Saturday, July 11, 2026

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Oil Prices

Oil Prices Hold Steady as EIA Cuts Gasoline Forecast

Front-month WTI crude futures traded at $71.51 per barrel on Friday, marking a slight gain of 10 cents, according to live price data. Brent crude was essentially flat at $76.00. The price for Bakken crude at the Clearbrook, Minnesota, hub showed a differential of -$3.42 against WTI, a narrower discount than has been seen in recent weeks. The marginal price movement comes as the U.S. Energy Information Administration (EIA) revised its gasoline price forecasts lower. In its latest Short-Term Energy Outlook published Thursday, the agency cut its projection for the average U.S. regular gasoline retail price for both 2026 and 2027, Rigzone reported. Lower expected fuel costs for consumers can signal softer-than-anticipated demand or adequate refinery supply, factors that can apply a ceiling to crude oil prices. Internationally, India is moving to expand its strategic petroleum reserves. The board of the country's largest oil-and-gas producer approved adding 1.75 million tons...

☀️Morning Wire·Jul 11

Rig Report

North Dakota Rig Count Holds at 23 Amid National Drilling Caution

The number of rigs actively drilling for oil and gas in North Dakota remained at 23 on Saturday, July 11, 2026, according to live data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, removed, or relocated. The current activity level represents a continued pullback from recent weeks. The state's rig count is down by two from the 25 rigs active one week ago on July 4, and down by four from the 27 rigs working one month ago on June 11. The flat state-level activity comes as the broader U.S. drilling market shows mixed signals. According to data from Baker Hughes published on Friday and reported by OilPrice.com, the total number of active drilling rigs in the United States rose slightly this week to 581. That figure is up 44 from the same time last year. The national count for oil rigs specifically held...

☀️Morning Wire·Jul 11

Daily Activity

Slawson Secures Sole New Bakken Permit; Devon Updates Three Confidential Wells

The North Dakota Department of Mineral Resources (DMR) approved one new drilling permit in its latest daily activity report, with Slawson Exploration Company, Inc. securing the lone authorization. According to the DMR report, the approved permit is for the STAMPEDE 3-36-25JH well in Williams County, within the 'CONFIDENTIAL' field. While new permit activity was limited, Devon Energy Williston, L.L.C. was the most active operator in the report, filing three separate notices related to existing confidential wells. According to the DMR, these filings are for: - The WILLIAM 25-36 1-H well in McKenzie County (permit 20966). - The BARBARA 31-30F 9H well in McKenzie County (permit 41480). - The WILLIAM 25-36 5H well in McKenzie County (permit 42065). All three of Devon's filings are located in McKenzie County, North Dakota's top-producing county for oil and gas. The notices for the WILLIAM 25-36 1-H and WILLIAM 25-36 5H wells are in the...

☀️Morning Wire·Jul 11

Operator News

Chevron Signs New Australian Gas Supply Deal

Chevron has signed a new long-term agreement to supply natural gas from Western Australia to utility Alinta, according to a report from Rigzone. The deal, signed on July 10, 2026, will supply 46 petajoules of gas over a five-year period. For Bakken operators and observers, the development underscores Chevron's position as a major global integrated energy company with a significant liquefied natural gas (LNG) portfolio. The company's operations in the Williston Basin, where it is a leading producer, are separate from its Australian LNG ventures. Such international supply agreements typically involve gas produced from large-scale offshore projects, like Chevron's Gorgon and Wheatstone facilities in Western Australia. These long-term contracts provide stable revenue streams that support the company's broader capital allocation strategy. The news has no direct operational impact on Chevron's activities in North Dakota. The Bakken formation is primarily an oil play, with natural gas often as a associated byproduct....

☀️Morning Wire·Jul 11

Pipeline & Infrastructure

Israel-Egypt Gas Pipeline Expansion Completed

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 completion of this international pipeline project paves the way for increased Israeli gas exports to Egypt, Rigzone reported. The development is significant for global natural gas flows, as Egypt hosts liquefied natural gas (LNG) export facilities on its Mediterranean coast. For Bakken operators and royalty owners, the expansion of gas export capacity in the Eastern Mediterranean has indirect implications. Increased global LNG supply can influence Henry Hub natural gas prices in the United States. The Bakken formation produces significant volumes of associated natural gas alongside its crude oil, and the economics of gas capture and processing in North Dakota are tied to broader market prices. While the headline development is geographically distant, it underscores a interconnected global gas market. Additional LNG volumes...

☀️Morning Wire·Jul 11

Regulatory

Kazakhstan Extends Fuel Export Ban Amid Global Supply Disruption

Kazakhstan has extended a ban on the export of petroleum products, including gasoline and diesel, for six months through May 22, 2027, according to its Energy Ministry. The move, reported by OilPrice.com, comes as regional fuel shortages and renewed U.S.-Iran conflict in the Gulf of Hormuz introduce fresh volatility into global energy markets. The Kazakh government is taking stringent measures to prevent fuel from leaving the country, establishing new police checkpoints on nearly 60 roads along its border with Russia to curb "gasoline tourism." New restrictions also limit trucks and cars to one border crossing per day. Deputy Energy Minister Kayirkhan Tutkyshbayev stated that authorities are working to identify vehicles with additional fuel tanks used for the "'gray' export of fuel," with officials announcing the interception of three tons of gasoline from dozens of smuggling operations on July 4. The export ban, which even applies to fellow members of the...

☀️Morning Wire·Jul 11

Global Markets

China Secures Future Oil, Minerals in Namibia as Global Competition Intensifies

China has moved to secure a front-row seat to Namibia's burgeoning energy sector, signing eight cooperation agreements with the African nation during a state visit this week. According to a report from OilPrice.com, the agreements cover energy, critical minerals, infrastructure, agriculture, and economic development. The move comes as major oil companies Shell and TotalEnergies have discovered an estimated 2.6 billion barrels of crude offshore Namibia, with production expected to begin before the end of this decade. The strategic play by China highlights the intensifying global competition for future oil supplies and critical minerals. For Bakken operators, this underscores a long-term market environment where new, low-cost production from emerging regions like Namibia could eventually compete for global market share. Namibia has the potential to become Africa's fourth-largest oil producer by 2030, according to the OilPrice.com report, which could add to global supply and influence prices that affect North Dakota's oil economics....

☀️Morning Wire·Jul 11

Global Markets

Heat Strains European Grids as UAE Oil Output Hits Record

A severe heat wave across Europe is forcing power reductions at critical nuclear facilities and testing electricity grids, creating a complex energy scenario that could ripple through global markets. At the same time, a major OPEC producer has surged its production to a new high, according to new data. In France, soaring temperatures are directly impacting energy infrastructure. The country has announced it will reduce production at as many as five nuclear power plants, with two already curbing output this week, according to OilPrice.com. With temperatures expected to reach up to 42 Celsius (107.6 Fahrenheit), the heat is warming river water used for cooling reactors, forcing cuts at the same time air conditioning demand surges. The situation is tightening power margins across the continent. The UK's National Energy System Operator (Neso) issued a rare notice warning of a potential supply shortfall of roughly 1.2 gigawatts during peak demand on Thursday...

☀️Morning Wire·Jul 11

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Dip Midday as EIA Cuts Gasoline Price Forecasts

Oil prices were lower in midday trading Saturday, with West Texas Intermediate (WTI) crude down nearly one percent to trade at $71.41 per barrel, according to live price data. The global benchmark Brent crude was at $76.01. The price pressure comes a day after the U.S. Energy Information Administration (EIA) lowered its price projections for U.S. gasoline. In its latest Short-Term Energy Outlook, the EIA cut its forecast for the average price of regular gasoline for both 2026 and 2027, Rigzone reported. Lower anticipated fuel costs for consumers can signal weaker-than-expected demand or sufficient supply, weighing on crude benchmarks. For Bakken producers, the price realized for their crude is tracking lower than the WTI benchmark. The Bakken differential—the discount at which Bakken crude trades versus WTI—was recorded at -$3.42 per barrel. This means Bakken crude is priced at approximately $67.99 per barrel at the pricing hub. In other market news,...

🔆Midday Wire·Jul 11

Operator News

Chevron Signs New Gas Supply Deal for Australian Market

Chevron has signed a new agreement to supply natural gas from Western Australia to utility Alinta over a five-year period, according to a report from Rigzone. The deal covers 46 petajoules of gas supply. For Bakken operators and royalty owners, the development underscores Chevron's role as a major international energy supplier with a diversified portfolio that includes global LNG operations. Chevron is a significant operator in North Dakota's Williston Basin, with its assets in the region contributing to its broader production base. Such international supply contracts are typically fulfilled from Chevron's global LNG projects, like its Gorgon and Wheatstone facilities in Australia, rather than from its onshore U.S. shale assets. Therefore, this specific agreement is not expected to directly alter Chevron's production or investment strategy in the Bakken formation in the near term. The news is a reminder of the integrated nature of major operators active in the Bakken. While...

🔆Midday Wire·Jul 11

Pipeline & Infrastructure

Israel-Egypt Gas Pipeline Expansion Completed

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 on July 10, paves the way for increased Israeli gas exports to its neighbor. For Bakken operators and royalty owners, this international infrastructure development is a reminder of the interconnected nature of global natural gas markets. While the Bakken formation in North Dakota is primarily an oil play, it also produces significant associated natural gas. The economics of this gas are tied to broader supply and demand fundamentals. Increased gas exports from the Eastern Mediterranean to Egypt could potentially affect global liquefied natural gas (LNG) flows. Egypt has LNG export facilities, and greater feedstock availability from Israel could allow for more Egyptian LNG cargoes to reach the international market. This adds to global supply. In a well-supplied global market, additional LNG...

🔆Midday Wire·Jul 11

Regulatory

Kazakhstan Extends Fuel Export Ban, Adding Global Supply Uncertainty

Kazakhstan has extended its ban on exports of petroleum products, including gasoline and diesel, for six months through May 22, 2027, according to a report from OilPrice.com. The move, announced by the country's Energy Ministry on July 7, 2026, is a response to regional fuel shortages and heightened tensions in the Strait of Hormuz, introducing new uncertainty into global refined product markets. The export prohibition is an attempt to curb "gasoline tourism" from neighboring Russia, where widespread Ukrainian drone attacks on energy infrastructure have caused severe shortages. Kazakh officials have established police checkpoints on nearly 60 border roads and limited vehicles to one crossing per day to stop smuggling. Deputy Energy Minister Kayirkhan Tutkyshbayev stated that authorities are working to "identify cars with additional fuel tanks that are used for the 'gray' export of fuel," with three tons of fuel intercepted in early July. The ban applies even to fellow...

🔆Midday Wire·Jul 11

Global Markets

Chevron Secures Five-Year Australian Gas Supply Deal

Chevron Corporation has signed a new five-year agreement to supply natural gas from Western Australia to utility Alinta, according to a report from Rigzone. The deal, announced July 10, covers 46 petajoules of gas. While the supply agreement is geographically distant, such international LNG and gas contracts can influence the broader global market sentiment that indirectly affects Bakken producers. North Dakota's oil fields also produce significant associated natural gas, and its pricing is often linked to broader North American benchmarks, which are sensitive to global supply news. For Bakken operators, sustained international demand for natural gas, as demonstrated by long-term supply deals like Chevron's, supports a stable global pricing environment. This is particularly relevant for companies in the Williston Basin that are investing in gas capture infrastructure and processing to meet flaring reduction targets set by the North Dakota Industrial Commission. A steady global market helps provide the long-term revenue...

🔆Midday Wire·Jul 11

Global Markets

European Heatwaves Strain Grids, Highlight Global Cooling Challenge

Europe is grappling with a severe heatwave that is simultaneously driving electricity demand to new peaks and crippling key power generation sources, according to reports from OilPrice.com. The dual pressures highlight a growing global challenge for energy systems as temperatures rise. France is reducing production at as many as five nuclear power plants, with two already curbing output this week, OilPrice.com reported. The nation's rivers, used for cooling reactors, have grown too hot to operate effectively. This comes as France faces temperatures forecast to reach 42°C (107.6°F). The nuclear reductions threaten energy availability and affordability in France and in neighboring countries like Germany and the United Kingdom that rely on its exports. At the same time, the heat is driving soaring demand for air conditioning. The United Nations Environment Programme (UNEP) forecasts the global installed capacity of cooling equipment will triple by 2050, more than doubling electricity consumption, according to...

🔆Midday Wire·Jul 11

Operator News

US Rig Count Steady, Production Rises Amid Global Supply Moves

The total number of active drilling rigs in the United States held steady for oil and gas this week, according to data from Baker Hughes reported by OilPrice.com. The U.S. rig count remained at 581 for the week ending July 10, which is 44 rigs higher than the same time last year. The number of active oil rigs was unchanged at 445, while gas rigs also held at 126. Despite the static rig count, U.S. crude oil production increased. Data from the Energy Information Administration showed production averaged 13.860 million barrels per day for the week ending July 3. This is up from 13.810 million bpd the prior week and represents a year-on-year increase of 475,000 bpd. The Primary Vision Frac Spread Count, which estimates crews completing wells, rose by 5 to 205 in the week ending July 2. Regional activity showed a mixed picture. The Permian Basin rig count...

🔆Midday Wire·Jul 11

Pipeline & Infrastructure

Global Energy Developments Present Mixed Signals for Bakken Market

Recent global regulatory and geopolitical developments present a shifting landscape for Bakken crude oil markets, according to news reports from July 10. Venezuela's interim government published long-awaited oil regulations on Thursday, breaking up the nation's long-standing oil monopoly, Rigzone reported. While the direct impact on Bakken producers is limited, any significant change in global oil supply from a major holder of reserves can influence the international price benchmarks to which North Dakota crude is tied. Meanwhile, strategists at Macquarie said they expect renewed tension in the Middle East between the U.S. and Iran to be "relatively short-lived," according to a separate Rigzone report. Sustained instability in the key oil-producing region typically supports higher global oil prices, which benefit Bakken operators. The assessment that tensions may be brief suggests a potential limit on any related price volatility, contributing to a more stable planning environment for Williston Basin drillers. In a separate...

🔆Midday Wire·Jul 11

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slip as EIA Cuts Fuel Price Forecast

Front-month WTI crude oil futures traded at $71.41 per barrel on Saturday, July 11, down 67 cents or 0.93 percent from the prior settlement. The global benchmark Brent crude was at $76.01, a decline of 29 cents. The Bakken crude differential at the Clearbrook, Minnesota, hub widened to a discount of $3.42 per barrel versus WTI. Natural gas prices also saw pressure, with the front-month contract down 7 cents to $2.94 per MMBtu. The downward move in crude comes amid a lowered long-term outlook for fuel prices from a key government forecaster. According to Rigzone, the U.S. Energy Information Administration (EIA) cut its projection for U.S. regular gasoline prices for both 2026 and 2027 in its latest Short-Term Energy Outlook, published July 10. Lower anticipated gasoline prices can signal weaker-than-expected demand for refined products, which weighs on the crude feedstock market. Simultaneously, news of strategic inventory expansion added to concerns...

🌅Afternoon Wire·Jul 11

Rig Report

North Dakota Rig Count Rises to 24 with New Hess Rig in McKenzie

North Dakota's active drilling rig count rose to 24 on Saturday, July 11, with one new rig reported, according to live data from Bakken Wire. The increase follows a week of relative stability. The count had been at 25 active rigs one week ago on July 4, and stood at 27 a month ago on June 11. The sole addition was a rig operated by HESS BAKKEN INVESTMENTS II, LLC. The NABORS x24 rig began work at location 149-100-33 in McKenzie County. No rigs were removed or moved locations on Saturday. McKenzie County, situated in the core of the Bakken formation, consistently hosts the majority of the state's drilling activity. The addition of a Hess rig underscores the ongoing, targeted investment by major operators in the most productive areas of the Williston Basin. The current count of 24 rigs represents a decline of three units compared to the level seen...

🌅Afternoon Wire·Jul 11

Operator News

Chevron Secures New Australian LNG Supply Deal

Chevron has signed a new agreement to continue supplying natural gas from Western Australia to utility Alinta, 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 operators, international LNG agreements like this one underscore the importance of the global export market for natural gas. Chevron is a major operator in the Williston Basin and a significant natural gas producer in North Dakota. While the gas for this specific contract is sourced from Australia, such long-term supply deals help support the overall global LNG demand structure that indirectly benefits all gas-producing regions. The Bakken formation is a major oil play, but it also produces substantial associated natural gas. Securing stable, long-term demand outlets for this gas is crucial for the basin's economics and for managing gas capture requirements. Major integrated companies like Chevron with global LNG...

🌅Afternoon Wire·Jul 11

Pipeline & Infrastructure

Israeli Pipeline Expansion Completed, Could Impact Global Gas Flows

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, published July 10, paves the way for increased Israeli gas exports to its neighbor. While this infrastructure project is geographically distant from North Dakota, its completion has implications for global natural gas markets. Increased gas flow from the Eastern Mediterranean into Egypt boosts feedstock for the country's liquefied natural gas (LNG) export facilities. This can add to the global supply of LNG, which competes in international markets. For Bakken operators, the global LNG market is a key determinant for the price of natural gas produced alongside crude oil in the Williston Basin. The Bakken formation is a significant oil play, but its associated gas production is substantial. When global LNG supplies increase, it can place downward pressure on natural gas prices, which...

🌅Afternoon Wire·Jul 11

Global Markets

Chevron Signs Five-Year Australian Gas Deal Amid Global Market Shifts

Chevron has signed a new five-year agreement to supply Western Australian natural gas to utility Alinta, according to a report from Rigzone. The deal, signed on July 10, covers 46 petajoules of gas. While the agreement involves Chevron's operations in Australia, it underscores the persistent global demand for natural gas. For Bakken operators, this serves as a reminder of the commodity's international market dynamics. North Dakota's Bakken formation is a significant producer of both crude oil and associated natural gas. The continuation of such long-term international supply contracts can contribute to broader market stability for natural gas. This stability is relevant to Bakken producers, who often manage gas production alongside crude oil. Strong global demand fundamentals can support pricing for liquefied natural gas (LNG) and other exported products, indirectly affecting the economics of gas production in the Williston Basin. However, the Bakken's natural gas market is primarily domestic and constrained...

🌅Afternoon Wire·Jul 11

Global Markets

Global Roundup: Nuclear Innovation, Federal-State Friction, and Colombia's Shift

A prototype canister for a radical underground small modular nuclear reactor has arrived at a test site in Kansas, according to OilPrice.com. California-based startup Deep Fission aims to prove its "gravity reactor" design, which would place a modular reactor a mile underground, using pressurized water and bedrock for cooling and safety. The company claims the design could slash operational costs by up to 80% compared to conventional reactors. Mark Pérès, Chief Nuclear Officer of Deep Fission, stated the delivery marked a step forward from design to deployed infrastructure. Meanwhile, a policy clash between California and the Trump administration underscores a national divide in energy priorities, OilPrice.com reported. While California has added 30.8 GW of clean energy and storage since 2019 and aims for an emission-free grid by 2045, the federal government has doubled down on fossil fuel support. President Trump has criticized California's renewable energy commitment, and his administration has...

🌅Afternoon Wire·Jul 11

Operator News

Heat Strains Europe's Grid, IEA Notes UAE Output Record

Europe's escalating heatwaves are driving a surge in energy demand for cooling while simultaneously crippling the continent's power generation, according to reports from OilPrice.com. This dual stress on the energy system underscores global energy security vulnerabilities that can influence broader oil and gas markets relevant to Bakken producers. With temperatures reaching a record 44°C (111°F) in France last month, the uptake of air conditioning has soared. The United Nations Environment Programme (UNEP) forecasts the global installed capacity of cooling equipment will triple by 2050, more than doubling electricity consumption, according to OilPrice.com. This rising demand is making it harder for European nations to reduce fossil fuel reliance. The current heat wave is directly threatening power supply. France has announced it will reduce production at as many as five nuclear plants, with two already curbing output this week, OilPrice.com reported. Hotter river water is less effective for cooling the nuclear facilities...

🌅Afternoon Wire·Jul 11

Pipeline & Infrastructure

Global Energy Developments Could Influence Bakken Market Sentiment

Federal offshore energy regulators are examining potential new uses for Outer Continental Shelf (OCS) infrastructure, which could have long-term implications for energy logistics. The Bureau of Ocean Energy Management (BOEM) is exploring the potential for OCS space launch and recovery operations, according to Rigzone. Acting BOEM Director Matt Giacona stated that the Outer Continental Shelf "presents a significant opportunity to support the future of America's space economy," the source reported on July 10. Separately, a major oil-producing nation moved to alter its state-controlled market structure. Venezuela's interim government published long-awaited oil regulations on Thursday, breaking up the national oil monopoly under new rules, Rigzone reported. The development represents a significant shift in governance for a country with some of the world's largest proven oil reserves. In geopolitical news, market strategists are weighing the impact of renewed Middle East tensions. Analysts at Macquarie said they expect the renewed tension between the...

🌅Afternoon Wire·Jul 11