Sunday, July 5, 2026

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Oil Prices

Oil Prices Edge Higher Amid Geopolitical Tension, Bakken Differential Widens

Oil prices posted modest gains in early trading Sunday, supported by renewed geopolitical tensions in the Middle East. West Texas Intermediate (WTI) crude for August delivery rose 9 cents to $68.78 per barrel, while international benchmark Brent crude gained 33 cents to $72.13. The primary catalyst for the upward move was an escalation of conflict between Israeli forces and Hezbollah militants along the Lebanon border. This development has reintroduced a geopolitical risk premium to the market, as traders monitor the potential for a broader regional conflict that could threaten crude supplies from the key producing area. However, the gains were limited, capping prices below their session highs. Market observers cited ongoing concerns over global fuel demand as a counterbalancing force. Recent economic data from major consuming nations, including signs of a slowdown in the United States and continued economic struggles in China, continue to weigh on the demand outlook. This...

☀️Morning Wire·Jul 5

Rig Report

North Dakota Rig Count Holds at 25 Amid Long-Term Decline

North Dakota's active drilling rig count held steady at 25 on Sunday, July 5, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since the previous day. The current count represents a slight decline from recent weeks. One week ago, on June 28, 2026, the state reported 26 active rigs. The activity level has fallen further from one month prior, when 28 rigs were operating on June 5. The steady rig activity occurs as significant midstream infrastructure planning continues for the region. According to a report from Bing News, the proposed Bakken East natural gas pipeline is being redesigned with larger pipe diameters, signaling stronger-than-anticipated demand. The pipeline, proposed by WBI Energy Transmission Inc., would run approximately 400 miles from near Watford City to Mapleton. Justin Kringstad, director of the North Dakota Pipeline Authority, told the Grand...

☀️Morning Wire·Jul 5

Daily Activity

DMR Reports No New Bakken Drilling Activity on July 4

The North Dakota Department of Mineral Resources (DMR) reported no new oil and gas activity filings for Friday, July 4, 2026, according to its daily activity report. The system showed no new permits issued, wells spudded, completions reported, or wells plugged. The DMR's daily activity report is a key source of operational data for the Williston Basin, tracking the lifecycle of wells from initial permitting through to plugging. A day with no new filings is not unusual, particularly on weekends and observed holidays like Independence Day. Such pauses in reported activity are a normal part of the industry's workflow and administrative calendar. They do not necessarily indicate a slowdown in ongoing field operations but reflect a temporary lull in regulatory filings. Activity typically resumes with the next business day's report.

☀️Morning Wire·Jul 5

Operator News

ExxonMobil Executes Asset Transitions in Australia, Cyprus

ExxonMobil Corp. has been involved in two separate international asset developments this week, according to reports from Rigzone. While these moves are outside the Williston Basin, they highlight the global portfolio management strategies of a major Bakken stakeholder. In Australia, Woodside Energy has assumed operatorship of certain gas assets from ExxonMobil, Rigzone reported on July 3. The assets involved are part of the Gippsland Basin Joint Venture, which supplies about 40 percent of the gas needs on Australia's east coast, and the Kipper Unit Joint Venture. The partners, Woodside and ExxonMobil, continue to each own 50 percent of the Gippsland venture and 32.5 percent of the Kipper Unit. Separately, ExxonMobil and QatarEnergy have affirmed the commerciality of hydrocarbon discoveries offshore Cyprus. According to a second July 3 report from Rigzone, the companies signed a 'commercial discovery declaration' with the Cypriot government for two discoveries in Block 10 in the Mediterranean...

☀️Morning Wire·Jul 5

Pipeline & Infrastructure

Alberta Advances West Coast Pipeline Project

The Alberta government has applied to designate the proposed West Coast Oil Pipeline project as a project of national interest, according to a report from Rigzone. The application was made on July 3, 2026. The proposed pipeline aims to create a new gateway for Alberta's oil sands crude to reach British Columbia and, eventually, export markets in Asia. Such a designation could expedite federal regulatory review and support for the project. For Bakken Shale operators in North Dakota, the advancement of a major Canadian export pipeline represents a potential shift in long-term market dynamics. Bakken crude currently competes with Canadian oil sands production in certain markets, particularly within North America. The development of a new, dedicated export route for Canadian crude to Asia could alter global supply flows. Increased Canadian exports could influence the pricing benchmarks relevant to Bakken producers. While the Bakken formation primarily relies on domestic refining and...

☀️Morning Wire·Jul 5

Global Markets

Global Biofuel Revival, Gas Deals Signal Shifting Energy Landscape for Bakken

Interest in biofuels is reviving globally in 2026, driven by significant fossil fuel price volatility following the closure of the Strait of Hormuz, according to an OilPrice.com report. This renewed focus on alternatives like sustainable aviation fuel (SAF) comes as major oil firms, including several active in the Bakken, had previously committed to biofuel production. The International Energy Agency (IEA) had projected biofuel use needed to increase significantly to meet net-zero targets, with demand reaching 4.3 exajoules in 2022. However, growth expectations have moderated. The OECD anticipated in late 2025 that global biofuel use would increase by just 0.9% per year over the coming decade, a slowdown from previous years attributed to electric vehicle adoption and weaker policy support in high-income countries. For Bakken operators, the fluctuating but persistent investment in biofuels represents a long-term competitive pressure on traditional crude demand, particularly in hard-to-decarbonize sectors like aviation that biofuels aim...

☀️Morning Wire·Jul 5

Global Markets

Global LNG, Data Center, and Wind Policies Impact Energy Landscape

A sharp drop in European purchases of U.S. liquefied natural gas last month highlights price challenges for a major trade deal, according to an OilPrice.com report. For the first time in two years, European buyers took in less than half of all U.S. LNG exports in June, preferring cheaper gas as the Asian benchmark price averaged $17.33 per mmBtu compared to Europe's $13.19. This complicates a trade deal framework signed in July 2025, which included a European commitment to buy $750 billion worth of American energy commodities over three years. Despite the EU facing its lowest pre-winter gas storage levels in 15 years, high U.S. prices are disrupting the flow. Separately, the largest data center project ever proposed in the United States is officially dead, OilPrice.com reported. Blackstone-owned QTS Realty Trust withdrew its appeal to the Virginia Supreme Court on July 2, ending a three-year legal fight over the 2,100-acre...

☀️Morning Wire·Jul 5

Production Data

Bakken Drilling Economics Tested as WTI Holds Near $69

The economics of drilling new wells in North Dakota's Bakken formation remain constrained, with West Texas Intermediate crude trading at $68.78 per barrel on Sunday. The price represents a marginal daily gain of nine cents, according to live market data. A typical new Bakken well costs between $7 million and $8 million to drill and complete. For such an investment to be profitable, operators rely on a strong estimated ultimate recovery (EUR) and sustained favorable oil prices. General industry analysis indicates that at a WTI price of around $70 per barrel, returns for new wells in the core of the play are often marginal, particularly for operators with higher costs. The current active rig count of 25, as reported in live Bakken data, reflects this cautious economic environment. This level of drilling activity is consistent with a period where operators are highly selective, focusing capital only on the very best...

☀️Morning Wire·Jul 5

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher Midday Sunday; Bakken Differential Widens Slightly

Oil prices registered slight gains in midday trading on Sunday, July 5, 2026, amid thin volume due to the extended U.S. Independence Day holiday weekend. West Texas Intermediate (WTI) crude traded at $68.78 per barrel, up 9 cents or 0.13% from its last settlement. The global benchmark, Brent crude, saw a slightly stronger increase, rising 33 cents to $72.13 per barrel, a gain of 0.46%. The price for Bakken crude at the wellhead, however, faced a slightly wider discount. The Bakken differential was quoted at -$3.42 per barrel versus WTI, meaning Bakken crude is priced at a discount of that amount compared to the benchmark. Natural gas prices also moved higher, adding 5 cents to trade at $3.25 per MMBtu. The modest upward movement in crude benchmarks is occurring in a market with limited fundamental news flow over the holiday period. Trading activity is typically subdued during long U.S. weekends,...

🔆Midday Wire·Jul 5

Operator News

ExxonMobil Announces Major International Asset Moves

ExxonMobil Corporation, a major operator in North Dakota's Bakken formation, is advancing significant international deals, according to separate reports from Rigzone. The moves highlight the company's ongoing strategic management of its global upstream portfolio. On July 3, Rigzone reported that Woodside Energy assumed operatorship of Australian gas assets from ExxonMobil. The assets include the Gippsland Basin Joint Venture, which supplies about 40 percent of east coast Australian gas, and the Kipper Unit Joint Venture. Woodside stated that ownership stakes remain unchanged, with each partner holding 50 percent in the Gippsland venture and 32.5 percent in the Kipper Unit. In a separate development also reported by Rigzone on July 3, ExxonMobil and QatarEnergy signed a 'commercial discovery declaration' with the government of Cyprus for two discoveries in Block 10 in the Mediterranean Sea. This affirmation of commerciality is a key step toward potential future development. For Bakken stakeholders, these international announcements...

🔆Midday Wire·Jul 5

Pipeline & Infrastructure

Alberta Seeks National Designation for West Coast Oil Pipeline Project

The government of Alberta has applied to formally designate the proposed West Coast Oil Pipeline project as a matter of national interest, according to a report from Rigzone. The project aims to create a new export route for Alberta's oil sands crude to ports in British Columbia and onward to Asian markets. For Bakken operators in North Dakota, the advancement of a major competing Canadian export pipeline carries significant market implications. Bakken crude is primarily exported via pipelines and rail to U.S. Gulf Coast refineries or shipped from Canadian ports, like Vancouver, using existing infrastructure. A new, dedicated large-volume pipeline from Alberta to the West Coast could increase competition for space on existing cross-border pipelines and at West Coast marine terminals. This could potentially affect the pricing and logistics for Bakken crude seeking access to Pacific markets, which are a key outlet for North Dakota production. The "project of national...

🔆Midday Wire·Jul 5

Regulatory

Texas Oil Regulator Directs DOGE to Enhance RRC Efficiency

The Texas Railroad Commission (RRC) has directed its Division of Oil, Gas, and Geothermal Resources (DOGE) to enhance the agency's efficiency, according to a report from Rigzone. The development was reported on July 3, 2026. While this is a Texas-specific regulatory action, such initiatives are monitored by operators in North Dakota's Bakken formation. Regulatory efficiency in major producing states often sets benchmarks and influences discussions about permitting timelines and operational costs nationwide. For Bakken operators, streamlined regulatory processes in any key oil-producing region can highlight best practices. Efficient state agencies can contribute to a more predictable operating environment, which is crucial for planning and capital allocation in basins like the Bakken. The RRC's directive to its DOGE division indicates a focus on internal operational improvements. According to Rigzone, RRC Commissioner Wayne Christian commented on the effort, stating, "Our goal is simple." The specific measures or goals were not detailed in...

🔆Midday Wire·Jul 5

Global Markets

Global Biofuel Revival, Market Interventions Signal Shifting Demand Landscape for Bakken

Interest in biofuels is reviving globally in 2026, driven by significant fossil fuel price volatility stemming from Middle East conflict, according to an analysis from OilPrice.com. The report states that the U.S.-Israeli war on Iran and the resulting closure of the Strait of Hormuz have led to energy shortages and sharply higher oil prices, prompting governments and energy companies to reconsider alternative fuels. This renewed focus on biofuels, including sustainable aviation fuel (SAF), represents a potential long-term shift in demand dynamics that could impact crude oil exporters like North Dakota's Bakken formation. The biofuels sector has seen fluctuating interest in recent years. In 2024, following the pandemic and a global push for a green transition, interest grew, with the International Energy Agency (IEA) expecting use to increase significantly by 2030, according to OilPrice.com. Major oil firms including ExxonMobil, Chevron, BP, Shell, and TotalEnergies had committed to biofuel production. However, this...

🔆Midday Wire·Jul 5

Global Markets

Bakken East Pipeline Capacity Upgraded Amid Shifting Global Gas Trade

Plans for a major natural gas pipeline from the Bakken to eastern North Dakota have been upgraded to include larger pipe diameters, signaling higher-than-anticipated demand for the region's resources. According to a report in the Grand Forks Herald, WBI Energy Transmission Inc. has increased the proposed pipe size for the Bakken East pipeline from 36 inches to 42 inches for the first 134 miles and from 36 inches to 30 inches for a 162-mile middle stretch. The final 57 miles are expected to remain at 30 inches. Justin Kringstad, director of the North Dakota Pipeline Authority, told the Herald that the upgrade is "good news across the board for the eastern half of North Dakota," providing more capacity for long-term growth. He noted that early proposals are based on initial demand estimates, and the larger infrastructure reflects higher interest from potential customers along the 400-mile route from near Watford City...

🔆Midday Wire·Jul 5

Operator News

Refiner Profits Soar as Global Events Highlight Market Dependencies

U.S. crude refiners are enjoying some of the best profit margins in years, according to Rigzone. The strong refining economics, or crack spreads, are a positive signal for producers in the Bakken formation, as robust demand from refineries supports the value of the light sweet crude produced in North Dakota. The news on refining comes amid broader global developments that impact energy markets. China has called for the unhindered flow of shipping through the Strait of Hormuz, Rigzone reported. The strategic waterway is a critical chokepoint for global oil shipments, and any disruption there can directly affect global crude prices and market stability, factors closely watched by Bakken operators. Separately, a major infrastructure project with implications for national power demand has been canceled. The largest data center project ever proposed in the U.S. is officially dead, OilPrice.com reported. Blackstone-owned QTS Realty Trust withdrew its appeal to the Virginia Supreme Court...

🔆Midday Wire·Jul 5

Pipeline & Infrastructure

Global Oil Demand and Market Division Highlighted in Recent Reports

Recent reports from Rigzone highlight key global oil consumption trends and current market dynamics that shape the environment for Bakken crude exports. According to Rigzone, the Energy Institute's latest statistical review of world energy report was recently released, examining which country is the biggest oil consumer. This data is critical for North Dakota producers, as long-term demand from the top consuming nations directly impacts the market for Bakken crude, which is primarily exported via pipeline to refining hubs. Separately, Rigzone reported that oil remains in a divided market, according to a statement from Waleed Said, Technical Analyst at GivTrade. This characterization of a split or fragmented market underscores the ongoing volatility and regional price disparities that can affect the price differentials for Bakken crude versus the West Texas Intermediate (WTI) benchmark. A divided market often complicates logistics and pricing for inland basins like the Bakken. For the Bakken formation, these...

🔆Midday Wire·Jul 5

🌅Afternoon Wire4:00 PM CST

Oil Prices

Crude Prices Edge Higher; Bakken Differential Narrows

Front-month crude oil futures closed with slight gains in Sunday trading, while natural gas posted a stronger advance. The price moves come amid a typically quiet summer trading period. West Texas Intermediate (WTI) crude for August delivery settled at $68.78 per barrel, a gain of $0.09 or 0.13%. The global benchmark, Brent crude, rose to $72.13, up $0.33 or 0.46%. The price spread between the two benchmarks stands at $3.35. Natural gas futures saw more significant movement, rising $0.05 to settle at $3.25 per million British thermal units (MMBtu). For Bakken producers, the regional price differential—the discount at which Bakken crude trades compared to WTI at the Cushing, Oklahoma, hub—was recorded at -$3.42. This represents a slight improvement from recent wider discounts, directly impacting the wellhead revenue for North Dakota operators. The modest upward pressure on crude is attributed to continued geopolitical tensions and ongoing supply discipline from OPEC+ nations,...

🌅Afternoon Wire·Jul 5

Rig Report

Bakken Rig Count Steady at 25, Down from Month-Ago Peak

North Dakota's active drilling rig count held steady at 25 on Sunday, July 5, 2026, according to live data from Bakken Wire. The count showed no daily change, with zero new rigs added, zero rigs removed, and no rigs moving location since yesterday. The current figure represents a slight decline from recent activity. The rig count is down by one compared to one week ago, when 26 rigs were active on June 28. It is also down by three rigs from the level seen one month ago on June 5, when 28 rigs were drilling in the state. While near-term drilling activity has moderated, long-term infrastructure planning for the region continues to advance. According to a report from Bing News, optimism is growing around a proposed major natural gas pipeline that would connect western oilfields to eastern markets. The Bakken East pipeline, proposed by WBI Energy Transmission Inc., is being...

🌅Afternoon Wire·Jul 5

Operator News

ExxonMobil Announces Offshore Moves in Australia, Cyprus

ExxonMobil Corp. has announced significant developments in its international offshore portfolio, according to separate reports from Rigzone. While these moves are not directly in the Williston Basin, they underscore the strategic priorities of a major operator with substantial Bakken holdings. On July 3, Rigzone reported that Woodside Energy assumed operatorship of Australian gas assets from ExxonMobil. The partners continue to each own a 50 percent stake in the Gippsland Basin Joint Venture and 32.5 percent in the Kipper Unit Joint Venture. The Gippsland venture supplies about 40 percent of the gas needs on Australia's east coast. In a separate report also dated July 3, Rigzone stated that ExxonMobil and QatarEnergy affirmed the commerciality of natural gas discoveries offshore Cyprus. The companies signed a 'commercial discovery declaration' with the Cypriot government for two finds in Block 10 of the Mediterranean Sea. For Bakken stakeholders, these announcements reinforce ExxonMobil's status as a...

🌅Afternoon Wire·Jul 5

Pipeline & Infrastructure

Alberta Seeks National Status for West Coast Oil Pipeline Project

The government of Alberta has applied to designate the proposed West Coast Oil Pipeline project as one of national interest, according to a report from Rigzone. The application, made on July 3, seeks to advance a new gateway for Alberta's oil sands crude to reach ports in British Columbia for eventual export to Asian markets. For Bakken shale operators in North Dakota, the advancement of a major Canadian export pipeline represents a significant long-term market factor. Increased Canadian crude access to international buyers, particularly in Asia, could create new competition for Bakken crude grades that also target coastal refineries and export hubs. The development underscores the ongoing race for market access among North American oil-producing regions. While the Bakken has ample pipeline capacity to the U.S. Gulf Coast via the Dakota Access Pipeline (DAPL), new Canadian export capacity to the West Coast could influence broader North American crude pricing benchmarks....

🌅Afternoon Wire·Jul 5

Regulatory

UK Political Shift Could Impact Global Energy Markets, Bakken Competitiveness

A major political change in the United Kingdom could have ripple effects for global energy competition, indirectly influencing the landscape for Bakken shale producers. With Kier Starmer stepping down, Andy Burnham is likely to become the new UK Prime Minister in July 2026, according to OilPrice.com. Burnham, known as the “King of the North,” has pledged a decade-long mission of re-industrialization to improve living standards. His plan aims to safeguard Britain’s manufacturing and production capabilities, explicitly including the energy sector. OilPrice.com reports this is partly a response to recent geopolitical tensions and the closure of the Strait of Hormuz, which have spurred a global race for supply chain security and self-sufficiency. A key energy policy focus for Burnham is ensuring greater public control over key utilities. While his specific stance on oil and gas is not yet fully clear, public figures are urging him to support North Sea drilling. Shevaun...

🌅Afternoon Wire·Jul 5

Global Markets

Global Market Moves Highlight Supply, Geopolitical Factors for Bakken

Global energy developments over the past several days highlight factors that can influence the market for Bakken crude and natural gas, according to wire service reports. These moves underscore the interconnected nature of supply, policy, and trade routes that North Dakota producers navigate. Australian energy company Santos secured a 10-year deal to supply gas to South Australia, Rigzone reported on July 5. The agreement supports a state strategic gas reserve aimed at industrial energy security, including for a steelworks transformation project. While a Pacific Basin transaction, such long-term supply pacts can reinforce global LNG market stability, a factor for associated gas production in the Bakken. Separately, Russian subsidy payouts to domestic oil refiners jumped more than six-fold in June compared to a year earlier, according to a July 4 Rigzone report. This state intervention aims to keep local fuel supplies steady but can indirectly support continued Russian crude oil exports...

🌅Afternoon Wire·Jul 5

Global Markets

AI Data Center Boom, LNG Exports Signal Rising Gas Demand, Prices

The explosive growth of AI data centers, particularly in Texas, is creating a massive new source of demand for natural gas and electricity, with major implications for U.S. supply and pricing, according to analysis from Wood Mackenzie reported by OilPrice.com. Concurrently, a record-breaking heatwave in Europe highlights growing climate-related stresses on energy systems. The AI-driven data center buildout is fundamentally altering power demand. Texas grid operator ERCOT projects electricity demand could approach 368 gigawatts by 2032, a surge analysts compare to adding another Houston metro area to the grid, OilPrice.com reported. To bypass lengthy grid interconnection queues, major energy companies including Chevron, ExxonMobil, and Diamondback Energy have announced plans to build dedicated gas-fired power plants for data centers. This new industrial load is converging with soaring U.S. LNG exports. Wood Mackenzie analysts state that the era of cheap U.S. natural gas may be ending, citing the AI boom and expanding...

🌅Afternoon Wire·Jul 5

Operator News

Refiner Profits Soar as Global Oil Market Remains Divided

U.S. crude refiners are currently experiencing some of their strongest profit margins in years, according to a report from Rigzone. The favorable refining environment, often measured by crack spreads, signals robust demand for processed fuels like gasoline and diesel. For Bakken producers, strong refiner economics can support steady demand for the region's light sweet crude, which is a preferred feedstock for many U.S. refineries. Globally, the United States remains the world's largest oil consumer, Rigzone reported, citing the Energy Institute's latest statistical review of world energy. This sustained domestic consumption underpins the market for domestic production, including from the Bakken formation in North Dakota. The report provides a key benchmark for understanding the scale of the U.S. market that Bakken operators supply. However, the broader oil market continues to operate in a divided state, technical analyst Waleed Said of GivTrade stated in a separate Rigzone report. A divided market typically...

🌅Afternoon Wire·Jul 5