Wednesday, July 8, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 3:49

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 5:44

Oil Prices

Oil Prices Jump 5% on Strait of Hormuz Tensions, Sanctions Shift

Oil prices surged more than 5% on Wednesday morning as renewed military clashes and a swift U.S. policy shift heightened fears of a major supply disruption in the Middle East. West Texas Intermediate (WTI) crude was trading at $73.96 per barrel, up $3.52, while Brent crude rose to $78.04, according to live price data. The spike follows Iranian attacks on three commercial vessels in the Strait of Hormuz on Tuesday, which prompted immediate U.S. military strikes on targets in Iran, according to OilPrice.com. The Joint Maritime Information Center subsequently raised the regional threat level to "severe." Despite the danger, tanker traffic through the critical chokepoint continued thinly, with some vessels altering course or anchoring to await clearer safety signals. Compounding the supply concerns, the U.S. Treasury overnight rescinded a sanctions waiver that had allowed Iran to sell its oil without penalties. That waiver was not set to expire until August...

☀️Morning Wire·Jul 8

Rig Report

Bakken Rig Count Holds at 24 as North American Activity Stalls

The number of active drilling rigs in North Dakota remained unchanged at 24 on Wednesday, July 8, according to live data from Bakken Wire. No rigs were added, removed, or moved locations since the previous day. The current count represents a continued downturn from recent activity levels. The state's rig fleet is down by two rigs compared to one week ago, when 26 rigs were active on July 1. The decline is more pronounced over the past month, with four fewer rigs running than the 28 reported on June 8. The flat daily activity in the Bakken mirrors a broader trend across the continent. According to a report from Rigzone, North America's overall rig count also stayed flat week-on-week, snapping a prior streak of additions. The data, based on Baker Hughes' latest North America rotary rig count, indicates a pause in the expansion of drilling programs. For operators in the...

☀️Morning Wire·Jul 8

Daily Activity

EOG Secures Lone New Permit as Devon, Hess File Confidential Notices

The North Dakota Department of Mineral Resources approved one new drilling permit on Tuesday, July 7, according to the agency's daily activity report. EOG Resources, Inc. received approval for the Clearwater J 42-3024H well in the Clear Water field of Mountrail County. Beyond the single new permit, the report detailed several filings by operators to change the confidential status of existing wells. Hess Bakken Investments II, LLC filed a notice for its GO-ZONA-157-98-3523H-4 well in Williams County. Similarly, Devon Energy Williston, L.L.C filed notices for two wells, the Daytona 6-5-4 2H and the Daytona 6-5-4 4H, both located in Lot 6 of Williams County. The DMR also reported two wells released from confidential status, making their production data publicly available. Devon Energy Williston, L.L.C. released the Sanders 34-27 6H well in the Ragged Butte area of McKenzie County. Koda Resources Operating, LLC released the ALE 24-1 SWD disposal well in...

☀️Morning Wire·Jul 8

Global Markets

China Lifts Fuel Export Curbs, Adding Supply to Global Market

China has lifted restrictions on refined fuel exports, allowing state-owned refiners and one major private refiner to resume overseas shipments this month. According to a report from OilPrice.com citing Reuters sources, Chinese refiners are now planning to export about 3 million metric tons of gasoline, diesel, and jet fuel in July. The move reverses a ban imposed earlier this year following the outbreak of conflict in the Middle East and the closure of the Strait of Hormuz. At that time, China suspended new export contracts to address a domestic supply crunch. The policy was eased in April as domestic fuel stockpiles grew, aided by China's record crude oil inventories, estimated at over a billion barrels at the start of the war. For the global oil market, the return of substantial Chinese fuel exports adds a new source of supply. The reported July export volume of 3 million metric tons is...

☀️Morning Wire·Jul 8

Global Markets

Iran Crisis Disrupts Hormuz, Sends Oil Prices Surging

Global oil prices surged early Wednesday following a major escalation of hostilities between the U.S. and Iran, which included attacks on commercial vessels in the Strait of Hormuz and retaliatory strikes on Gulf nations, according to reports from OilPrice.com and Rigzone. The crisis directly threatens the flow of crude from the Persian Gulf, a key supply chokepoint for global markets. Iran attacked three commercial ships off the Omani coast on Tuesday, including an oil tanker and a liquefied natural gas (LNG) carrier. In response, the United States overnight struck multiple targets in Iran, including air defense systems, command networks, and more than 60 Islamic Revolutionary Guard

☀️Morning Wire·Jul 8

Operator News

Global Energy Developments Highlight Diversification, Geopolitical Tension

Major international energy firms with significant global portfolios, including some active in North Dakota, are advancing projects in battery technology and offshore development, according to separate reports from Rigzone. Concurrently, escalating U.S.-Iran tensions pose a fresh risk to global oil market stability. Eni has broken ground on a project to produce lithium-iron-phosphate batteries at an industrial site in Brindisi, Italy, Rigzone reported Wednesday. The company also announced an agreement to acquire a stake in a Chilean lithium project. For Bakken observers, such moves highlight the continued strategic diversification by large integrated operators into the energy transition supply chain. Separately, Equinor and its partners have signed contracts worth approximately $613 million for four tieback projects offshore Norway, Rigzone reported. Tieback projects, which connect new reservoirs to existing infrastructure, are a common method for boosting production efficiency, a practice also widely used in the Bakken formation to maximize resource recovery from established...

☀️Morning Wire·Jul 8

Pipeline & Infrastructure

Global Market Shifts Impact Bakken Outlook as Oil Prices Rise

Global oil prices surged Monday after the United States revoked a waiver allowing Iranian oil sales, according to Rigzone. The move followed shipping attacks in the Strait of Hormuz that threatened the fragile ceasefire with Iran. Such geopolitical disruptions typically increase the global benchmark prices that Bakken crude is priced against, potentially improving wellhead economics for North Dakota operators. In a separate corporate development, BP has exited the Bay du Nord project offshore Canada, Rigzone reported. The company stated the transaction is consistent with its focus on "portfolio simplification and disciplined capital allocation." While not directly involving the Williston Basin, such moves by major operators can reflect a broader industry shift towards prioritizing core, high-return assets, a category that includes the prolific Bakken formation. Meanwhile, Shell provided a positive trading outlook, expecting second-quarter results for its Integrated Gas segment to be "significantly higher" than the first quarter, according to Rigzone....

☀️Morning Wire·Jul 8

Regulatory

German Agency Begins Refilling Strategic Diesel Reserve

Germany's federal oil stockpiling agency is taking steps to refill the country's strategic reserves of diesel, according to a report from Rigzone. The agency, known as EBV, is looking to rebuild inventories of the critical fuel. For Bakken producers, sustained international demand for diesel is a positive market signal. A significant portion of the light sweet crude extracted from the North Dakota formation is refined into diesel fuel. Strategic purchasing by a major economic power like Germany helps underpin demand for the refined products derived from Bakken oil. The global diesel market has seen volatility in recent years, influenced by geopolitical events and economic factors. Strategic stockpiling by national agencies can provide a layer of demand stability. The Bakken formation is a major contributor to U.S. oil production, which has become a key supplier to global markets. The report did not specify volumes or timelines for the German refilling effort....

☀️Morning Wire·Jul 8

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Oil Prices

Oil Surges Over 7% on Iran Conflict Escalation, EIA Reports Inventory Build

Oil prices surged more than 7% on Wednesday, July 8, reaching two-week highs after the U.S. declared an interim ceasefire with Iran "over," escalating fears of a major supply disruption. West Texas Intermediate (WTI) crude was trading at $75.73 per barrel, a gain of $5.29 or 7.51%, according to live price data. Brent crude traded at $80.08, up $5.92 or 7.98%. The price spike followed a statement from U.S. President Donald Trump dismissing the recent memorandum of understanding with Iran as a "waste of time," according to OilPrice.com. This came in response to Iranian attacks on three commercial vessels in the Strait of Hormuz on Tuesday, which prompted retaliatory U.S. airstrikes inside Iran. In a critical escalation, Iran's Khatam al-Anbiya Central Headquarters announced the formal closure of the Strait of Hormuz, a chokepoint for about 20% of global oil trade. The Trump administration also revoked a temporary sanctions waiver that...

🔆Midday Wire·Jul 8

Global Markets

Global Nuclear Expansion, LNG Deals Signal Long-Term Energy Shift

The global push for low-carbon baseload power is accelerating, with nuclear capacity projected to jump 44% by 2036, according to a new BloombergNEF report published Wednesday. This long-term structural shift, driven by energy security and AI-driven electricity demand, presents a evolving competitive landscape for fossil fuels from regions like the Bakken. Global nuclear capacity is forecast to reach 535 gigawatts (GW) by 2036, up from 372 GW at the end of 2025, OilPrice.com reported. China is set to nearly double its capacity to 102 GW, surpassing the United States as the world's largest nuclear power holder. India also aims for a massive expansion, targeting 100 GW of nuclear capacity by 2047 from just 8.8 GW now. For Bakken operators, this represents a gradual but significant demand headwind for thermal coal and natural gas in power generation abroad, particularly in the key growth markets of Asia. The report notes nuclear power...

🔆Midday Wire·Jul 8

Global Markets

Global Roundup: Total Eyes Syria Offshore, US Nuclear Milestone Hit

French supermajor TotalEnergies is in discussions to formalize an offshore exploration contract in Syria, according to a report from OilPrice.com. CEO Patrick Pouyanné, during a visit to Damascus, said the company and its partners—QatarEnergy and ConocoPhillips—would negotiate turning a recent Memorandum of Understanding into a contract for Block 3 in the Mediterranean Sea. The report notes that Syria's offshore area is historically unexplored. The move follows a May 2026 MoU with the state-owned Syrian Petroleum Company (SPC) for a technical review of the block. Pouyanné stated that while offshore exploration is proceeding, onshore activities in Syria remain too high-risk for TotalEnergies currently. Earlier this year, SPC CEO Youssef Qablawi told the Financial Times that Syria is seeking help from international firms, including U.S.-based Chevron and ConocoPhillips, to revive its oil and gas industry after a prolonged civil war. In U.S. energy technology news, the Department of Energy has announced a...

🔆Midday Wire·Jul 8

Operator News

LNG Export, Gas Price Warning, Iran Ceasefire End Drive Midday News

Global energy developments reported Wednesday point to a shifting landscape for Bakken operators, with implications for both oil and natural gas markets. First, Sempra Infrastructure's liquefied natural gas project on Mexico's west coast exported its first shipment, according to ship-tracking data compiled by Bloomberg and reported by Rigzone. This expansion of LNG export capacity from North America provides a new outlet for natural gas, a key byproduct of Bakken oil production. Separately, analysis from Wood Mackenzie warns that a decade of cheap natural gas prices may be ending. Kristy Kramer, Head of LNG Strategy and Market Development at the firm, stated, "The conditions that kept Henry Hub between $2 to $4 per MMBtu for the best part of a decade are no longer all operating at full force," Rigzone reported. For North Dakota producers, who often deal with gas as a secondary revenue stream, a sustained rise in Henry Hub...

🔆Midday Wire·Jul 8

Pipeline & Infrastructure

Global Energy Moves Highlight Market Volatility, Infrastructure Spending

Global energy developments on Wednesday highlighted ongoing infrastructure investment and geopolitical risks that can influence Bakken crude markets. While not directly involving North Dakota, the moves by major international firms and the U.S. government shape the broader oil and gas landscape. Italian energy giant Eni has broken ground on a lithium-iron-phosphate battery production hub at its Brindisi industrial site, according to Rigzone. The company also announced an agreement to acquire a stake in a lithium project in Chile. This move underscores the energy transition strategies being pursued by major integrated oil companies, some of which are also key players in the Bakken formation. Separately, Equinor and its partners have awarded contracts worth approximately $613 million for four tieback projects offshore Norway, Rigzone reported. Tieback projects connect new hydrocarbon discoveries to existing production platforms and infrastructure, a cost-effective development strategy also utilized in the Bakken to connect new wells to gathering...

🔆Midday Wire·Jul 8

Regulatory

Fed Official Sees Falling Energy Prices Easing Inflation Pressure

Federal Reserve Bank of New York President John Williams said he expects falling energy prices to drive a drop in overall inflation over the next few months, according to a report from Rigzone. The comments were made on July 7. The outlook suggests a potential shift in the macroeconomic environment that shapes capital costs and consumer demand for Bakken operators. Lower inflation can reduce pressure on the Federal Reserve to maintain high interest rates, which could eventually ease borrowing costs for capital-intensive drilling programs. For the Bakken formation, a sustained period of lower energy prices presents a dual challenge. While it may signal weaker crude oil and natural gas prices that directly impact producer revenues and well economics, the anticipated decline in broader inflation could be a positive signal for long-term investment planning. The industry often balances immediate commodity price signals against the cost of capital and future economic forecasts....

🔆Midday Wire·Jul 8

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Rally Sharply

North Dakota's active drilling rig count held steady at 24 this week, according to live Bakken Wire data, as the oil market experienced a sharp rally. West Texas Intermediate (WTI) crude surged 7.51% to $75.73 per barrel, while the global benchmark Brent crude rose 7.98% to $80.08. The current rig count of 24 reflects a sustained level of drilling activity in the Williston Basin. However, this figure remains near historic lows compared to the boom years of the last decade, when counts regularly exceeded 100. The Bakken differential—the discount for Bakken crude priced at Clearbrook, Minnesota—was reported at -$3.42 per barrel versus WTI. Historically, the rig count serves as a leading indicator for future oil production, with a lag of several months between new drilling and brought-online production. A stable or rising count suggests operators are investing in new wells to offset the steep decline rates typical of Bakken shale...

🔆Midday Wire·Jul 8

Workforce & Community

Bakken Rig Count Remains Low at 24 as Prices Surge

The number of active drilling rigs in North Dakota held steady at 24 on Wednesday, July 8, according to Bakken Wire data, a level historically associated with subdued field activity. This comes as crude oil prices posted significant midday gains, with WTI climbing 7.51% to $75.73 and Brent rising 7.98% to $80.08. The persistent low rig count, a key indicator of drilling and completion work, suggests that direct employment for field crews—including drillers, fracking teams, and construction workers—remains constrained. For Bakken communities, the relationship between rig activity and local economic health is direct: higher rig counts drive demand for housing, support services, and retail spending. While the midday price surge improves cash flow for producers and royalty owners, translating into a stronger differential for Bakken crude at $-3.42 versus WTI, it has not yet spurred an increase in physical activity. The natural gas price remained at $3.25. In the Bakken...

🔆Midday Wire·Jul 8

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 6% on Geopolitical Tensions, EIA Draw

Crude oil prices surged more than 6% in Wednesday trading, driven by heightened geopolitical risks and a larger-than-expected drawdown in U.S. inventories. West Texas Intermediate (WTI) crude settled at $74.78 per barrel, a gain of $4.34, while the global benchmark Brent crude jumped $5.08 to $79.24 per barrel. The rally was primarily fueled by escalating tensions in the Middle East. According to the related news sources, concerns over potential supply disruptions have intensified market anxiety, providing a strong bullish catalyst for crude futures. Further supporting prices, the U.S. Energy Information Administration (EIA) reported a significant decrease in commercial crude oil inventories. The reported draw exceeded market forecasts, indicating stronger-than-anticipated demand or tighter supply conditions. This data point reinforced the upward price momentum initiated by geopolitical headlines. For Bakken producers, the sharp rise in the primary benchmark is a direct positive. The Bakken crude differential to WTI was recorded at -$3.42...

🌅Afternoon Wire·Jul 8

Rig Report

Bakken Rig Count Holds at 25 After Daily Moves

The number of active drilling rigs in North Dakota's oil fields was 25 on Wednesday, July 8, unchanged from the prior day, according to live rig data from Bakken Wire. The flat daily total resulted from two rigs starting operations and one rig being released. Two operators added rigs to the state's count. Formentera Operations, LLC, spud the PRONGHORN 7 well in Divide County (162-95-23). In Williams County, XTO Energy Inc. began drilling the H & P 429 well (154-96-10). The single rig removed from the tally was the T&S DRILLING 2 rig, which was working for Petro-Hunt, L.L.C. on a location in Billings County (144-98-17) prior to its release. No rigs were reported to have moved between locations on Wednesday. The current activity level represents a slight decline in the pace of drilling compared to recent weeks. One week ago, on July 1, 2026, the active rig count stood...

🌅Afternoon Wire·Jul 8

Pipeline & Infrastructure

Canada Advances Two Major Oil Pipeline Projects

The governments of Canada and Alberta have formalized plans to build a major new crude oil pipeline to the West Coast, a project that could have long-term implications for market competition facing North Dakota's Bakken shale. According to a report from OilPrice.com, Prime Minister Mark Carney and Alberta Premier Danielle Smith announced on July 2 that the pipeline from Alberta to British Columbia will be built as a private-public partnership. The proposed pipeline is slated to follow the "southern route" along the existing Trans Mountain pipeline corridor from Edmonton to the coast. The terminus is planned for Roberts Bank near Tsawwassen, British Columbia, where a new delivery terminal with two berths for large crude tankers would be built. The project aims for a capacity of one million barrels per day. This route avoids the politically and legally fraught northern path through First Nations territories and areas covered by a federal...

🌅Afternoon Wire·Jul 8

Global Markets

IMF Sees Higher Oil Prices, Slower Global Growth in 2026

The International Monetary Fund has downgraded its 2026 global economic growth forecast to 3%, citing the impact of the Iran war, according to a report from OilPrice.com. The IMF now projects oil prices will average roughly 32% higher this year compared to 2025. This price environment presents a dual-edged sword for North Dakota's Bakken producers. Elevated crude prices directly boost operator revenues and improve drilling economics. However, the IMF's report notes the price surge is contributing to a resurgence in global inflation, projected at 4.7%, which could ultimately dampen worldwide oil demand growth. The United States is positioned to fare better than many other major economies in this climate. The IMF projects U.S. GDP growth of 2.3% for 2026, slightly above 2025's 2.1%. Crucially, the report states that as a net energy exporter, the United States is "less vulnerable than most major economies to overseas supply disruptions and higher oil...

🌅Afternoon Wire·Jul 8

Global Markets

Global Shifts in Energy Tech and Demand Could Impact Bakken Outlook

A breakthrough in battery manufacturing could create a new, efficient market for natural gas. According to OilPrice.com, scientists at Texas A&M University have accidentally discovered a plasma-based process that creates high-purity graphene oxide—a critical component for lithium-ion batteries—directly from methane. The process also yields green hydrogen as a byproduct with minimal greenhouse gas emissions. Associate professor David Staack stated the team is building the material "from methane molecules," a departure from the current costly production method. For Bakken operators, this represents a potential new, high-value industrial demand pathway for natural gas, a common byproduct of oil extraction in the region. Meanwhile, a global surge in electricity demand, driven in part by artificial intelligence, is accelerating changes in power generation. OilPrice.com reported that a massive AI buildout in West Texas, including projects by OpenAI, Oracle, SoftBank, and Microsoft, is consuming roughly 2.1 gigawatts of power on land that was previously used...

🌅Afternoon Wire·Jul 8

Operator News

Oil Prices Surge on Renewed Middle East Tensions

Oil prices surged to two-week highs on Wednesday following renewed U.S. strikes on Iran and related threats to a critical global shipping chokepoint, according to Rigzone. The development injects fresh geopolitical risk premium into the market, a factor that can directly influence the price received for Bakken crude. The immediate price surge follows renewed American military action and threats to disrupt shipping through the Strait of Hormuz, a vital passage for global oil shipments, Rigzone reported. Such geopolitical events typically support higher global benchmark prices, which in turn improve the netback for Bakken producers selling their crude. Further complicating the regional picture, the role of Qatar as a key mediator between the U.S. and Iran has been jeopardized, Rigzone reported in a separate item. This follows the targeting of a Qatari tanker near the Strait of Hormuz. The erosion of diplomatic channels raises the potential for prolonged instability in a...

🌅Afternoon Wire·Jul 8

Pipeline & Infrastructure

National Energy Developments Signal Shifting Market for Bakken

The U.S. Department of Energy reported that its Reactor Pilot Program has exceeded a goal to have at least three advanced nuclear reactor designs achieve 'criticality' by the July 4 anniversary, according to Rigzone. While not a direct market mover, the successful demonstration of four advanced reactors underscores a national push toward diverse, firm power sources that could influence long-term energy demand and emissions policies affecting fossil fuel producers. In a development with more immediate implications for natural gas markets, Sempra Infrastructure's liquefied natural gas project on Mexico's west coast exported its first shipment, Rigzone reported, citing ship-tracking data. New LNG export capacity increases demand outlets for U.S. natural gas, which can support pricing for associated gas produced in the Bakken formation. North Dakota's gas production often faces takeaway constraints, making additional market access a positive signal for operators and royalty owners. However, analysts warn that the era of sustained...

🌅Afternoon Wire·Jul 8

Regulatory

Trump Remarks on Iran, Eni Battery Hub, Equinor Contracts in Wednesday Roundup

Oil prices surged following remarks by former President Donald Trump regarding the Iran ceasefire, according to Rigzone. During a press meeting in Ankara on Wednesday, Trump stated, 'To me, I think it's over,' in reference to the ceasefire. While specific price movements were not detailed in the summary, such geopolitical statements typically introduce volatility into global crude markets, which directly impacts the pricing environment for Bakken crude. In other corporate news, Italian energy major Eni has broken ground on a lithium-iron-phosphate battery production hub at its Brindisi industrial site in Italy, Rigzone reported. The company also announced an agreement to acquire a stake in a lithium project in Chile. This move by a traditional oil and gas firm into battery materials and energy storage underscores the broader energy transition, a long-term strategic consideration for all integrated producers with assets in regions like the Bakken. Meanwhile, Equinor and its partners have...

🌅Afternoon Wire·Jul 8