Sunday, July 19, 2026

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Rig Report

Bakken Rig Count Holds at 25, Remains Down Slightly From Month Ago

The number of active drilling rigs in North Dakota's Bakken region held steady at 25 on Sunday, July 19, 2026, according to live rig data. There were no new rigs added, none removed, and no rigs that moved location since the previous day's count. This current count represents a slight increase from one week prior, when 24 rigs were active on July 12. However, activity remains down by one rig compared to a month ago, when 26 rigs were operating on June 19. The rig count is a key leading indicator of future oil production in the Bakken formation, North Dakota's primary oil-producing region. A stable count in the mid-20s suggests operators are maintaining a measured pace of development, balancing capital discipline with the need to drill new wells to offset steep production declines typical of shale wells. While the immediate data shows no day-to-day movement, the slight downtick from...

☀️Morning Wire·Jul 19

Daily Activity

DMR Daily Activity Report Shows No New Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Saturday, July 18, 2026, contained no new filings, according to the agency's data. No new drilling permits, well spuds, completions, or plugging reports were recorded. The DMR's daily report is a key snapshot of regulatory activity in the Bakken formation and wider Williston Basin. It typically lists applications for permits to drill (APDs), notices of well spudding, well completion reports, and notices of well plugging. These filings are essential for tracking the pace of development and operational shifts across North Dakota's oil fields. Days with no new activity filings are a normal occurrence in the reporting cycle. Such lulls are common on weekends and around state holidays when operator offices and regulatory processing are typically offline. The absence of filings does not indicate a halt in ongoing field operations but reflects the administrative cadence of the industry. Market...

☀️Morning Wire·Jul 19

Operator News

Chevron Gains DOE Advisory Role; ConocoPhillips Bolsters Iraq Venture

The U.S. Department of Energy has appointed a Chevron representative to the 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 national security policy. The appointment gives a major Bakken operator a direct voice in shaping federal energy discussions. Separately, ConocoPhillips is expanding its international portfolio. Rigzone reported that ConocoPhillips will acquire a 42 percent stake in BP's venture redeveloping Iraq's giant Kirkuk oil fields. This partnership in one of Iraq's oldest oilfields represents a significant international investment for ConocoPhillips. For Bakken operators, these developments highlight the diverse strategic priorities of major players in the region. Chevron's increased role in federal energy policy could signal a focus on influencing regulatory and technological frameworks that ultimately impact onshore oil and gas production. The SEAB's recommendations can affect everything from research funding to energy security strategy....

☀️Morning Wire·Jul 19

Pipeline & Infrastructure

Canada Proposes Major Domestic Pipeline, Potentially Shifting Bakken Export Dynamics

Canada's federal and Alberta governments have jointly proposed a major new domestic oil pipeline, a move that could alter long-term crude transportation patterns and market access for Bakken producers. According to a report from OilPrice.com, the 3,300-kilometer pipeline would run from Hardisty, Alberta, through Saskatchewan and Manitoba to Sarnia, Ontario, with an initial capacity of 500,000 barrels per day. The project, unveiled on July 18, 2026, is explicitly designed to reduce Canada's energy dependence on the United States. Currently, 63.4% of U.S. crude imports are from Canada, and oil is transported from Alberta to Ontario via U.S. pipelines. Ontario Energy Minister Stephen Lecce stated that "50 per cent of oil imports into Ontario run through a pipeline that cuts through the U.S.," highlighting the perceived vulnerability. For North Dakota's Bakken formation, the immediate impact may be limited, but the strategic shift bears watching. The pipeline aims to create a "sovereign"...

☀️Morning Wire·Jul 19

Regulatory

Colombia Election Shifts Energy Policy, Potential Global Oil Impact

Colombia is poised for a dramatic shift in energy policy following the election of conservative president-elect Abelardo de la Espriella, a move that could influence global oil markets and competition for Bakken crude. According to a report from OilPrice.com, De la Espriella narrowly won the election on June 21st and will be sworn in on August 7th. The incoming leader, who pledged during his campaign to "exploit fossil fuels to the fullest extent," represents a stark reversal from the policies of outgoing leftist President Gustavo Petro. Petro had championed a green transition, increasing Colombia's renewable energy capacity from 200 MW to 3,600 MW between 2022 and 2026 and hosting an international conference on moving away from fossil fuels in May 2026. Industry analysts expect De la Espriella's administration to redirect the state-owned oil company Ecopetrol back toward hydrocarbons and support faster permitting for energy projects. This anticipated pivot comes despite...

☀️Morning Wire·Jul 19

Global Markets

EIA Raises US Oil Output Forecast for 2026

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, revised the national output estimate higher. While the specific numerical forecast was not detailed in the summary, any upward revision by the EIA indicates expectations of continued robust activity across the nation's major shale plays. For operators in the Bakken formation of North Dakota, this federal outlook provides a supportive macro environment. The Bakken is a key contributor to overall U.S. oil production, consistently ranking among the nation's top oil-producing regions. A higher national production forecast often reflects sustained investment and drilling efficiency gains in basins like the Williston. This revised outlook suggests that the EIA anticipates favorable market conditions or operational trends that would enable higher output next year. For Bakken producers, a strong national forecast...

☀️Morning Wire·Jul 19

Global Markets

Global Heatwave, Energy Policy Shifts Impact Commodity Flows, Tech

An intense heatwave in Europe is disrupting critical energy supply chains, according to a report from OilPrice.com. Low water levels on the Rhine River, a major petroleum product and coal transportation corridor, have forced navigation restrictions. Barges cannot be fully loaded, raising shipping costs and delaying shipments of fuels like diesel to Germany and central Europe. This disruption coincides with the protracted Strait of Hormuz crisis, which is already hiking Europe’s energy costs and inflation. The heatwave has also directly curtailed electricity generation in France, OilPrice.com reported. Nuclear power output was recently slashed by 6.4 gigawatts due to high river temperatures limiting the ability to cool reactors. While France continued exporting power, such supply shocks underscore grid vulnerabilities. These events add strain to European energy markets, which are key destinations for global petroleum products. In policy news, India has proposed stricter vehicle fuel efficiency regulations to cut its oil consumption...

☀️Morning Wire·Jul 19

Production Data

Bakken Well Economics Improve as WTI Tops $81

The economics for drilling new wells in North Dakota's Bakken formation received a boost Sunday as the benchmark WTI crude price rose to $81.78 per barrel, a gain of $3.50. The increase improves the revenue outlook for operators considering new investments in the play, where drilling activity remains steady at 25 active rigs. A standard, modern Bakken well typically carries a drilling and completion cost between $7 million and $8 million. These wells are generally expected to produce an estimated ultimate recovery (EUR) of approximately 1 million barrels of oil equivalent over their lifetime, with a significant portion of that production coming in the first few high-volume years. At the current WTI price near $82, the revenue potential for a new well is substantially enhanced compared to prices just a few months prior. While exact internal rate of return (IRR) calculations vary by operator, location, and well design, industry models...

☀️Morning Wire·Jul 19

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Surges Over 4% Amid Renewed Middle East Conflict, Bakken Differential Holds

Front-month oil prices surged more than 4% in midday trading Sunday, with West Texas Intermediate (WTI) crude rallying to $81.78 per barrel. The global benchmark, Brent crude, traded at $88.10, according to live market data. The gains extend a dramatic weekly reversal, with Brent having gained roughly $12 per barrel over the prior week. The primary driver is the rapid return of a geopolitical risk premium to the market following intensified fighting between U.S. and Iranian forces, as reported by OilPrice.com. Over the weekend of July 17-18, new U.S. airstrikes on Iranian military facilities were met with Iranian missile and drone attacks on U.S. positions. The conflict has raised acute concerns over the security of Persian Gulf oil exports. A critical flashpoint is the Strait of Hormuz, where tanker transits have fallen close to zero due to repeated attacks, according to OilPrice.com. With roughly one-fifth of global seaborne crude moving...

🔆Midday Wire·Jul 19

Operator News

ConocoPhillips Enters $25B Iraqi Deal, Bakken Implications Unclear

ConocoPhillips, a major operator in North Dakota's Bakken formation, has agreed to acquire a 42% stake in BP's development subsidiary for a major oilfield redevelopment project in Iraq, according to a report from OilPrice.com. The deal, valued at approximately $25 billion, focuses on four major oilfields in the Kirkuk region. The partnership aims to rehabilitate and optimize production, targeting an initial phase to extract more than 3 billion barrels of oil equivalent. The super-giant Kirkuk field, discovered in 1927, contains over 3 billion barrels of initial gross recoverable resources but has seen production decline from historical highs of 1 million barrels per day to between 285,000 and 330,000 barrels per day currently. OilPrice.com reported that the joint venture will function as an equity affiliate, requiring no significant upfront capital contributions from the companies, with returns linked proportionally to incremental production volumes and costs. For Bakken stakeholders, the move marks a...

🔆Midday Wire·Jul 19

Pipeline & Infrastructure

Iraq Pipeline Developments Could Influence Global Oil Flow, Bakken Competitiveness

Iraq is advancing plans to build a major westward oil export system to the Mediterranean Sea, a move that could influence global crude flows and market dynamics relevant to Bakken producers. According to a report from OilPrice.com, the country is assembling a pipeline network capable of carrying southern Iraqi crude through Syria or Turkey to bypass the volatile Strait of Hormuz. The strategy involves two proposed routes branching from a common Basra-Haditha trunk line, for which construction began in May. One route would continue through Kirkuk to Turkey’s Ceyhan port, while the other would cross Syria to Baniyas. U.S.-based Chevron, U.S. investment firm Capital TI, and Qatar’s UCC are involved in technical and financial studies for these routes, OilPrice.com reported. Engineering firm KBR is conducting a separate study of the Basra-Haditha section, designed to carry 2.5 million barrels per day. The United States this week endorsed the restoration of the...

🔆Midday Wire·Jul 19

Regulatory

Colombia's Election Pivot to Fossil Fuels Could Reshape Global Oil Market

The election of a conservative government in Colombia pledging a major fossil fuel expansion could introduce new dynamics into the global oil market with implications for Bakken producers, according to a report from OilPrice.com. President-elect Abelardo de la Espriella, who will be sworn in on August 7, has pledged to "exploit fossil fuels to the fullest extent," marking a sharp reversal from the outgoing leftist administration. Outgoing President Gustavo Petro had pursued an ambitious green transition, co-hosting an international conference on moving away from fossil fuels as recently as May 2026. His policies saw Colombia's renewable energy capacity surge from 200 MW to 3,600 MW between 2022 and 2026. The election of de la Espriella, who won by just 1 percent on June 21, is expected to halt much of that climate progress as the country reverts to hydrocarbon dependence. For Bakken operators, a resurgent Colombian oil sector represents a...

🔆Midday Wire·Jul 19

Global Markets

Global Energy Disruption from Hormuz Closure Highlights Need for Secure Supply

The ongoing closure of the Strait of Hormuz is causing widespread global energy shortages, demonstrating critical vulnerabilities in international energy security and trade, according to a report from OilPrice.com. The chokepoint, through which around 20% of the world's oil transits, has been closed for several months following a U.S.-Israeli-led war on Iran, imposing significant constraints on global fuel trade. The crisis is having a disproportionate impact on regions like Africa, where the closure has exposed deep dependencies on energy imports from Iran and China. This has led to severe fuel and fertilizer shortages across the continent, highlighting systemic risks in global supply chains. According to the report, this situation may create opportunities for other powers like Russia and Turkey to deepen their ties with African governments. For Bakken operators and North Dakota's energy sector, this prolonged global disruption reinforces the strategic importance of stable, domestic production from secure basins. While...

🔆Midday Wire·Jul 19

Global Markets

Global Grid Strains Highlight Need for Baseload Power, Storage

European nations are grappling with a dual energy crisis as intense summer heatwaves strain power grids and disrupt fuel supply chains, according to reports from OilPrice.com. The situation underscores the global challenges of balancing variable renewable energy with reliable baseload power, a dynamic relevant to Bakken operators focused on long-term energy market stability. An intense early summer heatwave across Europe is drying up major rivers, curtailing nuclear power generation and disrupting inland shipping of fuels like diesel and coal. On the Rhine River, a critical petroleum product corridor, low water levels have forced barges to lighten loads, raising shipping costs and delaying deliveries. In France, nuclear output was recently cut by 6.4 gigawatts due to high river temperatures limiting reactor cooling capacity, OilPrice.com reported. This supply strain coincides with a structural challenge: Europe's rapid buildout of wind and solar has outpaced the deployment of energy storage, leading to wasted surplus...

🔆Midday Wire·Jul 19

Operator News

Global Geopolitics, Trade Routes, and Demand Policies Shape Oil Outlook

Armenia's cabinet has approved legislation to advance the Trump Route for International Peace and Prosperity (TRIPP), a U.S.-backed strategic trade corridor, according to OilPrice.com. The bill, approved on July 16, 2026, launches the ratification process for the U.S.-Armenia TRIPP agreement. The project envisions the creation of TRIPP Development Co., with the United States holding a 74% stake and Armenia 26% under a 49-year lease. The U.S. State Department also named Chicago-based investor Konstantin Sokolov to head a $200 million enterprise fund to support the Middle Corridor trade network, which includes TRIPP. Meanwhile, U.S. forces escalated military strikes against Iran for a sixth consecutive night on July 16, OilPrice.com reported. U.S. Central Command stated the strikes targeted "dozens" of Iranian military sites, including coastal surveillance, air defense, and maritime capabilities. The White House cited Iranian violations of an agreement by firing on commercial vessels in the Strait of Hormuz. Iranian media...

🔆Midday Wire·Jul 19

Pipeline & Infrastructure

Global Oil Supply Crisis Intensifies, Threatening Key Shipping Routes

The global oil market's "illusion of abundance" has vanished, transitioning into a structural energy shortage, according to a stark warning from Carlyle Group Chief Strategy Officer Jeff Currie. The former Goldman Sachs commodities head points to skyrocketing refined product crack spreads, which have reached an unprecedented $70 per barrel, as the real signal of a severe market deficit, according to an Oilprice.com report. Currie states the perception of a glut was temporarily created by massive inventory drawdowns from strategic reserves, including the release of 172 million barrels from the U.S. Strategic Petroleum Reserve. Global observed inventories crashed by over 250 million barrels between March and May, drawing down at an average rate of 3.8 million barrels per day since the start of the Middle East conflict, Oilprice.com reported. U.S. SPR stockpiles have dropped to roughly 316 million barrels. The fragile supply balance is being exacerbated by systemic bottlenecks and geopolitical...

🔆Midday Wire·Jul 19

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Steady Despite Mounting Middle East Supply Risks

Oil prices were flat in Sunday trading, with West Texas Intermediate crude holding at $81.78 per barrel, according to live market data. The lack of movement follows a week of significant volatility driven by renewed military conflict between the United States and Iran. Brent crude was also unchanged at $88.10, while the discount for Bakken crude versus WTI was $3.42. Natural gas traded at $2.91. The static prices belie heightened geopolitical risks that spurred the largest weekly gain in months. According to OilPrice.com, September WTI rallied over 11% last week, climbing from near $72.50 to above $80. The surge rebuilt a "geopolitical risk premium" into the market after renewed U.S. airstrikes and Iranian retaliation raised fears of supply disruptions. The Strait of Hormuz, a critical chokepoint for seaborne crude, is a central concern. OilPrice.com reported that transits through the strait have fallen close to zero due to attacks on tankers....

🌅Afternoon Wire·Jul 19

Rig Report

North Dakota Rig Count Holds at 25; U.S. Drilling Activity Climbs

North Dakota's active drilling rig count held steady at 25 on Sunday, July 19, 2026, according to live Bakken Wire data. There was no change from the previous day, with no new rigs added, removed, or relocated. The current count represents a gain of one rig from the level of one week ago, on July 12, but remains one rig below the total of 26 active on June 19, a month ago. This stability in the Bakken formation coincides with a broader uptick in U.S. drilling activity reported elsewhere. Nationwide, the number of active oil and gas drilling rigs rose this week, according to Baker Hughes data published on Friday, July 17, and reported by OilPrice.com. The total U.S. rig count increased to 588, which is 44 more than at the same time last year. The count specifically for oil rigs climbed by 7 to 452. Other major U.S. basins...

🌅Afternoon Wire·Jul 19

Operator News

ConocoPhillips Enters Major Iraq Deal, Bakken Focus Unclear

ConocoPhillips, the second-largest oil producer in North Dakota's Bakken formation, has agreed to acquire a 42% stake in BP's operations in Iraq's giant Kirkuk oilfield, according to a report from OilPrice.com. The partnership aims to rehabilitate and optimize production at an estimated cost of $25 billion, targeting an initial phase to extract more than 3 billion barrels of oil equivalent. The deal marks ConocoPhillips' return to Iraq after more than a decade and aligns with the Iraqi government's goal to expand U.S. energy investment to counter Chinese dominance. Under the Development and Production Contract, the joint venture will function as an equity affiliate, requiring no significant upfront capital from the companies, with returns linked to incremental production, OilPrice.com reported. For Bakken watchers, the move immediately raises questions about capital discipline and strategic focus. ConocoPhillips is a major player in the Williston Basin, operating 11 rigs in North Dakota as of...

🌅Afternoon Wire·Jul 19

Pipeline & Infrastructure

Iraq Pursues Major Pipeline Projects to Secure Export Routes

Iraq is advancing plans for a major westward oil export pipeline system to the Mediterranean Sea, according to a report from OilPrice.com. The projects, which have received U.S. endorsement, aim to reduce reliance on the Strait of Hormuz for the country's crude exports. The plan involves building a common trunk pipeline from Basra to Haditha, designed to carry 2.5 million barrels per day. Construction on this section began in May. From Haditha, two routes are under study: one continuing through Kirkuk to Turkey’s Ceyhan port, and another crossing Syria to the port of Baniyas. Major firms including Chevron, U.S. investment firm Capital TI, and Qatar’s UCC are involved in technical and financial studies for these routes. Engineering firm KBR is conducting a separate study of the Basra-Haditha trunk line. The U.S. government this week endorsed the restoration of the Kirkuk-Baniyas pipeline, which has been largely inoperative since 2003. Chevron is...

🌅Afternoon Wire·Jul 19

Regulatory

Colombia's Shift Away From Green Policy Could Rebalance Global Oil Markets

Colombia’s incoming government is preparing a major policy reversal that could see the country ramp up its focus on fossil fuel production, according to a report from OilPrice.com. Conservative candidate Abelardo de la Espriella, who won the June 21 election by a narrow margin, is set to be sworn in on August 7. He is expected to halt the ambitious green transition of his predecessor, leftist President Gustavo Petro, and instead push for fuller exploitation of the country's oil and gas resources. Under Petro, Colombia pursued economic diversification and a shift toward renewable energy. Non-mining, non-energy exports overtook mining and energy exports for the first time in at least a decade in 2025, contributing 52.6% of the total. The country's renewable energy capacity also saw a dramatic increase, from 200 MW in 2022 to 3,600 MW in 2026. Petro's administration co-hosted an international conference on transitioning away from fossil fuels...

🌅Afternoon Wire·Jul 19

Global Markets

EU, Heatwave, Nuclear Push Highlight Global Energy Security Focus

Europe is moving to triple its energy storage capacity by 2030 in a bid to stabilize its volatile power grids and avoid future crises, according to a report from OilPrice.com. EU energy ministers signed an agreement last month to add 30-35 gigawatts of new storage capacity by 2028, up from a current 55 GW, targeting 200 GW by the end of the decade. The push aims to capture surplus renewable energy that currently goes to waste or causes negative prices, improving utilization and reducing reliance on fossil fuels for backup power. The urgency for grid stability is heightened by a severe early summer heatwave gripping the continent, creating a concurrent energy and logistics crisis. OilPrice.com reports intense heat has dried up key rivers like the Rhine, restricting barge traffic and raising shipping costs for fuels, coal, and goods. In France, nuclear power generation was cut by 6.4 gigawatts this week,...

🌅Afternoon Wire·Jul 19

Operator News

Global Trade, Conflict, and Demand Shifts Impact Energy Landscape

A U.S.-backed strategic trade corridor moved forward this week as Armenia's cabinet approved legislation to ratify the Trump Route for International Peace and Prosperity (TRIPP) agreement, according to OilPrice.com. The corridor is envisioned as a key node in the emerging Middle Corridor trade network. The agreement establishes the TRIPP Development Co., with the United States holding a 74% stake and Armenia 26% under a 49-year development arrangement. The legislation, approved on July 16, will now undergo review by Armenia's Constitutional Court before a parliamentary vote. The U.S. State Department also named Chicago-based investor Konstantin Sokolov to head a new $200 million enterprise fund designed to promote the Middle Corridor's development, including the TRIPP project. Meanwhile, U.S.-Iranian conflict escalated significantly in the Persian Gulf, raising global oil supply concerns. According to a separate OilPrice.com report, U.S. Central Command (CENTCOM) stated that on July 16, U.S. forces conducted a sixth consecutive night...

🌅Afternoon Wire·Jul 19

Pipeline & Infrastructure

Global Supply Crisis Tightens Market as Bakken Exports Face Chokepoint Threats

The global oil market's "illusion of abundance" has vanished, transitioning into a structural energy shortage, according to Jeff Currie, Chief Strategy Officer at Carlyle Group. The former Goldman Sachs head of commodities research stated the real signal of a market deficit is in refined product markets, where crack spreads have skyrocketed to an unprecedented $70 per barrel, according to OilPrice.com. This fragile supply balance has been exacerbated by systemic bottlenecks and aggressive inventory drawdowns. The International Energy Agency (IEA) warns global oil inventories are on track to plunge to historical lows ahead of peak summer demand. Global observed inventories crashed by over 250 million barrels between March and May, drawing down at an average rate of 3.8 million barrels per day since the start of the Middle East conflict, OilPrice.com reported. OECD government inventories have dropped to their lowest levels since December 1990. The perception of a glut was temporarily...

🌅Afternoon Wire·Jul 19