Friday, July 10, 2026

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Oil Prices

Oil Prices Gain on Geopolitical Risk; Bakken Crude at $69.08

Oil prices edged higher on Friday, July 10, as geopolitical tensions surrounding a key global shipping chokepoint added a risk premium to the market. West Texas Intermediate (WTI) crude traded at $72.50 per barrel, a gain of $0.42 (0.58%), while Brent crude rose to $76.84, up $0.54 (0.71%). The price for Bakken crude at the wellhead was approximately $69.08, based on a differential of $-3.42 versus WTI. Natural gas prices saw a slight decline, trading at $2.99, down $0.02. According to OilPrice.com, the weekly rally was driven by growing concerns over global oil supplies, specifically renewed tensions in the Middle East that raised questions about the security of shipments through the Strait of Hormuz. This geopolitical risk premium outweighed bearish factors, including another OPEC+ production increase and an unexpected build in U.S. crude inventories. For the week ending July 10, August WTI futures climbed from a low of $67.82 to...

☀️Morning Wire·Jul 10

Rig Report

North Dakota Rig Count Holds at 25 Amid Stable Activity

North Dakota's active drilling rig count remained at 25 on Friday, July 10, showing no daily change for the second consecutive week, according to live rig data from Bakken Wire. The data shows no new rigs were added, none were removed, and none moved locations since the previous report. This marks a full week of stability, as the count also stood at 25 on Thursday, July 9, and on the same day one week prior, July 3. However, the current activity level represents a slight pullback from earlier in the summer. Compared to one month ago on June 10, when 27 rigs were active, the state's drilling fleet has decreased by two units, a decline of approximately 7.4%. The rig count is a key leading indicator for future oil production in the Bakken formation, North Dakota's primary oil-producing region. A stable count suggests operators are maintaining a consistent, though measured,...

☀️Morning Wire·Jul 10

Daily Activity

Formentera Dominates New Permits as Seven Approved in DMR Daily Report

The North Dakota Department of Mineral Resources approved seven new drilling permits in its daily activity report for Thursday, July 9, with Formentera Operations LLC accounting for the vast majority of the new filings, according to the DMR report. Formentera Operations was granted six permits, all located in Burke County within the Black Slough field. The permits are for the Griffin and Rabbit well pads and include both S5-series and S6-series laterals, the report shows. The specific approved permits are Griffin-08-32-PGN S513HF, Griffin-08-32-PGN S615HF, Griffin-08-32-PGN S517HF, Rabbit-08-3-PGN S610HX, Rabbit-08-33-PGN S512HX, and Rabbit-08-33-PGN S614HX. The sole other permit approved was for Oasis Petroleum North America LLC. That permit, 43099, is for the Jaffa 5303 14-1 2B well in the Lake Trenton field of Williams County, according to the DMR. The report indicates continued development focus on the northwestern core of the Bakken formation, with all new permits situated in either Burke...

☀️Morning Wire·Jul 10

Pipeline & Infrastructure

Israel Completes Pipeline Expansion for Egyptian Gas Exports

State-owned Israel Natural Gas Lines has completed a project to expand the pipeline system that delivers Israeli natural gas to Egypt, according to a report from Rigzone. The expansion was reported on Friday, July 10, 2026. The development paves the way for increased exports of Israeli natural gas to its neighbor. Egypt has significant liquefied natural gas (LNG) export facilities, meaning gas from the Eastern Mediterranean can be processed and shipped to global markets, particularly in Europe and Asia. For Bakken operators, the expansion of international pipeline infrastructure underscores the continued growth of global natural gas supply. North Dakota's Bakken formation is primarily a crude oil play, but it also produces significant associated natural gas. This gas is largely transported via pipeline to markets in the United States. Increased global gas trade, facilitated by projects like the Israel-Egypt pipeline, contributes to the interconnected nature of the world energy market. While...

☀️Morning Wire·Jul 10

Global Markets

Global LNG Expansion, Hormuz Premium Eases in Mixed Market Signals for Bakken

Global energy markets presented a mixed picture for Bakken operators this week, with a major LNG expansion signaling long-term competition for gas markets and a slight easing of key oil transit risks. The U.S. Energy Information Administration also released its latest price outlook, a key benchmark for North Dakota's oil-dependent economy. Abu Dhabi National Oil Company (ADNOC) is making a massive push into global liquefied natural gas (LNG) markets, a move that could shape long-term energy flows. ADNOC Logistics and Services announced a $900 million order on Friday for four newbuild LNG carriers, according to a report from OilPrice.com. The vessels, to be constructed in China and delivered in 2029, are part of a broader fleet expansion targeting 47 million tonnes per annum of marketable LNG by 2035. This aggressive growth in global LNG supply, supported by long-term deals like a recently signed 15-year contract with Japan's Inpex, underscores the...

☀️Morning Wire·Jul 10

Global Markets

IEA Warns Renewed U.S.-Iran Conflict Threatens Oil Surplus, Global Supply Rebounds

The International Energy Agency (IEA) warned Friday that renewed U.S.-Iran hostilities could upend its forecast for an oil market surplus next year, according to its July Oil Market Report. The agency noted an escalation in hostilities on July 7-8 has clouded the outlook, despite a recent tentative recovery in oil flows. Global oil supply rebounded by 4.1 million barrels per day (bpd) to 98.8 million bpd in June, the IEA reported, amid a partial recovery in Gulf production and as tankers rushed to exit the Persian Gulf following the reopening of the Strait of Hormuz. However, global output remains about 9.4 million bpd below pre-war levels. The IEA's supply forecast for a decline of 3.7 million bpd to 102.6 million bpd in 2026 is now "contingent on a swift de-escalation of renewed hostilities." Oil prices have plunged since the U.S. and Iran signed a memorandum of understanding in mid-June, with...

☀️Morning Wire·Jul 10

Operator News

Crude Prices Fall as Analysts See Limited US-Iran Conflict

Oil prices fell on Thursday as traders bet that renewed military tensions between the U.S. and Iran would not escalate into a broader conflict, according to Rigzone. The market movement reflects a immediate reaction to geopolitical risk easing. Strategists at Macquarie said they expect the renewed tension in the Middle East to be "relatively short-lived," Rigzone reported Friday. This assessment contributed to the downward pressure on crude benchmarks, as prolonged supply disruptions from the key producing region now appear less likely. For Bakken operators and royalty owners, the price reaction underscores the formation's continued sensitivity to global geopolitical events. While North Dakota's shale production is largely insulated from direct physical supply disruptions, its economics are tightly linked to international crude prices. A quick de-escalation could help stabilize the price environment, which is critical for planning drilling and completion budgets in the Williston Basin. In other energy market news, Abu Dhabi...

☀️Morning Wire·Jul 10

Pipeline & Infrastructure

DOE Issues Major Loan for Texas Pipeline; U.S. Crude Stocks Rise

AEP Texas secured a $3.26 billion loan from the U.S. Department of Energy for a pipeline project, according to a Rigzone report. The new financing adds to a previous $1.6 billion loan guarantee secured from an earlier administration program. While the specific project is in Texas, major pipeline developments in any major producing region can influence broader midstream capacity and market dynamics. For Bakken producers, increased infrastructure investment nationally can support long-term market access and price stability. Separately, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, increased week-on-week to 411.4 million barrels as of July 3, Rigzone reported, citing the latest weekly data from the Energy Information Administration. Rising national stockpiles can put downward pressure on benchmark crude prices, which directly impacts the economics of Bakken production. The Bakken formation relies on a combination of pipelines, rail, and trucks to move its crude to market. Developments that affect overall...

☀️Morning Wire·Jul 10

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Dip as EIA Cuts Fuel Price Outlook, Bakken Discount Widens

Front-month WTI crude oil futures traded at $71.25 per barrel midday Friday, down $0.83 or 1.15 percent, according to live price data. The global Brent benchmark also declined, falling $0.57 to $75.73. The price drop for Bakken crude was more pronounced, with its differential to WTI widening to a discount of $3.42 per barrel. The downward pressure follows a bearish revision to U.S. fuel demand projections. The U.S. Energy Information Administration (EIA) lowered its U.S. regular gasoline price forecast for both 2026 and 2027 in its latest Short-Term Energy Outlook, published July 10, according to Rigzone. Lower expected consumer fuel costs typically signal weaker-than-anticipated demand for refined products, weighing on crude prices. Global supply factors also provided mixed signals. In a move that could underpin longer-term demand, India moved to expand its strategic petroleum reserves. The board of the country's largest oil-and-gas producer approved adding 1.75 million tons of storage...

🔆Midday Wire·Jul 10

Operator News

Chevron Secures Five-Year Australian Gas Supply Deal

Chevron Corporation has signed a new long-term agreement to supply natural gas from Western Australia to utility Alinta Energy, according to a report from Rigzone. The deal, announced July 10, 2026, commits 46 petajoules of gas supply over a five-year period. For Bakken-focused operators and royalty owners, the development underscores Chevron's ongoing activity in international LNG and natural gas marketing. Chevron is a major participant in North Dakota's Bakken formation through its acquisition of Noble Energy's assets, which included significant Bakken positions. While the specific gas supply originates from Australia's domestic market, such international contract signings by integrated majors can influence broader corporate strategy and capital allocation. Stable, long-term revenue streams from global gas projects can support the financial health of these large operators, which in turn can impact investment in diverse assets including U.S. shale plays. The Bakken formation is a key oil-producing region with associated natural gas. Major...

🔆Midday Wire·Jul 10

Pipeline & Infrastructure

New Israeli Pipeline Expansion May Affect Global Gas Market Dynamics

State-owned Israel Natural Gas Lines has completed a project to expand the pipeline system delivering Israeli natural gas to Egypt, according to a report from Rigzone. The development, reported Friday, paves the way for increased gas exports from Israel to its neighbor. The expansion of physical export infrastructure from the Eastern Mediterranean comes as global natural gas markets remain interconnected through liquefied natural gas (LNG) trade. While the Bakken formation is primarily an oil play, associated natural gas production is a significant byproduct for operators in North Dakota. Increased gas supply from regions like the Mediterranean can contribute to global LNG supply fundamentals. This can indirectly influence the competitive landscape for U.S. LNG exports, which compete for market share in Europe and Asia. Bakken gas, which often moves to markets via pipelines rather than as LNG, can still be affected by broader price signals and displacement effects within North American...

🔆Midday Wire·Jul 10

Global Markets

Global Supply Disruptions Lift Oil Prices, Offer Support for Bakken Crude

Global oil prices rose sharply this week as renewed geopolitical risks disrupted supply flows, offering support for Bakken crude benchmarks. The ICE Brent crude benchmark was set to settle above $76 per barrel on Friday, July 10, a gain of $4 per barrel for the week, according to OilPrice.com. The increase is attributed to a revived Middle East risk premium following renewed U.S.-Iran strikes. Traffic through the critical Strait of Hormuz slowed toward a near-standstill, raising fears of supply disruptions. Concurrently, Russia announced a one-month ban on diesel exports, removing approximately 0.5 million barrels per day from the global market and sending European diesel prices to a 15-year high. These disruptions overshadowed other market developments, including the International Energy Agency adjusting its 2026 demand drop expectations to 1 million barrels per day. The IEA maintained a bullish view for 2026, anticipating world oil supply to fall by 3.7 million barrels...

🔆Midday Wire·Jul 10

Global Markets

Global Energy Policy Shifts Highlight Supply, Permitting Challenges

The global energy system is facing concurrent crises of supply security and infrastructure buildout, with implications for North Dakota's Bakken operators navigating a volatile market. According to a report from OilPrice.com, permitting bureaucracy is the biggest roadblock to clean energy expansion in the United States, "generation capacity not coming online, grid upgrades not being delivered, and industrial facilities not being built." These domestic delays come as the International Energy Agency (IEA) calls for increased oil and gas supply from secure regions. IEA Executive Director Fatih Birol urged the European Union to reverse its moratorium on Arctic drilling after a meeting with Norwegian Finance Minister Jens Stoltenberg, OilPrice.com reported. Birol emphasized Norway's importance for European energy security, stating "The world needs every drop of oil from Norway." Norway has lobbied the EU to drop the ban, arguing the need for reliable supply outside conflict zones following major Middle East disruptions. Simultaneously,...

🔆Midday Wire·Jul 10

Operator News

Global Energy, Policy Shifts Could Impact Bakken Market Dynamics

Federal regulators are exploring new uses for U.S. offshore areas that could intersect with energy interests. The Bureau of Ocean Energy Management (BOEM) is examining the potential for space launch and recovery operations on the Outer Continental Shelf, according to Rigzone. Acting BOEM Director Matt Giacona stated, "The Outer Continental Shelf presents a significant opportunity to support the future of America's space economy," Rigzone reported. While not directly affecting the Bakken, such federal policy directions can influence broader energy sector priorities and regulatory focus. Internationally, a major oil producer is undergoing significant regulatory change. Venezuela's interim government published long-awaited new oil regulations on Thursday, breaking up the state's longstanding monopoly, Rigzone reported. This move could eventually alter global heavy crude supply dynamics, which compete in the global market against lighter crudes like those produced in the Bakken formation. Any sustained increase in Venezuelan production could apply downward pressure on global...

🔆Midday Wire·Jul 10

Pipeline & Infrastructure

Global Energy Deals, Price Dip Mark Midday Trading

Global energy firms Abu Dhabi National Oil Company (ADNOC) and Japan's Mitsui & Co. have signed a broad partnership agreement to explore collaboration across several key sectors, according to a report from Rigzone. The companies will jointly study opportunities in crude oil market development and long-term supply, LNG sales and optimization, sulfur procurement and logistics, and shipping solutions for various commodities, ADNOC said. The announcement comes as crude oil prices slid in Thursday's trading session. Rigzone reported that oil prices fell as traders bet that the recent U.S.-Iran conflict would remain limited, easing immediate supply disruption fears. For Bakken shale producers in North Dakota, these developments highlight the interconnected nature of global energy markets. Major international supply agreements and partnerships, like the one between ADNOC and Mitsui, can influence long-term crude pricing and market access dynamics. The Bakken formation, a key contributor to U.S. light sweet crude output, competes in...

🔆Midday Wire·Jul 10

Production Data

North Dakota Rig Count Holds at 25 as Oil Prices Slide

North Dakota's active rig count held steady at 25 on Friday, providing a stable signal for near-term oil production in the Bakken formation. The figure comes as benchmark crude prices saw a midday decline, with West Texas Intermediate trading at $71.25 per barrel, down $0.83. The current rig count is a key leading indicator for future oil output. Historically, the number of active drilling rigs in the state has shown a direct, though lagged, correlation with production levels. A stable rig count suggests operators are maintaining a consistent pace of new well development, which should support production volumes in the coming months. Midday trading showed Brent crude at $75.73 per barrel, down $0.57. The price for Bakken crude at the wellhead is typically discounted against WTI. The live data showed the Bakken differential at -$3.42 versus WTI, putting local crude at approximately $67.83 per barrel. Natural gas prices were recorded...

🔆Midday Wire·Jul 10

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slide as Gasoline Demand Outlook Weakens

Front-month WTI crude oil futures traded at $71.54 per barrel on Friday, July 10, down 0.75 percent for the session. The global benchmark Brent crude also declined, settling at $76.00 per barrel. North Dakota Bakken crude traded at a discount of $3.42 per barrel to the WTI benchmark, according to live price data. The day's decline in oil prices coincides with a lowered outlook for U.S. fuel costs. The U.S. Energy Information Administration (EIA) cut its price projection for U.S. regular gasoline in both 2026 and 2027 in its latest Short-Term Energy Outlook, according to Rigzone. A weaker forecast for consumer fuel expenses often signals concerns over softening demand, applying downward pressure on crude markets. Simultaneously, news of strategic inventory expansion added to the bearish sentiment. Rigzone reported that India, a major global oil importer, approved plans to add 1.75 million tons of crude storage capacity to its national reserves....

🌅Afternoon Wire·Jul 10

Rig Report

Bakken Rig Count Falls to 23 as Hess, Formentera Drop Rigs

The number of rigs actively drilling for oil and gas in North Dakota fell to 23 on Friday, July 10, according to Bakken Wire live data. The count decreased by two from the previous day, with no new rigs added and none moving location. The two rigs removed from service were the NABORS x24, operated by Hess Bakken Investments II, LLC in McKenzie County, and the PRONGHORN 7, operated by Formentera Operations, LLC in Divide County. This brings the state's total active rig count down two from one week ago, when it stood at 25, and down four from a month ago, on June 10, when 27 rigs were active. The decline in the Bakken contrasts with a slight increase in the national rig count this week. According to a report from OilPrice.com, the total number of active drilling rigs in the United States rose to 581, up 44 from...

🌅Afternoon Wire·Jul 10

Operator News

Chevron Secures Five-Year Australian Gas Supply Deal

Chevron Corporation has signed a new five-year agreement to supply natural gas to Australian utility Alinta, according to a report from Rigzone. The deal covers 46 petajoules of gas sourced from Western Australia. For Bakken operators and royalty owners, the announcement underscores the integrated, global nature of the major players active in North Dakota's oil field. Chevron is a significant operator in the Williston Basin, and its international commercial activities can influence corporate strategy and capital allocation. While the specific supply deal is for Australian gas, such long-term agreements provide revenue stability for large producers like Chevron. This financial foundation supports ongoing investment across their global asset portfolio, which includes the Bakken formation. The news also highlights the importance of natural gas in the global energy mix, even as companies like Chevron pursue major oil production in regions like the Bakken. Diversified operators manage a suite of commodities and markets,...

🌅Afternoon Wire·Jul 10

Pipeline & Infrastructure

Israeli Pipeline Expansion May Pressure Global Gas Prices, Affect Bakken Economics

A key natural gas pipeline expansion in the Eastern Mediterranean was completed this week, adding to the global supply of liquefied natural gas (LNG) and potentially affecting market dynamics for U.S. producers. According to Rigzone, state-owned Israel Natural Gas Lines has finished a project to expand the pipeline system that delivers Israeli natural gas to Egypt. The completion of this infrastructure project paves the way for increased Israeli gas exports to Egypt, as reported by Rigzone. Egypt, in turn, utilizes its LNG export facilities on the Mediterranean coast to ship processed gas to global markets, primarily in Europe and Asia. For Bakken operators, this development represents an incremental increase in competing global natural gas supply. While the Bakken formation is primarily an oil play, its production is accompanied by significant volumes of associated natural gas. The economics of drilling in the region are influenced by the price received for this...

🌅Afternoon Wire·Jul 10

Regulatory

Kazakhstan Extends Fuel Export Ban, Adding to Global Supply Concerns

Kazakhstan has formally extended a ban on exports of key petroleum products like gasoline and diesel for six months, a move that removes supply from regional markets and occurs alongside renewed shipping disruptions in the Strait of Hormuz. According to a report from OilPrice.com citing Eurasianet.org, Kazakhstan's Energy Ministry announced the extension on July 7, 2026, with the ban now set to last until May 22, 2027. The decision is a direct response to severe gasoline shortages in neighboring Russia, caused by widespread Ukrainian drone attacks on Russian energy infrastructure. This has led to "gasoline tourism," with Russian vehicles flooding into Kazakhstan for fuel. Kazakh authorities have established nearly 60 police checkpoints on roads bordering Russia and limited border crossings to one per day for trucks and cars to curb smuggling. Deputy Energy Minister Kayirkhan Tutkyshbayev stated that officials are working to "identify cars with additional fuel tanks that are...

🌅Afternoon Wire·Jul 10

Global Markets

Middle East Risks, Global Supply Shifts Lift Oil Prices Above $76

A resurgence of Middle East geopolitical risk has lifted global oil prices, with ICE Brent crude set to settle above $76 per barrel on Friday, July 10, 2026, according to OilPrice.com. The price increase of $4 per barrel this week is attributed to renewed U.S.-Iran strikes slowing traffic through the critical Strait of Hormuz and reviving market fears of supply disruptions. The International Energy Agency's monthly report, cited by OilPrice.com, adjusted its 2026 demand drop expectations to 1 million barrels per day. It maintained a bullish view for this year, anticipating world oil supply will fall by 3.7 million b/d amid ongoing Middle East disruptions. Concurrently, Russia announced a one-month ban on diesel exports, wiping approximately 0.5 million b/d from the global market and sending European diesel prices to a 15-year high. Further supply chain pressures were noted as renewed attacks on ships transiting the Strait of Hormuz prompted carriers,...

🌅Afternoon Wire·Jul 10

Global Markets

Global Heatwave Strains Grids, BOEM Eyes Space, Venezuela Reforms

Extreme summer heatwaves are forcing Britain's National Energy System Operator (Neso) to issue urgent calls for more power generation as cooling demand strains the grid, according to a report from OilPrice.com. The grid operator warned of a potential 1.2-gigawatt shortfall during peak evening demand on Thursday night, citing "extreme temperatures across Europe" that are reducing the availability of some generation. This marks a reversal from traditional winter peaks, as increased air conditioning use collides with low wind output, forcing greater reliance on gas-fired plants and imported energy. For Bakken operators, this underscores a global trend of volatile power demand that can tighten gas markets and influence export dynamics. In regulatory news, the U.S. Bureau of Ocean Energy Management (BOEM) is exploring the potential for space launch and recovery activities on the Outer Continental Shelf. Acting BOEM Director Matt Giacona said, "The Outer Continental Shelf presents a significant opportunity to support...

🌅Afternoon Wire·Jul 10

Operator News

Oil Prices Slide as Analysts See Short-Lived US-Iran Tensions

Oil prices fell on Thursday as traders bet that renewed conflict between the U.S. and Iran would remain limited, according to Rigzone. The drop came despite a recent spike in geopolitical risk premiums. Strategists at Macquarie said they expect the renewed tension in the Middle East to be "relatively short-lived," Rigzone reported Friday. This assessment contributed to the market's recalibration, easing concerns about a major supply disruption that could have supported higher global crude benchmarks. For Bakken operators, rapidly easing geopolitical premiums can translate to lower near-term price realizations for their crude. The Bakken's price is closely tied to the U.S. benchmark West Texas Intermediate (WTI), which is influenced by these global events. A swift return to trading on fundamental supply and demand factors, rather than fear of conflict, typically reduces volatility and the potential for windfall price spikes. In other global energy news, Abu Dhabi National Oil Company (ADNOC)...

🌅Afternoon Wire·Jul 10