Sunday, July 12, 2026

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Oil Prices

Oil Prices Slip, Bakken Differential Holds Steady

Front-month WTI crude oil futures traded at $71.41 per barrel on Sunday, July 12, down $0.67 or 0.93 percent from the previous settlement. The global benchmark Brent crude was at $76.01, down $0.29. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a differential of $3.42 per barrel below WTI, according to live market data. The modest decline in crude benchmarks follows a significant downward revision to long-term fuel price forecasts by a key government agency. 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 on July 10. Lower expected consumer fuel costs can signal weaker-than-anticipated demand or higher refinery output, applying downward pressure on the crude feedstock. Natural gas prices also saw a decline, with the front-month contract trading at $2.94 per MMBtu, down $0.07....

☀️Morning Wire·Jul 12

Rig Report

Bakken Rig Count Holds at 24, Down 3 from Last Month

The number of active drilling rigs in North Dakota's Bakken formation was unchanged over the weekend, holding at 24 on Sunday, July 12, according to live data from Bakken Wire. The state reported no new rigs added, no rigs removed, and no rigs that moved location since Saturday. The current count represents a decline in activity compared to recent weeks. One week ago, on July 5, the state had 25 active rigs. The trend shows a more pronounced drop from one month prior, when 27 rigs were active on June 12. The sustained lower rig count comes amid broader global discussions on oil and gas development policy. In related news, International Energy Agency Executive Director Fatih Birol pressed the European Union to revisit its moratorium on drilling for oil and gas in the Arctic, according to a report from Rigzone. While this debate is focused on European policy and the...

☀️Morning Wire·Jul 12

Daily Activity

North Dakota DMR Reports No New Activity Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Saturday, July 11, 2026, contained no new filings, according to the agency's data release. The DMR daily report typically lists new drilling permits approved, well completions reported, wells spudded (drilling commenced), and notices of plugged wells. These filings provide a near-real-time snapshot of operational activity for Bakken Shale and Williston Basin operators. Days with no reported activity are not uncommon, especially on weekends and during holidays, when regulatory filings and field operations often slow. The report serves as a key tracking tool for industry analysts, mineral rights owners, and service companies monitoring North Dakota's oil and gas sector. The next report, expected later today, will provide updated activity data for the region.

☀️Morning Wire·Jul 12

Operator News

Chevron Inks New Australian Gas Supply Deal

Chevron Corporation has signed a new agreement to supply natural gas from Western Australia to utility Alinta Energy, according to a report from Rigzone. The deal, announced July 10, covers 46 petajoules of gas over a five-year period. While the supply originates from Chevron's Australian assets, the deal underscores the integrated major's ongoing activity in the global liquefied natural gas (LNG) market. Chevron is a significant operator in the Bakken formation of North Dakota, where it holds extensive acreage and production. For Bakken-focused operators and service companies, Chevron's continued investment in its worldwide gas portfolio provides stability. A strong global LNG market can indirectly support natural gas prices, which influence the economics of associated gas produced from the Bakken's oil wells. However, the direct supply for this contract is not linked to U.S. production. The agreement also reflects the long-term contracting strategies common among large, diversified producers like Chevron. Securing...

☀️Morning Wire·Jul 12

Pipeline & Infrastructure

Israeli Pipeline Expansion May Impact Global Gas Market Dynamics

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 development, published on July 10, 2026, paves the way for increased Israeli gas exports to its neighbor. While this infrastructure development is geographically distant, it has implications for global natural gas markets. Increased pipeline gas flows from the Eastern Mediterranean to Egypt bolster the country's position as a regional energy hub and a growing exporter of liquefied natural gas (LNG). For Bakken operators, the global LNG market is a key destination for associated natural gas produced alongside crude oil. New sources of supply, such as expanded Israeli exports, can contribute to global gas supply growth, potentially influencing benchmark prices and market competitiveness. The Bakken formation in North Dakota is a major oil-producing region where natural gas is a significant byproduct. The economics...

☀️Morning Wire·Jul 12

Global Markets

Global Inventory Rebuild, Geopolitical Risk Signal Tighter Oil Market

The global oil market is entering a new, more dangerous phase where the mandatory rebuilding of depleted strategic inventories will increasingly drive prices, according to a new analysis. For Bakken producers, this structural shift could provide a more sustained price floor even as geopolitical risks elevate the cost of moving crude to market. OilPrice.com reported that the world's emergency buffer has been "substantially depleted" after absorbing initial shocks from the renewed military confrontation involving Iran. The analysis distinguishes between a first phase, where strategic petroleum reserve (SPR) releases cushioned markets, and a new second phase dominated by "mandatory replenishment." The critical question is now "how many additional barrels will need to be purchased to restore strategic resilience." This shift from emergency releases to inventory rebuilding is a fundamental change for global markets. The United States has "relied heavily on its Strategic Petroleum Reserve to cushion previous disruptions," a strategy that...

☀️Morning Wire·Jul 12

Global Markets

Global Energy Shifts: Nuclear Test in Kansas, Federal-State Clash, Colombia Election

A prototype reactor canister has arrived at a site in Kansas, marking a key step for a novel nuclear energy project. According to OilPrice.com, California-based startup Deep Fission plans to test a small modular reactor buried a mile underground, using pressurized water from the surrounding geology for cooling and pressure. The company claims this "gravity reactor" design could cut operational costs by up to 80% compared to conventional nuclear plants. Mark Pérès, Deep Fission's Chief Nuclear Officer, stated the delivery allows the company to move into non-nuclear testing ahead of large-diameter drilling at the Kansas site. Meanwhile, a political conflict over energy is escalating between California and the Trump administration. OilPrice.com reports that President Trump has criticized California's push for renewables and supported fossil fuel expansion, declaring an "energy emergency" in January 2025. California Governor Gavin Newsom has defended the state's progress, noting it ran on two-thirds clean energy on...

☀️Morning Wire·Jul 12

Operator News

Global Energy Transitions Dominate News, Impacting Bakken Context

Europe's rising demand for cooling during heatwaves is increasing energy consumption and complicating the continent's shift away from fossil fuels, according to a report from OilPrice.com. The United Nations Environment Programme (UNEP) forecasts the global installed capacity of cooling equipment will triple by 2050, more than doubling electricity consumption. This trend underscores persistent global energy demand fundamentals even amid aggressive green transition pledges, a factor relevant to Bakken producers assessing long-term market dynamics. European governments are exploring alternative cooling methods to reduce reliance on energy-intensive air conditioners. Initiatives include urban planning with heat-reflective materials, increased vegetation, and designated "cooling islands." For instance, Paris has increased its number of such cooling areas from 800 in 2019 to over 1,400 in 2026, OilPrice.com reported. These efforts represent a broader global push for efficiency that could temper demand growth for power generation fuels. In corporate strategy news, French energy major TotalEnergies is selling...

☀️Morning Wire·Jul 12

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Decline Midday, Bakken Differential Widens

Front-month WTI crude oil futures traded at $71.41 per barrel on Sunday, July 12, a decline of 67 cents or 0.93 percent from the previous settlement. The global Brent benchmark also fell 29 cents to $76.01 per barrel, according to midday price data. The price drop extends a broader trend of weakness in energy markets, with natural gas futures also down 7 cents to $2.94 per MMBtu. The Bakken crude price differential to the WTI benchmark widened to a discount of $3.42 per barrel, indicating Bakken barrels are trading at a lower price relative to the U.S. benchmark. The price movement follows a recent downward revision in demand projections from a key U.S. agency. According to Rigzone, the U.S. Energy Information Administration (EIA) cut its U.S. regular gasoline price projection for both 2026 and 2027 in its latest Short-Term Energy Outlook, published on July 10. Lower gasoline price forecasts typically...

🔆Midday Wire·Jul 12

Operator News

Chevron Signs New Five-Year Gas Supply Deal with Australian Utility

Chevron has signed a new agreement to supply natural gas from Western Australia to utility Alinta over a five-year term, according to a report from Rigzone. The deal, reported on July 10, covers 46 petajoules of gas. While the supply originates from Chevron's operations in Australia, the deal reinforces the company's integrated global natural gas strategy. Chevron is a major player in the global liquefied natural gas (LNG) market through assets like its Gorgon and Wheatstone projects. For Bakken-focused observers, Chevron's continued strengthening of its worldwide gas portfolio provides context for its North Dakota operations. The company is a significant operator in the Williston Basin, holding extensive acreage and production assets. A stable, diversified global revenue stream from long-term contracts can support capital allocation across a major's entire portfolio. Such international deals do not directly impact day-to-day Bakken drilling, but they highlight the scale of the companies operating in the...

🔆Midday Wire·Jul 12

Pipeline & Infrastructure

Israel Completes Pipeline Expansion, Bolstering Global Gas Trade

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 development, reported on July 10, paves the way for increased exports between the two Eastern Mediterranean countries. For Bakken operators, this infrastructure project is a reminder of the increasingly interconnected and competitive global natural gas market. While the Bakken formation is primarily an oil-producing region, associated gas production is a significant byproduct. North Dakota gas must compete in broader markets, often reliant on pipeline capacity to regional hubs or being processed into natural gas liquids. Increased gas exports from Israel to Egypt could contribute to global liquefied natural gas (LNG) supply. Egypt has LNG export facilities, and higher volumes of Israeli gas flowing into the Egyptian system could free up other domestic gas for LNG export or increase total export capacity. This...

🔆Midday Wire·Jul 12

Global Markets

Geopolitical Tensions, Inventory Rebuild Seen Tightening Global Oil Market

The global oil market is entering a new, more dangerous phase defined by depleted emergency buffers and mandatory inventory rebuilding, a shift that could establish a higher price floor beneficial to Bakken producers, according to analysis from OilPrice.com. Markets are grappling with renewed military confrontation involving Iran, but the current crisis is unfolding with a "significantly weaker strategic safety net," the report states. Unlike past shocks assessed by lost production, the critical question now is "how many additional barrels will need to be purchased to restore strategic resilience." This shift from a market dominated by emergency releases to one "increasingly driven by mandatory replenishment" represents a structural tightening. The United States has heavily drawn on its Strategic Petroleum Reserve to cushion recent disruptions, effectively reducing volatility but depleting the emergency buffer. Rebuilding these reserves while geopolitical uncertainty remains elevated will require substantial additional crude purchases, supporting demand. According to the...

🔆Midday Wire·Jul 12

Global Markets

Global Energy Shifts: UK Hydro, Kansas Nuclear, and CA-Fed Conflict

The United Kingdom is planning significant investments in large-scale hydropower storage to boost its energy security and support a green transition, according to a report from OilPrice.com. The UK government is supporting three major hydro-storage projects as part of a strategy to diversify its energy mix away from fossil fuels. This push focuses on pumped hydropower storage (PHS), which acts as a massive battery by moving water between reservoirs. By 2025, 11 PHS projects were under development across the UK with an expected combined storage capacity of more than 10 GW. In the United States, Kansas is becoming a testing ground for a radical new nuclear reactor design. A prototype reactor canister from California-based startup Deep Fission has arrived at a Kansas site for a proof-of-concept, OilPrice.com reported. The design involves burying a small modular reactor a mile underground, using pressurized water and surrounding bedrock for cooling and safety. The...

🔆Midday Wire·Jul 12

Operator News

Global Energy Policy Shifts Could Impact Long-Term Bakken Outlook

The election of a pro-oil president in Colombia and a call to reopen Arctic drilling by a top global energy official underscore ongoing international support for hydrocarbon development, according to recent reports. These developments contrast with moves by major oil companies to streamline renewable portfolios, presenting a complex global backdrop for Bakken operators. In Colombia, controversial far-right candidate Abelardo de la Espriella won the presidency after a recount with a margin of less than one percent, as reported by OilPrice.com. His platform aims to revive the country's economically critical but declining oil and gas sector to achieve 7% GDP growth. Colombia's oil output was 724,910 barrels per day in April 2026, well below the 915,087 barrels per day produced a decade earlier. Natural gas production has also fallen sharply to 694 million cubic feet per day that same month, close to a multidecade low and down from 1 billion cubic...

🔆Midday Wire·Jul 12

Pipeline & Infrastructure

Global Oil Supply Shifts as Venezuela Reforms, UAE Output Hits Record

Global oil supply dynamics are shifting, with a major OPEC producer boosting output and a historically closed market enacting reforms, according to recent industry reports. These developments could influence the competitive landscape for Bakken crude. The International Energy Agency reported that the United Arab Emirates pumped an average of 4.1 million barrels per day in June, a record high for the country, according to Rigzone. The increased supply from a core OPEC member comes as Bakken producers maintain steady operations in North Dakota's premier oil field. Separately, Venezuela's interim government published long-awaited new oil regulations on Thursday, breaking up the state's long-held monopoly, Rigzone reported. While direct impacts on the Bakken are not immediately clear, the potential for increased international supply competition or shifts in global crude flows is a key consideration for local operators and marketers. Domestically, the Bureau of Ocean Energy Management is exploring the potential use of...

🔆Midday Wire·Jul 12

Regulatory

Global Energy Deals, Geopolitical Outlook Shape Market Context for Bakken

Macquarie strategists expect renewed tension between the U.S. and Iran to be "relatively short-lived," according to a report from Rigzone. This outlook suggests any potential for sustained oil price volatility from this specific geopolitical flashpoint may be limited. For Bakken operators, a stable global price environment supports consistent planning and development in the Williston Basin. In a separate development, Abu Dhabi National Oil Company (ADNOC) and Japan's Mitsui & Co. have inked a broad energy partnership. ADNOC stated the collaboration will explore areas including crude oil market development and long-term supply, LNG sales and optimization, and shipping solutions, Rigzone reported. Such international agreements between national oil companies and trading firms can influence global crude flows and market structures. These developments underscore the interconnected nature of the global oil market, where international supply agreements and geopolitical events indirectly influence the competitive landscape for U.S. shale producers. The Bakken formation, as a...

🔆Midday Wire·Jul 12

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Flat as Bakken Discount Widens to $-3.42 per Barrel

Front-month crude oil futures were unchanged in Sunday trading, with West Texas Intermediate (WTI) holding at $71.41 per barrel and Brent crude at $76.01 per barrel, according to live price data. Natural gas futures were also steady at $2.94 per MMBtu. The price for Bakken crude at the wellhead, a key metric for North Dakota producers, traded at a discount of $3.42 per barrel below the WTI benchmark. This differential reflects the cost of transporting crude from the Williston Basin to major market hubs. The static price action follows a recent downward revision in fuel price forecasts from the U.S. Energy Information Administration (EIA). According to Rigzone, the EIA lowered its projection for U.S. regular gasoline prices for both 2026 and 2027 in its latest Short-Term Energy Outlook published July 10. While specific price figures were not provided in the summary, such a reduction typically reflects expectations for softer demand...

🌅Afternoon Wire·Jul 12

Rig Report

Bakken Rig Count Holds at 24, Extends Multi-Week Decline

The number of active drilling rigs in North Dakota's oil fields held steady at 24 on Sunday, July 12, according to live data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, none removed, and no rigs moving locations. The current activity level represents a continued pullback from recent weeks. The rig count is down one unit from the 25 rigs reported one week ago on July 5. Compared to one month ago on June 12, when 27 rigs were active, the fleet has contracted by three rigs. This sustained lower level of drilling activity coincides with ongoing strategic evaluations by operators and broader geopolitical energy discussions. In related news, International Energy Agency Executive Director Fatih Birol on July 11 urged the European Union to reconsider its moratorium on drilling for oil and gas in the Arctic, Rigzone reported. Such high-level debates on future hydrocarbon...

🌅Afternoon Wire·Jul 12

Operator News

Chevron Secures New Five-Year Australian Gas Supply Deal

Chevron Corporation has signed a new agreement to supply natural gas to Australian utility Alinta, according to a report from Rigzone. The deal, announced on July 10, 2026, involves supplying 46 petajoules of Western Australian natural gas over a five-year period. For Bakken operators, this type of international, long-term supply agreement underscores the importance of integrated global portfolios for major producers like Chevron. Chevron is a significant leaseholder and producer in North Dakota's Bakken formation. While Bakken production is primarily focused on crude oil, the associated natural gas produced is a key component of well economics and is processed and sold into the domestic market. Deals like the one with Alinta demonstrate how majors leverage their diverse global assets to secure stable revenue streams. A robust international liquefied natural gas (LNG) business can provide financial stability that supports continued investment in all areas of a company's portfolio, including onshore U.S....

🌅Afternoon Wire·Jul 12

Pipeline & Infrastructure

Israel Completes Pipeline Expansion for Increased Gas Exports to Egypt

State-owned Israel Natural Gas Lines has completed a project to expand the pipeline system delivering Israeli natural gas to Egypt, according to Rigzone. The development was reported on July 10, 2026. The expansion paves the way for increased Israeli gas exports to Egypt. Egypt is a significant liquefied natural gas (LNG) exporter, utilizing its LNG plants to process gas for the global market. For Bakken operators, this infrastructure development is a reminder of the interconnected nature of global energy markets. Increased gas flows from the Eastern Mediterranean into the global LNG supply chain can influence international gas pricing benchmarks. While the Bakken formation is primarily an oil play, it also produces substantial associated natural gas. North Dakota's gas production often competes in regional markets, but global LNG prices can indirectly affect domestic pricing and development economics. An increase in global LNG supply could apply long-term downward pressure on prices, potentially...

🌅Afternoon Wire·Jul 12

Global Markets

Global Inventory Rebuild, Battery Shift Signal Long-Term Demand for Bakken Oil

The global oil market is entering a new phase defined by the mandatory rebuilding of depleted strategic reserves, a structural shift that underpins long-term demand for crude oil from basins like the Bakken, according to an analysis from OilPrice.com. This comes alongside major industrial investments in next-generation battery technology that could reshape long-term energy supply chains. According to OilPrice.com, the world's emergency oil buffers have been substantially depleted after absorbing initial shocks from renewed Middle East tensions involving Iran. The analysis states that markets are shifting from being dominated by emergency stockpile releases to being "increasingly driven by mandatory replenishment." This fundamental need for governments and companies to rebuild inventories provides a sustained demand floor, even as geopolitical uncertainty elevates freight rates and war-risk premiums. For Bakken operators, this structural pivot toward inventory replenishment suggests a market less vulnerable to short-term demand volatility and more anchored by strategic purchasing. The...

🌅Afternoon Wire·Jul 12

Global Markets

Global Energy Shifts Highlight Demand, Nuclear Innovation

A potential bubble in artificial intelligence investment is drawing warnings from financial analysts, even as the technology's explosive growth highlights soaring global electricity demand that underpins all energy markets, including fossil fuels. According to a report from OilPrice.com, investors have rushed into tech stocks tied to AI, but figures like Jeremy Grantham, founder of a large asset management firm, plan to sell shares expecting a bust. He compared AI to historical utilities like railways or electricity, where the invention itself may not be highly profitable, but services built around it are. The manufacturing sector's growing interest in AI to reduce reliance on human workers also faces practical limits, the report notes. Automation works in stable environments, but production facilities deal with unpredictable challenges like machine failures and supply delays that current AI cannot address. For Bakken operators, this global trend reinforces the complex, hands-on nature of hydrocarbon extraction, which relies...

🌅Afternoon Wire·Jul 12

Operator News

Operator News Roundup: TotalEnergies Refocuses Renewables, UAE Output Hits Record

TotalEnergies is selling its small-scale solar assets in Europe to refocus its renewable development on large utility-scale solar and wind farms, according to Rigzone. The French energy giant stated the move is intended to benefit from economies of scale. For Bakken operators, this highlights the ongoing strategic shifts among international oil majors as they balance traditional hydrocarbon production with investments in larger, more competitive renewable projects. Separately, the International Energy Agency reported that oil output from the United Arab Emirates surged to a record high in June, averaging 4.1 million barrels per day, Rigzone noted. The increase in supply from a key OPEC member contributes to the global oil market context that influences prices for Bakken crude. North Dakota producers compete in a market shaped by such international production levels. In U.S. regulatory news, the Bureau of Ocean Energy Management is exploring the potential for space launch and recovery activities...

🌅Afternoon Wire·Jul 12

Pipeline & Infrastructure

Global Energy Shifts Offer Context for Bakken Market

Venezuela's interim government published long-awaited oil regulations on Thursday, breaking up the country's long-standing oil monopoly, according to Rigzone. While the direct impact on North Dakota crude flows is limited, any change in global supply dynamics from a major, though currently constrained, producer can influence the international price benchmarks against which Bakken crude is priced. In the Middle East, strategists at Macquarie expect renewed tension between the U.S. and Iran to be "relatively short-lived," Rigzone reported. Sustained instability in key global oil transit routes typically supports higher global crude prices, which benefit Bakken producers. A forecast for short-lived tensions suggests a potentially limited and temporary price premium. On the international partnership front, Abu Dhabi National Oil Company (ADNOC) and Japan's Mitsui & Co. have inked a broad energy partnership. The companies will explore collaboration in areas including crude oil market development and long-term supply, according to a statement from ADNOC...

🌅Afternoon Wire·Jul 12