Saturday, July 18, 2026

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Oil Prices

Oil Prices Surge Over 4% as Geopolitical Tensions Escalate

Oil prices surged in Friday trading, with both major benchmarks posting gains exceeding 4% amid heightened geopolitical tensions. West Texas Intermediate (WTI) crude closed at $81.78 per barrel, a sharp increase of $3.50, or 4.47%. The international benchmark, Brent crude, settled at $88.10, up $3.87 for a 4.59% gain, according to live price data. The primary driver behind the rally was a significant escalation in Middle East conflict. Reports confirmed a major Israeli strike on Iran, raising immediate concerns over potential disruptions to crude oil flows from a critical producing region. This geopolitical premium overwhelmed other market factors, sparking a broad risk-off sentiment and a flight into commodities. For Bakken operators, the headline price jump is a direct positive. The Bakken crude differential, the discount at which local crude trades compared to WTI at the Cushing, Oklahoma hub, was recorded at -$3.42. This means Bakken oil is priced at approximately...

☀️Morning Wire·Jul 18

Rig Report

North Dakota Rig Count Holds at 25 for Third Consecutive Day

North Dakota's active drilling rig count was unchanged Saturday, holding at 25 for the third day in a row, according to live rig data monitored by Bakken Wire. No rigs were added, removed, or moved location in the past 24 hours. The current count represents a net increase of one rig compared to one week ago, when the state reported 24 active rigs on July 11. However, activity is down one rig from the 26 rigs reported one month ago on June 18. The stability in the rig count reflects a period of measured operational tempo among Bakken operators. The count has fluctuated narrowly within a several-rig band for much of the year, as companies balance capital discipline with maintaining core production from the Williston Basin's premier formation. A rig count in the mid-20s is consistent with the level of activity needed to offset the high decline rates of shale...

☀️Morning Wire·Jul 18

Daily Activity

Devon Energy Secures Lone New Bakken Permit, Five Renewals Filed

The North Dakota Department of Mineral Resources approved one new drilling permit in its latest daily activity report. Devon Energy Williston, L.L.C. received the sole permit, 43130, for the BLUEFIN 13F 2H well in McKenzie County's Siverston field. Meanwhile, operators filed for five permit renewals, with Devon Energy and Lime Rock Resources accounting for all the activity. According to the report, four of the five renewal applications are for proposed locations outside of their designated spacing units, a technical step sometimes required for precise well targeting. Lime Rock Resources III-A, L.P. filed for two renewals in Dunn County. Permit 36738 is for the REUBEN SCHNEIDER 2-27-34H-143-96 well and permit 36739 is for the REUBEN SCHNEIDER 3-27-34H-143-96 well. Both are in the Fayette field and are listed as proposed drillbacks outside of the spacing unit. Devon Energy Williston, L.L.C. was active with three renewal filings, all in Dunn County's Twin Buttes...

☀️Morning Wire·Jul 18

Operator News

ConocoPhillips Enters Major Iraq Venture, Redirecting Focus from Bakken

ConocoPhillips has agreed to acquire a 42% stake in BP Plc's development subsidiary for four major oilfields in Iraq's Kirkuk region, according to reports from OilPrice.com and Rigzone. The joint venture aims to rehabilitate and optimize production at an estimated cost of $25 billion, targeting an initial phase aiming to extract more than 3 billion barrels of oil equivalent. For Bakken operators and observers, the deal represents a major international commitment by ConocoPhillips, a significant player in the North Dakota shale play. The partnership aligns with the Iraqi government's goal to expand U.S. energy investments, as reported by OilPrice.com. This strategic move redirects corporate focus and potential capital towards a long-term, capital-intensive international project, which could influence investment levels in domestic shale operations like those in the Bakken. The venture is structured as an equity affiliate, requiring no significant upfront capital contributions from the companies, with returns linked proportionally to...

☀️Morning Wire·Jul 18

Regulatory

Colombia's Policy Shift May Affect Global Oil Market, Bakken Dynamics

Colombia is poised for a significant energy policy reversal following the election of conservative President-elect Abelardo de la Espriella, a shift that could influence global oil markets and competitive pressures on Bakken producers. According to a report from OilPrice.com, de la Espriella, who will be sworn in on August 7, has pledged to "exploit fossil fuels to the fullest extent" and is expected to redirect the national oil company Ecopetrol toward hydrocarbons. This marks a stark departure from the policies of outgoing leftist President Gustavo Petro, who championed a green transition. Under Petro, Colombia co-hosted a global conference on transitioning away from fossil fuels in May 2026 and saw its renewable energy capacity grow from 200 MW to 3,600 MW between 2022 and 2026. The new administration's expected focus on faster permitting and increased drilling could add new supply to the global oil market over the long term. For Bakken...

☀️Morning Wire·Jul 18

Global Markets

EIA Raises 2026 US Oil Production Forecast

The U.S. Energy Information Administration (EIA) has increased its forecast for American crude oil production in 2026, according to a report from Rigzone. The agency's latest Short-Term Energy Outlook, published July 17, 2026, pushes the national output projection closer to 14 million barrels per day. This upward revision for the full year indicates the EIA expects a resilient production landscape across key U.S. shale basins. For operators in North Dakota's Bakken formation, sustained high national output forecasts generally reflect a continued commitment to capital investment and drilling activity in the nation's top producing regions. The Bakken is a primary oil-producing region within the Williston Basin and a significant contributor to overall U.S. supply. While the EIA's headline forecast is a national figure, trends in Bakken production directly influence the national total. A higher national production outlook often correlates with stable or growing activity in major shale plays, including the Bakken....

☀️Morning Wire·Jul 18

Global Markets

Global Nuclear Push, India's Fuel Rules Signal Shifting Energy Landscape

The global energy landscape is shifting as nations from Bangladesh to New Jersey pursue nuclear power and major importers like India enact stricter vehicle efficiency rules, moves that could pressure long-term fossil fuel demand. According to OilPrice.com, nuclear power is gaining appeal worldwide as a solution for energy security, affordability, and sustainability, particularly as AI-driven demand soars. Most of the 80 nuclear reactors currently under construction are in emerging economies, marking a sea change. Bangladesh is nearing nuclear capability with its Russian-built Rooppur plant, where the first reactor is expected to be fully operational by 2027. The completed plant will supply up to 15 percent of Bangladesh's electricity by 2028. In the United States, New Jersey is betting on next-generation nuclear technology. The state recently enacted a law launching a procurement process for a minimum of 1,100 megawatts of power from projects like small modular reactors (SMRs). OilPrice.com reported that...

☀️Morning Wire·Jul 18

Operator News

Geopolitical Tensions Drive Oil Price Action, Ukraine Names Energy CEO Premier

Oil prices jumped on Friday as traders increased bullish bets amid fears of a widening conflict involving Iran, according to Rigzone. The market movement was driven by heightened geopolitical tensions raising risks to global energy and fuel supplies. The immediate catalyst for the price action involved maritime activity near a critical global chokepoint. Rigzone reported that a quartet of Iran-linked tankers changed course in waters just outside the Strait of Hormuz, a vital passageway for seaborne oil shipments. Such movements often signal heightened regional instability and can prompt immediate market reactions. For Bakken operators, these global supply shocks typically provide a supportive price environment for the crude produced in the Williston Basin. While Bakken crude is primarily transported via pipeline and rail, its price is benchmarked against global grades that are sensitive to Middle Eastern disruptions. Increased volatility and higher price floors can improve cash flow and drilling economics for...

☀️Morning Wire·Jul 18

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 4% as Supply Risks Mount

Oil prices rallied sharply in midday trading Saturday, July 18, 2026, with both major benchmarks gaining more than 4%. West Texas Intermediate (WTI) crude was trading at $81.78 per barrel, a gain of $3.50. Brent crude, the international benchmark, rose to $88.10, up $3.87. The surge in crude futures provided an immediate boost to the economics for Bakken formation producers. However, the price for Bakken crude at the wellhead continues to trade at a discount to the WTI benchmark. The Bakken differential was reported at -$3.42 versus WTI, implying a local price of approximately $78.36 per barrel. The midday price jump reflects growing market concerns over potential supply disruptions. Traders are reacting to heightened geopolitical tensions in key oil-producing regions and ongoing supply discipline from major exporting nations. These factors are overshadowing lingering worries about global economic growth and its impact on fuel demand. For Bakken operators, the sharp rise...

🔆Midday Wire·Jul 18

Operator News

Chevron, BP Make Strategic Moves in Global Energy Policy, Iraq

The U.S. Department of Energy has appointed a Chevron executive to its Secretary of Energy Advisory Board (SEAB), according to Rigzone. The board provides independent advice and recommendations to the Secretary of Energy on science, energy, and security policy. Separately, Rigzone reported that BP has entered a partnership with ConocoPhillips for a major oilfield project in Iraq. BP stated that ConocoPhillips will acquire a 42 percent stake in BP's venture to redevelop Iraq's giant Kirkuk oil fields, one of the country's oldest producing regions. For Bakken operators and royalty owners, these developments highlight the global scale and strategic priorities of the major international oil companies active in North Dakota. Chevron is a leading operator in the Williston Basin, and its increased voice in federal energy policy through the SEAB appointment could influence regulatory and technology development directions relevant to shale production. The BP-ConocoPhillips partnership in Iraq underscores the continued competition...

🔆Midday Wire·Jul 18

Regulatory

Colombia's Policy Shift Could Rebalance Global Oil Market, Impact Bakken

Colombia is poised for a significant energy policy reversal under its newly elected president, a shift that could introduce new supply dynamics into the global oil market with indirect implications for Bakken operators. Conservative candidate Abelardo de la Espriella, who won the June 21 election by a 1% margin, is set to be sworn in on August 7, according to a report from OilPrice.com. The incoming administration, endorsed by former U.S. President Donald Trump, is expected to halt the green transition policies of outgoing leftist President Gustavo Petro. During his term, Petro championed climate action and oversaw a major expansion of renewable energy, with capacity growing from 200 MW in 2022 to 3,600 MW by 2026. He also diversified the economy, with non-mining, non-energy exports making up 52.6% of the total in 2025. De la Espriella, known as "The Tiger," has pledged to exploit fossil fuels "to the fullest extent"...

🔆Midday Wire·Jul 18

Global Markets

EIA Raises US Oil Output Forecast for 2026

The U.S. Energy Information Administration has raised its forecast for American crude oil production in 2026, according to a report from Rigzone. The agency increased its projection in its latest Short-Term Energy Outlook, though the source did not provide specific revised figures. For operators in North Dakota's Bakken formation, a higher national production forecast generally indicates sustained market expectations for strong output from key shale plays. The Bakken is a cornerstone of U.S. shale production and a significant contributor to overall domestic supply. An upward revision from the EIA typically reflects continued investment and operational efficiency in major producing regions. While the forecast is a national figure, Bakken producers are central participants in the U.S. shale sector. This suggests a stable to optimistic federal outlook for the industry's near-term trajectory. The adjustment points to underlying resilience in the U.S. oil sector despite broader market volatility. For Bakken-focused companies and royalty...

🔆Midday Wire·Jul 18

Global Markets

Global Energy Shifts See Job Cuts in Oil, Nuclear Gains in Emerging Markets

U.S. oil and gas extraction employment fell to 114,500 workers in June, marking the second-lowest June on record since the Bureau of Labor Statistics began tracking the data, according to an OilPrice.com report. This decline comes even as production remains near record highs, underscoring a long-term industry trend toward greater efficiency with fewer workers. The sector has shed 72,800 jobs since January 2016, when employment peaked at 187,300. The workforce now sits almost 40 percent below that pre-crash level. The report attributes the ongoing job losses primarily to automation, mergers, and investor pressure for returns over growth. The larger oilfield services sector, which employs roughly 627,000 people, has been losing jobs even faster. This year's layoffs are heavily tied to major mergers. Chevron is cutting up to 9,000 jobs, or a fifth of its global workforce, as it integrates its $53 billion acquisition of Hess, according to OilPrice.com. Other majors...

🔆Midday Wire·Jul 18

Operator News

India Fuel Rules, New Oil Play, Iran Tensions Drive Market Focus

India has proposed stricter vehicle fuel efficiency rules that could pressure long-term global oil demand, according to a report from OilPrice.com. The new Corporate Average Fuel Efficiency (CAFE)-III norms, released for public consultation by the Ministry of Power, are set to take effect on April 1, 2027. The rules aim to cut fuel consumption for passenger vehicles from 3.996 liters/100 km in 2027–28 to 3.327 liters/100 km by 2031–32 and lower carbon targets from 113 g/km to 76 g/km by 2032. The policy includes a credit trading system for automakers and offers regulatory benefits for flex-fuel and biofuel vehicles for the first time. While targeting India's oil import bill, such demand-side policies in major consuming nations are monitored by Bakken producers for their potential long-term impact on crude markets. In North American shale, a previously overlooked play is seeing renewed activity, but for oil, according to Rigzone. Companies including Obsidian...

🔆Midday Wire·Jul 18

Pipeline & Infrastructure

Global Energy Shifts Highlight Geopolitical Risks, North Sea Policy

Political and logistical developments in global energy markets this week underscore the interconnected risks and policy shifts that can influence conditions for Bakken crude. While not directly affecting North Dakota infrastructure, these events shape the international backdrop against which Williston Basin producers operate. In Ukraine, President Volodymyr Zelenskyy named the head of a state-run energy company as the country's next prime minister, according to Rigzone. The July 17 report highlights how energy expertise is increasingly central to geopolitical leadership in regions impacted by conflict and supply security. Stability in Eastern Europe remains a key factor for global oil price sentiment. Meanwhile, a quartet of Iran-linked tankers changed course in waters just outside the Strait of Hormuz, Rigzone reported separately on July 17. Such maneuvering in the world's most critical oil chokepoint is a perennial reminder of the supply disruption risks that can cause volatility in global benchmark prices, indirectly affecting...

🔆Midday Wire·Jul 18

Regulatory

Rystad Revises Iran Scenarios as Oil Prices Hold Weekly Gains

Analysts are updating risk models as security conditions deteriorate around a key global oil transit point. Rystad Energy revealed that it has revised its U.S.-Iran scenario framework "following a renewed deterioration in security conditions around the Strait of Hormuz," according to a report from Rigzone. The strategic Strait of Hormuz is a vital maritime chokepoint for global oil shipments. Any disruption to flows through the strait can cause immediate volatility in international crude benchmarks, which directly influence the price of Bakken crude oil. This revision comes as oil markets showed resilience despite a daily decline. In separate trading data, oil ended lower on Thursday but held onto weekly gains, Rigzone reported. Traders balanced profit-taking against ongoing concerns over disruptions to oil flows through Hormuz. For operators in North Dakota's Bakken formation, such geopolitical tensions underscore the complex factors influencing wellhead economics. While local production is insulated from physical supply disruptions,...

🔆Midday Wire·Jul 18

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 4%, Brent Tops $88; Bakken Discount Widens

Oil prices posted sharp gains on Saturday, July 18, 2026, with both major benchmarks rising more than 4%. West Texas Intermediate (WTI) crude settled at $81.78 per barrel, a gain of $3.50 for the session. Brent crude closed at $88.10 per barrel, up $3.87. The rally extended a strong week for crude, driven primarily by escalating geopolitical tensions in the Middle East and signs of tightening global inventories. These factors have overshadowed broader economic concerns, fueling a bullish sentiment across energy markets. For Bakken producers, the rise in the headline WTI price is a positive signal. However, the discount for Bakken crude at the wellhead compared to WTI, known as the Bakken differential, widened to -$3.42 per barrel. This means Bakken crude is priced at a deeper discount relative to the benchmark, which can offset some of the gains from the overall price surge. The effective price for Bakken crude...

🌅Afternoon Wire·Jul 18

Rig Report

North Dakota Rig Count Holds Steady at 25

North Dakota's active drilling rig count held steady at 25 on Saturday, July 18, 2026, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location compared to the previous day's activity. The current count of 25 rigs represents a decrease of one rig compared to one month ago, when 26 rigs were active on June 18, 2026. However, the count is up by one rig from the level seen one week ago on July 11, 2026, when 24 rigs were reported active. The stability in the rig count reflects a period of measured capital discipline among operators in the Bakken formation. Rig activity is a leading indicator of future oil production, and a count in the mid-20s suggests a focus on maintaining core production levels from the most productive acreage rather than pursuing aggressive growth. This activity level...

🌅Afternoon Wire·Jul 18

Operator News

Chevron, Cheniere Executives Join DOE Advisory Board; BP, Conoco Finalize Iraq Deal

Two major companies with significant Bakken operations, Chevron and ConocoPhillips, were involved in separate corporate announcements on July 17, 2026, according to reports from Rigzone. The U.S. Department of Energy announced newly appointed members of the Secretary of Energy Advisory Board (SEAB), which will include a representative from Chevron, according to Rigzone. The SEAB provides independent advice and recommendations to the Secretary of Energy on science, energy, and security policy. Chevron is a leading operator in the Williston Basin's Bakken formation. In a separate development also reported by Rigzone, BP said ConocoPhillips will acquire 42 percent of its stake in a venture redeveloping Iraq's giant Kirkuk oil fields. This partnership in one of Iraq's oldest oilfields marks a significant international investment by ConocoPhillips, another key Bakken producer. For Bakken operators and stakeholders, these moves underscore the dual focus of major players: influencing domestic energy policy and securing international growth opportunities....

🌅Afternoon Wire·Jul 18

Pipeline & Infrastructure

Canada Proposes Major East-West Pipeline, Shifting Cross-Border Oil Dynamics

The governments of Canada and Alberta have unveiled a proposal for a major new oil pipeline designed to transport western Canadian crude east without relying on U.S. infrastructure, according to a report from OilPrice.com. The plan, announced on July 18, 2026, seeks to enhance Canada's energy security and could reshape North American crude oil logistics, with implications for competing Bakken formation supplies. The proposed 3,300-kilometer pipeline would start in Hardisty, Alberta, and run through Saskatchewan, Manitoba, and northern Ontario before terminating in Sarnia, Ontario. Alberta Premier Danielle Smith stated the line would have an initial capacity of 500,000 barrels per day, with future potential to reach 800,000 bpd. Ontario Energy Minister Stephen Lecce emphasized the strategic need, noting that "50 per cent of oil imports into Ontario run through a pipeline that cuts through the U.S." This initiative directly addresses Canadian concerns over reliance on U.S. transit routes, specifically mentioning...

🌅Afternoon Wire·Jul 18

Regulatory

Colombia's Political Shift Could Ease Global Oil Competition for Bakken

Colombia is poised for a significant reversal in its energy policy following the election of conservative President-elect Abelardo de la Espriella, a shift that could have long-term implications for global oil supply and Bakken producers. According to a report from OilPrice.com, de la Espriella, who will be sworn in on August 7, has pledged to exploit fossil fuels to the fullest extent, marking a stark departure from the outgoing administration's green transition agenda. The election on June 21 saw de la Espriella, endorsed by former U.S. President Donald Trump, win by just 1 percent over his socialist opponent. He succeeds President Gustavo Petro, Colombia's first leftist leader, who actively supported an international transition away from fossil fuels. Petro co-hosted the First Conference on Transitioning Away from Fossil Fuels in Santa Marta, Colombia, just this past May. Under Petro's tenure, Colombia made strides in diversifying its economy and energy mix. Non-mining,...

🌅Afternoon Wire·Jul 18

Global Markets

U.S. Advances Seawater Mineral Extraction Amid Global Supply Competition

The United States is pursuing a technological breakthrough to extract critical minerals from seawater, aiming to counter China's dominance in supply chains essential for the clean energy transition, according to a report from OilPrice.com. This development occurs alongside a raised federal forecast for U.S. oil production, setting a complex global backdrop for Bakken operators. China currently supplies 85-95 percent of the world’s refined rare earth minerals and controls the majority of refining for cobalt, nickel, and lithium, creating what sources describe as a "dangerous precarity in global energy security." The International Energy Agency projects demand from the clean energy sector will at least double by 2040, driven largely by electric vehicles and battery storage. A new co-flow reactor developed by the Pacific Northwest National Laboratory (PNNL) is designed to extract high-purity magnesium hydroxide from seawater and could later be used for other minerals like nickel. "A world powered by renewables...

🌅Afternoon Wire·Jul 18

Global Markets

Global Roundup: India Tightens Fuel Rules, Shale Shifts to Oil, Microgrids Gain Ground

Global policy and technology shifts are creating new market dynamics with implications for energy producers worldwide, including those in the Bakken. Recent developments in vehicle efficiency, oil exploration, and power infrastructure highlight the evolving landscape. In a move aimed at cutting oil imports, India's government has proposed stricter Corporate Average Fuel Efficiency (CAFE)-III norms for passenger vehicles, according to an OilPrice.com report. The new fuel standards are set to take effect April 1, 2027. The rules target a reduction in fuel consumption for M1 category vehicles (up to 3,500 kg) from 3.996 liters/100 km in 2027–28 to 3.327 liters/100 km by 2031–32. Carbon emission targets will tighten from 113 g/km to 76 g/km by 2032. Non-compliance will attract penalties ranging from ₹2,500 to ₹4,500 per gram of excess CO₂/km. The policy framework will transition to the World Light Duty Vehicle Testing Procedure (WLTP) and, for the first time, offers regulatory...

🌅Afternoon Wire·Jul 18

Operator News

Geopolitical Tensions Drive Oil Price Surge, Impacting Bakken Outlook

Global oil prices jumped sharply on Thursday as traders reacted to heightened geopolitical risks, a development with direct implications for Bakken producers and royalty owners. According to Rigzone, the surge was driven by fears of a wider war involving Iran, prompting traders to boost bullish bets on crude. The increased market volatility stems from specific incidents threatening key supply routes. Rigzone reported that a group of four Iran-linked tankers altered course in waters near the Strait of Hormuz, a critical global oil chokepoint. Such maritime activity raises immediate concerns about potential supply disruptions, which typically support higher benchmark oil prices. For operators in the Williston Basin, these price movements are critical. The Bakken formation's economic viability is closely tied to global crude benchmarks like West Texas Intermediate (WTI). A sustained price increase can improve cash flow for drilling and completion programs, while a sudden spike driven by uncertainty can lead...

🌅Afternoon Wire·Jul 18