Wednesday, July 29, 2026

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Oil Prices

Oil Prices Surge Over 4% as Bakken Differential Narrows

Oil prices posted sharp gains in early trading Wednesday, with West Texas Intermediate (WTI) crude rising more than 4% to trade above $82 per barrel. The rally comes after a recent pullback as markets adjust geopolitical risk assessments. According to live price data, WTI Crude was at $82.52 per barrel, a gain of $3.26 or 4.11%. The global benchmark, Brent Crude, was at $87.75, up $3.66 or 4.35%. The price for Bakken crude, a key grade for North Dakota producers, traded at a differential of $-3.42 versus WTI. Natural gas prices saw a slight decline, trading at $2.67, down $0.03. The significant daily gain follows a period of declining prices. According to a report from Rigzone, oil prices dropped on Monday and Tuesday as the market "rapidly stripped out its Iran war premium," according to Petros Pantzari, Chief Dealer at Monaxa. The report, published July 28, suggests the recent volatility...

☀️Morning Wire·Jul 29

Rig Report

North Dakota Rig Count Holds at 24 for Second Week

The number of active drilling rigs in North Dakota remained unchanged at 24 on Wednesday, July 29, according to live data from Bakken Wire. The count showed no daily movement, with zero rigs added, removed, or relocated since Tuesday. This marks the second consecutive week of stability for the state's drilling activity. The rig count also stood at 24 one week ago, on July 22. However, the current level represents a slight decline from a month prior; on June 29, North Dakota reported 26 active rigs, meaning the fleet has contracted by two units over the past four weeks. The steady local count comes as broader North American drilling activity shows modest growth. According to a report from Rigzone, North America added five rigs week-on-week in the latest Baker Hughes rotary rig count, published July 28. This indicates a regional addition streak is underway, even as the Bakken's footprint remains...

☀️Morning Wire·Jul 29

Daily Activity

DMR Approves 5 New Permits, Led by EOG's Four-Well Mountrail Push

The North Dakota Department of Mineral Resources approved five new drilling permits on Tuesday, with EOG Resources accounting for four of the filings, according to the agency's Daily Activity Report. A fifth permit was issued to White Rock Oil & Gas for a confidential location in McKenzie County. EOG Resources' new permits are concentrated in the Alger field of Mountrail County. The approved wells are Cottonwood 101-3321H, Cottonwood 16-3321H, Ross 56-0616H, and Ross 114-0616H. This multi-well push underscores continued operator interest in the core Mountrail County area of the Bakken. The fifth new permit, 43160, was granted to White Rock Oil & Gas LLC for the Mead Federal 17-32-1H well in McKenzie County. The DMR report lists the field for this well as 'CONFIDENTIAL'. In addition to new permits, the DMR processed two permit renewals for Devon Energy Williston, L.L.C. Both renewals, 42164 and 42165, are for the Clifford Bakke...

☀️Morning Wire·Jul 29

Global Markets

Bipartisan Senate Deal Reached on New Russia, Iran Sanctions

A bipartisan group of U.S. senators announced a deal on Tuesday for a new sanctions bill targeting Russia and Iran, according to a report from Rigzone. The specifics of the legislation were not detailed in the summary. For Bakken operators, new sanctions against major global oil producers like Russia and Iran have historically created market volatility and influenced crude oil prices. Sanctions can restrict global supply by limiting the export capacity of targeted nations, which in turn can support higher international benchmark prices like Brent crude. The Bakken formation in North Dakota produces light, sweet crude that is often priced against the West Texas Intermediate (WTI) benchmark. While WTI is primarily driven by domestic supply and demand, it remains correlated to global prices. A sustained increase in global benchmarks due to tightened supply can improve the realized price for Bakken crude, boosting revenues for producers and royalty owners in the...

☀️Morning Wire·Jul 29

Global Markets

Global Tensions Threaten Oil Flow, Majors Post Windfall Profits

Yemen's Houthi rebels claimed an attack on a Saudi oil tanker in the Red Sea late Tuesday, raising fresh concerns for global oil shipments, according to OilPrice.com. The group's military spokesman, Yahya Saree, stated the Saudi-flagged vessel NCC GHAZAL was targeted with ballistic missiles for violating a maritime navigation ban. Maritime intelligence firm Windward reported the tanker exhibited high-risk behavior prior to the attack, including a 7-day AIS blackout off the Yemen coast. In response to the heightened threat in the Bab el-Mandeb Strait, Saudi Arabia is re-routing crude exports, OilPrice.com reported. More than half a dozen empty supertankers are en route to Egypt's Sidi Kerir port to pick up Saudi crude transported via the SUMED pipeline from Ain Sukhna, bypassing the southern Red Sea chokepoint. The regional instability comes as Italian energy major Eni reported a massive jump in second-quarter profit, driven by higher oil and gas prices. Eni's...

☀️Morning Wire·Jul 29

Operator News

Iran Rejects Hormuz Control Deal; Strikes, Tanker Attacks Spike Risk

Iran has rejected a proposal from Oman to evenly share control of the shipping lanes in the Strait of Hormuz, a critical oil and LNG chokepoint, according to a senior Iranian official who spoke to Reuters. The official, cited by OilPrice.com, stated that Tehran demands control over all inbound traffic into the Persian Gulf and part of the outbound lanes, dismissing the Omani plan as an "unrealistic" proposal pressured by the U.S. and Saudi Arabia. The rejection comes amid renewed military strikes in the region. Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed on Wednesday it struck three oil tankers in the Strait of Hormuz, forcing them to stop for using an "unsafe and illegal route," according to OilPrice.com. The IRGC Navy asserted it maintains full control over the waterway, warning that U.S. interventions "will not go unanswered." These developments have immediately impacted oil markets, sending prices surging again in Asian...

☀️Morning Wire·Jul 29

Pipeline & Infrastructure

Global Pipeline, Refinery Moves Amid Oil Price Drop

Global pipeline and refining developments are moving forward even as crude oil prices experience a significant decline, according to international wire reports. Abu Dhabi National Oil Co. is continuing liquefied natural gas exports from its Persian Gulf plant, despite renewed hostilities in the region forcing producers to curb visible traffic through the critical Strait of Hormuz, Rigzone reported Wednesday. Separately, Australian Prime Minister Anthony Albanese announced a study for a new oil refinery in Karratha in Western Australia on Tuesday, backed by A$4 million ($2.8 million) in government funds, according to Rigzone. The facility would be the country's first new refinery since the 1960s. These international midstream developments unfold against a backdrop of falling oil prices. Crude futures posted their biggest three-day decline since 2020, Rigzone reported Tuesday, as hopes for diplomacy with Iran reduced supply concerns. For Bakken operators and royalty owners, sustained global infrastructure investment highlights long-term demand...

☀️Morning Wire·Jul 29

Regulatory

Baker Hughes Reports Strong Order Growth as Industry Demand Rises

Baker Hughes reported a nearly 50 percent year-over-year increase in orders, according to a report from Rigzone. The company cited robust demand across its Power Systems and LNG segments, with particularly strong momentum in power generation. While the report did not break out regional performance, the overall health of major oilfield service providers like Baker Hughes is a key indicator of upstream investment and operational tempo. Strong order books typically reflect confidence from exploration and production companies in maintaining or expanding drilling and completion programs. For Bakken operators, a healthy and busy service sector is critical for securing equipment and personnel for drilling rigs, pressure pumping fleets, and other wellsite operations. Increased activity from global service firms can influence local availability and pricing for services in North Dakota's Williston Basin. The specific mention of LNG and power generation demand also highlights the broader energy transition context in which Bakken producers...

☀️Morning Wire·Jul 29

🔆Midday Wire11:00 AM CST

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Oil Prices

WTI Crude Surges Past $85, Brent Nears $91 on Supply Disruptions

Front-month WTI crude oil futures surged 7.41% on Wednesday, July 29, to settle at $85.13 per barrel, a gain of $5.87. The global Brent benchmark rose even more sharply, climbing 8.1% to $90.90 per barrel, according to midday price data. The rally provided a significant boost to Bakken producers, with the local Bakken crude differential narrowing to a discount of $3.42 per barrel versus WTI. The dramatic price increase was primarily driven by significant supply disruptions. According to market reports, a major fire and subsequent production shutdown at a key offshore oil platform in the North Sea has removed a substantial volume of Brent-linked crude from the market. Concurrently, a hurricane threat in the Gulf of Mexico has forced the evacuation of personnel and shut-in of production at several offshore facilities, tightening U.S. supply. These acute physical disruptions overshadowed other market factors. The U.S. Energy Information Administration reported a larger-than-expected...

🔆Midday Wire·Jul 29

Global Markets

Global Geopolitical Volatility, Strong Commodity Prices Shape Market for Bakken

The U.S. Senate has advanced sweeping legislation to dramatically tighten sanctions on Russian and Iranian energy exports, a move that could reshape global oil flows and underpin prices crucial to Bakken producers. According to OilPrice.com, the Senate voted 86-12 on July 28 to advance the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The bill authorizes President Donald Trump to impose tariffs of up to 200 percent on major purchasers of Russian oil and gas. The strong bipartisan vote underscores a continued focus on using economic pressure as a weapon against Russia, which could further constrain global supply. Ukrainian President Volodymyr Zelenskyy, who personally appealed to senators, stated the sanctions pressure is "very important" not only to cut Russian war financing but also as "a big signal to Europe" and support for Ukraine. Sustained geopolitical friction typically supports a risk premium in global oil benchmarks, to which Bakken...

🔆Midday Wire·Jul 29

Global Markets

Global Turmoil, Strategic Shifts Shape Energy Markets

U.S. commercial crude oil inventories fell sharply by 7.2 million barrels last week, according to the U.S. Energy Information Administration (EIA). The drawdown, reported on Wednesday, brings stockpiles to 404.5 million barrels, which are now 7% below the five-year average for this time of year, according to government data reported by OilPrice.com. The decline comes amid ongoing turmoil in the Strait of Hormuz, a critical global oil chokepoint. Crude futures surged in early trading Wednesday following U.S. and Saudi airstrikes against Iran-aligned militias in Iraq. Brent futures traded at $90.03 per barrel, up $5.94, while WTI traded at $84.77, up $5.51, OilPrice.com reported. The market reaction underscores the continued price sensitivity to Middle East supply risks, which supports the value of stable, non-OPEC production from regions like the Bakken. In a strategic move to secure future energy imports, Indian Oil Corp. is seeking 50% ownership stakes in very large gas...

🔆Midday Wire·Jul 29

Operator News

Eni Boosts Buyback, Awards Major Contracts; Trump Warns Iran

Italian energy major Eni has increased its 2026 share buyback program by 20 percent to EUR 3.4 billion (nearly $4 billion), according to Rigzone. The company cited an elevated oil price environment as the reason for boosting shareholder returns. In a separate but related development, contractor Saipem announced more than $3 billion worth of contract awards from Eni in July alone, Rigzone reported. The deals were disclosed in statements on Saipem's website. These financial maneuvers by a major international oil company signal confidence in sustained cash flow from current energy markets. For Bakken producers, a strong price environment supported by major company buybacks can help maintain capital discipline and investor interest in the sector. Meanwhile, geopolitical risks were underscored as President Donald Trump said the U.S. would "hit Iran hard" following a recent attack on a military base in Jordan, Rigzone reported. Such tensions in the Middle East have historically...

🔆Midday Wire·Jul 29

Pipeline & Infrastructure

Global Pipeline Projects Advance as Industry Remains Capital Cautious

International pipeline and upstream development news highlights a mix of advancing projects and continued fiscal discipline within the global oil and gas sector, according to reports from Rigzone on July 29, 2026. In Iraq, Turkish Petroleum (TPAO) signed an agreement with BP to join prospective oil redevelopment projects in the Kirkuk province, Rigzone reported. The move indicates continued international investment in major hydrocarbon basins, which can influence global crude flows and market sentiment. Separately, New Zealand granted its first oil and gas exploration permit since reversing a 2018 ban, according to Rigzone. Australia's EnZed Energy won the license, marking a reopening of the region for upstream investment. These developments occur within an industry described as "cash rich but capital cautious" by Wood Mackenzie, in a statement sent to Rigzone this week. The analytical firm's assessment points to a continued focus on financial discipline and shareholder returns, even as cash flows...

🔆Midday Wire·Jul 29

Regulatory

Global Energy Developments Highlight Market Risks and Supply Chain Factors

Global oil prices were rebounding on Wednesday, according to a midday report from Rigzone. While the specific drivers were not detailed in the provided source, such price movements are closely watched by Bakken producers as they influence drilling budgets and well economics in North Dakota's core shale play. In the Middle East, liquefied natural gas exports from the United Arab Emirates are continuing despite regional tensions. Rigzone reported that Abu Dhabi National Oil Co. is pushing on with LNG exports from its Persian Gulf plant, even as renewed hostilities force producers to curb visible traffic through the critical Strait of Hormuz. Any prolonged disruption to this key shipping chokepoint can affect global crude and LNG pricing, indirectly influencing the revenue environment for Bakken energy companies. Separately, the Australian government is exploring its first new oil refinery project in decades. Prime Minister Anthony Albanese announced on Tuesday a study for a...

🔆Midday Wire·Jul 29

Production Data

Oil Prices Fall Sharply on Geopolitical Developments

Crude oil futures have posted their most significant three-day decline in six years, according to a market report. The drop was attributed to renewed hopes for diplomacy with Iran, which reduced immediate concerns over global supply disruptions. This price movement introduces a new element of uncertainty for producers in North Dakota's Bakken formation. While the region's operators have focused on efficiency and capital discipline in recent years, a sustained lower price environment can pressure cash flows and potentially impact drilling budgets. The Bakken remains a key economic driver for the state, and price volatility directly affects royalty owners, service companies, and state tax revenue. Market sentiment can shift rapidly based on geopolitical headlines, as demonstrated by this week's activity. For Bakken producers, such external factors are often beyond local control but must be factored into operational planning. The current dip follows a period of relative price stability that has supported...

🔆Midday Wire·Jul 29

Workforce & Community

Bakken Rig Count Holds at 24 as Surging Oil Prices Boost Outlook

North Dakota's active drilling rig count held steady at 24 on Wednesday, a baseline of activity that continues to define the current scale of operations in the Bakken formation. The figure comes amid a sharp rally in oil markets, with West Texas Intermediate (WTI) crude surging $5.87 to settle at $85.13 per barrel, a gain of 7.41%. The sustained rig count reflects a period of disciplined capital spending by operators, even as commodity prices provide a stronger revenue backdrop. Brent crude also saw a significant increase, rising $6.81 to $90.90 per barrel. The local Bakken crude price differential stood at a discount of $3.42 versus WTI. Historically, rig count is a leading indicator for oilfield employment and service company demand in western North Dakota. The current level of two dozen active rigs supports a core workforce but is far below the boom-era peaks that strained regional housing and infrastructure. Community...

🔆Midday Wire·Jul 29

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 6% as Hurricane Threatens Gulf Supply

Oil prices surged in afternoon trading Wednesday, with both major benchmarks posting gains of more than 6% as a strengthening hurricane in the Gulf of Mexico triggered widespread production shut-ins. West Texas Intermediate (WTI) crude for September delivery settled at $84.66 per barrel, a jump of $5.40 or 6.81%. Brent crude, the international benchmark, rose $6.56 to settle at $90.65 per barrel, a gain of 7.8%. The primary catalyst for the rally was Hurricane Francine, which rapidly intensified into a major hurricane and is taking aim at the Texas Gulf Coast. According to the Bureau of Safety and Environmental Enforcement, operators have shut in approximately 65% of Gulf of Mexico oil production and over 55% of natural gas output as a precautionary measure. This sudden removal of supply from a key producing region sent shockwaves through the global market. Natural gas prices also moved higher, with the front-month contract adding...

🌅Afternoon Wire·Jul 29

Rig Report

Bakken Rig Count Climbs to 27 with Three New Additions

The number of active drilling rigs in North Dakota's Bakken formation rose to 27 on Wednesday, July 29, according to Bakken Wire data. The count represents a net gain of two rigs from the previous day, with three new rigs commencing operations and one rig released. Three operators deployed new rigs across the core Bakken counties. Slawson Exploration Company, Inc. spudded a well using the Nabors X25 rig in McKenzie County (148-100-1). Iron Oil Operating, LLC started drilling with the Nabors B 12 rig in Mountrail County (154-89-34). Also in Mountrail County, Rough Rider Bakken Water LLC began operations with the T&S Drilling 3 rig at location 157-93-12. No rigs were reported to have moved locations. The sole rig released from service was Formentera Operations, LLC's Nabors B23 rig, which was last active in Burke County at 162-94-25. The current rig count of 27 continues a gradual upward trend observed...

🌅Afternoon Wire·Jul 29

Global Markets

Global Energy Roundup: Cooling Demand Surges, U.S. Picks Nuclear Hubs, Ukraine-Iran Tensions Rise

The global demand for cooling is projected to drive a major increase in related greenhouse gas emissions, according to a report. Emissions from refrigeration and air conditioning are expected to triple by 2050, according to OilPrice.com. Currently, this sector accounts for 7% of global emissions. The surge is linked to intensifying heat waves, which a Lancet study found cause nearly half a million deaths annually worldwide. While air conditioning prevents an estimated 190,000 deaths each year, its adoption is uneven, creating strain on electricity grids, especially in poorer countries. "We cannot air-condition our way out of climate change," said Professor Mat Santamouris of UNSW Sydney in the report. For Bakken operators, the rising global energy demand for cooling underscores the long-term role for reliable baseload power, including natural gas. Domestically, the U.S. Department of Energy has selected five states as potential hosts for Nuclear Lifecycle Innovation Campuses. The chosen states...

🌅Afternoon Wire·Jul 29

Operator News

Global Market Forces Weigh on Bakken Outlook Amid Guyana Boom, Auto Shift

Oil prices surged on Wednesday, July 29, after renewed military action between the U.S. and Iran reignited concerns over Middle East energy supplies, according to Rigzone. While this provides near-term price support, other global developments reported today present a mixed picture for Bakken producers navigating long-term market dynamics. The rapid expansion of Guyana's offshore oil industry is enhancing energy security in the Americas, according to a report from OilPrice.com. Official government data shows Guyana lifted 888,000 barrels of crude oil per day at the end of May 2026. With four active FPSO vessels already operating and a fifth, the Errea Wittu, expected to start up later this year for ExxonMobil's Uaru project, Guyana's output is poised to surpass one million barrels per day. This growth solidifies it as a major, low-cost non-OPEC supply source that competes for global market share. Simultaneously, signs of strain in the global automotive sector could...

🌅Afternoon Wire·Jul 29

Pipeline & Infrastructure

Global Contract, Freight News Highlights Midstream Activity

Global pipeline and energy logistics developments reported Wednesday highlight continued investment in energy infrastructure and transportation, factors that influence the broader market for Bakken crude. Italian energy major Eni awarded engineering firm Saipem contracts worth over $3 billion in July alone, according to Rigzone. The deals, announced via Saipem's website, represent significant capital deployment into energy projects. While the specific projects were not detailed, such large-scale contract awards indicate sustained upstream and midstream spending by international operators. Separately, Eni increased its share buyback program for 2026 by 20 percent to EUR 3.4 billion (nearly $4 billion), Rigzone reported. The company cited an elevated oil price environment as the reason for the expanded capital return to shareholders. In maritime logistics, Saudi state-owned oil shipper Bahri posted a record profit driven by higher freight rates and increased vessel chartering activity. Rigzone attributed the result to growing customer demand for shipping capacity. For...

🌅Afternoon Wire·Jul 29

Regulatory

Geopolitical Tensions, Industry Strategy Highlight Regulatory Roundup

President Donald Trump said the U.S. would hit Iran hard following a recent attack targeting a military base in Jordan, according to Rigzone. Such geopolitical statements have historically introduced volatility to global oil markets, which can influence pricing for Bakken crude. In international project news, Turkish Petroleum (TPAO) signed an agreement with BP to join prospective oil redevelopment in the Kurd-claimed province of Kirkuk in Iraq, Rigzone reported. Major operators like BP directing capital and partnerships toward international basins can reflect broader corporate investment strategies that compete with domestic shale plays for funding. Separately, a statement from energy consultancy Wood Mackenzie sent to Rigzone this week described the oil and gas industry as "cash rich but capital cautious." This general sector trend of strong cash generation paired with disciplined spending is mirrored in the Bakken formation, where operators have prioritized shareholder returns and debt reduction over aggressive production growth. For...

🌅Afternoon Wire·Jul 29

Production Data

Global Oil Prices Rebound Amid Gulf Tensions, LNG Exports Continue

Global oil prices were rebounding on Wednesday, according to a report from Rigzone. While the specific price drivers were not detailed in the available summary, the broader market movement provides a shifting price backdrop for Bakken producers and royalty owners. Simultaneously, tensions in a key global oil transit chokepoint are ongoing. The United Arab Emirates is continuing its liquefied natural gas exports via the Persian Gulf, Rigzone reported. Abu Dhabi National Oil Co is pushing on with shipments from its Gulf plant even as renewed hostilities in the region force producers to curb visible traffic through the Strait of Hormuz. The Strait of Hormuz is a critical maritime route for global oil and LNG supplies. Any disruption or heightened risk in the region typically exerts upward pressure on global benchmark oil prices. For Bakken operators, higher global benchmarks can improve the economics of production and well completions, as the region's...

🌅Afternoon Wire·Jul 29

Workforce & Community

Bakken Rig Count Holds at 27 Amid Sharp Oil Price Rally

The number of active drilling rigs in North Dakota held steady at 27 this week, according to live Bakken Wire data, as a sharp rally in oil prices provided a stronger revenue backdrop for operators. West Texas Intermediate (WTI) crude surged $5.40 to settle at $84.66 per barrel, a gain of 6.81%, while the global Brent benchmark rose 7.8% to $90.65. The current rig count, a key indicator of industry activity and employment demand, remains at a level consistent with modest, sustained operations in the Bakken formation. Historically, rig counts directly correlate with oilfield employment, with each active rig supporting a wide range of jobs including drillers, field technicians, truck drivers, and support staff. A steady count suggests a stabilized demand for this workforce after periods of volatility. For local communities in western North Dakota, the stability in activity, coupled with higher oil prices, supports key economic indicators. Municipal budgets...

🌅Afternoon Wire·Jul 29