

Daily Activity

No New Permits, Spuds Filed in Friday's DMR Daily Report

The North Dakota Department of Mineral Resources (DMR) daily activity report for Friday, July 3, contained no new filings, according to the agency's data release. The daily report typically lists new drilling permits approved, well completions reported, spud notices (when drilling begins), and applications to plug and abandon wells. The absence of new filings indicates no operators submitted these official notifications to the state on Thursday or early Friday. No-activity days are normal in the reporting cycle, especially preceding weekends and holidays like the Independence Day weekend. The DMR's daily report provides a near-real-time snapshot of administrative and physical activity for Bakken Shale and statewide operators. The next report, expected early next week, will show if activity resumed following the holiday period.

☀️Morning Wire·Jul 4

Operator News

ExxonMobil Shifts Focus with New Operator Roles Overseas

ExxonMobil has transferred operatorship of significant Australian gas assets to its joint venture partner, Woodside Energy, according to a report from Rigzone. The change affects the Gippsland Basin Joint Venture, which supplies approximately 40 percent of gas needs on Australia's east coast, and the Kipper Unit JV. Both companies continue to hold their existing ownership stakes, with Woodside assuming the day-to-day operational control. Separately, ExxonMobil and QatarEnergy have affirmed the commerciality of two natural gas discoveries offshore Cyprus, Rigzone reported. The companies signed a commercial discovery declaration with the Cypriot government for the finds in Block 10 of the Mediterranean Sea, a key step toward potential development. For Bakken formation operators and stakeholders, these international developments underscore the global nature of major oil companies like ExxonMobil, which remains a significant player in the Williston Basin. Strategic decisions to redeploy operational focus and capital to large-scale international projects can influence investment...

☀️Morning Wire·Jul 4

Pipeline & Infrastructure

Alberta Seeks National Interest Status for West Coast Oil Pipeline

The government of Alberta has applied to formally designate the proposed West Coast Oil Pipeline project as a project of national interest, according to a report from Rigzone. The application, made on July 3, 2026, seeks to advance the development of a new gateway for Alberta's oil sands crude to reach ports in British Columbia for eventual export to Asia. For operators in North Dakota's Bakken formation, the advancement of a major new Canadian export pipeline carries significant long-term market implications. The Bakken currently relies on a network of pipelines, rail, and trucks to move crude to market, with a portion of its production also moving north into Canada. The creation of a new high-volume export route from Alberta could alter crude flow patterns and competition for space on continental pipeline systems. If built, the West Coast Oil Pipeline would provide Canadian producers with enhanced access to international markets, potentially...

☀️Morning Wire·Jul 4

Regulatory

Texas Regulator Directs DOGE to Boost RRC Efficiency

The Chairman of the Texas Railroad Commission (RRC) has directed the state's Division of Oil, Gas, and Geothermal Resources (DOGE) to implement measures aimed at improving the agency's efficiency, according to a report from Rigzone. The directive was issued by RRC Commissioner Wayne Christian, who stated, "Our goal is simple," though the specific efficiency targets or methods were not detailed in the available summary. While this regulatory development is specific to Texas, it is being closely monitored by industry stakeholders in North Dakota's Bakken formation. Regulatory efficiency—encompassing permit approval times, compliance reporting, and enforcement consistency—is a critical factor for operators' operational timelines and capital planning. Streamlined processes in major producing states like Texas can often set a precedent or create competitive pressure for other regulatory bodies, including the North Dakota Department of Environmental Quality and the North Dakota Industrial Commission's Oil and Gas Division. For Bakken operators, any movement toward...

☀️Morning Wire·Jul 4

Global Markets

Russia's Fuel Crisis, Global Tensions Highlight Bakken's Market Stability

Russia, one of the world's largest oil producers, is preparing to import jet fuel, according to a report from OilPrice.com. The country is set to receive at least 200,000 barrels of jet fuel originating in Japan, a stark reversal for a nation that was recently an exporter of aviation fuel. This move underscores the severe disruption to Russia's refining system from ongoing Ukrainian drone strikes. The crisis has forced Russia to ban most jet fuel exports through November to preserve domestic supplies. Production has been squeezed, with Russian jet fuel exports falling to about 13,000 barrels per day this year, down from roughly 30,000 bpd in 2025, according to Kpler data cited in the report. The shortages are spreading, with Uzbekistan Airways reducing flights to Russia and Kazakhstan exploring fuel imports from China. For Bakken operators and North Dakota royalty owners, the situation highlights the volatility of global fuel supply...

☀️Morning Wire·Jul 4

Global Markets

Global Supply, Metal Tariffs, Colombia's Decline Shape Bakken Outlook

The pace of recovery in the Strait of Hormuz has become a key variable for global oil balances, with major forecasters disagreeing sharply on its near-term impact, according to a report from OilPrice.com. In their June updates, the International Energy Agency (IEA) and BloombergNEF narrowed their predicted 2026 global supply deficit to 900,000 barrels per day and 500,000 b/d, respectively—a significant reduction from forecasts of a 2 million b/d shortfall a month earlier. In contrast, the U.S. Energy Information Administration stated it does not expect a recovery to pre-war traffic levels before early 2027 and projects global oil inventories will fall by an average of 7.6 million b/d in the third quarter of 2026. The confusion is reflected in price forecasts. The monthly Reuters poll for the 2026 Brent crude average fell to $84.5 per barrel in June, down $6 per barrel from May, suggesting analysts are reacting to events...

☀️Morning Wire·Jul 4

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Crude Prices Edge Higher Amid Mixed Supply Signals

Front-month WTI crude oil futures traded at $68.78 per barrel at midday on Saturday, July 4, marking a slight gain of $0.09 (0.13%). The global benchmark, Brent crude, rose to $72.13, up $0.33 (0.46%). Natural gas prices also increased, adding $0.05 to reach $3.25. Bakken crude at the wellhead was priced at a discount of $3.42 versus WTI, according to live market data. The modest price increases occur against a backdrop of significant, yet incomplete, supply recovery from OPEC. According to a Reuters survey reported by OilPrice.com, OPEC production rebounded sharply in June to 19.43 million barrels per day, a jump of 3.3 million bpd from May's multi-decade lows. The gains were led by Kuwait and Iran, the latter benefiting from a lifted U.S. naval blockade under a recent 60-day agreement. Despite the headline increase, the report cautions that Gulf supply is "still far from normal." Production remains below OPEC+...

🔆Midday Wire·Jul 4

Operator News

ExxonMobil Advances International Gas Projects with QatarEnergy, Woodside

ExxonMobil Corp. is advancing two significant international natural gas projects, according to separate reports from Rigzone. While not directly involving North Dakota assets, the moves highlight the supermajor's ongoing global strategy in gas and LNG, a sector that competes for capital and strategic focus alongside its substantial Bakken Shale position. On July 3, Rigzone reported that ExxonMobil and QatarEnergy formally affirmed the commerciality of two discoveries in Block 10 offshore Cyprus. The companies signed a 'commercial discovery declaration' with the Cypriot government, a key step toward potential development in the Mediterranean Sea. In a separate transaction also reported July 3, Woodside Energy assumed operatorship of Australian gas assets from ExxonMobil. The assets include the Gippsland Basin Joint Venture, which supplies about 40 percent of gas needs on Australia's east coast, and a stake in the Kipper Unit Joint Venture. According to Rigzone, ownership stakes in the ventures remain unchanged, with...

🔆Midday Wire·Jul 4

Pipeline & Infrastructure

Alberta Seeks National Interest Status for West Coast Oil Pipeline

The government of Alberta has applied to formally designate its proposed West Coast Oil Pipeline as a project of national interest, according to a report from Rigzone. The application, reported on July 3, 2026, is a procedural step for the new pipeline intended to carry Alberta oil sands crude to the coast of British Columbia for potential export to Asian markets. For operators in North Dakota's Bakken formation, the advancement of a major Canadian export pipeline carries significant long-term market implications. Increased Canadian crude access to global markets, particularly in Asia, could influence the competitive landscape for U.S. light sweet crude, which includes Bakken production. Historically, constraints on Canadian export capacity have kept more crude within the North American market, affecting price differentials and transportation economics. The development of new export capacity from Canada's west coast could alter flow patterns and demand for pipeline space within the continent's interconnected network....

🔆Midday Wire·Jul 4

Regulatory

Texas Oil Regulator Directs DOGE to Enhance RRC Efficiency

The chairman of the Texas Railroad Commission has directed a state division to improve the agency's operational efficiency, according to a report from Rigzone. Commissioner Wayne Christian, who leads the state's oil and gas regulator, issued the directive to the Division of Oil, Gas, and Geothermal Resources (DOGE). Rigzone reported that Christian emphasized a straightforward objective, quoting the commissioner as saying, "Our goal is simple." The July 3 report did not specify further details of the directive but framed it as an effort to enhance the efficiency of the RRC's operations. For Bakken operators, actions by major regulatory bodies like the Texas RRC often set a tone for the broader industry. As one of the nation's most significant oil-producing states, Texas frequently influences regulatory discussions and practices across other basins, including North Dakota's Bakken formation. A push for streamlined permitting or reduced administrative burdens in Texas can increase pressure on...

🔆Midday Wire·Jul 4

Global Markets

Global Subsidy, Shipping Moves Pose Mixed Signals for Bakken

Russia sharply increased financial support for its domestic oil refiners in June, a move that could influence global crude supplies available for export. According to Rigzone, Russia's subsidy payouts to refiners that supply domestic markets jumped more than six-fold in June from a year earlier. These subsidies are designed to keep fuel prices stable inside Russia, which may encourage refiners to process more crude domestically rather than exporting it. Separately, China has called for the unhindered flow of shipping through the critical Strait of Hormuz, Rigzone also reported. The strait is a vital chokepoint for Middle Eastern crude oil shipments to global markets. For Bakken operators, these two developments present offsetting forces on the international oil market. Increased Russian refining subsidies could potentially tighten global crude supplies by reducing the volume of Russian crude exports. This would be supportive for the price of international benchmarks like Brent, to which Bakken...

🔆Midday Wire·Jul 4

Global Markets

Pipeline Capacity Boosted, Wind Policy Fights, Colombia's Reserves Shrink

Plans for a major natural gas pipeline from the Bakken to eastern North Dakota have been upgraded to include larger pipe sizes, indicating stronger-than-expected demand. According to the Grand Forks Herald, WBI Energy Transmission Inc. has increased the proposed diameter for sections of its 400-mile Bakken East pipeline, which would run from near Watford City to Mapleton. The first 134 miles are now planned for 42-inch pipe, up from 36 inches, and a middle 162-mile stretch is now 36 inches, up from 30 inches. Justin Kringstad, director of the North Dakota Pipeline Authority, called the upgrade "good news across the board for the eastern half of North Dakota." He stated that larger pipe diameters mean more capacity and more long-term growth opportunities for the Red River Valley. The change reflects higher-than-anticipated interest from potential customers, including agribusiness and data centers, according to development officials like Keith Lund of the Grand...

🔆Midday Wire·Jul 4

Operator News

Copper Policy, Refining Margins in Focus as Metals Unwind War Premium

The trajectory of copper prices, a key industrial metal, now depends more on a pending U.S. tariff decision than on Middle Eastern conflict, according to an analysis from OilPrice.com. This shift comes as base metals unwind the price premiums built during the first half of 2026 following Operation Epic Fury and the volatile closure of the Strait of Hormuz. Commerce Secretary Howard Lutnick's review of the domestic refined copper market, due by June 30, was to inform a potential tariff starting at 15% in January 2027. As of July 3, the decision had not been announced. According to the report, opponents are "still actively and significantly lobbying to not have a tariff," indicating the outcome remains contested. Copper prices had topped $14,000 a ton in June, nearing January's record high. Meanwhile, the metals complex is normalizing after Gulf disruptions. Missile strikes on smelters in the UAE and Bahrain earlier this...

🔆Midday Wire·Jul 4

Pipeline & Infrastructure

Midday Market Update Shows Oil in Divided State

Oil markets remained in a divided state as of Friday's trading, according to a technical analyst's assessment. Waleed Said, Technical Analyst at GivTrade, stated that oil remains in a divided market, Rigzone reported on July 3. For Bakken shale producers, a fragmented market landscape underscores the ongoing importance of pipeline infrastructure and takeaway capacity. Market divisions can influence the price differentials between Bakken crude at the wellhead and broader benchmarks like West Texas Intermediate. The stability and efficiency of pipeline networks are critical for North Dakota's oil sector to remain competitive. Any significant shifts in market structure can impact cash flows for operators and royalty owners across the Williston Basin. While the specific drivers of the current division were not detailed in the report, such conditions often highlight regional disparities in supply, demand, and logistics. Bakken output relies on a network of pipelines to reach refining and export markets. The...

🔆Midday Wire·Jul 4

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI Holds Near $69 as Global Supply Weighs on Market

Front-month WTI crude futures edged up 9 cents to settle at $68.78 per barrel on Friday, a marginal gain of 0.13%. The global benchmark, Brent crude, saw a slightly larger increase, adding 33 cents to $72.13 per barrel, according to live price data. Natural gas futures rose 5 cents to $3.25 per MMBtu. The price for Bakken Sweet crude at the Clearbrook, Minnesota, hub traded at a discount of $3.42 per barrel below WTI, indicating continued regional pricing pressure relative to the U.S. benchmark. Market sentiment remains constrained by ample global supply. According to a report from Rigzone, TotalEnergies is offering millions of barrels of Iraqi crude that can be promptly delivered to Asia. This adds to a market already described as "brimming with supply," the report stated, citing traders. The availability of these large, ready-to-ship cargoes acts as a cap on price rallies, particularly for grades competing in the...

🌅Afternoon Wire·Jul 4

Rig Report

North Dakota rig count holds at 25, marking third straight week below 30

North Dakota's active drilling rig count held steady at 25 on Saturday, July 4, 2026, according to live rig data. No rigs were added, removed, or moved locations from the previous day's count. The current level represents a slight decline from recent weeks. The rig count is down one from the 26 active rigs reported one week ago, on June 27, 2026. Compared to one month ago, activity has decreased by two rigs from the 27 active on June 4, 2026. While drilling activity remains subdued, a major proposed infrastructure project received a significant upgrade, according to a related news report. The proposed Bakken East natural gas pipeline, designed by WBI Energy Transmission Inc., is now planned with larger pipe diameters than originally envisioned, Bing News reported. The pipeline would run approximately 400 miles from near Watford City to Mapleton. According to the report, the proposed pipe size has been...

🌅Afternoon Wire·Jul 4

Operator News

ExxonMobil Divests Australian Operatorship, Advances Cyprus Project

ExxonMobil has transferred operatorship of key Australian natural gas assets to partner Woodside, according to a report from Rigzone. The Gippsland Basin Joint Venture, which supplies about 40 percent of gas needs on Australia's east coast, and the Kipper Unit Joint Venture are involved in the change. The partners continue to each own 50 percent in the Gippsland venture and 32.5 percent in the Kipper Unit, Woodside said. Separately, Rigzone reported that ExxonMobil and QatarEnergy have affirmed the commerciality of two discoveries offshore Cyprus. The companies signed a 'commercial discovery declaration' with the Cypriot government for the finds in Block 10 of the Mediterranean Sea. For Bakken operators and North Dakota royalty owners, these international developments highlight the global portfolio management of major players active in the Williston Basin. ExxonMobil, through its subsidiary XTO Energy, is a significant operator in the region. Strategic decisions to divest operatorship in one mature...

🌅Afternoon Wire·Jul 4

Pipeline & Infrastructure

Alberta Seeks National Status for West Coast Oil Pipeline Project

The government of Alberta has applied to formally designate the proposed West Coast Oil Pipeline project as one of national interest, according to a report from Rigzone. The project is envisioned as a new gateway for Alberta's oil sands crude to reach ports in British Columbia for eventual export to Asia. This regulatory step, reported on July 3, represents a significant move to advance a major new pipeline corridor from Western Canada. While the project is specifically aimed at transporting oil sands production, the creation of new export capacity from the region can have indirect effects on the broader North American crude market, including the Bakken formation. For Bakken operators in North Dakota, additional pipeline capacity from neighboring Canada to tidewater could influence long-term market access and pricing benchmarks. Increased Canadian export capability might help alleviate regional congestion in the U.S. Midwest, where Bakken crude often competes for pipeline space....

🌅Afternoon Wire·Jul 4

Regulatory

Texas Regulator Directs DOGE to Enhance RRC Efficiency

The Texas Railroad Commission (RRC) is undertaking an efficiency initiative directed by one of its commissioners, according to a report from Rigzone. Commissioner Wayne Christian has directed the state's Division of Oil, Gas, and Geothermal Resources (DOGE) to enhance the RRC's operational efficiency. While this directive applies specifically to Texas's primary oil and gas regulatory body, such moves are closely monitored by the industry nationwide, including operators in North Dakota's Bakken formation. Regulatory efficiency directly impacts the speed of permit approvals, compliance reporting, and overall operational timelines for oil and gas development. The reported goal, as stated by Commissioner Christian, is "simple," though the specific metrics or changes were not detailed in the available summary. For Bakken operators, any shift toward greater efficiency in a major oil-producing state like Texas can signal broader industry trends. Streamlined state agencies often lead to reduced administrative delays, which can influence drilling schedules and...

🌅Afternoon Wire·Jul 4

Global Markets

Global Disruptions and Biofuel Shifts Signal Volatile Crude Outlook for Bakken

Renewed global interest in biofuels, driven by recent severe oil price volatility, is adding another layer of uncertainty to the long-term demand outlook for Bakken crude, according to analysis from OilPrice.com. The revival in biofuel investment comes as the U.S.-Israeli war on Iran and the resulting closure of the Strait of Hormuz—a key energy trade corridor—have led to energy shortages and sharply higher oil prices in recent months. This geopolitical disruption directly impacts global crude flows and pricing benchmarks against which Bakken crude is sold. China, a major crude importer, has called for the "unimpeded flow of shipping" through the Strait of Hormuz, Rigzone reported. Any prolonged blockage threatens global supply chains and market stability. Concurrently, Russia's subsidy payouts to oil refiners that supply domestic markets jumped more than six-fold in June from a year earlier, according to Rigzone. Such state interventions can alter global refined product trade flows, potentially...

🌅Afternoon Wire·Jul 4

Global Markets

Global Roundup: Data Center Halted, Wind Fight Continues, Colombia Reserves Shrink

The largest proposed data center project in U.S. history is officially dead after developer QTS Realty Trust withdrew its appeal to the Virginia Supreme Court on July 2, according to OilPrice.com. The planned 2,100-acre campus in Virginia would have drawn massive power, highlighting the growing grid strain from data centers that is prompting some utilities to ask developers to bring their own generation. Separately, the Trump administration's efforts to curtail offshore wind development are facing significant legal and congressional pushback, OilPrice.com reported. While the administration has paid companies like TotalEnergies nearly $1 billion and Duke Energy $129 million to abandon projects, a federal judge earlier this year ruled against the administration and allowed five permitted East Coast wind farms to continue construction. In global supply news, Colombia's proven oil reserves continue to shrink, falling nearly 1% in 2025 to just over 2 billion barrels, OilPrice.com reported, citing the country's National...

🌅Afternoon Wire·Jul 4

Operator News

Refiner Margins Soar Amid Divided Oil Market

U.S. crude refiners are currently enjoying some of their best profit margins in years, according to a report from Rigzone. This development, while not directly impacting wellhead prices, is a positive signal for the overall downstream health of the oil market that processes Bakken crude. Concurrently, the global oil market remains divided, Waleed Said, Technical Analyst at GivTrade, stated in a separate Rigzone report. This suggests a landscape of mixed signals and regional price disparities that can affect the pricing and market access for North Dakota's light sweet crude. Rigzone also highlighted the release of the Energy Institute's latest statistical review of world energy, which details global oil consumption patterns. Understanding which countries are the largest oil consumers is critical for Bakken operators, as it dictates long-term demand trends and export opportunities for the region's production. For the Bakken, strong refining margins on the Gulf Coast and elsewhere can support...

🌅Afternoon Wire·Jul 4