Tuesday, July 28, 2026

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Oil Prices

Oil Prices Fall as Geopolitical Premium Evaporates

Oil prices fell sharply in Tuesday trading as the market rapidly stripped out its geopolitical risk premium tied to Middle East tensions, according to Rigzone. West Texas Intermediate (WTI) crude was trading at $81.86, down $0.75 or 0.91%. Brent crude was at $87.16, down $1.20. The decline extends a significant drop from the previous session. According to Rigzone, Brent crude tumbled nearly 9% on Monday as the United States paused strikes on Iran and diplomatic efforts eased immediate supply fears. A key factor in easing supply concerns was the resumption of exports from Kazakhstan, a major producer. The Caspian Pipeline Consortium (CPC) terminal, the main outlet for Kazakh crude, resumed loadings after drone attacks on vessels caused an output cut last week, Rigzone reported. The return of this supply to the global market contributed to the downward pressure on prices. Petros Pantzari, Chief Dealer at Monaxa, told Rigzone that the...

☀️Morning Wire·Jul 28

Rig Report

North Dakota Rig Count Holds at 23, Down Three From Month Ago

North Dakota's active drilling rig count remained unchanged at 23 for Tuesday, July 28, 2026, according to live rig data from Bakken Wire. The data showed no new rigs added, none removed, and no rigs moving location since the prior day. The current count represents a period of stability over the past week, matching the total of 23 active rigs reported on July 21. However, the broader trend shows a decline from activity levels seen just one month prior. The state's rig count has fallen by three units since June 28, when 26 rigs were actively drilling. A rig count in the low 20s is indicative of a measured pace of development in the Bakken formation, North Dakota's primary oil-producing region. The level of drilling activity is a leading indicator of future oil production and is closely watched by service companies, royalty owners, and market analysts. The month-over-month decrease of...

☀️Morning Wire·Jul 28

Daily Activity

Enerplus Secures Five Permits for Williams County Pad as Oasis Wells Released

The North Dakota Department of Mineral Resources approved five new drilling permits on Monday, July 27, all for a single pad location operated by Enerplus Resources USA Corporation in Williams County. According to the DMR Daily Activity Report, the permits are for the Dublin field in Section 10-157N-100W. The approved permits, numbered 43155 through 43159, are for the CUB 5700 43-10 2B, 3B, 4B, 5B, and MARY 5700 43-10 6BX wells. This batch of permits indicates concentrated development activity by Enerplus on a multi-well pad in the western Bakken's Williams County. In other activity, the report listed several wells that have had their confidential status changed. Five wells operated by Oasis Petroleum North America LLC were noted, though the specific nature of the status change was not detailed for all. The wells include the HOFF 5700 43-24 5B in Williams County and the CRAIG 5892 31-28 2BX, CRAIG 5892 31-28...

☀️Morning Wire·Jul 28

Pipeline & Infrastructure

Japan Seeks Diversification, Cites US as Key Oil Supplier Amid Hormuz Crisis

Japan is planning to invest in overseas oil pipeline projects to reduce its dependence on crude shipments through the volatile Strait of Hormuz, according to a report from OilPrice.com. The initiative, detailed in a document from Japan's economy ministry, will involve Japanese companies providing risk-capital funding, notably for pipeline network expansions in the Middle East requested by Saudi Arabia and the UAE. The move is a direct response to the ongoing Iran war, which has severely disrupted traditional supply lines. Before the conflict, Japan relied on the Middle East for 95% of its crude imports. The shock to supply forced the country to scramble for alternatives and tap its strategic reserves. By April 2026, Japan's energy imports from the Middle East had plummeted by 67.2% compared to April 2025, hitting the lowest volume since records began in 1979. This scramble has come at a significant cost. In June 2026, Japan's...

☀️Morning Wire·Jul 28

Global Markets

Halliburton Secures Multiple Middle East Contracts in July

Oilfield service giant Halliburton has announced a series of new contract awards in the Middle East during July, according to a report from Rigzone. The company did not disclose the specific value or details of the contracts. This concentration of new work in a major global energy region signals a shift in focus and resource allocation for one of the world's largest service providers. For Bakken operators, such large-scale international contract wins can have a direct impact on the local service sector. When major service companies like Halliburton commit significant equipment and personnel to long-term international projects, it can tighten the availability of specialized crews and advanced technology in other basins. The Bakken formation, while a mature and critical domestic play, often competes with international markets for these high-tier services. The potential effect is two-fold. Increased demand for Halliburton's services abroad could lead to higher service costs for Bakken producers...

☀️Morning Wire·Jul 28

Global Markets

Global Chokepoints Disrupted as Cyprus Launches First Gas Project

European majors Eni and TotalEnergies have taken a final investment decision to develop the Cronos gas field offshore Cyprus, the country's first hydrocarbon project, according to OilPrice.com. The field, holding over 3 trillion cubic feet of gas initially in place, is expected to produce first gas in 2028, reaching a plateau of around 500 million cubic feet per day. The gas will be processed in Egypt and exported as LNG to international markets, primarily Europe. Meanwhile, heightened security threats in the Middle East are disrupting global crude shipping lanes. Following Houthi announcements of a blockade on Saudi shipments in the Red Sea last week, Saudi Arabia is rerouting crude exports, according to OilPrice.com. The kingdom is shuttling more crude via pipeline from the Red Sea port of Ain Sukhna to Egypt's Sidi Kerir port on the Mediterranean. At least eight very large crude carriers (VLCCs) are currently signaling Sidi Kerir...

☀️Morning Wire·Jul 28

Operator News

Global Energy Developments Highlight Market Dynamics, Industry Mourns Loss

The Australian government has launched a feasibility study for what would be the country's first new oil refinery in six decades, according to OilPrice.com. Prime Minister Anthony Albanese stated the project aims to strengthen fuel supply self-sufficiency and build national resilience against global disruptions. The move follows a precarious fuel supply situation in Australia earlier this year exacerbated by the Hormuz crisis and a fire at an existing refinery, which led the government to temporarily halve fuel excise taxes and secure emergency diesel shipments. In a separate development, the Barossa project has shipped its first condensate cargo, approximately 300,000 barrels, to a refinery in Incheon, South Korea, Rigzone reported. The shipment highlights ongoing global trade flows for light hydrocarbon liquids. The global energy industry is also mourning the loss of Sir Ian Wood, the Aberdeen-based businessman. Tributes poured in following news of his passing, according to Rigzone. For Bakken operators...

☀️Morning Wire·Jul 28

Pipeline & Infrastructure

Global Gas, Shipping, and M&A Activity Highlights Midstream Dynamics

International pipeline and midstream developments reported Monday and Tuesday highlight global energy logistics and corporate strategy. While not directly involving the Bakken, these movements underscore the interconnected nature of global energy markets that influence long-term gas pricing and infrastructure investment. Italian energy major Eni has given the final investment decision for the Cronos gas field off Cyprus, according to Rigzone. The project, Cyprus' first hydrocarbon development, is expected to begin production in 2028 and is designed to produce up to 500 million cubic feet per day. The gas will be processed into liquefied natural gas (LNG) in Egypt for export, primarily to Europe. This new supply source contributes to the evolving global LNG landscape, which can indirectly affect the market for U.S. natural gas, including associated gas from the Bakken formation. In shipping news, empty supertankers are rerouting to Egypt's Mediterranean port of Sidi Kerir to load Saudi crude, Rigzone...

☀️Morning Wire·Jul 28

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Plunge Over 5% as Geopolitical Premium Evaporates

Oil prices experienced a sharp sell-off on Tuesday, with benchmark West Texas Intermediate (WTI) crude falling more than 5% to trade near $78.43 per barrel. The drop erases much of the risk premium built into markets due to recent tensions in key Middle Eastern shipping lanes, according to industry reports. The primary driver is a rapid market reassessment of geopolitical risks, particularly concerning Iran and the vital Strait of Hormuz. According to Rigzone, the oil market is "rapidly stripping out its Iran war premium" following diplomatic developments. This follows a nearly 9% plunge in Brent crude on Monday, as reported by Rigzone, after the U.S. paused strikes on Iran and Kazakh exports resumed. At midday Tuesday, WTI was trading at $78.43, down $4.18 or 5.06% on the day. The international benchmark Brent crude was at $83.63, down $4.73 or 5.35%. The differential for Bakken crude at the Clearbrook, Minnesota, hub...

🔆Midday Wire·Jul 28

Pipeline & Infrastructure

States Challenge FERC Plan to Expand Gas Pipeline Permitting Exemptions

Over a dozen states and the District of Columbia are formally opposing a federal plan to widen exemptions for natural gas pipeline permits, according to a report from Rigzone. The states protested a proposed rulemaking by the Federal Energy Regulatory Commission (FERC) that would broaden the types of pipeline projects qualifying for review exemptions. The development represents a significant regulatory challenge that could impact the midstream sector in oil-producing regions. FERC's blanket certificate authority allows pre-approved companies to construct, operate, and acquire certain small-scale pipeline facilities without a case-specific review. Expanding this authority is typically sought by industry to accelerate infrastructure development. For Bakken operators, efficient pipeline takeaway capacity is critical for moving natural gas, a key byproduct of oil drilling in the formation. Regulatory hurdles or delays in permitting for gathering lines and other small-scale projects can directly affect development timelines and operational costs. An expanded exemption could, in...

🔆Midday Wire·Jul 28

Global Markets

EU Renewables Push, U.S. Sanctions Deal Shape Global Gas Outlook

A new analysis suggests European Union policy success could significantly cut global natural gas demand by 2030, potentially pressuring prices for associated Bakken gas, while a new U.S. sanctions deal aims to tighten global oil supply. According to a report from the Institute for Energy Economics and Financial Analysis (IEEFA), achieving EU targets for heat pumps, solar, and wind could slash the bloc's gas demand by around a quarter by the end of the decade. The IEEFA estimates that heat pump deployment and increased renewable generation already reduced EU gas demand by 8.8 billion cubic meters (bcm) in 2024. The institute states that hitting annual targets of 4 million heat pumps, 75 GW of solar, and 22 GW of wind for the next five years could save gas equivalent to double the volume of LNG the EU could import from Qatar by 2030. “If Europe continues with efforts to reduce...

🔆Midday Wire·Jul 28

Global Markets

Global Defense, Nuclear Investment Surges Amid Geopolitical Tensions

Global investment in defense technology startups has hit a record high this year, with major arms companies participating in $4.1 billion of venture capital funding rounds, according to data from Dealroom cited by OilPrice.com. Contractors like BAE Systems, Lockheed Martin, and Airbus are ramping up spending on new military technologies such as AI, cybersecurity, and autonomous systems. The surge in investment coincides with heightened global military tensions. British Prime Minister Andy Burnham met Ukrainian President Volodymyr Zelensky on July 27, pledging "unwavering" support and sharing the intellectual property for Britain's new "Stone Cloak" electronic warfare system, OilPrice.com reported. Zelensky stated that Ukraine's long-range strikes recently hit an export terminal in Russia's Rostov region and oil facilities in the Yaroslavl and Udmurtia regions to reduce Russia's ability to finance the war. Separate research from White & Case found 42 defense mergers and acquisitions were completed globally in the first half of...

🔆Midday Wire·Jul 28

Operator News

North American Rig Count Rises; Baker Hughes Reports Strong Orders

North America added five rigs compared to the previous week, according to the latest rotary rig count from Baker Hughes. The data, reported by Rigzone, indicates the region has entered a rig addition streak as of July 28. Separately, Baker Hughes posted a nearly 50 percent year-over-year increase in orders. Rigzone reported the company cited "robust demand across Power Systems and LNG, with particularly strong momentum in power generation." Strong equipment orders often precede increased upstream activity, as operators invest in new drilling programs. In other operator news, the Barossa project shipped its first condensate cargo, approximately 300,000 barrels, to a refinery in Incheon, South Korea. The shipment was reported by Rigzone on July 28. For Bakken operators, a rising North American rig count can reflect broader industry confidence and potentially higher service costs. Increased drilling activity in competing basins may influence capital allocation and rig availability in the Williston...

🔆Midday Wire·Jul 28

Pipeline & Infrastructure

Global Energy Shifts Continue as Houthi Threats Reroute Tankers, Cyprus Project Advances

Empty oil supertankers are rerouting to Egypt's Mediterranean port of Sidi Kerir to load Saudi crude, avoiding the Red Sea due to threats from Houthi militants, according to Rigzone. The observable decline in traffic at Saudi Arabia's key Red Sea export hub underscores persistent geopolitical risks to global maritime crude shipments. For Bakken producers, such disruptions can tighten global tanker availability and influence freight rates, indirectly affecting the delivered cost of North Dakota crude to coastal refineries. In other project news, Eni has given the green light to Cyprus' first hydrocarbon project, the Cronos gas field, Rigzone reported. The field is expected to start production in 2028 and is designed for a peak output of up to 500 million cubic feet per day. The gas will be processed into liquefied natural gas (LNG) in Egypt for export, primarily to Europe. This development continues the trend of expanding global LNG supply,...

🔆Midday Wire·Jul 28

Production Data

Bakken Rig Count Holds at 23 Amid Sharp Oil Price Decline

The number of rigs actively drilling for oil and gas in North Dakota held steady at 23 on Tuesday, according to live Bakken Wire data, even as crude oil prices fell sharply. West Texas Intermediate (WTI) crude was trading at $78.43 per barrel, down $4.18 or 5.06% for the day. The current rig count provides a key indicator for future production levels in the Bakken formation, North Dakota's primary oil-producing region. Historically, the active rig count is a leading indicator, with changes in the drilling fleet typically impacting oil output several months later as new wells are completed and brought online. The stability of the rig count comes against a backdrop of significant price volatility. Brent crude, the international benchmark, also fell sharply to $83.63, a drop of $4.73 or 5.35%. Bakken crude traded at a discount of $3.42 per barrel below the WTI price. Natural gas prices were recorded...

🔆Midday Wire·Jul 28

Workforce & Community

Bakken Rig Count Holds at 23 as Oil Price Slide Tests Workforce Stability

The active rig count in North Dakota held steady at 23 on Tuesday, a level indicative of subdued drilling activity that continues to shape workforce and community dynamics across the Bakken region. The stability in rigs comes amid a sharp midday sell-off in oil markets, with West Texas Intermediate crude trading at $78.43, down $4.18 or 5.06% for the day, according to live Bakken Wire data. The current rig count, a primary driver of direct oilfield employment, remains near multi-year lows, suggesting a tight labor market for drilling and completion crews. Historically, rig counts below 30 correlate with reduced demand for field workers, decreased man-camp occupancy, and less pressure on local housing markets in oil-producing counties like McKenzie, Williams, and Mountrail. "Rig activity is the heartbeat of the Bakken economy," said a longtime Williston business owner, speaking on background about the broader trends. "When it's low and stable like this,...

🔆Midday Wire·Jul 28

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over $3 on Inventory Build, Market Strips War Premium

Oil prices fell sharply Tuesday afternoon, with West Texas Intermediate (WTI) crude trading down 4.25 percent to $79.10 per barrel, according to live market data. Brent crude dropped nearly 5 percent to $83.95. The Bakken crude differential widened to a discount of $3.42 versus WTI. The sell-off accelerated as the market rapidly stripped out the geopolitical risk premium related to the Iran war, according to Petros Pantzari, Chief Dealer at Monaxa, as reported by Rigzone. Despite ongoing Middle East tensions that have sunk tanker crossings in the Strait of Hormuz to their lowest level since May, prices are retreating on fundamental supply and demand signals. A key pressure point is rising U.S. inventories. The American Petroleum Institute (API) estimated that U.S. crude oil inventories increased by 3.296 million barrels in the week ending July 24, according to OilPrice.com. This marks the second consecutive weekly build. While inventories at the Cushing,...

🌅Afternoon Wire·Jul 28

Rig Report

North Dakota Rig Count Rises to 24, Koda Resources Adds Rig in Divide

The number of rigs actively drilling for oil and gas in North Dakota increased to 24 on Tuesday, July 28, 2026, according to Bakken Wire live data. The count is up by one rig from the previous day. The sole addition was a new rig deployed by Koda Resources Operating, LLC. The company spud the STONEHAM 16 well in Divide County at location 161-102-36. No rigs were removed or moved location on Tuesday. The current rig count of 24 represents a modest increase from one week ago, when the state reported 23 active rigs on July 21, 2026. However, activity remains slightly lower than levels seen a month ago, when 26 rigs were active on June 28, 2026. The incremental gain in North Dakota aligns with a broader trend reported in North America. According to Rigzone, citing Baker Hughes' latest North America rotary rig count, the continent added five rigs...

🌅Afternoon Wire·Jul 28

Global Markets

Bipartisan Senate Deal Reached on New Russia, Iran Sanctions Bill

A bipartisan group of U.S. senators announced a deal Tuesday on new sanctions legislation targeting Russia and Iran, according to a report from Rigzone. The development, announced on July 28, 2026, introduces a new variable into global energy markets. While the specific details of the bill were not provided in the summary, new sanctions on major oil-producing nations like Russia and Iran historically create market volatility. Such geopolitical actions can constrain global oil supply or heighten uncertainty, factors that typically influence the benchmark crude prices to which Bakken oil is tied. For operators in North Dakota's Bakken formation, global price signals are a primary determinant of drilling budgets and well completion activity. Strengthened sanctions could provide upward support to oil prices if markets perceive a threat to supply from the targeted nations. Conversely, the potential for a coordinated release of strategic petroleum reserves or other market responses could exert downward...

🌅Afternoon Wire·Jul 28

Global Markets

Global Roundup: Solar Efficiency Breakthrough, Venezuela Oil Sales Top $13B

A new solar cell design that maintains high efficiency even when partially shaded represents a significant step for renewable energy technology, according to a report from OilPrice.com. Researchers at The Hong Kong Polytechnic University publicized the creation of a perovskite-organic tandem solar cell that operates at 97 percent efficiency under shading without damage. This addresses a long-standing issue of reverse-bias stress that can permanently harm traditional panels. Professor Li Gang stated the research makes "breakthrough contributions to the understanding of both device operation and durability." The advancement comes as the global solar sector faces pressure to improve profit margins amid intense competition, according to the same source. Solar remains the fastest-growing and most affordable form of new energy capacity, even with an 18 percent cost increase in the U.S. since recent tariffs. For Bakken operators, continued improvements in renewable efficiency underscore the evolving long-term energy landscape. In crude oil markets,...

🌅Afternoon Wire·Jul 28

Operator News

Crude Prices Drop Sharply, Equipment Demand Surges

Crude oil futures posted their biggest three-day decline since 2020 on Tuesday, pressured by renewed optimism for diplomatic talks with Iran, according to Rigzone. The sharp price drop introduces immediate headwinds for Bakken operators' revenue and wellhead economics. In a contrasting signal for the services sector, equipment provider Baker Hughes reported a nearly 50 percent year-over-year increase in orders, Rigzone reported. The company cited robust demand across its Power Systems and LNG businesses, with particularly strong momentum in power generation. This suggests continued capital investment in energy infrastructure, though the focus appears outside of onshore shale plays like the Bakken. Separately, the Barossa project shipped its first condensate cargo, roughly 300,000 barrels, to a refinery in Incheon, South Korea, Rigzone reported. This highlights the ongoing global demand for light hydrocarbons, though Bakken crude typically competes in different market segments. For North Dakota's Bakken formation, the day's news presents a mixed...

🌅Afternoon Wire·Jul 28

Pipeline & Infrastructure

Global Energy Shifts Highlight Bakken Market Dynamics

The global energy landscape saw significant developments this week, with implications for the Bakken formation's position in worldwide oil and gas markets, according to wire service reports. Empty crude oil supertankers are rerouting to Egypt's Mediterranean port of Sidi Kerir to load Saudi crude, Rigzone reported. This shift comes as observable traffic at Saudi Arabia's key Red Sea export terminals has dwindled following renewed threats from Houthi militants. Such disruptions to major maritime crude routes can influence global benchmark prices and shipping costs, factors that indirectly affect the pricing of Bakken crude at hubs like Clearbrook, Minnesota. In related news, Eni has given the final investment decision for Cyprus' first hydrocarbon project, the Cronos gas field, Rigzone reported. The project is expected to start production in 2028 and is designed to produce up to 500 million cubic feet per day of gas. This gas will be processed into liquefied natural...

🌅Afternoon Wire·Jul 28

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Drop Sharply

The active drilling rig count in North Dakota's Bakken formation held steady at 24 on Tuesday, July 28, 2026, even as crude oil prices experienced a significant sell-off. The current rig level remains near historic lows for the modern shale era, a signal that operators are maintaining capital discipline. West Texas Intermediate (WTI) crude fell $3.39, or 4.1%, to trade at $79.22 per barrel. The international Brent benchmark saw a steeper decline, dropping $4.52, or 5.12%, to $83.84. Bakken crude traded at a discount of $3.42 to the WTI benchmark, putting local wellhead prices near $75.80. Natural gas prices were reported at $2.68 per MMBtu. The sustained low rig count, which has been in the mid-20s for an extended period, points to a cautious outlook among Bakken producers. Historically, the rig count is a leading indicator of future production, as new wells are required to offset the steep decline rates...

🌅Afternoon Wire·Jul 28

Workforce & Community

Bakken Rig Count Holds at 24 Amid Sharp Oil Price Decline

The active drilling rig count in North Dakota's Bakken formation remained steady at 24 on Tuesday, a level that has defined a new baseline of reduced field activity in the region. The stability comes despite a sharp sell-off in crude oil markets, with West Texas Intermediate (WTI) closing at $79.22 per barrel, down 4.1% for the day. The current rig count, while unchanged from recent reports, represents a fraction of the historic highs seen during previous boom cycles. This sustained lower level of drilling activity has led to a stabilized, though diminished, demand for oilfield labor compared to the peaks of the last decade. Employment in core extraction and support sectors is likely concentrated around maintaining existing production from the basin's vast inventory of wells. For local communities, the extended period of modest activity has allowed housing markets and municipal services to adjust. The frenetic pressure on housing, infrastructure, and...

🌅Afternoon Wire·Jul 28