Thursday, July 9, 2026

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Oil Prices

Oil Prices Rise Amid Strait of Hormuz Tensions, Bakken Differential Widens

Oil prices extended gains on Thursday, July 9, following a surge the previous day, as renewed military conflict between the U.S. and Iran rattled global markets and threatened flows through the critical Strait of Hormuz. West Texas Intermediate (WTI) crude was trading at $73.97 per barrel, up $0.45 (0.61%), while Brent crude rose to $78.66, a gain of $0.64 (0.82%), according to live price data. The price action follows a dramatic 5% jump on Wednesday, with prices hitting a two-week high at one point. The rally was triggered by a rapid escalation in the Middle East, according to a report from OilPrice.com. On Tuesday, Iran attacked three commercial ships, including an oil tanker and an LNG carrier, in the Strait of Hormuz. The U.S. retaliated with strikes on multiple targets in Iran, and Iran subsequently struck U.S. bases in Bahrain and Kuwait. This flare-up has effectively ended a ceasefire and...

☀️Morning Wire·Jul 9

Rig Report

North Dakota Rig Count Holds at 25, Down 2 From June

The number of active drilling rigs in North Dakota's oil fields remained unchanged for the second consecutive week, holding steady at 25, according to live data from Bakken Wire. No rigs were added, removed, or moved locations in the past 24 hours. The current count represents no change from the 25 rigs active one week ago on July 2, 2026. However, the pace of drilling has softened compared to last month. The state's rig count is down by two from the 27 rigs reported on June 9, 2026. The flat week-to-week activity suggests a period of stability for operators in the Bakken formation and broader Williston Basin. Rig counts are a leading indicator of future oil production, and the current level reflects ongoing, measured development in the play. While domestic drilling activity in the Bakken holds steady, a major international energy company has commenced a significant appraisal drilling campaign for...

☀️Morning Wire·Jul 9

Daily Activity

Hunt Oil Leads Daily Permits with Four New Mountrail Wells

The North Dakota Department of Mineral Resources approved four new drilling permits on Wednesday, July 8, 2026, all filed by Hunt Oil Company in Mountrail County, according to the agency's daily activity report. The four permits are for wells in the prolific Parshall field. The approved permits are for the McAlmond 155-89-32-20H 1, 2, and 3 wells at Lot 4 and Lot 3, and the Oakland 154-89-5-17H 1 at Lot 3. All are located in Mountrail County. The approvals signal continued development by Hunt in a core area of the Bakken formation. Permit renewals dominated the day's filing activity, with ten applications submitted. Enerplus Resources USA Corporation and XTO Energy Inc. were the most active, accounting for seven of the renewal requests. Three of XTO's renewals for Prairie Federal wells in McKenzie County's Haystack Butte area are marked as 'Confidential' and note a "proposed drillback outside of spacing unit." Similarly,...

☀️Morning Wire·Jul 9

Global Markets

Goldman Warns of Renewed Hormuz Disruption, Reversing Glut Forecast

Investment bank Goldman Sachs has reversed its warning of a coming oil glut, now stating that renewed hostilities in the Persian Gulf threaten an extended supply disruption, according to a report from OilPrice.com. This shift highlights the extreme volatility in global supply forecasts that directly impacts the pricing environment for Bakken crude. The bank's commodity analysts said that while Middle Eastern producers have recently reopened shut-in wells, disruptions in the Strait of Hormuz "could slow down the production recovery." They noted that Middle East oil production remains 10.5 million barrels per day below pre-war levels. The recent attacks on tankers have led to a drop in oil flows through the critical chokepoint from a recovered 80% of pre-war levels down to 70%, with Bloomberg reporting no observable tanker traffic in the strait except for one U.S.-sanctioned vessel. This represents a stark reversal from Goldman's position just last week, when it...

☀️Morning Wire·Jul 9

Global Markets

Hormuz Closes, Oil Prices Spike as U.S.-Iran Conflict Re-Ignites

The vital Strait of Hormuz is effectively closed to commercial shipping after the United States and Iran resumed exchanging strikes, according to reports from OilPrice.com. This abrupt halt in tanker traffic has reversed a recent downward trend in oil prices and poses a renewed threat to global energy supplies, with direct implications for Bakken crude pricing and market stability. As of Thursday, July 9, vessel-tracking data showed only one sanctioned tanker moving through the waterway, a stark contrast to the 14 commodity-carrying vessels that traversed the strait on Wednesday. According to OilPrice.com, data from Kpler showed that in the three weeks following a prior ceasefire, the strait saw an average of 34 tanker crossings per day. At least four oil and LNG tankers made U-turns from the chokepoint on Wednesday. The U.S. military confirmed early Thursday that CENTCOM forces conducted additional strikes against Iran to degrade its ability to attack...

☀️Morning Wire·Jul 9

Operator News

Strait of Hormuz Tanker Traffic Halts Amid U.S. Strikes on Iran

Tanker traffic through the critical Strait of Hormuz has "essentially stopped," according to an analysis cited by Rigzone. The report, published July 9, quotes Jorge Leon, Head of Geopolitical Analysis at Rystad, on the severe disruption to the key maritime route for global oil shipments. The halt follows a second consecutive day of U.S. military strikes targeting Iran. U.S. Central Command stated its forces completed another round of strikes on July 9 "to further degrade" Tehran's ability to attack commercial shipping in the Strait, Rigzone reported. The strait is a vital conduit for seaborne crude oil exports from the Middle East. For Bakken shale producers, heightened tensions and supply disruptions at major global chokepoints typically increase volatility in international crude benchmarks like Brent. A sustained price spike in global markers can improve the economics for North Dakota's light sweet crude, potentially strengthening the Bakken's price differentials to the U.S. benchmark,...

☀️Morning Wire·Jul 9

Pipeline & Infrastructure

Oil Prices Surge on Renewed Iran Strikes, Geopolitical Tensions

Oil prices surged to two-week highs following renewed U.S. strikes on Iran and threats to disrupt shipping through the critical Strait of Hormuz, according to a report from Rigzone. The heightened geopolitical tension directly impacts the global crude benchmarks that dictate the price of Bakken crude. The situation was further complicated by an incident targeting a Qatari tanker near the Strait of Hormuz, which Rigzone reported has imperiled Qatar's role as a primary mediator between the U.S. and Iran. This escalation increases the risk premium priced into global oil markets. For Bakken operators and royalty owners, these international developments highlight the continued sensitivity of local crude prices to overseas supply disruptions. While North Dakota's oil flows to market primarily via pipelines like the Dakota Access Pipeline (DAPL), the final price received is tied to global benchmarks susceptible to Middle East volatility. Sustained higher prices could improve margins for producers, but...

☀️Morning Wire·Jul 9

Regulatory

DOE Reports Nuclear Milestone; Mexico LNG Plant Ships First Cargo

The U.S. Department of Energy's Reactor Pilot Program has exceeded its goal by successfully demonstrating four advanced nuclear reactor designs, according to Rigzone. The program surpassed the target of having at least three designs achieve 'criticality' by the July 4 anniversary. This milestone represents a significant step in federal efforts to develop next-generation nuclear energy technology. Separately, Sempra Infrastructure's liquefied natural gas project on Mexico's west coast has exported its first shipment, Rigzone reported, citing ship-tracking data compiled by Bloomberg. The commencement of operations at the new LNG export facility adds to global natural gas supply capacity. For Bakken operators and royalty owners, these developments highlight broader energy market trends that could influence long-term planning. Advanced nuclear technology, if commercialized, could eventually provide a stable, carbon-free power source for industrial operations, including potential future applications for oil field electrification or hydrogen production. The growth of LNG export capacity, particularly on...

☀️Morning Wire·Jul 9

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Slide as Market Eyes EIA Forecast, Canadian Supply Growth

Front-month oil futures traded lower on Thursday, with West Texas Intermediate crude down more than two percent. The August WTI contract was last trading at $72.04 per barrel, a drop of $1.48, according to midday price data. The global Brent benchmark fell to $76.50, down $1.52. The discount for Bakken crude at the Clearbrook, Minnesota, hub widened to $3.42 per barrel below WTI. The U.S. Energy Information Administration released its latest Short-Term Energy Outlook on Thursday, providing a key benchmark for market expectations through 2027, Rigzone reported. While the specific forecast figures were not detailed in the provided summary, the EIA's monthly outlook is a closely watched indicator of fundamental supply, demand, and inventory trends that influence trader sentiment. Broader supply developments are also in focus. According to a report from OilPrice.com, high oil prices earlier in the year are fueling a significant surge in heavy crude production from Canada's...

🔆Midday Wire·Jul 9

Global Markets

Global LNG Deal, Hormuz Insurance Shift Signal Evolving Market

Two developments in global energy markets reported Thursday highlight shifting trade patterns that can influence the competitive landscape for Bakken crude oil. According to Rigzone, marine insurers in London have seen fewer inquiries for coverage on voyages transiting the Strait of Hormuz, with some reporting increased costs for such insurance. Separately, Rigzone also reported that ADNOC has secured a 15-year deal to supply 1 million metric tons per annum of LNG to Japan's INPEX. The Strait of Hormuz is a critical chokepoint for global oil shipments, with a significant portion of Middle Eastern crude exports passing through it. Changes in insurance costs and demand for transit can affect the final delivered price of that crude to global markets, including the U.S. Gulf Coast. Bakken crude, priced primarily against the West Texas Intermediate (WTI) benchmark, competes with imported crudes. Any sustained increase in the cost or perceived risk of moving Middle...

🔆Midday Wire·Jul 9

Global Markets

Global Shifts: NATO Summit, Shipping Fuel Costs, BP Strategy

NATO leaders projected a united front following a summit in Ankara on July 8, according to a report from OilPrice.com. Despite public tensions earlier in the day, including U.S. President Donald Trump criticizing European allies and lashing out at Spain, diplomats described the private meeting atmosphere as diplomatic. The summit declaration endorsed by all leaders stated that "Iran must never have a nuclear weapon" and repeated a "call on Iran to fully respect freedom of navigation in the Strait of Hormuz," a critical global oil chokepoint. The shipping industry, responsible for about 3% of global carbon dioxide emissions, is facing pressure to adopt greener fuels but is encountering prohibitive costs, OilPrice.com reported. A recent survey cited by the Financial Times found shipping executives' belief in the commercial viability of ammonia as a fuel over the next decade fell to 12% this year from 31% last year. Conviction in hydrogen fell...

🔆Midday Wire·Jul 9

Operator News

Midday Roundup: DOE Loan, U.S. Stocks Rise, Hormuz Traffic Stops

AEP Texas secured a $3.26 billion loan from the Department of Energy, according to a report from Rigzone. The financing comes on top of a previous $1.6-billion loan guarantee from the Trump administration's Energy Dominance Financing Program. For Bakken operators, major energy infrastructure financing can signal continued investment in the midstream and power sectors that support oil and gas production. U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, increased to 411.4 million barrels for the week ending July 3, Rigzone reported, citing the latest U.S. Energy Information Administration weekly petroleum status report. The week-on-week stock build can influence domestic crude pricing benchmarks, which directly affect the revenue of Bakken producers and mineral rights owners in North Dakota. Tanker traffic through the critical Strait of Hormuz has "essentially stopped," according to Rigzone. The outlet cited Jorge Leon, Head of Geopolitical Analysis at Rystad Energy. The strait is a major conduit...

🔆Midday Wire·Jul 9

Pipeline & Infrastructure

Geopolitical, LNG, and CCS Developments Highlight Global Energy Shifts

U.S. forces conducted a second day of strikes against Iran on Thursday, targeting Tehran's ability to attack commercial shipping in the critical Strait of Hormuz, according to Rigzone. The action by U.S. Central Command follows initial strikes on Wednesday and aims to further degrade Iranian capabilities. For Bakken producers, sustained geopolitical instability in key global oil transit chokepoints typically adds a risk premium to crude prices, though direct impacts on North Dakota operations are filtered through broader market reactions. In other global energy news, TotalEnergies has shipped the first liquefied natural gas (LNG) cargo from the Mexican Pacific Coast to Asia, Rigzone reported. The company noted it will be the sole offtaker of LNG during the project's ramp-up phase. This development underscores the continuing global expansion of LNG infrastructure and trade, which competes for investment and market share with other energy sources. For the gas-rich portions of the Bakken formation,...

🔆Midday Wire·Jul 9

Regulatory

Oil Prices Surge on Geopolitical Tensions, Lifting Bakken Outlook

Oil prices surged to two-week highs Wednesday, driven by renewed geopolitical instability in the Middle East, according to a report from Rigzone. The price jump followed news of renewed U.S. strikes on Iran and subsequent threats to disrupt shipping through the critical Strait of Hormuz. For Bakken Shale operators in North Dakota, the price increase provides immediate, positive momentum for the third quarter. Higher benchmark crude prices directly improve the economics of wells across the Williston Basin, supporting cash flow and potentially influencing near-term drilling and completion budgets. The Strait of Hormuz is a vital maritime chokepoint for global oil shipments, and threats to its security typically trigger volatility and risk premiums in the market. While Bakken crude is primarily transported via pipeline and rail to domestic markets, sustained higher global prices strengthen the overall revenue environment for North Dakota's oil sector. The development underscores the continued sensitivity of the...

🔆Midday Wire·Jul 9

Production Data

Bakken Rig Count Holds at 25 as Oil Prices Slide Midday

The number of active drilling rigs in North Dakota held at 25 on Thursday, July 9, 2026, according to live Bakken Wire data. This steadiness in the rig count comes amid a midday downturn in oil prices, with West Texas Intermediate crude trading at $72.04 per barrel, down $1.48, and Brent crude at $76.50, down $1.52. The Bakken crude price differential narrowed to a discount of $3.42 per barrel below WTI. Natural gas prices were recorded at $3.02 per MMBtu. The current rig count of 25 is a key indicator of near-term drilling activity and future production potential in the Williston Basin. Historically, the rig count is a leading indicator for North Dakota's oil production. A sustained higher rig count typically translates into increased drilling, completion activity, and a subsequent rise in output several months later. Conversely, a declining rig count often foreshadows a plateau or drop in production. The...

🔆Midday Wire·Jul 9

Workforce & Community

Bakken Workforce Braces for Continued Slowdown as Rig Count Holds at 25

The workforce and communities in North Dakota's Bakken region are navigating a prolonged period of moderated oilfield activity, with the state's rig count holding at 25 as of Thursday, July 9, 2026. This level, far below historic peaks, continues to define the economic reality for western North Dakota towns. The current active rig count is a primary indicator of direct oilfield employment, including drilling crews, rig hands, and associated support personnel. A count in the mid-20s suggests a stabilized but subdued level of field activity, limiting job growth and overtime opportunities that were hallmarks of previous boom cycles. According to general industry analysis, service company employment and trucking demand typically correlate closely with the number of active drilling rigs. Compounding the pressure from low activity, oil prices have dipped in midday trading. West Texas Intermediate (WTI) crude was at $72.04 per barrel, down $1.48 or 2.01% for the day. The...

🔆Midday Wire·Jul 9

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply as Geopolitical Premium Eases

Oil prices fell sharply on Thursday, with U.S. benchmark West Texas Intermediate (WTI) crude dropping over two percent to trade near $71.80 per barrel. The sell-off was driven by receding fears of a broader Middle East conflict and a reported weekly build in U.S. crude inventories. According to live price data, WTI Crude settled at $71.81, down $1.71 or 2.33 percent for the session. The global benchmark, Brent Crude, fell to $76.06, down $1.96 or 2.51 percent. The price for Bakken crude at the wellhead, a key indicator for North Dakota producers, traded at a discount of $3.42 per barrel versus WTI. The primary driver for the price drop was a market reassessment of geopolitical risk. Rigzone reported that crude slid as traders bet the recent U.S.-Iran conflict would remain limited, easing the supply disruption fears that had supported prices earlier in the week. Further pressure came from fundamental supply...

🌅Afternoon Wire·Jul 9

Rig Report

North Dakota Rig Count Holds at 25 for Second Consecutive Week

The number of active drilling rigs in North Dakota's Bakken formation held steady at 25 on Thursday, July 9, according to live data from Bakken Wire. The count showed no daily movement, with zero new rigs added, zero rigs removed, and no rigs changing location. This marks the second consecutive week of stability in the state's drilling activity. The rig count one week ago, on July 2, 2026, was also 25. However, the current level represents a slight pullback from activity seen a month prior; on June 9, 2026, 27 rigs were active, indicating a net decrease of two rigs over the past month. The static rig count reflects a continued period of capital discipline among Bakken operators, who are focusing on efficiency and shareholder returns amidst moderate commodity prices. The current level is significantly below the boom-era peaks but aligns with a sustained, steady production profile for the prolific...

🌅Afternoon Wire·Jul 9

Global Markets

Global Tech, Ports, and Strait Premiums Shape Bakken's Export Outlook

A Florida-based firm's advancement in 3D-printed nuclear reactor technology highlights a global energy transition that could reshape long-term demand for fossil fuels like Bakken crude. According to OilPrice.com, AMPERA successfully fabricated a nuclear reactor module using a 3D printer, aiming to build the first entirely factory-built, subcritical, and solid-state thorium-powered system. AMPERA's CEO, Brian Matthews, stated this "sets the foundation for factory-built, mass-produced nuclear energy." For Bakken producers, the accelerating development of safer, more abundant thorium reactors represents a potential future challenge to oil's dominance in the power generation sector, though the technology remains in development. Separately, a major Eurasian infrastructure project critical for alternative trade routes has hit a snag. OilPrice.com reports that China has walked away from Georgia's strategic Anaklia Deep Sea Port project. The Georgian government now plans to develop the port under a state-owned "landlord" model. This port is key to the Middle Corridor, a trade...

🌅Afternoon Wire·Jul 9

Global Markets

Global Oil Focus Shifts to Iraq as U.S. Pressures PM, Turkey Extends Pipeline

Iraq's new prime minister will meet with U.S. President Donald Trump in Washington, D.C., on July 14, with U.S. support contingent on Baghdad meeting a series of political, economic, and security conditions, according to OilPrice.com. The U.S. has delivered demands to Iraq, including the disarmament of Iran-linked militias, preferred access to major projects for U.S. companies, and ensuring Iraq is not a platform for regional attacks, to avoid what one official described as "major sanctions." Prime Minister Ali Al-Zaidi, a 40-year-old political newcomer sworn in on May 14, 2026, has promised to make Iraq "a balanced country, regionally and internationally." His visit's agenda focuses on security, economic cooperation, militia disarmament, and attracting U.S. investment, particularly in energy and infrastructure. During the political stalemate following the November 2025 elections, Washington suspended cash payments from Iraq's oil revenues, halted security assistance, and suspended cooperation with Iraqi security agencies. In a related development...

🌅Afternoon Wire·Jul 9

Operator News

Hormuz Tanker Traffic Stops Amid U.S. Strikes on Iran

Tanker traffic through the critical Strait of Hormuz has "essentially stopped," according to Jorge Leon, Head of Geopolitical Analysis at Rystad Energy. The assessment was reported by Rigzone on Thursday. The halt follows a second consecutive day of U.S. military strikes targeting Iran. U.S. Central Command stated its forces completed another round of strikes aimed at degrading Tehran's ability to attack commercial shipping in the strait, Rigzone reported separately. For Bakken operators and royalty owners, a sustained closure of the Strait of Hormuz represents a significant upside risk to global oil prices. The strait is a vital maritime chokepoint for Middle Eastern crude exports. Any prolonged disruption typically triggers volatility and can strengthen the benchmark prices against which Bakken crude is priced, potentially improving wellhead economics. However, such geopolitical spikes are often accompanied by heightened market uncertainty. In related energy market news, TotalEnergies has shipped the first LNG cargo from...

🌅Afternoon Wire·Jul 9

Pipeline & Infrastructure

ADNOC Secures Major LNG Offtake Deal with Japanese Buyer

Abu Dhabi National Oil Company (ADNOC) has secured a 15-year agreement to supply liquefied natural gas (LNG) to Japanese energy company INPEX Corp., according to a report from Rigzone. The deal covers the supply of 1 million metric tons per annum (MMtpa) of LNG. The LNG will be supplied from ADNOC's Ruwais LNG project, which is currently under development in the United Arab Emirates. ADNOC stated that with this latest agreement, nearly 23 percent of the Ruwais project's total 9.6 MMtpa capacity has now been committed to Japanese customers, Rigzone reported. For Bakken producers and midstream operators, major long-term LNG offtake agreements in global markets underscore the sustained international demand for natural gas. While the Bakken is primarily an oil play, associated gas production is a significant byproduct, and its marketability is tied to broader natural gas infrastructure and demand trends. Developments like the ADNOC-INPEX deal reinforce the global competition...

🌅Afternoon Wire·Jul 9

Production Data

Bakken Rig Count Holds at 25 as Oil Prices Retreat

North Dakota's active drilling rig count held at 25 on Thursday, July 9, 2026, providing a steady base for the state's oil production even as crude oil prices fell sharply. According to live Bakken Wire data, West Texas Intermediate (WTI) crude settled at $71.81, down $1.71 or 2.33% for the day, while the global Brent benchmark fell 2.51% to $76.06. The current rig count, a key indicator of future production, has remained in the mid-20s range for several months. This level of drilling activity is historically associated with maintaining, but not significantly growing, production from the Bakken formation, North Dakota's primary oil-producing region. The Bakken differential, the discount for Bakken crude priced at the Clearbrook, Minnesota hub, was reported at $-3.42 versus WTI. Industry analysts closely watch the relationship between rig counts and production, with a typical lag of several months between changes in drilling activity and corresponding shifts in...

🌅Afternoon Wire·Jul 9

Workforce & Community

Bakken Rig Count Holds at 25 as Oil Prices Retreat

The number of active drilling rigs in North Dakota held steady at 25 this week, a level that provides a foundation for workforce stability in the Bakken oil region even as crude prices fell sharply. According to live Bakken data, West Texas Intermediate (WTI) crude traded at $71.81 on Thursday, July 9, down $1.71 or 2.33% for the day. The current rig count, a leading indicator of future oil production and service sector employment, has remained in a narrow range in recent months. This consistency in drilling activity helps sustain direct oilfield jobs and indirect employment in support industries across western North Dakota. A stable rig count mitigates the boom-and-bust cycles that have historically led to rapid population influxes followed by outflows, which strain housing and municipal services. The Bakken differential, the price discount for Bakken crude compared to the WTI benchmark, was reported at -$3.42. This price at the...

🌅Afternoon Wire·Jul 9