Monday, July 27, 2026

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Oil Prices

Crude Prices Plunge Over 6% as Middle East Tensions Ease

Global oil and natural gas prices fell sharply Monday morning as tensions between the United States and Iran showed signs of de-escalation, erasing a significant geopolitical risk premium that had built up over recent weeks. West Texas Intermediate (WTI) crude traded at $83.22 per barrel, down $6.09 or 6.82%, according to live price data. Brent crude traded at $89.36, down $7.42 or 7.67%. The decline was triggered by the United States pausing strikes on Iran over the weekend and Tehran signaling a halt to retaliatory attacks across the Middle East, according to a report from OilPrice.com. The immediate decline reflects "a reduction in the geopolitical premium," Naeem Aslam, CIO at Zaye Capital Markets, told Rigzone. The easing of tensions also impacted natural gas markets, with European benchmark prices plunging 8.6% on Monday. The August 2026 contract for Dutch TTF Natural Gas Futures slumped to $66.29 per megawatt-hour, down from an...

☀️Morning Wire·Jul 27

Rig Report

Bakken Rig Count Holds at 23 for Second Consecutive Day

The number of active drilling rigs in North Dakota's oil fields remained unchanged Monday, holding at 23, according to live rig data from Bakken Wire. The count showed no new additions, removals, or rig relocations from the previous day. While the daily activity was flat, the current count reflects a continued, gradual easing in drilling operations compared to recent weeks. The rig count is down by one from the 24 rigs reported one week ago on July 20, 2026. The broader trend shows a more pronounced slowdown over the past month. The current fleet of 23 rigs represents a decline of three rigs, or approximately 12%, from the 26 rigs active one month ago on June 27, 2026. The stability in the daily count suggests operators are maintaining a measured pace of development. The rig count is a key leading indicator for future oil production in the Bakken formation, North...

☀️Morning Wire·Jul 27

Daily Activity

No New Permits or Completions Filed in Sunday's DMR Report

The North Dakota Department of Mineral Resources (DMR) published no new activity filings in its daily report for Sunday, July 26, 2026, according to the agency's data release. The DMR's daily activity report is a key regulatory snapshot for the Bakken, typically listing new drilling permits approved, well completions reported, wells that have been spudded (drilling commenced), and notices of well plugging. The absence of new filings indicates a quiet day for regulatory submissions. Days with no new activity are normal, particularly on weekends and during holidays, when administrative and field operations slow. The lack of filings does not necessarily reflect a halt in ongoing drilling or production operations across the Williston Basin. Operators and service companies monitor these reports to track permitting trends and competitor activity. The next report, covering activity for Monday, July 27, is expected to be released on Tuesday.

☀️Morning Wire·Jul 27

Pipeline & Infrastructure

Kuwait Inks $16B Pipeline Deal with North American Investors

Kuwait Petroleum Corporation has signed a record $16-billion partnership agreement with three major North American investment firms for stakes in its pipeline network, according to a report from Rigzone. The deal, involving Blackstone, Brookfield, and KKR, allows the investors to own minority stakes in Kuwait's entire domestic and export pipeline infrastructure. The transaction, reported on July 27, 2026, represents one of the largest recent investments of global private capital into energy midstream assets. Such large-scale infrastructure deals underscore the continued investor appetite for stable, long-term energy assets, even as the energy transition progresses. For Bakken shale operators, this massive overseas deal is a reminder of the critical role that institutional capital plays in building and maintaining pipeline networks. The Williston Basin's production growth has historically been constrained by takeaway capacity, making the financing and development of pipelines like the Dakota Access Pipeline (DAPL) essential. While the Kuwait deal is a...

☀️Morning Wire·Jul 27

Global Markets

Global Inflation Concerns Resurface, Impacting Bakken Outlook

A resurgence of global inflation concerns, driven by spiking energy prices, new U.S. tariffs, and massive spending on artificial intelligence, is reintroducing market volatility that impacts Bakken operators, according to a report from Rigzone. The report, published July 25, states these factors are "reawakening investors' inflation fears." For North Dakota's oil producers, renewed inflation angst presents a complex economic picture. Higher energy prices can directly boost crude oil revenues and improve cash flows for operators in the short term. However, persistent inflation typically pressures operational costs, including for labor, steel, and diesel fuel for drilling and completion crews. The mention of "more U.S. tariffs" adds a layer of trade policy uncertainty. While the specific tariffs were not detailed in the summary, broader trade tensions can disrupt global supply chains for equipment and materials, potentially increasing costs and causing delays for Bakken development projects. The massive capital flowing into artificial intelligence,...

☀️Morning Wire·Jul 27

Global Markets

Global Oil Flows Disrupted as Japan Backs Major U.S. LNG Investment

Global oil shipping faced renewed disruptions over the weekend as tanker traffic through a critical chokepoint slumped to its lowest level in months. According to OilPrice.com, only 11 tankers transited the Bab el-Mandeb Strait between the Red Sea and the Arabian Sea on Sunday, July 26. Data from Kpler cited by Reuters shows this is the lowest count in months, driven by Houthi attacks on Saudi oil infrastructure and threats against vessels. The Iran-aligned Houthis in Yemen announced a blockade on Saudi shipments last week, subsequently targeting two Saudi oil tankers. This has caused some ship operators to reroute vessels north toward the Suez Canal or turn around before entering the Red Sea. Of the 11 ships that passed through on Sunday, seven were oil tankers. The maritime intelligence firm Windward noted that Saudi Arabia's Yanbu port has seen vessels switch off their transponders to operate "AIS-dark" to shield against...

☀️Morning Wire·Jul 27

Operator News

Global Energy Deals, Security Concerns Highlight Volatile Market

A consortium led by private equity firm KKR has agreed to a $7.7 billion takeover of Irish energy distributor DCC Energy, according to OilPrice.com. The deal, one of Europe's largest energy sector transactions this year, values DCC at about $1 billion more than an initial June offer. DCC Energy supplies LPG, fuel oils, and other products across international markets. The acquisition highlights continued strategic investment in energy distribution and infrastructure, with the war in the Middle East underscoring the importance of energy security, OilPrice.com reported. Europe's dependence on oil and gas imports has made companies like DCC attractive targets, despite efforts to shift to alternative energy sources. Separately, the Western Australian government granted State Significant Project status to Woodside's Browse to North West Shelf gas project, Rigzone reported. The project aims to connect three offshore gas fields to an existing plant in Karratha. In the Middle East, a lull in...

☀️Morning Wire·Jul 27

Pipeline & Infrastructure

Bakken Wire Roundup: Service Growth, Stock Build Highlight Week

Italian energy major Eni has agreed to acquire approximately 320 service stations across Austria, Denmark, Germany, and Switzerland from Prax, according to a report from Rigzone. The transaction, announced July 26, represents a strategic expansion of Eni's downstream retail footprint in Europe. For Bakken producers, such consolidation among global integrated majors can influence long-term market dynamics for refined products. In the oilfield services sector, SLB sees a broadening of growth opportunities beyond the Middle East. The company, which provides drilling and reservoir mapping services, stated that ongoing conflict is encouraging its customers to spread investment across more regions, Rigzone reported on July 24. This trend could benefit active North American basins like the Bakken if operators increase capital spending to diversify supply sources. SLB is a major service provider to many Williston Basin operators. Meanwhile, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, increased week-on-week to 411.7 million barrels...

☀️Morning Wire·Jul 27

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Plunge Over 6% as Geopolitical Premium Erodes

Oil prices fell sharply in midday trading on Monday, July 27, 2026, with global benchmark Brent crude dropping below $90 per barrel. According to live price data, West Texas Intermediate (WTI) crude traded at $83.22, down $6.09 or 6.82% for the session. Brent crude was at $89.63, a decline of $7.15 or 7.39%. Bakken crude traded at a differential of -$3.42 versus WTI. The steep decline follows a week of disruption and subsequent easing of tensions in key Middle Eastern oil transit corridors. According to a report from OilPrice.com, India’s Mangalore Refinery and Petrochemicals Ltd. (MRPL) has become the first Indian refinery to tell crude suppliers to avoid both the Strait of Hormuz and the Red Sea, inserting the restriction into a spot tender for up to 1 million barrels of crude. The tender seeks cargoes for delivery between August 25 and September 6. The move by MRPL highlights ongoing...

🔆Midday Wire·Jul 27

Pipeline & Infrastructure

DOE Offers $65.5M for Pipeline Tech; Kuwait Inks $16B Pipeline Deal

The U.S. Department of Energy has launched a funding opportunity of up to $65.5 million for projects aimed at improving pipeline productivity and converting oil and gas by-products into value-added materials, according to Rigzone. The funding is for research, development, and deployment. Separately, in a major international infrastructure transaction, Kuwait Petroleum has signed a record $16-billion partnership agreement, Rigzone reported. The deal allows a consortium of North American investors—Blackstone, Brookfield, and KKR—to own minority stakes in Kuwait's entire domestic and export pipeline network. For Bakken operators, the DOE's funding initiative highlights a growing focus on maximizing the value and efficiency of existing infrastructure. Projects that reduce pipeline downtime, enhance flow assurance, or find commercial uses for associated gases like natural gas liquids could lower operational costs and improve margins in North Dakota's oil fields. The sheer scale of the Kuwait pipeline leaseback demonstrates continued strong institutional investor appetite for midstream...

🔆Midday Wire·Jul 27

Global Markets

Middle East Conflict Lull Masks Escalation Risks, Shipping Threats

A temporary lull in U.S.-Iran hostilities masks a high risk of a broader Middle East war, with direct implications for global oil flows and price volatility critical to Bakken operators, according to a report from OilPrice.com. As of July 26, Tehran said it had halted retaliatory attacks against U.S. allies, and Washington refrained from attacking Iran for a second consecutive night. However, a top Iranian military official threatened to widen attacks, suggesting Iran-allied Houthi rebels in Yemen could step up assaults on Red Sea shipping traffic. The pause comes ahead of a scheduled July 28 meeting in Washington between President Donald Trump and Israeli leader Benjamin Netanyahu. Iran has already pushed back against earlier U.S. and Israeli campaigns by essentially closing the Strait of Hormuz, a key chokepoint for global oil and gas shipments. U.S. Ambassador to the UN Mike Waltz stated that Trump "is keeping all options on the...

🔆Midday Wire·Jul 27

Global Markets

Global Energy Policy, Supply Chain Risks Challenge Transition Infrastructure

A leaked report on the UK's power grid and warnings from U.S. defense suppliers underscore the complex infrastructure and supply chain challenges facing the global energy transition, according to global energy reports on Monday. For Bakken operators, these developments highlight broader systemic pressures that could influence policy and investment timelines for alternative energy projects. A confidential report by Cornwall Insight for the UK's National Energy System Operator (NESO) warns that the push for net zero is increasing blackout risks and consumer costs, OilPrice.com reported. The report, leaked by a whistleblower, states that the growing share of decentralized renewable generation like wind and solar has reduced grid operators' visibility over electricity supply and demand. The whistleblower alleged NESO was "flying blind, every minute of every day," risking a total blackout. The report noted that recent heatwaves have intensified strain on the grid, forcing NESO to issue emergency notices to secure additional...

🔆Midday Wire·Jul 27

Operator News

Oil Prices Drop Over 5%, Major Energy Acquisitions and Projects Advance

Front-month Brent and WTI crude oil prices were both down more than five percent in Monday trading, according to Rigzone. The immediate decline reflects a reduction in the geopolitical premium, Naeem Aslam, CIO at Zaye Capital Markets, told the publication. The drop in the global benchmarks directly impacts the pricing environment for Bakken crude, which is typically priced at a discount to WTI. In a major North American energy infrastructure move, Brookfield has agreed to acquire Blackstone's Battery Energy Storage System (BESS) portfolio. Rigzone reported the transaction represents an enterprise value of around $7 billion and an equity value of $3 billion. While not directly in the Bakken, large-scale investments in energy storage and transition infrastructure can influence broader capital allocation trends and partner strategies for operators in the basin. Separately, the Western Australian government has granted State Significant Project status to the Browse to North West Shelf gas project,...

🔆Midday Wire·Jul 27

Pipeline & Infrastructure

Global Pipeline Developments Offer Mixed Signals for Bakken Export Outlook

A lull in military activity around a key global oil transit point and a European retail acquisition mark the latest developments affecting pipeline and export dynamics relevant to Bakken crude flows, according to wire reports. U.S. strikes against Iran have paused for a second night, and Iran has signaled a restraint from retaliatory attacks, according to Rigzone. The source reported that Iran is concurrently holding talks with Oman regarding the Strait of Hormuz, a critical maritime chokepoint for global oil shipments. Any prolonged instability in the region typically supports global oil price benchmarks, which can improve the economics for Bakken crude competing in international markets. Separately, Italian energy major Eni has agreed to acquire Prax retail stations in four European countries, Rigzone reported. The transaction will give Eni approximately 320 service stations across Austria, Denmark, Germany, and Switzerland. While not a pipeline event, major oil companies expanding their downstream retail...

🔆Midday Wire·Jul 27

Production Data

Bakken Rig Count Holds at 23 Amid Sharp Midday Price Decline

The number of active drilling rigs in North Dakota held at 23 on Monday, according to midday data from Bakken Wire. This count provides a key signal of near-term operational activity in the Bakken formation, even as crude oil prices experienced a significant downturn. West Texas Intermediate (WTI) crude was trading at $83.22 per barrel, down $6.09 or 6.82% for the day. The international benchmark Brent crude fell to $89.63, a drop of $7.15 or 7.39%. The price for Bakken crude at the wellhead is typically discounted against WTI, with the differential recorded at -$3.42. Natural gas was priced at $2.80 per MMBtu. The current rig count is a primary leading indicator for future oil production. Historically, a sustained increase in the rig count precedes a rise in production several months later, as new wells are drilled, completed, and brought online. Conversely, a declining rig count signals that operators are...

🔆Midday Wire·Jul 27

Workforce & Community

Bakken Rig Count Holds at 23 as Oil Prices Retreat Sharply

The active drilling rig count in North Dakota held steady at 23 on Monday, July 27, 2026, according to live Bakken Wire data. This level of activity, while stable in the short term, operates against a backdrop of sharply declining crude oil prices, which directly influence hiring, housing demand, and economic vitality in the state's western oil-producing counties. West Texas Intermediate (WTI) crude oil was trading at $83.22 per barrel, down $6.09 or 6.82% for the day. The international benchmark Brent crude fell 7.39% to $89.63. The price for Bakken crude at the wellhead is effectively lower, with the Bakken differential sitting at a discount of $3.42 per barrel versus WTI. Natural gas prices remained weak at $2.80 per MMBtu. The rig count is a leading indicator for oilfield employment, encompassing jobs for drilling crews, hydraulic fracturing teams, and associated services. A count in the low 20s suggests a relatively...

🔆Midday Wire·Jul 27

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 8%, Bakken Differential Narrows to -$3.42

Oil prices suffered a steep sell-off on Monday, with West Texas Intermediate (WTI) crude falling more than 8% to trade near $82 per barrel, a drop that directly impacts the revenue outlook for Bakken formation producers. The front-month WTI contract settled at $81.95, down $7.36 or 8.24% for the session, according to live price data. The international benchmark Brent crude fell even more sharply, down $9.04 to $87.74 per barrel, a decline of 9.34%. The Bakken crude differential, the discount at which North Dakota's oil trades versus WTI at the Cushing, Oklahoma hub, was $3.42 per barrel. Analysts attributed the immediate price collapse to a rapid reduction in the geopolitical risk premium that had supported the market. "The immediate decline reflects a reduction in the geopolitical premium," said Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, according to a Rigzone report. A key driver of the reduced premium was...

🌅Afternoon Wire·Jul 27

Rig Report

Bakken Rig Count Holds at 23 Amid Divide County Activity

North Dakota's active drilling rig count remained at 23 on Monday, July 27, 2026, according to live data from Bakken Wire. The figure represents a net change of zero from the previous day, following the addition of one new rig and the departure of another. One new rig entered the field. Firebird Services, LLC commenced operations with the T&S Drilling 2 rig at location 160-98-22 in Divide County. Concurrently, one rig was released. Phoenix Operating LLC's Patterson 280 rig was removed from location 162-95-27, also in Divide County. In other activity, one rig changed locations within the state. Koda Resources Operating, LLC moved its Stoneham 17 rig to a new site at 160-103-22, remaining within Divide County. The current count of 23 active rigs represents a slight decline from recent levels. One week ago, on July 20, 2026, the state reported 24 active rigs. The figure is down three rigs...

🌅Afternoon Wire·Jul 27

Pipeline & Infrastructure

US Launches $65.5M Pipeline Tech Funding; Kuwait Inks $16B Pipeline Deal

The U.S. Department of Energy launched a funding opportunity of up to $65.5 million for projects aimed at maximizing pipeline productivity and creating value from oil and gas by-products, according to Rigzone. The initiative, announced July 27, seeks research, development, and deployment innovations for the nation's pipeline network. Separately, in a landmark global infrastructure deal, Kuwait Petroleum signed a record $16-billion partnership allowing three major North American investors to own minority stakes in its entire domestic and export pipeline network, Rigzone reported. The agreement with Blackstone, Brookfield, and KKR underscores the high value institutional investors place on core midstream assets. For Bakken operators, the DOE's funding focus on pipeline efficiency could lead to future technologies that reduce transportation costs and improve the reliability of takeaway capacity from the Williston Basin. More efficient pipelines mean lower operational expenses and potentially higher netbacks for crude oil and natural gas. The massive Kuwait...

🌅Afternoon Wire·Jul 27

Global Markets

Halliburton Secures Multiple Middle East Contracts in July

Halliburton Company has announced a series of new contract awards in the Middle East during July, according to a report from Rigzone. The specific value and scope of the contracts were not disclosed, but the news highlights a continued focus on international oilfield activity by one of the world's largest service companies. For Bakken operators, the movement of major service providers like Halliburton to secure large international contracts can have direct implications for local operations. The Williston Basin competes for finite equipment, personnel, and technological resources within the global oilfield services sector. Significant contract wins in other prolific regions can potentially strain availability or shift corporate strategic focus. The Middle East remains a core region for long-term oil and gas development, often involving large-scale, multi-year projects. When service companies dedicate substantial resources to these international contracts, it can impact service pricing and lead times for domestic shale basins like the...

🌅Afternoon Wire·Jul 27

Global Markets

Global Straits Tension, EV Battery Value Highlight Energy Landscape

The effective closure of the Strait of Hormuz, a key global oil transit route, is creating a severe dilemma for the U.S. military and threatening energy market stability, according to an analysis from OilPrice.com. The strait historically shipped up to 30% of the globe's oil, and senior security sources indicate that meaningful workarounds for moving oil through other routes are at least two years away. The report states that global shipping firms now see the Strait as a "lethal gamble," despite U.S. assurances of a secured corridor. This geopolitical tension directly impacts the market for Bakken crude, which relies on stable global flows and pricing. The report notes that short-term measures to keep oil prices subdued are running out fast. The situation stems from the ongoing conflict with Iran, where the Islamic Revolutionary Guard Corps (IRGC) has emerged as the dominant force in Tehran following leadership changes in early 2026....

🌅Afternoon Wire·Jul 27

Operator News

Kazakh CPC Pipeline Restarts After Drone Attacks; Blackstone Sells $7B Battery Portfolio

Kazakhstan resumed crude exports through the key Caspian Pipeline Consortium (CPC) system on Monday, July 27, following a week-long shutdown caused by drone attacks on its Black Sea terminal, according to OilPrice.com. The restart comes after Kazakhstan ordered producers to curb output, which fell to around 1 million barrels per day on Sunday from a June average of 2.16 million bpd. The disruption briefly removed over 1 million bpd of Kazakh crude from the global market, adding to supply risks affecting Black Sea and Middle East shipping routes. The CPC pipeline transports more than 80% of Kazakhstan's crude exports from the giant Tengiz field to the Novorossiysk port. Two tankers were loading Chevron-led Tengizchevroil crude at the terminal Monday, with operations continuing subject to security assessments, Kazakhstan’s Energy Ministry said. In North American energy infrastructure news, Brookfield has agreed to acquire a Blackstone battery energy storage system (BESS) portfolio, Rigzone...

🌅Afternoon Wire·Jul 27

Pipeline & Infrastructure

Global Pipeline, Security News Unfolds as Bakken Output Flows

The Western Australian government has granted State Significant Project status to the Browse to North West Shelf Project, according to Rigzone. Operator Woodside Energy said the designation applies to a project connecting three offshore gas fields to the existing Karratha gas plant. Such designations can streamline approvals for major infrastructure. Separately, a lull in hostilities has emerged in a key global oil shipping lane. Rigzone reported that the U.S. paused an almost two-week run of strikes against Iran for a second consecutive night. Iran simultaneously signaled it was refraining from retaliatory attacks and held talks with Oman regarding the Strait of Hormuz. The Strait is a critical chokepoint for global seaborne oil trade. In downstream asset news, Italian energy major Eni has agreed to acquire Prax Group's retail service stations in four European countries, Rigzone reported. The transaction, announced July 26, will give Eni about 320 service stations across Austria,...

🌅Afternoon Wire·Jul 27

Production Data

Bakken Rig Count Holds at 23 Amid Sharp Oil Price Decline

The active rig count in North Dakota's Bakken formation held at 23 on Monday, July 27, 2026, even as crude oil prices saw a significant sell-off. The current rig level, a key indicator of near-term drilling activity, suggests operators are maintaining a cautious but steady pace of development. West Texas Intermediate (WTI) crude settled at $81.95 per barrel, down $7.36 or 8.24% for the day. The international Brent benchmark fell 9.34% to $87.74. The Bakken crude differential—the discount at which Bakken barrels trade compared to WTI at the Cushing, Oklahoma hub—was $3.42. This puts the wellhead price for Bakken crude at approximately $78.53. Natural gas prices were at $2.77 per MMBtu. Historically, the rig count is a leading indicator for oil production, with a lag of several months between deploying a rig and new wells contributing to output. A stable rig count in the low 20s typically points toward maintaining,...

🌅Afternoon Wire·Jul 27