Monday, July 20, 2026

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Oil Prices

Oil Prices Retreat After Recent Rally as Global Tensions, Demand Concerns Weigh

Oil prices moved lower in Monday morning trading, with West Texas Intermediate (WTI) crude down 1.8% to $80.31 per barrel. Brent crude also fell, declining 1.33% to $86.93. Bakken crude at the wellhead traded at a $3.42 per barrel discount to WTI. The pullback follows a recent rally that pushed prices to their highest levels in over a month, according to Rigzone. The recent surge, and ongoing market volatility, is largely attributed to escalating tensions in the Middle East, a critical supply chokepoint. According to OilPrice.com, renewed hostilities have raised concerns about supply availability and transit through the Strait of Hormuz. Naeem Aslam, CIO at Zaye Capital Markets, warned that "continued attacks or tighter passage through the Strait of Hormuz could keep Brent supported above $90 and increase the risk of a move toward $100 per barrel," according to a Rigzone summary. The price spike is having a direct and...

☀️Morning Wire·Jul 20

Rig Report

Bakken Rig Count Holds at 25 for Third Consecutive Day

The number of active drilling rigs in North Dakota's oil fields remained unchanged Monday at 25, according to live data from Bakken Wire. The count showed no new rigs added, none removed, and none that moved location since Sunday. This marks the third straight day the state's rig count has held at 25. The current level represents a slight decline from recent historical activity. One week ago, on July 13, 2026, the active rig count was 26. Similarly, one month ago, on June 20, 2026, the count also stood at 26, indicating the fleet has contracted by one unit over the past month. The stability in the rig count comes amid a period of moderated activity in the Bakken formation, North Dakota's primary oil-producing region. Rig counts are a leading indicator of future oil production, as they represent the number of new wells being drilled. A flat or slightly declining...

☀️Morning Wire·Jul 20

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) published no new activity filings in its daily report for Sunday, July 19, 2026. According to the DMR, there were no new permits issued, wells spudded, completions reported, or wells plugged. The daily DMR activity report is a key snapshot of regulatory and operational momentum in the Bakken formation. It typically lists new drilling permits approved, wells that have started drilling (spud), wells that have finished completion work and are ready for production, and wells that have been permanently plugged. Days with no reported activity are a normal occurrence in the state's oil and gas industry, according to the DMR. Such lulls frequently happen on weekends and state holidays when regulatory offices are closed and field operations may be reduced. The lack of filings for a single day does not indicate a trend, as weekly and monthly totals provide a more comprehensive...

☀️Morning Wire·Jul 20

Operator News

Chevron, ConocoPhillips Announce Strategic Moves in Energy Policy, International Deals

Two of the Bakken formation's largest operators, Chevron and ConocoPhillips, made significant strategic announcements last week, according to separate reports from Rigzone. The moves highlight how leading shale producers are engaging with national energy policy and global investment opportunities. Chevron has secured a seat at a key federal advisory table. Rigzone reported that the U.S. Department of Energy announced newly appointed members of the Secretary of Energy Advisory Board, including a representative from Chevron. This board provides independent advice and recommendations to the Secretary of Energy on science, energy, and environmental policy. Separately, ConocoPhillips has joined a major international economic initiative. According to Rigzone, ConocoPhillips was among dozens of U.S. firms from the energy, healthcare, finance, and tech sectors that signed deals worth some $60 billion aimed at lifting the Iraqi economy. The report did not specify the value or nature of ConocoPhillips's individual commitment. For Bakken operators and royalty...

☀️Morning Wire·Jul 20

Global Markets

China's Fuel Oil Exports Surge, LNG Imports Climb Amid Global Market Tightness

China's fuel oil exports surged to their highest level of 2026 in June, hitting 577,000 barrels per day, according to customs data reported by Reuters and cited by OilPrice.com. The figure represents an 18% increase from June 2025. The demand was driven by lower prices and a rebound in shipping activity, particularly in the latter half of the month. Simultaneously, China's imports of liquefied natural gas (LNG) jumped by 8.3% year-over-year in June to 5.68 million tons, marking a second consecutive monthly increase. OilPrice.com reported that this buying spree, as China prepares for peak summer power demand, is tightening the global LNG market. This tightening is exacerbated by the renewed closure of the Strait of Hormuz, which has taken Qatari LNG supplies off the market and sent Asian and European gas prices higher. The global market dynamics are directly influenced by the ongoing conflict in the Middle East. In early...

☀️Morning Wire·Jul 20

Global Markets

Global Tensions Spike LNG Prices as Strait of Hormuz Traffic Collapses

Tanker traffic through the critical Strait of Hormuz has collapsed to a two-month low, reigniting fears of global energy supply shortages amid peak summer demand, according to OilPrice.com. The escalation follows the collapse of a ceasefire and a return of hostilities more than a week ago, with Iran's Islamic Revolutionary Guard Corps Navy announcing late last week it had intercepted four ships attempting to pass through the strait. Vessel operators are growing increasingly wary, with most attempting transits in "dark mode" with transponders switched off to avoid detection. An empty Malta-flagged, Greece-managed oil products tanker, the Kavomaleas, was reported at anchor off Oman early on Monday, July 20, according to data compiled by Bloomberg. Tanker operators have all but stopped attempts to transit the Strait since the hostilities returned. The disruption is having a more acute impact on liquefied natural gas (LNG) markets than on oil, according to analysts at...

☀️Morning Wire·Jul 20

Operator News

Roundup: Geopolitical Tensions, Investment Shift, and Play Revival

Heightened geopolitical risk returned to global oil markets Monday as the U.S. conducted retaliatory strikes against Iran, according to Rigzone. The American military action followed the deaths of U.S. service personnel in a quickening series of tit-for-tat attacks. Such events typically inject a risk premium into global crude prices, which can influence the economic viability of Bakken shale development and impact operator cash flow. Separately, a major European asset manager is advocating for a greater role for hydrocarbons in the energy transition. Amundi wants the European Union to allow asset managers to include oil and gas exposures in a new fund category intended to support a lower-carbon economy, Rigzone reported. This signals ongoing institutional recognition of fossil fuels' role in global energy security, which could underpin long-term investment narratives for producing regions like the Bakken. In North American activity, a long-dormant shale gas play is seeing a revival focused on...

☀️Morning Wire·Jul 20

Pipeline & Infrastructure

Geopolitical Tensions Boost Oil Trader Bets, Impacting Bakken Outlook

Oil traders significantly increased their bullish bets on crude futures last week, driven by escalating geopolitical tensions and fears of a wider conflict involving Iran, according to a report from Rigzone. The shift in market sentiment reflects heightened risks to global energy supply and fuel markets. For Bakken producers, such geopolitical premiums in global crude benchmarks can directly influence the price received for Williston Basin light sweet crude. While the Bakken is a domestic play, its oil is priced relative to international markers like West Texas Intermediate (WTI) and Brent. A sustained risk premium can improve cash flow for operators and royalty owners across North Dakota. The reported surge in speculative long positions indicates that financial markets are pricing in a greater probability of supply disruptions. These developments come amid a typically active summer for energy demand. However, the Bakken's direct exposure is moderated by its inland location and reliance...

☀️Morning Wire·Jul 20

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Retreat from Morning Spike as Strait of Hormuz Tensions Ease

Global oil benchmarks retreated from early-session highs Monday afternoon as Middle East tensions showed signs of easing, with West Texas Intermediate (WTI) crude trading at $81.33 per barrel, according to live price data. The U.S. benchmark was down $0.45 (-0.55%) on the day, while Brent Crude traded at $87.90, down $0.23%. The midday pullback followed a volatile morning where prices briefly spiked on renewed conflict. According to OilPrice.com, Brent Crude briefly broke above $90 per barrel in Asian trade after fresh U.S. strikes on Iran and retaliatory attacks by Tehran targeting U.S. bases and vessels in the Strait of Hormuz. The U.S. Central Command stated strikes would continue "degrading Iranian military capabilities used to attack commercial vessels," while Iran's Revolutionary Guard Corps claimed two oil tankers were immobilized after attempting to transit the strait. The escalation pushed vessel owners to pause transits through the critical chokepoint, rekindling concerns about global...

🔆Midday Wire·Jul 20

Global Markets

EIA Raises U.S. Energy Demand Outlook; New Asia LNG Deal Signed

The U.S. Energy Information Administration has raised its forecast for American energy consumption, according to its latest short-term energy outlook. Rigzone reported the EIA edged up its U.S. total energy consumption projections for both 2026 and 2027. While the specific figures were not detailed in the summary, an upward revision generally signals anticipated stronger demand for all energy sources, including oil and natural gas. Separately, global liquefied natural gas (LNG) markets saw a new supply agreement. Rigzone also reported that Malaysia's national oil and gas company, Petronas, secured a new contract to supply approximately 0.84 million metric tons of LNG to Japanese utility Shizuoka Gas. This deal underscores ongoing demand for natural gas in key Asian markets. For Bakken operators, these developments create a cautiously positive macro environment. The EIA's revised consumption forecast suggests a potentially firmer floor for domestic hydrocarbon demand. This is relevant for Bakken crude oil, which...

🔆Midday Wire·Jul 20

Global Markets

Global Energy Supply Faces Triple Threat From UK Policy, Iran Conflict, Black Sea Attack

The global oil market is facing heightened volatility from multiple fronts, according to reports from OilPrice.com on Monday, with implications for Bakken operators monitoring supply disruptions and geopolitical risk. The developments include a potential policy shift in the UK, escalating U.S.-Iran conflict, and a new attack on a critical Black Sea export terminal. Incoming UK Prime Minister Andy Burnham is set to announce new drilling for oil and gas in the North Sea within days of taking office, according to OilPrice.com. His team has asked the civil service to draw up plans to approve projects at the Jackdaw gas field and Rosebank oil field off Scotland, owned by the Shell-Equinor joint venture Adura. While no final decision is made, Burnham is expected to favor more drilling. Adura's CEO said approving both sites would unlock significant benefits for UK energy security, with Rosebank alone potentially contributing 10% of UK continental shelf...

🔆Midday Wire·Jul 20

Operator News

LNG Growth, Geopolitical Risk Highlight Midday Energy Roundup

The Shell-led LNG Canada joint venture has signed an agreement allowing five First Nations neighboring the project in British Columbia to invest up to approximately $712 million in its second phase, according to a report from Rigzone. The investment deal, announced Monday, represents a significant milestone for indigenous participation in a major North American energy export project. In a separate development with potential implications for global oil markets, the Iran-backed Houthi group in Yemen said it would impose a maritime blockade on Saudi Arabia, Rigzone reported. Such geopolitical tensions in the Middle East can influence global crude oil prices, which directly affect the economics of production in North Dakota's Bakken formation. Meanwhile, the growth of U.S. liquefied natural gas exports continues to outpace forecasts. Daniel Yergin, Vice Chairman of S&P Global, stated Monday that the profound growth of U.S. LNG is "exceeding all expectations," according to Rigzone. While the Bakken...

🔆Midday Wire·Jul 20

Pipeline & Infrastructure

Geopolitical Tensions Drive Oil Prices Higher; EU Asset Manager Calls for Oil and Gas Role

Oil prices reached their highest levels in more than a month on Monday, driven by escalating geopolitical tensions in the Middle East, according to Rigzone. The price surge follows a series of tit-for-tat attacks between the U.S. and Iran, including American military strikes conducted after the deaths of U.S. service personnel. Analysts warn that continued instability could push prices even higher. "Continued attacks or tighter passage through the Strait of Hormuz could keep Brent supported above $90 and increase the risk of a move toward $100 per barrel," Naeem Aslam, CIO at Zaye Capital Markets, told Rigzone. For Bakken shale operators in North Dakota, higher global crude prices typically improve cash flow and can support increased drilling activity. However, the volatility stemming from direct conflict also introduces significant uncertainty for planning and hedging strategies. The region's oil, which trades at a discount to international benchmarks, still stands to benefit from...

🔆Midday Wire·Jul 20

Regulatory

Regulatory Roundup: Dormant Gas Play Sees Oil Revival

A long-dormant shale gas play is seeing renewed activity, but with a focus on oil, according to a recent industry report. Companies including Obsidian Energy Ltd. and Yangarra Resources Corp. are now targeting oil in the reservoir, Rigzone reported on July 18. The shift from gas to oil drilling in a mature basin underscores the ongoing evolution of shale development strategies. Operators are continually reassessing reservoir potential and applying new technologies to unlock different hydrocarbon streams. For Bakken operators, this activity elsewhere serves as a reminder of the importance of reservoir re-evaluation and technological adaptation. The core Bakken and Three Forks formations remain the primary oil-producing zones in North Dakota, but adjacent or secondary formations may see renewed interest if economics shift. The regulatory landscape must adapt to these changing development patterns. Shifts from gas-targeted to oil-targeted drilling within the same geologic unit can involve different permitting considerations, water usage,...

🔆Midday Wire·Jul 20

Production Data

Bakken Rig Count Holds at 25 as Oil Prices Retreat from Recent Highs

The number of active drilling rigs in North Dakota remained at 25 on Monday, July 20, 2026, as crude oil prices edged lower. The stable rig count points to a sustained, but measured, level of operator activity in the Bakken formation. West Texas Intermediate (WTI) crude was trading at $81.33 per barrel, down $0.45 for the day. The international benchmark Brent crude was at $87.90. The price for Bakken crude at the wellhead is typically discounted against WTI, with the differential at negative $3.42 per barrel on Monday. Natural gas prices were at $2.84 per MMBtu. The current rig count of 25 is a key indicator for future production. Historically, the number of active drilling rigs is a leading indicator for oil output, with changes in the count typically reflected in production levels several months later. A stable count suggests operators are maintaining, but not aggressively expanding, their drilling programs....

🔆Midday Wire·Jul 20

Workforce & Community

Bakken Rig Count Holds at 25 as Oil Prices Retreat from Highs

The number of active drilling rigs in North Dakota held steady at 25 on Monday, as benchmark oil prices saw a slight pullback, according to live Bakken market data. West Texas Intermediate (WTI) crude traded at $81.33 per barrel, down 55 cents for the day. The current rig count, a key indicator of oilfield employment and service company demand, remains significantly below the boom-era peaks but represents a baseline of sustained activity. Industry analysts typically correlate rig levels with direct and indirect jobs, with each active rig supporting a wide range of positions from drill crews to truck drivers and support services. For communities across the Bakken formation, this stability at a moderate level suggests a continuation of current economic conditions. Housing markets, which experienced extreme volatility during previous boom-and-bust cycles, are likely under less acute pressure than a decade ago but remain sensitive to any sustained increase in activity....

🔆Midday Wire·Jul 20

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge on Renewed Hormuz Closure, Global Inventory Drains

Oil prices climbed to their highest levels in over a month on Monday, driven by the renewed closure of the Strait of Hormuz and critically low global inventories, according to live market data and industry reports. West Texas Intermediate (WTI) crude settled at $82.50 per barrel, a gain of $0.72 (0.88%), while the global benchmark Brent crude rose to $88.96, up $0.86 (0.98%). Bakken crude traded at a differential of -$3.42 versus WTI. The price surge follows a re-escalation of conflict in the Middle East, which has effectively closed the key oil chokepoint of the Strait of Hormuz again, according to a report from OilPrice.com. This development dashes market hopes that a recent U.S.-Iran memorandum of understanding would lead to a steady recovery of oil flows. Tanker traffic in the Persian Gulf has reportedly fallen to multi-month lows. Analysts warn the current geopolitical shock finds a market with far fewer...

🌅Afternoon Wire·Jul 20

Rig Report

North Dakota Rig Count Holds at 24; One Rig Removed, One Relocated

The number of rigs actively drilling for oil and gas in North Dakota held steady at 24 on Monday, July 20, according to live Bakken Wire data. The figure is down two rigs compared to one week and one month ago. Day-over-day activity saw one rig removed from service and another change location. Slawson Exploration Company, Inc. stacked the Nabors X25 rig in Mountrail County at location 157-91-16. Meanwhile, Whiting Oil and Gas Corporation moved the Patterson 808 rig to a new well site at 151-102-33 in McKenzie County. The stability in the overall count comes as global exploration activity sees shifts in other regions. According to a report from OilPrice.com, small oil and gas companies are rushing to secure offshore exploration permits in New Zealand before a general election in November. The country reopened for oil and gas exploration last year after a seven-year ban, but the opposition Labour...

🌅Afternoon Wire·Jul 20

Global Markets

EU Sanctions Stalemate, Russian Energy Woes Cloud Global Oil Outlook

European Union efforts to impose a new round of sanctions on Russia have stalled, failing to meet a July 15 deadline and leaving potential impacts on global oil markets uncertain, according to a report from OilPrice.com. The proposed 21st sanctions package, which included measures targeting Russian oil revenue, has been watered down extensively by member state disagreements. One key proposal involved maintaining a $44.10 per barrel price cap on Russia's main export blend, Urals crude, for six months to prevent an automatic jump to $60. For Bakken operators, prolonged EU discord and a potentially softer price cap could influence global crude competition and pricing benchmarks tied to their production. The sanctions stalemate comes as Russia's state-owned energy entities face mounting financial pressure. According to a separate OilPrice.com report, Rosatom, the Russian nuclear giant, is cutting its investment program by nearly 50% this year and aiming to slash operating costs by...

🌅Afternoon Wire·Jul 20

Global Markets

Grid Shortfall, LNG Deal, Houthi Threat Impact Bakken Outlook

A severe shortfall in U.S. high-voltage transmission line construction threatens the viability of new energy projects, including those crucial to the Bakken, according to a report from OilPrice.com. Experts state the grid requires 5,000 miles of new lines annually, yet actual additions have collapsed to a historic low average of just 392 miles between 2022 and 2025, down from nearly 4,000 miles in 2013. The report warns that ambitious plans for data centers and nuclear power are unviable on the current "constipated" grid, as electricity flows across the entire network, not point-to-point. This infrastructure bottleneck complicates efforts to add reliable power for oilfield operations, electrification, and potential carbon capture projects in North Dakota. Separately, a major Canadian LNG project is expanding its ownership base. Rigzone reported that the Shell-led LNG Canada joint venture signed an agreement allowing five First Nations neighboring the project in British Columbia to invest up to...

🌅Afternoon Wire·Jul 20

Operator News

Global LNG, Geopolitical Tensions Highlight Energy Market Forces

The profound growth of U.S. liquefied natural gas exports is exceeding all expectations, according to Daniel Yergin, Vice Chairman of S&P Global. Rigzone reported Yergin's comments on Monday, underscoring the continued strength of American energy on the global stage. This growth in LNG demand presents a long-term structural opportunity for associated natural gas production from the Bakken formation. While the region is primarily an oil play, its substantial gas output requires market access, and expanding global LNG capacity could provide additional outlets for U.S. gas supplies. In a separate deal highlighting active global LNG trade, Malaysia's national oil and gas company Petronas signed a new agreement to supply approximately 0.84 million metric tons of LNG to Japanese utility Shizuoka Gas, Rigzone reported. Such contracts reinforce the sustained demand for LNG in key Asian markets, which are major destinations for U.S. exports. Geopolitical risk returned to the forefront as the U.S....

🌅Afternoon Wire·Jul 20

Pipeline & Infrastructure

European Fund Giant Seeks Oil & Gas Role in Energy Transition

European asset management giant Amundi is urging the European Union to allow oil and gas investments within a new fund category designed to finance the clean energy transition, according to a report from Rigzone. The firm argues that fossil fuels remain crucial to the EU's shift to a lower-carbon economy. Separately, Rigzone reported that a long-dormant North American shale gas play is seeing renewed activity, with companies including Obsidian Energy Ltd. and Yangarra Resources Corp. now targeting oil. The report described the area as a reemerging "oil hot spot." For Bakken operators and midstream companies, these developments highlight the complex, global landscape for hydrocarbon investment. The call from a major financial institution like Amundi for greater flexibility to invest in oil and gas suggests continued institutional recognition of the sector's role, which could support capital flows to producing basins like the Bakken. The resurgence of a forgotten gas play for...

🌅Afternoon Wire·Jul 20

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Support Steady Activity

The active drilling rig count in North Dakota held steady at 24 units as of Monday, July 20, 2026, according to live Bakken Wire data. The stability in rig activity comes amid supportive crude oil prices, with West Texas Intermediate trading at $82.50 per barrel. The current rig count remains near multi-year lows, a level that historically suggests the state's oil production will remain flat or see modest declines in the coming months. The rig count is a leading indicator, as new wells drilled today typically begin producing several months later. The price environment provides a floor for current operations. WTI crude gained $0.72 on the day to settle at $82.50, while the international Brent benchmark traded at $88.96. The Bakken crude differential—the discount at which Bakken barrels trade compared to WTI at the Cushing, Oklahoma hub—was reported at -$3.42. This pricing structure means Bakken producers are realizing approximately $79.08...

🌅Afternoon Wire·Jul 20

Workforce & Community

Bakken Workforce, Communities Stabilize Amid Moderate Rig Count

The North Dakota oil industry is operating at a steady, moderate pace with 24 rigs actively drilling, a level that typically supports a stable workforce and predictable demand for housing and services in the Bakken region, according to live Bakken data. The current rig count, far below historic boom peaks, reflects a mature phase of development focused on efficiency. Supporting this activity, oil prices provide a favorable backdrop. West Texas Intermediate (WTI) crude was trading at $82.50 per barrel on Monday, July 20, 2026, an increase of 88 cents. Bakken crude was priced at a differential of $3.42 below WTI, putting local crude at approximately $79.08. Brent crude, the international benchmark, traded at $88.96. In the Bakken, the direct link between rig count, commodity prices, and community economic health is well-established. Higher rig counts translate directly into more drilling, completion, and production jobs, which in turn drive demand for housing,...

🌅Afternoon Wire·Jul 20