Wednesday, July 15, 2026

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Oil Prices

WTI Tops $80 as Middle East Conflict Rekindles Oil Price Rally

Oil prices extended gains for a fourth consecutive session on Wednesday, with West Texas Intermediate (WTI) crude holding above $80 per barrel amid renewed hostilities in the Middle East. According to live price data, WTI was trading at $79.72, up $0.38 (0.48%), while Brent crude rose $0.50 (0.59%) to $85.23. Bakken crude was priced at a $3.42 discount to the WTI benchmark. The rally, which has seen prices climb roughly 12% since last Friday, is driven by a collapse of the U.S.-Iran ceasefire and the reinstatement of a U.S. naval blockade in the Strait of Hormuz, OilPrice.com reported. Over the weekend, Iran struck tankers in the strategic waterway, and the U.S. responded by hitting Iranian targets. As of Wednesday Middle Eastern time, tanker traffic through the chokepoint had slowed to a trickle. Further fueling market anxiety, Iran's Islamic Revolution Guards Corps (IRGC) threatened on Wednesday to close "all other export...

☀️Morning Wire·Jul 15

Rig Report

Bakken Rig Count Holds at 24

The number of active drilling rigs in North Dakota's oil fields held steady at 24 on Wednesday, July 15, 2026, according to live data from Bakken Wire. The count showed no change from Tuesday, with zero new rigs added, zero removed, and no recorded rig moves. This static daily figure extends a period of declining activity in the Williston Basin. The current count of 24 rigs is down one rig from the total of 25 reported just one week ago, on July 8. The decline over a longer period is more pronounced, with four fewer rigs working compared to the 28 active rigs recorded one month ago, on June 15. The regional trend in North Dakota aligns with a broader slowdown in North American drilling activity this week. According to a report from Rigzone, North America's overall rig count dropped by 10 rigs week-on-week, marking the first weekly decline in...

☀️Morning Wire·Jul 15

Daily Activity

XTO Drives Activity with Four Permit Renewals; Hess Updates Four Confidential Wells

The North Dakota Department of Mineral Resources approved two new drilling permits and renewed four others in its latest daily activity report. The new permits were filed by Formentera Operations and Whiting Oil and Gas Corporation, while XTO Energy Inc. accounted for all four renewals. Permit 43119 was approved for Formentera Operations LLC for the SNEAKY-07-32-PGN S619HX well in Burke County's 'CONFIDENTIAL' field. Permit 43121 was approved for Whiting Oil and Gas Corporation for the TWO PENCE FEDERAL 5102 43-32 5BX well in the SW SE 32-151N-102W location in McKenzie County's Foreman Butte field. The day's most notable administrative activity came from XTO Energy Inc., which secured renewals for four permits. All four are in McKenzie County and were noted as having a "LOCATION OUTSIDE OF SPACING UNIT," with one also marked for a "PROPOSED DRILLBACK OUTSIDE OF SPACING UNIT." Permit 35135 is for the HARLEY FEDERAL 44X-15DXA well in...

☀️Morning Wire·Jul 15

Pipeline & Infrastructure

ND PSC Attorney Says Safety Not a Factor in State Pipeline Permitting

An attorney for North Dakota’s Public Service Commission argued Tuesday that the agency cannot consider public safety when issuing pipeline permits, according to a report from the North Dakota Monitor. The statement came during a court hearing over the permit for the Summit Carbon Solutions carbon dioxide pipeline. Attorney Zachary Pelham, representing the PSC, stated that while the commission must consider public welfare, that does not include safety. “Welfare and safety are two distinct things,” Pelham said during the hearing. The case involves a lawsuit from two counties and a group of landowners seeking to rescind the permit and send the application back to the PSC for further review. The plaintiffs' attorneys argued that a key flaw in the permit process was the commission's failure to consider evidence on the consequences of a pipeline rupture. Carbon dioxide is a hazardous material, and inhaling it in high concentrations can be fatal....

☀️Morning Wire·Jul 15

Global Markets

Ukraine Strikes Russian Tankers in Black Sea, Escalating Global Energy Risk

Ukrainian forces struck 20 Russian-linked vessels in the Black Sea overnight on Wednesday, July 15, escalating a naval campaign that risks disrupting global energy flows and tightening oil markets, according to reports from OilPrice.com and Rigzone. The strikes targeted 17 oil tankers, 2 gas carriers, and one tugboat, drone unit commander Robert Brovdi said on Telegram. "Now, the Black Sea," Brovdi stated, indicating a shift in focus from the Sea of Azov, where Ukraine had previously struck 116 vessels in recent weeks. This expansion of attacks targets a key export route for Russian crude and fuels, according to OilPrice.com. The overnight action follows strikes on 15 vessels on July 14 and is part of a broader months-long Ukrainian campaign to cripple Russian fuel supply by hitting refineries. Simultaneously, commercial shipping faces heightened danger. Odesa authorities reported a Russian drone attack on Tuesday killed five seafarers and injured 12 on a...

☀️Morning Wire·Jul 15

Global Markets

Global Oil Prices Reach One-Month High Amid Hormuz Tensions

Oil prices climbed to a one-month high on Monday, July 14, as renewed Middle East fighting heightened concerns over supplies through the Strait of Hormuz, according to Rigzone. This key global price movement sets the stage for Bakken crude differentials, which are directly influenced by international benchmark volatility. The outlook for oil prices in the third quarter of 2026 is now "highly uncertain," analysts at BMI warned in a separate report published July 15, cited by Rigzone. This heightened uncertainty complicates budgeting and hedging decisions for Bakken operators, who rely on price stability for drilling plans and well economics. Compounding the supply concerns, the International Maritime Organization said the Strait of Hormuz remains too dangerous for commercial vessels to transit, Rigzone reported on July 15. The strait is a critical chokepoint for global seaborne oil trade, and any sustained disruption threatens to tighten global supplies and support higher prices. For...

☀️Morning Wire·Jul 15

Operator News

Vedanta Announces $5B Investment as Global Energy Dynamics Shift

Vedanta Oil and Gas Ltd. will invest $5 billion to expand its production by more than five times, according to a report from Rigzone. The announcement, made on July 14, signals significant capital deployment in the oil and gas sector. Separate global developments reported on July 14 could influence the market environment for Bakken producers. Escalations over the past week have damaged a recent media narrative regarding the Strait of Hormuz, a critical global oil transit chokepoint, Emily Ashford, Head of Energy Research at Standard Chartered Bank, told Rigzone. Such geopolitical tensions typically contribute to oil price volatility. In the UK, a "powerful" cross-industry group is delivering a "strongly worded letter" to the incoming government, according to a statement from Offshore Energies UK (OEUK) reported by Rigzone. Policy shifts in major economies can affect global investment sentiment and regulatory approaches to oil and gas development. For operators in North Dakota's...

☀️Morning Wire·Jul 15

Pipeline & Infrastructure

BP to Take $1 Billion Writedown on Energy Transition Assets

BP expects to take a $1 billion writedown on its low-carbon business assets in the second quarter, according to a report from Rigzone. The charge was disclosed on July 14. The writedown reflects ongoing financial pressures within the energy transition sector. For integrated majors like BP, which have significant upstream oil and gas operations, such impairments highlight the complex balancing act between traditional fossil fuel production and investments in newer energy technologies. For the Bakken formation, where BP holds a position through its ownership of BPX Energy, the financial strategy of its parent company is a key indicator of capital allocation priorities. Large impairments in a company's low-carbon portfolio can influence investment decisions across its entire asset base, though the specific impact on North Dakota operations is not detailed in the report. The broader trend of energy transition-related writedowns across the industry signals the volatile and often unprofitable nature of...

☀️Morning Wire·Jul 15

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Dips Below $79 as Inventory Draw Meets Russia Export Glut

U.S. benchmark crude prices fell Wednesday, with West Texas Intermediate (WTI) trading down 0.55% to $78.90 per barrel despite a weekly drawdown in domestic inventories and escalating Middle East tensions. The global Brent benchmark also declined, trading at $84.21, according to midday live data. The price for Bakken crude at the wellhead was discounted by $3.42 per barrel versus WTI. The price slide occurred even as the U.S. Energy Information Administration (EIA) reported commercial crude inventories fell by 1.7 million barrels for the week ending July 10. Stockpiles now sit 6% below the five-year average for this time of year, according to OilPrice.com. Gasoline inventories also drew down by 1.5 million barrels, while distillate stocks, which include diesel, jumped by 4.6 million barrels. Market observers noted that the bullish inventory data was overshadowed by a significant surge in Russian crude exports creating a global supply overhang. According to a separate...

🔆Midday Wire·Jul 15

Pipeline & Infrastructure

Columnist Warns Anti-Pipeline Sentiment Threatens ND Business Climate

A North Dakota columnist warns that a wave of opposition to infrastructure projects, including pipelines, threatens the state's business-friendly reputation. In an opinion piece published Wednesday, the writer states that pushback from a "noisy but minority segment of the public" has become a significant factor for developments like data centers, transmission lines, and pipelines. The column, sourced from the Wahpeton Daily News, attributes this trend to social media, AI-generated content, and partnerships with activist groups. It poses the critical question: "is North Dakota still open for business?" The author expresses concern that the types of investments that bring jobs and economic diversification may choose to operate elsewhere if this opposition prevails. The piece specifically criticizes a recent headline from the North Dakota Monitor, which stated, "Safety not a factor in determining North Dakota pipeline routes, attorney says." According to the columnist, this headline refers to comments made by Zachary Pellham,...

🔆Midday Wire·Jul 15

Global Markets

U.S. Senate Introduces New Russia Sanctions Bill, Targets Oil Buyers

A bipartisan group of U.S. senators introduced a new sanctions bill on July 14 targeting Russia's oil and gas exports, a move with potential implications for global crude markets that underpin Bakken pricing. According to OilPrice.com, the Sanctioning Russia Act of 2026 has gathered more than 26 co-sponsors and follows over a year of negotiations. The revised legislation authorizes tariffs of up to 100 percent targeting the top five purchasers of Russian oil and natural gas, a group sponsors said includes China and India. This represents a shift from an earlier proposal for a blanket 500 percent tariff. The bill also creates exemptions for countries importing less than 15 percent of Russia's annual natural gas exports if they are taking "significant steps" to reduce dependence. Senate Democratic Leader Chuck Schumer called for an immediate floor vote, saying the legislation should be passed "in honor of" its chief architect, the late...

🔆Midday Wire·Jul 15

Global Markets

Global Power Shortfall, Asian Demand, and Workforce Dip Impact Bakken Outlook

The largest U.S. power grid failed for a third straight year to secure enough future electricity supply, according to OilPrice.com, highlighting a surging national energy demand that underscores the strategic importance of domestic hydrocarbon production from regions like the Bakken. PJM Interconnection, which serves 67 million customers across 13 states and Washington, D.C., said its auction for power delivery starting June 2028 fell short by 6.8 gigawatts—equivalent to almost seven traditional nuclear reactors. The grid operator cited a historic boom in data center demand as a primary pressure point. This significant shortfall follows an approximate 6,500-megawatt deficit in the previous capacity auction, marking the first time in PJM's history the entire regional transmission organization has failed to meet its reliability requirement. According to the source, the auction clearing price hit the Federal Energy Regulatory Commission-approved ceiling of $325 per megawatt-day. PJM plans to seek FERC approval to hold a special...

🔆Midday Wire·Jul 15

Operator News

Oil Prices Hit One-Month High Amid Strait of Hormuz Tensions

Oil prices climbed to a one-month high on Monday, July 14, as renewed Middle East fighting heightened concerns over supplies through the critical Strait of Hormuz, according to Rigzone. The price surge reflects immediate market reactions to geopolitical risk in a key global oil transit chokepoint. The International Maritime Organization (IMO) stated on Tuesday that the Strait of Hormuz remains too dangerous for commercial vessels to transit, Rigzone reported. This official warning underscores the persistent threat to the free flow of crude oil from the Persian Gulf to global markets. Analysts at BMI warned on Wednesday that the outlook for oil prices in the third quarter of 2026 is now highly uncertain, Rigzone reported. This assessment points to a volatile market environment where geopolitical events can swiftly alter supply expectations and price trajectories. For Bakken operators and North Dakota royalty owners, this combination of rising prices and heightened uncertainty creates...

🔆Midday Wire·Jul 15

Pipeline & Infrastructure

Vedanta Plans $5B Production Surge as Ukraine Strikes Hit Russian Energy

Vedanta Oil and Gas Ltd. announced a massive $5 billion investment plan to expand its production by more than five times, according to Rigzone. The report, published July 14, did not specify the geographic focus of the planned expansion. The capital commitment highlights continued significant investment flowing into global oil and gas production. For Bakken operators, such large-scale spending plans by international firms can signal sustained long-term demand for crude oil, supporting price stability for North Dakota's light sweet crude. Major production growth elsewhere could eventually influence global supply balances. In separate geopolitical developments, Ukrainian forces struck multiple Russian energy targets overnight, while Russian attacks hit fuel facilities in the Ukrainian port of Odesa, Rigzone reported on July 14. The report cited a "slew" of Russian energy targets being hit, including refineries and ships. Attacks on refining and export infrastructure in key regions like the Black Sea have historically contributed...

🔆Midday Wire·Jul 15

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Retreat Slightly

North Dakota's active drilling rig count held at 24 on Wednesday, a level that suggests Bakken oil production is likely to remain near current volumes in the coming months. The stable rig activity comes as crude oil prices saw a modest pullback in midday trading. According to live Bakken Wire data, West Texas Intermediate (WTI) crude was trading at $78.9 per barrel, down 55 cents or 0.55% for the day. The international benchmark Brent crude was at $84.21, down 0.61%. The price for Bakken crude at the wellhead is typically discounted against WTI; the differential was recorded at -$3.42. Natural gas prices were at $2.91 per MMBtu. The current rig count of 24 is a critical indicator for future production. Rig counts are a leading indicator, as new wells drilled today will not contribute to production for several months. Historically, a rig count in the low-to-mid 20s in North Dakota...

🔆Midday Wire·Jul 15

Workforce & Community

Bakken Rig Count Holds at 24 as Midday Oil Prices Show Modest Decline

The number of active drilling rigs in North Dakota held steady at 24 on Wednesday, a key indicator of sustained, moderate activity levels in the Bakken formation. The stability in rig count comes as midday crude oil prices showed minor declines, with West Texas Intermediate (WTI) trading at $78.90 per barrel and Brent crude at $84.21, according to live Bakken Wire data. The current rig count, a primary driver of direct oilfield employment, reflects a carefully managed pace of operations by Bakken producers. Historically, rig counts directly correlate with demand for field workers, including drillers, roustabouts, and completion crews. A count in the mid-20s suggests a stable core workforce is employed, avoiding the extreme boom-and-bust cycles that have challenged the region in the past. The price of Bakken crude, calculated as a differential to the WTI benchmark, was $3.42 per barrel below WTI at midday. This pricing level, combined with...

🔆Midday Wire·Jul 15

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rally on Strong Asian Demand; Bakken Differential Holds

Oil prices climbed sharply on Wednesday, with West Texas Intermediate (WTI) crude settling above $80 per barrel, supported by robust demand from Asian refiners for U.S. exports. The rally provides a favorable pricing environment for Bakken producers as the regional discount to the benchmark remained stable. As of Wednesday, July 15, 2026, WTI crude was trading at $80.35 per barrel, a gain of $1.01 or 1.27%. The international benchmark Brent crude rose to $85.87, up $1.14 or 1.35%. The Bakken crude differential, the discount at which Bakken barrels trade versus WTI at the Clearbrook, Minnesota hub, was $3.42 per barrel. The price surge was fueled by significant export activity. According to Rigzone, at least 11 million barrels of U.S. crude were sold to Asian refiners late on Tuesday, with traders indicating more deals may follow. This strong physical demand for American crude provided fundamental support for the day's price increase....

🌅Afternoon Wire·Jul 15

Rig Report

North Dakota Rig Count Rises to 26 with Two New Permits

North Dakota's active drilling rig count rose to 26 on Wednesday, July 15, 2026, an increase of two from the previous day, according to live rig data from Bakken Wire. No rigs were removed or moved location. The new activity includes a rig for PETRO-HUNT, L.L.C., the T&S DRILLING 2, located at 144-98-17 in Billings County. MUREX PETROLEUM CORPORATION also added a rig, the H & P 515, at 157-95-29 in Williams County. The current count of 26 rigs represents a slight increase from one week prior, when 25 rigs were active on July 8, 2026. However, activity remains down from a month ago, when 28 rigs were operating on June 15, 2026. Global Shift in Energy Integration Separately, a technological development highlights a broader industry trend toward integrating alternative energy with hydrocarbon production. According to a report from OilPrice.com, China National Offshore Oil Corporation (CNOOC) has launched the world's...

🌅Afternoon Wire·Jul 15

Pipeline & Infrastructure

Columnist Warns Anti-Pipeline Sentiment Threatens ND Business Climate

A North Dakota columnist warns that a "populist wave" of opposition to infrastructure projects, including pipelines, is challenging the state's business-friendly reputation. In an opinion piece published Wednesday, Minot-based columnist Rob Port stated that pushback from a "noisy but minority segment of the public" has become a significant factor for projects ranging from data centers to transmission lines and pipelines. Port specifically cited a recent headline from the North Dakota Monitor, "Safety not a factor in determining North Dakota pipeline routes, attorney says," as an example of "bad reporting" that could make a fraught situation worse. The headline referred to attorney Zachary Pellham of the North Dakota Public Service Commission (PSC), who made the statement during litigation over the now-canceled Summit Carbon Pipeline permit. According to Port's column, the headline is inaccurate. He clarifies that the state PSC, through an agreement with the federal Pipeline and Hazardous Materials Safety Administration...

🌅Afternoon Wire·Jul 15

Global Markets

Global Shifts in Energy Security, Trade Pose Long-Term Questions for Bakken

Global energy security dynamics are shifting, posing potential long-term strategic questions for oil-producing regions like the Bakken. According to OilPrice.com, the "face of energy security is changing" as renewable energy coupled with storage becomes viewed as a more dependable option amid geopolitical turmoil, while traditional fossil fuel supply chains face blockades. A near-total blockage of the Strait of Hormuz since March has choked off one-fifth of the world's crude oil and gas trade, causing price volatility and creating a potent threat in Asian markets. In this context, the relative benefits of renewables have become more evident. "Wind and solar cannot be embargoed, blockaded, or shut off by a foreign power," wrote David Frykman of venture capital group Norrsken in an op-ed cited by OilPrice.com. This push for energy independence is manifesting in large-scale projects, such as China connecting the world's biggest 1-gigawatt hybrid solar plant with storage to its grid...

🌅Afternoon Wire·Jul 15

Global Markets

Hormuz Closure, Hawkish Fed Shape Market as U.S. Oil Workforce Shrinks

Global oil markets are being pulled by two powerful and opposing forces: a major supply disruption in the Middle East and a restrictive monetary policy from the Federal Reserve. According to OilPrice.com, Iran's Revolutionary Guard declared the Strait of Hormuz closed on July 11, leading to three consecutive nights of U.S. airstrikes. The blockage has severely restricted the vital waterway, which typically handles roughly one-fifth of the world's seaborne oil trade. The International Maritime Organization has stated the strait remains "too dangerous for commercial vessels to transit," according to Rigzone. This supply shock has propelled Brent crude prices back above $86 per barrel this week, a one-month high. OilPrice.com notes crude is up approximately 40 percent since January. However, the price surge comes with a financial catch. The same supply fears are contributing to stickier inflation, leading to a hawkish stance from the Federal Reserve under new Chair Kevin Warsh....

🌅Afternoon Wire·Jul 15

Operator News

Global Events Push Oil Higher as Vedanta Plans Major Investment

Oil prices climbed to a one-month high on Monday, according to Rigzone, as renewed fighting in the Middle East heightened concerns over the security of supplies through the critical Strait of Hormuz. The price increase provides a favorable near-term backdrop for Bakken producers, though the region's output is primarily moved via pipeline and rail to domestic markets. In a separate development, Vedanta Oil and Gas Ltd. announced plans to invest $5 billion to expand its production by more than five times, Rigzone reported Tuesday. While Vedanta's operations are not in the Bakken, the scale of the investment underscores the continued global competition for capital and market share in the oil sector, which can influence investment flows and partner strategies worldwide. Geopolitical risk was further emphasized Wednesday as Ukrainian forces reportedly hit multiple Russian oil and gas tankers in the Black Sea overnight, according to a Rigzone report. Such incidents highlight...

🌅Afternoon Wire·Jul 15

Pipeline & Infrastructure

Ukraine-Russia Strikes Target Energy Infrastructure

A series of strikes between Ukraine and Russia targeted critical energy infrastructure over the past 24 hours, according to a report from Rigzone. The developments underscore the ongoing geopolitical instability that influences global oil markets. Ukraine conducted overnight strikes on a slew of Russian energy targets, Rigzone reported on July 14. Concurrently, Russian forces hit fuel facilities in the Ukrainian port city of Odesa. These attacks represent a continued focus on disrupting the adversary's energy and fuel logistics. While these events are geographically distant from North Dakota, they have a tangible impact on the operating environment for Bakken producers. The Bakken formation is a major U.S. oil-producing region, and its crude is priced within a global market. Geopolitical tensions, particularly those involving major energy producers and transit routes, can lead to price volatility for West Texas Intermediate (WTI) and other benchmark crudes. For Bakken operators and mineral rights owners, such...

🌅Afternoon Wire·Jul 15

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Rise Above $80

North Dakota's active drilling rig count remained at 26 on Wednesday, a level signaling continued capital discipline by operators as oil prices posted solid gains. West Texas Intermediate crude settled at $80.35 per barrel, a rise of $1.01, while the global Brent benchmark climbed to $85.87, according to live Bakken Wire data. The current rig count is near historic lows for the Bakken formation, the state's primary oil-producing region. Historically, the number of active rigs is a leading indicator for future production, as new wells must be drilled and completed to offset the steep decline rates from existing wells. The sustained low count suggests that, barring a significant acceleration in drilling, statewide oil output could face downward pressure in the coming months. The price environment offers a mixed signal for producers. While WTI above $80 provides improved cash flow, the Bakken crude differential—the discount at which Bakken barrels trade versus...

🌅Afternoon Wire·Jul 15