Friday, July 24, 2026

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Oil Prices

Oil Prices Fall Despite Heightened Red Sea Shipping Disruptions

Front-month West Texas Intermediate (WTI) crude oil traded at $89.91 per barrel on Friday morning, down $2.28 or 2.47% from the previous close, according to live price data. The global benchmark, Brent crude, fell a similar 2.44% to $91.96. The price for Bakken crude at the wellhead, reflected in its differential to WTI, was $3.42 per barrel below the benchmark. The morning's price decline follows a period of extreme volatility and gains earlier in the week, driven by escalating threats to key global oil shipping lanes. According to OilPrice.com, September WTI futures had surged to $92.31 late Thursday, marking a weekly gain of over 12% at that point. The market was reacting to a compounded crisis in the Middle East, where both primary and alternate export routes for Saudi crude are under threat. The initial driver was a worsening U.S.-Iran conflict impairing the Strait of Hormuz, a critical chokepoint for...

☀️Morning Wire·Jul 24

Rig Report

Bakken Rig Count Holds at 25 for Second Consecutive Week

The number of active drilling rigs in North Dakota's oil fields remained unchanged at 25 on Friday, July 24, according to live data from Bakken Wire. The count showed no day-over-day movement, with no new rigs added, no rigs removed, and no rigs moving to new locations. This marks the second consecutive week of stability for the state's drilling activity. The rig count also stood at 25 one week ago, on July 17. However, the current fleet represents a slight contraction compared to earlier in the summer, having fallen by two rigs since June 24, when 27 rigs were operational. The steady rig count suggests a period of equilibrium for Bakken operators amid current commodity price and service cost environments. A stable rig count typically indicates that major producers are maintaining, but not aggressively expanding, their drilling programs for the near term. The rig count is a closely watched leading...

☀️Morning Wire·Jul 24

Daily Activity

DMR Approves Five New Permits, Six Hess Renewals in Thursday Filings

North Dakota's Department of Mineral Resources approved five new drilling permits and six permit renewals in filings from Thursday, July 23, 2026, according to the daily activity report. The new permits signal continued development in the core Bakken region, with all activity concentrated in McKenzie and Williams counties. Rockport Energy Solutions LLC was the most active operator for new permits, securing approval for a four-well pad in McKenzie County. The company received permits 43145 through 43148 for the SLOANE 25-24-13 1HF through 4HF wells, all located in the SE SW of Section 25-146N-98W within the Ranch Coulee field. The fifth new permit, 43149, was issued to PetroShale (US) Inc. for the ANDERSON NORTH TF2H well, located in the SW NW of Section 14-149N-96W, also in McKenzie County. This permit is listed for the 'Confidential' field, meaning its specific target formation is not publicly disclosed. In permit renewals, Hess Bakken Investments...

☀️Morning Wire·Jul 24

Regulatory

QatarEnergy LNG Force Majeure Extension Looms, Potentially Impacting 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, initially reported on July 23, 2026, indicates a significant and prolonged disruption in supply 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. An extension through mid-October would prolong existing supply constraints in the global LNG market. This development comes as North Dakota's Bakken formation continues to be a major producer of associated natural gas alongside its prolific crude oil output. For Bakken operators, prolonged global supply disruptions can influence the economics of natural gas. While Bakken gas is primarily moved via pipeline to North American markets, significant shifts in global LNG prices can affect broader natural gas pricing benchmarks. Higher...

☀️Morning Wire·Jul 24

Global Markets

Mideast Conflict Escalates, Threatening Global Oil Flows

The ongoing war in the Middle East has entered its most dangerous phase yet, directly threatening global oil supply routes and injecting new volatility into the market, according to reports from OilPrice.com and Rigzone. For Bakken operators and North Dakota royalty owners, the escalation represents a significant risk to the price stability of the state's primary export commodity. Iran has spent the week attacking U.S. military infrastructure across the region, OilPrice.com reported on July 24. Following 12 consecutive nights of U.S. strikes on Iranian targets, Tehran has hit American radar, communications, air-defense, and aviation assets in Bahrain, Kuwait, and Jordan. These attacks have now killed U.S. personnel in Jordan, Kuwait, Iraq, and Saudi Arabia. Critically for oil markets, Iran has simultaneously kept the Strait of Hormuz under military control, attacked unauthorized tankers, and threatened to block all regional exports of oil, gas, and petrochemicals while U.S. attacks continue. Iran has...

☀️Morning Wire·Jul 24

Global Markets

Bakken Crude Premium, Iran Risks, and Electrification Trends Shape Energy Outlook

North Dakota's oil tax revenue received an estimated $29 million boost in May due to a rare pricing advantage for the state's crude, according to a summary from Bing News. This event, which reportedly hadn't occurred in decades, was highlighted by Justin Kringstad, director of the North Dakota Pipeline Authority. Globally, geopolitical tensions are introducing new risks to oil markets. Analysts at Rystad Energy have mapped four potential conflict scenarios between the U.S. and Iran to assess their impact on oil prices, Rigzone reported on July 24. Such analyses are critical for Bakken operators as heightened tensions can lead to significant price volatility, affecting drilling economics and revenue projections in the Williston Basin. Meanwhile, long-term energy demand narratives are evolving. A commentary from OilPrice.com on July 24 notes that U.S. electricity demand, after being flat for two decades, has begun increasing at a rate of around 3% per year. This...

☀️Morning Wire·Jul 24

Operator News

Chevron-Led Group Signs MOU for Cypriot Gas; Matador Buys Permian Assets

The Chevron-led Aphrodite consortium has signed a memorandum of understanding to pipe gas from Cyprus to Egypt, according to a report from Rigzone. The consortium, alongside Cyprus Hydrocarbons and Egyptian Natural Gas, signed the MOU to enable the export of 100 percent of production from the Aphrodite field to Egypt. For Bakken operators, the development underscores the continued global competition for capital and market access for natural gas projects. In the UK, industry group Offshore Energies UK (OEUK) reported a "constructive meeting" between its CEO, David Whitehouse, and the country's new Secretary of State for Energy. The meeting, reported by Rigzone on July 24, highlights ongoing engagement between oil and gas producers and new government administrations worldwide. Regulatory and fiscal policy shifts in key producing regions can influence global investment sentiment, which is closely watched by North Dakota operators. In a major domestic deal, Matador Resources Co. has agreed to...

☀️Morning Wire·Jul 24

Pipeline & Infrastructure

Oil Surges Past $100 as M&A, Global Projects Advance

Oil prices climbed above $100 per barrel on Thursday, according to Rigzone, after Houthi attacks on Saudi tankers heightened fears of broader supply disruptions. The price surge provides a stronger revenue environment for North Dakota's Bakken producers, who have long operated in a volatile price climate. In major corporate news, Magnolia announced a deal to acquire WildFire in a $4 billion transaction, Rigzone reported. Magnolia stated the deal supports and reinforces its business model. While the specific assets involved were not detailed, consolidation among operators can impact leasehold positions and development strategies within the Williston Basin. Globally, Italy's Eni reported it has started producing gas power at a hybrid project in Kazakhstan. The company called it a major step in developing Kazakhstan's first large-scale hybrid power plant, which integrates solar, gas, and future wind generation to supply KazMunayGas subsidiaries, according to Rigzone. For the Bakken, the jump in crude prices...

☀️Morning Wire·Jul 24

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Tumble Over 4% as Supply Fears Ease, U.S. Inventories Rise

Crude oil prices fell sharply in midday trading Friday, July 24, with West Texas Intermediate (WTI) dropping over 4% to trade near $88 per barrel. The sell-off comes despite ongoing supply risks in the Middle East, as the market focuses on rising U.S. inventories and complex global crude logistics. As of midday, WTI Crude was trading at $88.40 per barrel, down $3.79 or 4.11% on the day. The international benchmark Brent Crude fell to $96.05, a drop of $4.64. The price for Bakken crude at the wellhead, reflected in its differential to WTI, was $3.42 per barrel below the benchmark. Natural gas prices saw a slight increase, rising $0.02 to $2.94 per MMBtu. The price drop coincides with a reported build in U.S. crude inventories. According to Rigzone, citing the latest U.S. Energy Information Administration weekly report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 411.7 million barrels...

🔆Midday Wire·Jul 24

Global Markets

Diplomatic Stalemate, China's Crude Buying Signal Global Volatility

High-level diplomatic talks aimed at ending the war in Ukraine produced no breakthrough, according to a meeting between top U.S. and Russian diplomats, signaling continued geopolitical risk for global oil markets that impact Bakken crude pricing. The July 23 meeting between U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov lasted just 35 minutes, with both sides signaling no cause for optimism, OilPrice.com reported. Rubio described the talks as "good" and "frank" but said fresh proposals would be needed to end what he called a "senseless war." The stalemate persists as the Kremlin shows no sign of softening its maximalist war demands, including full control of occupied parts of eastern Ukraine, which Kyiv has rejected. On the battlefield, the report notes Ukrainian troops have battled Russian forces to a standstill, with Russian units grinding forward at a glacial pace with "eyewatering casualties." Rubio stated Russia was losing...

🔆Midday Wire·Jul 24

Global Markets

U.S. Dominates Global LNG Growth as North Dakota Oil Prices Spike

Global liquefied natural gas exports grew by about 1.2 trillion cubic feet in 2025, with the United States supplying approximately 1.10 trillion cubic feet of that increase, according to OilPrice.com. This means roughly 93% of the world’s additional LNG came from the United States last year. Data from the Energy Institute’s 2026 Statistical Review of World Energy show that U.S. LNG exports increased 27% in 2025, reaching 5.2 trillion cubic feet, up from 4.1 trillion cubic feet in 2024. This made the United States the world’s largest LNG exporter by a substantial margin, capturing a 25.4% share of the global export market. Qatar ranked second with exports of 3.9 trillion cubic feet. The expansion, which began with the shale revolution, was reinforced by existing Gulf Coast infrastructure. Key projects like Plaquemines LNG in Louisiana, which ramped up in 2025, drove much of the growth. The International Energy Agency estimates Plaquemines...

🔆Midday Wire·Jul 24

Operator News

Global Events Stir Oil Market, Bakken Crude in Demand

U.S. crude oil, including supplies from the Bakken formation, is drawing significant interest from overseas buyers, according to a report from Rigzone. The source indicated that Asian and European refiners are in "hot pursuit" of American barrels, a demand signal that could support pricing for North Dakota producers. Separately, analysts at Rystad Energy have mapped four potential conflict scenarios between the U.S. and Iran to assess the possible impacts on global oil prices, Rigzone reported. Geopolitical tensions in key oil-producing regions often lead to market volatility, which can directly affect the revenue environment for Bakken operators. In corporate news, Russian natural gas producer Novatek posted higher revenue for the first half of 2026. However, Rigzone reported that the company's adjusted net profit for January-June fell nine percent year-on-year to 216.49 billion rubles. While not a Bakken operator, the financial performance of major international energy firms can reflect broader industry cost...

🔆Midday Wire·Jul 24

Pipeline & Infrastructure

International Gas Deal, UK Policy Talks, and Permian M&A Mark Friday News

A Chevron-led consortium has moved forward with a major Eastern Mediterranean gas export plan. The Aphrodite group, alongside Cyprus Hydrocarbons and Egyptian Natural Gas, signed a memorandum of understanding to enable the piped export of 100 percent of production from the Aphrodite field to Egypt, according to Rigzone. The deal underscores ongoing global efforts to secure natural gas supplies and develop export infrastructure. In the United Kingdom, industry representatives met with the new government to discuss energy policy. Offshore Energies UK announced that its CEO, David Whitehouse, held a "constructive meeting" with the UK's new Secretary of State for Energy, Rigzone reported. While focused on offshore oil and gas, such high-level discussions in major producing regions can signal broader regulatory trends watched by international operators, including those in North Dakota. In domestic acquisition news, Matador Resources Co. has agreed to purchase Permian Basin assets from EnCap Investments LP for approximately...

🔆Midday Wire·Jul 24

Regulatory

Oil Surges Above $100 as Mideast Attacks Spark Supply Fears

Crude oil prices surged above $100 per barrel on Thursday, July 23, according to a report from Rigzone. The price jump followed attacks by Houthi forces on Saudi Arabian oil tankers, which heightened market fears of broader supply disruptions in the Middle East. For operators in North Dakota's Bakken formation, a sustained period of oil prices above the $100 threshold can significantly improve well economics and cash flow. Higher prices make drilling new wells and completing drilled but uncompleted wells (DUCs) more financially attractive. The Bakken formation is a major contributor to U.S. domestic oil production, and its output is directly tied to global price signals. While the immediate price surge is linked to geopolitical events overseas, it directly impacts the revenue calculations for every barrel produced in the Williston Basin. Market volatility driven by supply security concerns often benefits shale producers who can respond relatively quickly to price incentives...

🔆Midday Wire·Jul 24

Production Data

Bakken Rig Count Holds at 25 Amid Sharp Oil Price Drop

North Dakota's active rig count held at 25 on Friday, July 24, 2026, a level that industry analysts often view as supportive of a production plateau in the short term. However, the steady rig count was met with a significant drop in oil prices, with WTI crude falling $3.79 to settle at $88.4 per barrel. The sharp price decline of over 4% saw the Bakken crude differential widen to a discount of $3.42 per barrel below the WTI benchmark. Concurrently, natural gas prices were reported at $2.94 per MMBtu. Historically, the rig count is a leading indicator for future oil production in the Bakken formation, with a lag of several months between drilling activity and new wells coming online. The current count of 25 rigs is significantly lower than the boom-era highs, which frequently exceeded 200, but has been relatively stable over recent quarters. This stability suggests operators are maintaining...

🔆Midday Wire·Jul 24

Workforce & Community

Bakken Rig Count Holds at 25 Amid Oil Price Retreat

The number of active drilling rigs in North Dakota held steady at 25 on Friday, July 24, 2026, providing a key indicator of operational activity as crude oil prices experienced a significant sell-off. The West Texas Intermediate (WTI) benchmark was trading at $88.40 per barrel, down $3.79 or 4.11% for the day, according to live Bakken data. The Brent crude price also fell sharply to $96.05. The stable rig count, a primary driver of direct oilfield employment, suggests a near-term floor for workforce demand in the region. Historically, the number of active rigs correlates closely with hiring for drilling, completions, and related well services. A count in the mid-20s represents a fraction of the boom-era activity but supports a core level of jobs essential for maintaining production from the Bakken formation. The sharp drop in oil prices, however, introduces uncertainty for future hiring and capital spending plans by operators. The...

🔆Midday Wire·Jul 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop on Rising U.S. Inventories, Bakken Differential Holds

Crude oil prices declined sharply in trading on Friday, July 24, 2026, with both major benchmarks shedding over 1.8%. West Texas Intermediate (WTI) crude settled at $90.50 per barrel, a drop of $1.69, while Brent crude fell $2.43 to $98.26, according to live price data. The primary pressure on prices came from a reported increase in U.S. commercial crude oil inventories. According to Rigzone, citing the latest U.S. Energy Information Administration (EIA) weekly report, crude stocks, excluding the Strategic Petroleum Reserve, stood at 411.7 million barrels as of July 17. This week-on-week build suggests robust domestic supply is currently outpacing demand. Despite the price drop, underlying demand for American crude remains strong from international buyers. A separate Rigzone report highlighted that U.S. crude is drawing significant overseas interest from Asian and European refiners. This export demand typically provides a floor for domestic prices and supports the economics of inland production...

🌅Afternoon Wire·Jul 24

Rig Report

North Dakota Rig Count Holds at 24 After Single Release

The number of active drilling rigs in North Dakota remained at 24 on Friday, July 24, 2026, according to live rig data from Bakken Wire. One rig was released since Thursday's report, with no new rigs added and no rigs moving location. The net day-over-day change was zero. The rig removed was Devon Energy Williston, L.L.C.'s PRONGHORN 7, located in McKenzie County (151-102-27). The current count of 24 active rigs represents a slight downtrend over recent weeks. One week ago, on July 17, 2026, the state had 25 active rigs. The count is down by three rigs compared to one month ago, when 27 rigs were active on June 24, 2026. The Bakken formation is North Dakota's primary oil-producing region, and the rig count is a closely watched indicator of near-term drilling activity and capital investment by operators. The current level suggests a stable but cautious operational tempo among producers....

🌅Afternoon Wire·Jul 24

Global Markets

Black Sea Export Disruptions Tighten Global Oil Market, Lifting Bakken Outlook

Russia's largest Black Sea oil export terminal has gone offline amid escalating drone attacks, removing a major source of crude from the global market and strengthening the price environment for Bakken producers. According to OilPrice.com, the Sheskharis terminal at Novorossiysk, which exported an average of 650,000 barrels per day in the first half of the year, has not loaded a crude tanker since July 21. The disruption at Sheskharis follows the shutdown of the nearby Caspian Pipeline Consortium (CPC) terminal, which normally handles over 80% of Kazakhstan's crude exports. The combined outages from the two terminals, which sit only miles apart, are already forcing production cuts upstream. OilPrice.com reported that Kazakhstan cut output this week, with production at Chevron's giant Tengiz field falling by more than half as storage filled. These Black Sea outages compound existing supply risks in other critical global chokepoints. OilPrice.com noted Brent crude climbed above $100...

🌅Afternoon Wire·Jul 24

Global Markets

Global Disruptions Threaten Oil Prices, Inflation Amid Bakken Stability

A sustained Houthi blockade at the Bab El Mandab Strait is exposing a critical weakness in Saudi Arabia's energy security strategy, creating a new global oil bottleneck with implications for market volatility. According to an OilPrice.com report, Saudi Arabia's primary export workaround—the East-West Pipeline to the Red Sea port of Yanbu—is undermined because tankers leaving Yanbu still must navigate the now-inaccessible Bab El Mandab. For Asian-bound cargoes, the only alternative is a massively elongated route north through the Suez Canal and around the Cape of Good Hope, increasing transit times and costs for global energy markets. This logistical crisis coincides with a warning from JPMorgan that a potential "super" El Niño weather pattern, combined with ongoing oil supply shocks, could reignite global inflation. The bank puts the odds of a strong El Niño persisting into 2027 at 97%. Such an event typically disrupts global food production, and when layered with...

🌅Afternoon Wire·Jul 24

Operator News

Global Operators Adjust Forecasts as ND Sees Historic Price Premium

North Dakota collected an estimated $29 million more in oil tax revenue in May due to a pricing anomaly that had not occurred in roughly 40 years, according to a report from Bing News. Justin Kringstad, director of the North Dakota Pipeline Authority, was cited in the report discussing the event. For Bakken operators and royalty owners, such a sustained premium for the state's crude represents a significant, though potentially temporary, revenue windfall. Internationally, operators are reporting mid-year adjustments. Australian company Santos narrowed its full-year 2026 production forecast, Rigzone reported. The company revised its output guidance down from a range of 101-111 million barrels of oil equivalent (MMboe) to 99-105 MMboe. This revision comes despite production ramp-ups at its Barossa and Pikka projects. In other financial results, Russia's Novatek posted higher revenue for the first half of 2026, according to a separate Rigzone report. However, the company's adjusted net profit...

🌅Afternoon Wire·Jul 24

Pipeline & Infrastructure

Global Geopolitics, Gas Deals Dominate Pipeline News

Energy analysts are modeling potential disruptions to global oil flows as a major international consortium finalizes plans for a new natural gas pipeline, developments that could influence the market for Bakken crude. Rystad Energy has mapped four potential conflict scenarios between the U.S. and Iran to assess their impact on oil prices, according to Rigzone. While the specifics of the scenarios were not detailed, such geopolitical tensions in the Middle East typically threaten the Strait of Hormuz, a critical chokepoint for global seaborne oil trade. Any significant disruption there can cause global price spikes, which directly affect the price received for Bakken crude oil. In a separate development, the Chevron-led Aphrodite consortium has taken a step toward a new international pipeline project. The group, along with Cyprus Hydrocarbons and Egyptian Natural Gas, signed a memorandum of understanding to enable the piped export of 100 percent of production from the Aphrodite...

🌅Afternoon Wire·Jul 24

Regulatory

Oil Surges Above $100; Matador Agrees to $1.3B Permian Deal

Oil prices climbed above $100 a barrel on Thursday, according to Rigzone, after Houthi attacks on Saudi tankers heightened fears of broader supply disruptions. The price surge creates a favorable revenue environment for operators across major U.S. shale basins, including North Dakota's Bakken. In a separate major transaction, Matador Resources Co. agreed to buy Permian Basin assets from EnCap Investments LP for about $1.3 billion in cash, Rigzone reported. The deal, announced Wednesday, signals continued consolidation and investment appetite in the U.S. onshore sector despite high commodity prices. For Bakken-focused companies, the sustained high oil price strengthens cash flows and supports drilling budgets. While the Matador transaction is centered in the Permian, such large-scale acquisitions often reflect industry-wide confidence and can influence valuation metrics for assets in other prolific regions. The combination of geopolitical risk driving prices and ongoing corporate consolidation defines the current market. Bakken operators, who have prioritized...

🌅Afternoon Wire·Jul 24

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Retreat from Recent Highs

North Dakota's active rig count held steady at 24 on Friday, July 24, 2026, as crude oil prices retreated from recent levels. The stable rig figure suggests operators in the Bakken formation are maintaining a measured pace of drilling activity even with benchmark prices providing a supportive environment. West Texas Intermediate (WTI) crude was trading at $90.50 per barrel, down $1.69 or 1.83% on the day. The international benchmark Brent crude fell 2.41% to $98.26. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42. Natural gas prices were at $2.90 per MMBtu. The current rig count of 24 serves as a key indicator for future oil production in the state. Historically, the number of active drilling rigs is a leading indicator, with changes in the count preceding shifts in overall production volumes by several months. A stable rig count at this...

🌅Afternoon Wire·Jul 24