Thursday, July 23, 2026

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Oil Prices

Oil Prices Surge on Red Sea Tensions, WTI Tops $90

Oil prices surged early Thursday, with U.S. benchmark West Texas Intermediate (WTI) crude gaining over $3 to trade above $90 per barrel, as renewed attacks on tankers in a critical Middle Eastern shipping lane stoked supply fears. According to live price data, WTI was at $90.60, up 4.34%, while the international Brent benchmark traded at $92.91. The discount for Bakken crude at the wellhead held at $3.42 below WTI. The sharp price increase is driven by escalating geopolitical tensions in the Red Sea. According to OilPrice.com, Houthi forces claimed attacks on two Saudi oil tankers near the Bab el-Mandeb Strait, prompting some vessels to avoid the chokepoint. This marks the fifth consecutive day of gains, with prices up nearly 20% over roughly two weeks as markets price in the risk of supply disruptions from the Middle East. OilPrice.com reported that Brent crude prices passed $98 per barrel in early European...

☀️Morning Wire·Jul 23

Rig Report

North Dakota Rig Count Holds at 24, Down 4 From June

North Dakota's active drilling rig count held steady at 24 on Thursday, July 23, 2026, according to live data from Bakken Wire. The tally showed no new rigs added, none removed, and none moved location compared to the previous day. The current count represents a decline from recent historical levels. One week ago, on July 16, the state reported 26 active rigs, meaning the fleet has decreased by two rigs over the past seven days. The downward trend is more pronounced over a longer period, with the count down by four rigs from the 28 rigs active one month ago on June 23. A rig count in the mid-20s continues to reflect a period of disciplined capital spending by operators across the Williston Basin. The Bakken formation remains North Dakota's primary oil-producing region, and rig activity is a key leading indicator of future production. The current stability follows a period...

☀️Morning Wire·Jul 23

Daily Activity

Spotted Hawk Leads New Permits, Lime Rock and KODA File Renewals

The North Dakota Department of Mineral Resources approved seven new drilling permits in its daily activity report for Wednesday, July 22, 2026. Operator Spotted Hawk Development, LLC was the most active, securing four of the new permits in McLean County. All four of Spotted Hawk's new permits are for wells named "MUFASA" in a confidential field. The permits are for the MUFASA 30-2-MB, 30-3-TF, 30-4-MB, and 30-5-TF locations. The other three new permits went to Devon Energy Williston, L.L.C., Berenergy Corporation, and Enerplus Resources USA Corporation. Devon's permit is for the BLUEFIN 13F 3H well in McKenzie County's Siverston field. Berenergy's permit is for the KUNKEL 6H well in a confidential field in Renville County. Enerplus received a permit for the MAGNUM 5301 36 6BX well in McKenzie County's Baker field. The DMR also processed seven permit renewals. Lime Rock Resources III-A, L.P. renewed three permits for its "MARINER" wells...

☀️Morning Wire·Jul 23

Global Markets

EU Sanctions Concession on Russian LNG May Tighten Global Gas Market

The European Union has granted a key concession to Greece on Russian LNG sanctions, a move that underscores ongoing global energy supply tensions with potential ripple effects for crude oil markets, including the Bakken. According to OilPrice.com, the EU will exempt Greek shipper Dynagas from a new sanctions package, allowing it to continue shipping Russian liquefied natural gas to third countries for a 12-month period. The exemption, which can be renewed, includes a volume cap equal to Dynagas's 2025 shipments. The company operates 27 gas carriers, including a third of the specialized Arc7 tankers servicing Russia's Yamal LNG plant. EU purchases from Yamal LNG hit a record 9.97 million tons in the first half of 2026, representing 97% of the plant's output, OilPrice.com reported. Despite this exemption, the broader EU ban on Russian LNG purchases and shipments to third countries is proceeding. The bloc faces a challenging search for alternatives,...

☀️Morning Wire·Jul 23

Global Markets

Global Conflict Fuels Oil Price Surge; Bakken Crude Sees Rare Pricing Premium

Global oil prices are rocketing towards $100 per barrel, adding more than $14 in just a week, according to Rigzone. The surge comes amid a significant escalation of conflict in key Middle Eastern shipping lanes, directly impacting global crude flows and market volatility. Two China-owned and operated tankers loaded with Saudi crude continued to travel in the Red Sea toward the Bab el-Mandeb Strait on Thursday despite overnight Houthi attacks on Saudi vessels, OilPrice.com reported, citing ship-tracking data. The Houthi group claimed responsibility for attacks on two Saudi tankers, with maritime security reports indicating the Saudi-flagged tanker Encelia had been struck. The Iran-backed group announced an expanded campaign targeting Saudi oil shipments through the Bab el-Mandeb, a critical chokepoint for crude rerouted from the Strait of Hormuz. The Middle East conflict intensified after the U.S. military launched its 12th consecutive wave of strikes against Iranian military targets, OilPrice.com reported. Early...

☀️Morning Wire·Jul 23

Operator News

Global Events Highlight Oil Market Volatility as TotalEnergies Boosts Returns

French energy major TotalEnergies announced a second-quarter dividend of EUR 0.9 per share, a 5.9 percent increase from the same period last year, according to Rigzone. The company also launched a new share buyback program of up to $1.5 billion for the third quarter. Rigzone reported the moves come as higher oil prices continue to lift earnings for international producers. In a separate development, Yemen's Houthi militant group claimed attacks on two oil tankers in the Red Sea, Rigzone reported. The group, which has threatened to open another front in the Iran war, said it targeted the vessels, highlighting ongoing geopolitical risks to global oil transportation corridors. Meanwhile, Rigzone also reported that UK Prime Minister Andy Burnham has selected his energy team, a political development with potential implications for international energy policy. For Bakken operators and royalty owners, these global headlines underscore the interconnected nature of the oil market. Dividend...

☀️Morning Wire·Jul 23

Pipeline & Infrastructure

Global Tensions Lift Oil Prices, Impact Shipping Routes

Bakken crude prices received a boost from global supply concerns on Wednesday, with international benchmark Brent settling above $94 per barrel. According to Rigzone, the rally was driven by traders weighing growing geopolitical risks and the potential for prolonged supply disruptions related to tensions involving Iran. A key shipping chokepoint for global oil exports is facing new pressure. Rigzone reported that ships continue to turn away from the southern end of the Red Sea. This follows an announcement by Houthi rebels of an embargo on Saudi exports through the Bab el-Mandeb Strait. The strait has become a critical lifeline for oil exports since the start of the U.S.-Israeli war with Iran, the source noted, squeezing options for oil shippers and potentially adding costs and delays to global shipments. Further compounding global energy market uncertainty, widespread power blackouts swept energy-rich North Africa on Wednesday. Rigzone reported that outages hit from Libya...

☀️Morning Wire·Jul 23

Regulatory

Global Gas Developments Advance as Beetaloo Nears Sales, ADNOC Approves $6B Project

Tamboran Resources has completed the largest well stimulation campaign in Australia's Beetaloo basin, putting its Shenandoah South Pilot Project on track to begin gas sales in the third quarter, according to Rigzone. The company stated the gas will be sold to the Northern Territory government, marking a significant regulatory milestone for the emerging onshore Australian play. Separately, Abu Dhabi National Oil Company (ADNOC) has taken a final investment decision on a $6 billion gas project, Rigzone reported. ADNOC stated the investment will reinforce the United Arab Emirates' energy security and its role as a reliable global energy supplier. These developments underscore ongoing global investment in natural gas infrastructure and production, even as North American shale basins like the Bakken face competitive pressures. New LNG export capacity from international projects can influence global gas pricing benchmarks, which indirectly affect the economics of associated gas production in the Williston Basin. For Bakken...

☀️Morning Wire·Jul 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Brent Tops $100, WTI Soars Past $92 as Red Sea Attacks Escalate

Brent crude oil prices surged past $100 per barrel on Thursday for the first time in nearly two months, leading a sharp rally across global benchmarks as attacks on commercial shipping in the Red Sea escalated supply fears. The rally delivers a significant boost to Bakken crude prices, with West Texas Intermediate (WTI) gaining over six percent. As of midday Thursday, front-month Brent crude was trading at $100.34, a gain of $6.27 or 6.67%. WTI crude followed closely, trading at $92.06, up $5.23 or 6.02%. The Bakken crude differential to WTI was -$3.42 per barrel, according to live price data. Natural gas prices saw a modest increase to $2.93. The price spike is driven by a significant escalation in Middle East supply risks, according to a report from OilPrice.com. The rally accelerated after Houthi forces claimed strikes on two Saudi oil tankers in the Bab el-Mandeb Strait and declared a...

🔆Midday Wire·Jul 23

Regulatory

QatarEnergy LNG Force Majeure Extension May Pressure Global Gas Markets

QatarEnergy is preparing to further extend a force majeure on its liquefied natural gas (LNG) shipments through mid-October, according to a report from Rigzone citing people with knowledge of the matter. The declaration, first enacted due to unspecified disruptions, would continue to restrict supply from one of the world's largest LNG exporters. While the force majeure directly impacts seaborne cargoes from Qatar, prolonged supply constraints from a major global supplier can tighten the international LNG market. This can have a knock-on effect on North American natural gas prices, which are increasingly linked to global benchmarks due to growing U.S. LNG export capacity. For Bakken operators, who primarily produce crude oil with associated natural gas as a byproduct, stronger global gas prices can improve the economics of gas capture and marketing. Higher realized prices for natural gas liquids (NGLs) and gas itself can provide a marginal boost to wellhead revenues, helping...

🔆Midday Wire·Jul 23

Global Markets

EU Sanctions Compromise on Russian LNG Highlights Global Market Complexities

The latest European Union sanctions package against Russia has exposed significant limits in the bloc's strategy to curb Moscow's energy revenues, a development with implications for the global oil market where Bakken crude competes. According to a report from OilPrice.com, negotiations revealed an "uncomfortable dilemma" for Brussels between geopolitical objectives and commercial realities. Greece, leveraging its position as a major maritime nation, successfully urged for carefully calibrated restrictions on Russian liquefied natural gas (LNG) shipping. The EU's resulting compromise includes a temporary exemption for certain shipping activities related to Russian LNG destined for third countries. This was deemed politically necessary to secure agreement among all member states. The debate highlights a broader structural issue: while EU imports of Russian hydrocarbons have declined since the 2022 invasion of Ukraine, global demand has not disappeared. OilPrice.com reports that Russian trade has been redirected, especially to India for crude oil and to China,...

🔆Midday Wire·Jul 23

Global Markets

Global Energy Shifts Impact Bakken Outlook: India's Nuclear Push, Fuel Export Surge

India is launching a massive nuclear power expansion while simultaneously ramping up fuel exports to capture soaring refining margins, according to global energy reports. These parallel developments could have long-term implications for global oil demand and trade flows relevant to Bakken producers. The country aims to build five domestically developed small modular reactors (SMRs) by 2033, OilPrice.com reported. India's Atomic Energy Minister, Jitendra Singh, stated this is part of a push to boost installed nuclear capacity from 8.78 gigawatts now to about 22 GW by the 2031-32 fiscal year. An ultimate goal targets 100 GW by 2047, requiring an estimated $200 billion in capital. A landmark law, the SHANTI Act, now allows private investment in the sector for the first time, though state-owned utility NTPC Ltd is still expected to account for 30% of new capacity. Concurrently, India's refined fuel exports are set to surge. According to Kpler data cited...

🔆Midday Wire·Jul 23

Operator News

Magnolia to Acquire WildFire in $4B Deal; Eni, Equinor Report Activity

Magnolia Resources has agreed to acquire WildFire Energy in a transaction valued at $4 billion, according to a report from Rigzone. The deal was announced on July 23, 2026. Magnolia stated that "the transaction supports and reinforces Magnolia's business model," Rigzone reported. While specific asset details were not provided, such a large-scale acquisition between operators could signal further consolidation within the competitive Bakken formation, potentially affecting local service companies and land positions. In other operator news, Eni has begun producing gas-fired power at a hybrid project in Kazakhstan, Rigzone reported Thursday. The company described the milestone as a major step in developing Kazakhstan's first large-scale hybrid power plant, which integrates solar, gas, and future wind generation. The project aims to supply decarbonized electricity to subsidiaries of KazMunayGas. For the Bakken, this highlights the continued global investment by major operators in energy transition projects, which could influence long-term strategic capital allocation....

🔆Midday Wire·Jul 23

Pipeline & Infrastructure

Global Oil Price Surge Lifts Majors' Q2 Profits, Dividends

Global oil prices rocketing toward $100 per barrel are driving a surge in second-quarter profits for international majors with operations in the Bakken, according to earnings reports published Thursday. The price spike is directly translating into increased shareholder returns and strong financial performance. Repsol reported adjusted net income of EUR 1.84 billion for the second quarter, a 207 percent increase year-on-year, according to Rigzone. The company attributed the surge to a spike in oil prices. Separately, TotalEnergies announced a second-quarter dividend of EUR 0.90 per share, a 5.9 percent increase from the same period last year, Rigzone reported. The French major also launched a new share buyback program of up to $1.5 billion for the third quarter, citing higher oil prices that continue to lift earnings. The financial results are underpinned by a sharp rally in the crude market. Oil is rocketing towards $100 per barrel, adding more than $14...

🔆Midday Wire·Jul 23

Regulatory

Geopolitical Tensions, UK Policy Shift Shape Midday Market Outlook

Global oil prices extended a rally Wednesday, with Brent crude settling above $94 a barrel, as traders weighed escalating geopolitical risks, according to Rigzone. The market focus remains on potential prolonged supply disruptions. Adding to those concerns, the Houthi militant group in Yemen claimed on Thursday to have targeted two oil tankers in the Red Sea, Rigzone reported. The group has threatened to open another front in the Iran conflict. While the attacks are distant from North Dakota, such incidents in key global shipping chokepoints underpin the geopolitical risk premium in crude prices. Higher global benchmark prices directly benefit Bakken producers by improving the netback for crude shipped to coastal refineries. Sustained price strength can support operator cash flow and drilling budgets in the Williston Basin. In political developments, UK Prime Minister Andy Burnham selected his new energy team on Thursday, Rigzone reported. A change in UK energy policy can...

🔆Midday Wire·Jul 23

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Surge Past $92

The active rig count in North Dakota's Bakken formation held steady at 24 on Thursday, according to Bakken Wire's live data, even as benchmark oil prices posted sharp gains. West Texas Intermediate crude surged $5.23 to settle at $92.06 per barrel, a gain of over 6%. The current rig level remains significantly below historical averages for the state, even with Brent crude trading above $100 per barrel at $100.34. The Bakken crude differential narrowed to a discount of $3.42 below WTI. Natural gas prices were reported at $2.93 per MMBtu. Historically, the number of active drilling rigs is a leading indicator of future oil production, as new wells must be drilled and completed to bring new barrels online. The current count of 24 rigs suggests operators are maintaining a disciplined approach to capital spending, prioritizing shareholder returns and debt reduction over aggressive production growth. The sustained high commodity price environment,...

🔆Midday Wire·Jul 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 6% as Geopolitical Tensions Mount

Crude oil prices surged more than 6% in Thursday trading, with Brent crude topping the $100 per barrel mark, driven by escalating geopolitical tensions that threaten global supply routes. West Texas Intermediate (WTI) crude settled at $92.22 per barrel, a gain of $5.39, while Brent crude reached $100.50, up $6.43, according to live price data. The sharp rally is primarily attributed to heightened conflict in the Middle East, which has intensified market fears over potential disruptions to oil shipments through critical maritime chokepoints. Analysts cited the direct threat to tanker traffic in the Red Sea and broader regional instability as key drivers behind the risk premium being added to crude benchmarks. For Bakken producers, the rising price environment is tempered by the region's specific pricing differential. The Bakken differential, the discount at which Bakken crude trades versus WTI at the Clearbrook, Minnesota hub, was recorded at -$3.42 on Thursday. This...

🌅Afternoon Wire·Jul 23

Rig Report

North Dakota Rig Count Rises to 25

The number of active drilling rigs in North Dakota increased by one to 25 on Thursday, according to live data from Bakken Wire. The addition marks a reversal after the state's rig count fell by one over the previous week. The sole new rig added was deployed by Hess Bakken Investments II, LLC. The company started drilling with the Nabors x24 rig at location 149-100-33 in McKenzie County, the core of the Bakken formation. Despite the daily gain, drilling activity remains below levels seen earlier in the summer. The current count of 25 rigs is down one from the 26 rigs active one week ago on July 16, 2026. The longer-term trend shows a more significant pullback, with the state's rig fleet down three from the 28 rigs reported one month ago on June 23. The rig count is a key leading indicator of future oil production in the Bakken....

🌅Afternoon Wire·Jul 23

Regulatory

QatarEnergy to Extend LNG Force Majeure Through Mid-October

QatarEnergy is preparing to further extend a force majeure on liquefied natural gas shipments through mid-October, according to a report from Rigzone. The extension, citing people with knowledge of the matter, signals ongoing supply constraints from one of the world's largest LNG exporters. Force majeure is a legal clause that frees parties from liability when unforeseen circumstances prevent contract fulfillment. While the specific cause of the extension was not detailed in the report, such declarations are typically linked to operational, technical, or security issues at major export facilities. For Bakken operators, global LNG supply dynamics are a key factor for natural gas prices. The Bakken formation is a significant oil play, but it also produces substantial associated natural gas. Prices for that gas are influenced by broader North American market conditions, which are increasingly connected to global LNG trade. An extended supply disruption from a major exporter like Qatar can...

🌅Afternoon Wire·Jul 23

Global Markets

Insurers Cut Premiums for Upstream Projects Outside Conflict Zones

Global insurers are aggressively competing to underwrite oil and gas projects outside the Middle East, leading to significant premium reductions that could benefit Bakken operators, according to a report from OilPrice.com. The shift follows five months of uncertainty stemming from conflict in the region, which began at the end of February and turned the low-cost producing area into an active war zone. Premiums for upstream energy insurance outside the Middle East have fallen by about 25% year-to-date, insurance brokers told the Financial Times. In exceptional cases, some insurers have slashed premiums by as much as 50%. The trend is driven by insurers seeking market share in a now-shrunk global pool of upstream developments not located in a conflict area. "This is a sector which they would like to have ongoing exposure," said Rupert Mackenzie, a natural resources insurance broker at WTW, according to the OilPrice.com report. In its annual Energy...

🌅Afternoon Wire·Jul 23

Global Markets

Global Forces Shape Oil Market: AI Demand, Investor Paradox, and Caspian Disruption

Artificial intelligence is creating a massive, compounding demand shock for energy and commodities, even as it accelerates research into next-generation clean technologies, according to an analysis from OilPrice.com. The energy footprint of the five biggest buyers of AI compute is nearly 4 million barrels of oil equivalent per day, more than most major industrialized nations. This demand is fueling a broader commodities super-cycle, with broad indices up 200% since October 2020 and petroleum up 81% this year alone. However, Wall Street capital has largely refused to follow this performance. Energy and basic materials represent less than six percent of the S&P 500, less than a third of its long-run weight, OilPrice.com reported. This creates a paradox where investors are funding the AI buildout—a historic resource demand shock—while shunning resource producers. In contrast, the "Munificent Seven" western oil majors, including ExxonMobil, Chevron, and ConocoPhillips, return 14 to 15 cents of free...

🌅Afternoon Wire·Jul 23

Operator News

Bakken Oil Price Premium, M&A, and Geopolitical Surge Drive Afternoon News

North Dakota oil commanded a significant price premium over the U.S. benchmark for the first time in roughly four decades in May, according to a report from Bing News. The pricing anomaly resulted in an estimated $29 million in additional oil tax revenue for the state that month, as reported by the source. In a major consolidation move within the Williston Basin, Magnolia has agreed to acquire WildFire in a $4 billion deal, Rigzone reported. The companies stated the transaction supports Magnolia's business model, according to the source. Such large-scale mergers can reshape the competitive landscape and operational footprint in the Bakken. Global crude oil prices surged above $100 per barrel on Thursday, driven by heightened fears of supply disruptions after Houthi attacks on Saudi tankers, Rigzone reported. While Bakken crude often trades at a discount to the international benchmark due to transportation constraints, a rising global price floor generally...

🌅Afternoon Wire·Jul 23

Pipeline & Infrastructure

Global Energy Firms Report Profits, Discoveries, and Hybrid Power Milestones

Major international energy companies reported significant developments Thursday, providing a snapshot of global industry activity against which Bakken operators can gauge their own performance. Equinor and its partners made a new oil discovery near the existing Johan Castberg field in Norway's Barents Sea, according to Rigzone. The companies are considering developing the find using existing infrastructure, a strategy familiar to cost-conscious producers in the mature Bakken formation, where leveraging established midstream assets is key to economic viability. Spanish energy giant Repsol reported a 207 percent year-on-year surge in adjusted net income for the second quarter, reaching EUR 1.84 billion, Rigzone reported. The company attributed the profit surge to a spike in oil prices. Such robust earnings among global peers underscore the commodity price environment that also benefits Bakken producers and North Dakota royalty owners. In a separate development focused on decarbonization, Eni announced it has started producing gas power at...

🌅Afternoon Wire·Jul 23

Regulatory

Global Oil Rally Tops Regulatory Roundup as Prices Near $100

Global oil prices are rocketing toward the $100 per barrel mark, adding more than $14 in just one week, according to Rigzone. This sharp rally in the commodity market provides a powerful tailwind for producers across North Dakota's Bakken formation, potentially boosting cash flows and drilling economics. The financial benefits of higher prices are already materializing for major international firms with U.S. operations. TotalEnergies announced a second-quarter dividend of EUR 0.9 per share, a 5.9 percent increase from the same period last year, Rigzone reported. The company also unveiled a new share buyback program of up to $1.5 billion for the third quarter, attributing the shareholder returns to higher oil prices lifting earnings. For Bakken-focused operators and mineral rights owners, the sustained price strength is a key positive signal. Increased revenue per barrel can support maintained or expanded capital programs in the basin, improve well payback times, and enhance royalty...

🌅Afternoon Wire·Jul 23