Thursday, July 30, 2026

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Oil Prices

Oil Prices Dip Amid Refined Product Pressure, Bakken Differential Holds at -$3.42

Front-month WTI crude oil prices fell 1.23% to $83.42 per barrel in Thursday morning trading, according to live price data. The global benchmark Brent crude also declined, dropping 0.94% to $89.89. The price for Bakken crude at the wellhead held a differential of $-3.42 versus WTI. The decline comes despite a wave of strong second-quarter earnings reports from international oil majors, underscoring a market focused on near-term demand signals and refined product inventories. Shell reported adjusted earnings of $9.84 billion for Q2 2026, more than double the $4.26 billion from the same period last year, according to OilPrice.com. The supermajor cited higher realized oil and gas prices, record refinery utilization of 102%, and strong trading profits driven by extreme volatility from the ongoing Middle East conflict. Shell's results, along with similar profit jumps from other European majors, highlight the sustained cash flow generation for integrated companies amid elevated price environments....

☀️Morning Wire·Jul 30

Rig Report

North Dakota Rig Count Holds at 27 for Second Consecutive Day

The number of active drilling rigs in North Dakota remained unchanged at 27 on Thursday, July 30, according to the latest live rig data from Bakken Wire. No rigs were added, removed, or moved locations in the last 24 hours. The current count reflects a sustained period of modest growth in drilling activity across the Bakken formation and Williston Basin. The rig fleet has held at 27 for two consecutive reporting days. Historical context shows a gradual upward trend over recent weeks. The current count is two rigs higher than the 25 active rigs reported one week ago on July 23. Compared to one month ago, on June 30, activity has increased by three rigs from a base of 24. The stability at 27 rigs indicates a period of consolidation following recent gains. Operators appear to be maintaining their current pace of development drilling without immediate expansion or contraction of...

☀️Morning Wire·Jul 30

Daily Activity

Hunt Oil, Burlington Lead Permitting as DMR Approves Five New Bakken Wells

The North Dakota Department of Mineral Resources approved five new drilling permits in its daily activity report for Wednesday, July 29, 2026, with Hunt Oil Company and Burlington Resources Oil & Gas Company LP accounting for all new authorizations. Hunt Oil Company received three permits for wells in the Alexandria field of Divide County, according to the report. The permits, 43165, 43169, and 43170, are all for locations in SE SE 34-161N-100W. Burlington Resources Oil & Gas Company LP was approved for two permits, 43167 and 43168, for wells in the ‘CONFIDENTIAL’ field in Dunn County. Both Burlington wells are located in NE NW 11-145N-96W. The DMR also processed two permit renewals. Formentera Operations, LLC renewed its permit (90380) for the RNL 1 SWD injection well in Burke County's Lignite field. Falcon Midstream Services, LLC renewed its permit (90414) for the DECKER SWD 5493 11-19 disposal well in Mountrail County's...

☀️Morning Wire·Jul 30

Global Markets

Strait of Hormuz Turmoil Escalates, Japan Buys Canadian Crude

Iran's Islamic Revolutionary Guard Corps (IRGC) said on Thursday that two oil tankers attempting to transit the Strait of Hormuz with U.S. support turned back after one caught fire, according to a report from OilPrice.com. The IRGC declared the Strait "our territory" and stated it "cannot be reopened" while U.S. threats continue. Most ships, including tankers, are now attempting to navigate the strait in "dark mode" with transponders off to avoid detection, OilPrice.com reported. This latest incident follows a wave of U.S. strikes against IRGC targets on Wednesday, in response to Iranian missile attacks on U.S. forces. The ongoing turmoil sent Brent crude prices above $92 per barrel early Thursday, a jump of 1.5%. In a related development, QatarEnergy successfully sent an LNG cargo through the Strait of Hormuz on Thursday, its first such passage in three weeks since one of its carriers was struck there, OilPrice.com reported, citing Bloomberg....

☀️Morning Wire·Jul 30

Operator News

Shell Posts Higher Q2 Earnings, Petronas Signs LNG Deal, NSTA Cites Carbon Storage Boost

Shell reported higher earnings for the second quarter, according to Rigzone, as higher oil prices offset production losses in the Middle East. The company also announced a new $3 billion share buyback plan, maintaining its rate of returns to shareholders. For Bakken operators, the performance of international majors like Shell can influence investment sentiment and capital availability for shale plays. In a separate development, Malaysia's Petronas penned an initial agreement to continue supplying liquefied natural gas to Japanese utility Hokuriku Electric, Rigzone reported. This deal underscores the ongoing global demand for LNG, a market that Bakken natural gas producers can potentially access through regional processing and transportation infrastructure. Strengthening international LNG demand provides a long-term outlet for associated gas produced from the oil-rich formation. Meanwhile, the UK's North Sea Transition Authority (NSTA) stated that the carbon storage industry "has been given a significant boost" with the publication of two commissioned...

☀️Morning Wire·Jul 30

Pipeline & Infrastructure

Global Oil Flow, Pricing Shifts Impact Bakken Market Dynamics

Global oil prices surged on July 29 following renewed military action between the U.S. and Iran, reigniting concerns over Middle East energy supplies, according to Rigzone. This price volatility directly impacts the realized prices for Bakken crude, which competes in global markets. Despite the ongoing hostilities, shipping traffic across the crucial Strait of Hormuz has picked up in recent days, with the U.S. Navy escorting some tankers through the waterway, Rigzone reported on July 30. The strait is a vital chokepoint for global seaborne oil trade, and sustained traffic helps maintain the flow of crude to international markets, including those that benchmark Bakken pricing. In a separate development that could influence global crude pricing structures, Saudi Aramco is preparing a new selling price for oil loaded at Egypt's Mediterranean port of Sidi Kerir for delivery to Asia, Rigzone reported on July 29. Any shift in how major producers price crude...

☀️Morning Wire·Jul 30

Regulatory

Eni Boosts Buybacks, Awards $3B+ in Contracts as Offshore Sector Sees Strength

Eni S.p.A. has increased its 2026 share buyback program by 20 percent to EUR 3.4 billion (nearly $4 billion), according to a report from Rigzone. The Italian state-backed energy major cited an elevated oil price environment as the reason for the increase. In related activity, Eni awarded more than $3 billion worth of contracts to engineering firm Saipem in July alone, Rigzone reported, based on statements posted on Saipem's website. The contract awards highlight significant capital expenditure flowing to offshore and international oilfield services. Separately, Saudi Arabian state oil shipper Bahri posted a record profit, which it attributed to higher freight rates and increased vessel chartering activity driven by growing customer demand, Rigzone reported. For Bakken operators and service companies, these developments underscore the financial strength of major international operators amid sustained oil prices. The capital allocation decisions by a major like Eni—directing billions toward shareholder returns and large-scale projects—signal...

☀️Morning Wire·Jul 30

Production Data

Geopolitical Tensions Rise as Trump Warns Iran After Attack

President Donald Trump said the U.S. would hit Iran hard after a recent attack that targeted a military base in Jordan, according to a report from Rigzone. The statement, made on July 29, underscores escalating geopolitical tensions in a region critical to global oil flows. For Bakken shale producers, such geopolitical events are a primary driver of crude oil price volatility. While North Dakota's oil fields are geographically insulated from Middle Eastern conflict, the financial impact is felt directly through changes in the benchmark West Texas Intermediate (WTI) price. Sharp price increases can quickly improve cash flow and drilling economics, while fears of a broader conflict disrupting demand can lead to price declines. The Bakken formation, North Dakota's primary oil-producing region, remains sensitive to shifts in the global oil market. Operators and royalty owners watch these developments closely, as price swings influence decisions on well completions, workovers, and capital expenditure...

☀️Morning Wire·Jul 30

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Dip Midday as IEA Reports Oil Shock Fuels EV Sales Surge

Front-month WTI crude oil futures were trading at $84.03 per barrel at midday Thursday, down 0.51 percent, according to live market data. The global benchmark Brent crude fell 1.15 percent to $89.70. Bakken crude was priced at a $3.42 discount to WTI. The price pullback coincides with a major International Energy Agency (IEA) report highlighting how recent oil price volatility is accelerating the shift to electric vehicles. According to the IEA, global EV sales rebounded sharply in the second quarter, rising 35 percent compared to the first quarter of 2026. The agency directly linked the surge to the energy crisis sparked by war in the Middle East, which brought fuel price volatility "back into sharp focus." The IEA report, cited by OilPrice.com, noted that EV sales reached record levels in 50 countries last quarter, with sizable markets like Brazil, India, Australia, and Vietnam seeing sales roughly double compared to the...

🔆Midday Wire·Jul 30

Global Markets

China's Coal Power Share Falls Below 50% in Landmark Shift

China's reliance on coal for electricity generation has dropped below 50% for the first time on record, according to official data released Thursday. The share of coal averaged 49.7% of China’s total electricity output in the first half of 2026, as reported by OilPrice.com citing China’s National Energy Administration (NEA). This milestone highlights an accelerating energy transition, with renewable energy generation rising about 9% year-over-year in the first half of 2026. Wind and solar power combined now generate almost 25% of China's total electricity output, with all renewables accounting for 41.2%. “The latest figures underscore the accelerating pace of China's green and low-carbon energy transition, as the country continues to expand renewable energy capacity while reducing its reliance on coal,” China’s state news agency Xinhua reported, according to the source. For Bakken operators and North Dakota's oil economy, China's evolving power mix reinforces a long-term strategic pivot. The declining use...

🔆Midday Wire·Jul 30

Global Markets

Global Volatility Persists as Iraq Seeks Investment, Iran Attacks, Shell Profits

Heightened Middle East volatility continues to influence global oil markets, with new geopolitical developments and major corporate earnings highlighting the uncertain environment for producers worldwide, including those in North Dakota's Bakken formation. In a significant diplomatic shift, Iraq's new Prime Minister Ali Al-Zaidi concluded a successful visit to Washington, D.C., meeting with U.S. President Donald Trump, according to OilPrice.com. The visit yielded over $60 billion in agreements and memoranda of understanding with U.S. and Western energy companies, including Chevron and ConocoPhillips, covering oil field redevelopment, pipeline construction, and infrastructure. A key strategic outcome is support for pipelines to reduce Iraq's dependence on the Strait of Hormuz, including a memorandum with Syria to rehabilitate the idled Kirkuk to Baniyas pipeline, which could eventually carry up to 2.5 million barrels per day to the Mediterranean. Concurrently, regional tensions flared again as Iran fired ballistic missiles at American bases in Jordan on July...

🔆Midday Wire·Jul 30

Operator News

Majors Announce Offshore, Tech Advances; Bakken Contrasts Land Focus

Major international operators announced advances in offshore production and digital capabilities on Thursday, underscoring a global industry focus that contrasts with the land-based, manufacturing model dominant in North Dakota's Bakken formation. BP has raised the production capacity of the Atlantis deepwater field in the U.S. Gulf of Mexico by 10,000 barrels of oil equivalent per day, according to Rigzone. The expansion project started up on July 30, 2026. Separately, Brazil's state-owned Petrobras is producing more than the designed capacities of the mega-platforms deployed at its Buzios and other deepwater fields, Rigzone reported. The company is squeezing additional output from these major offshore assets. In a move focused on technology, Eni announced it is opening up its supercomputing capabilities to what it calls an "innovation ecosystem," Rigzone noted. This initiative aims to share high-performance computing resources beyond the company's internal research. For Bakken operators and service companies, these announcements highlight the...

🔆Midday Wire·Jul 30

Pipeline & Infrastructure

LNG Export Deals, Shell Buyback Highlight Global Energy Moves

Major liquefied natural gas (LNG) supply agreements were announced Thursday, highlighting continued global demand for gas exports, according to separate reports from Rigzone. Meanwhile, Shell announced a new share buyback plan following strong quarterly earnings. In a significant deal for North American exports, the Ksi Lisims LNG project has positioned Canada as a long-term LNG supplier to Germany. Rigzone reported this marks the first major long-term LNG supply arrangement between the two countries, strengthening their strategic energy partnership. This development underscores the growing global market for LNG, which could influence long-term gas pricing and development strategies for gas-rich basins. Separately, Malaysian state-owned Petronas signed a new initial agreement to continue supplying LNG to Japan's Hokuriku Electric, Rigzone reported. This is the latest Japanese utility to recently secure supply from Petronas, indicating sustained Asian demand for liquefied natural gas. For Bakken operators and royalty owners, these international LNG deals highlight a...

🔆Midday Wire·Jul 30

Regulatory

Global Energy Roundup: Aramco Mulls Asia Pricing, Hormuz Traffic Defies Tensions

Saudi Aramco is preparing a new selling price for oil loaded at Egypt's Mediterranean port of Sidi Kerir for delivery to Asia, according to a Rigzone report. The move, if implemented, could adjust the competitive landscape for crude grades in the key Asian market. For Bakken producers, shifts in pricing by the world's largest exporter can influence global benchmarks and the relative attractiveness of U.S. light sweet crude exports. In a related development, shipping traffic across the crucial Strait of Hormuz has picked up in recent days despite ongoing regional hostilities, Rigzone separately reported. The U.S. Navy has claimed it escorted some tankers across the waterway. Stable transit through this chokepoint is critical for global oil supply flows and price stability, factors that directly impact the revenue environment for North Dakota's oil producers. Meanwhile, the carbon storage industry "has been given a significant boost" according to the UK's North Sea...

🔆Midday Wire·Jul 30

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Retreat from Highs

North Dakota's active rig count held steady at 27 on Thursday, a level signaling continued but measured investment by operators in the Bakken formation. The stability comes as crude oil prices retreated from recent highs, with WTI trading at $84.03, down 0.51% for the day, according to midday Bakken Wire data. The current rig count remains near the lower end of its historical range for the state. Historically, the number of active drilling rigs serves as a leading indicator for future oil production, with changes typically impacting output several months later. A sustained count in the high 20s suggests operators are focusing on completing drilled but uncompleted wells (DUCs) and maximizing efficiency from existing pads, rather than embarking on aggressive new drilling campaigns. The price environment provides a key context for this activity. While West Texas Intermediate (WTI) crude remains above $80 per barrel, the Bakken crude differential—the discount at...

🔆Midday Wire·Jul 30

Workforce & Community

Bakken Workforce Stability Tested as Rig Count Holds at 27

The North Dakota oil industry continues to operate at a stable but historically reduced pace, with the state's active rig count holding at 27 on Thursday, July 30, 2026. This level of drilling activity, sustained amid modestly lower oil prices, is a key indicator for employment and economic vitality in the Bakken region's workforce and communities. According to live Bakken data, WTI crude was trading at $84.03 per barrel, down 51 cents for the session, while the local Bakken crude differential was $3.42 below the WTI benchmark. The current rig count, a fraction of the boom-era highs that surpassed 200, points to a mature phase of development focused on efficiency and existing well pads. This sustained lower activity level directly shapes the labor market, likely maintaining a workforce that is leaner and more specialized than in previous years. For local communities, the steady rig count suggests a period of equilibrium....

🔆Midday Wire·Jul 30

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slip as Brent Takes Hit, Bakken Differential Widens

Oil prices were mixed in afternoon trading Thursday, with international benchmark Brent crude falling more sharply than the U.S. standard. West Texas Intermediate (WTI) crude traded at $83.94 per barrel, down 52 cents or 0.62% for the day, according to live price data. Brent crude fell $1.29 to $89.45 per barrel, a decline of 1.42%. The price for Bakken crude, a key benchmark for North Dakota producers, was trading at a discount of $3.42 per barrel below WTI. This differential impacts the netback price for Bakken operators. Meanwhile, natural gas prices saw a slight increase, rising 2 cents to $2.75 per MMBtu. The broader decline in crude prices comes despite supportive data on refined products. According to Rigzone, the U.S. Energy Information Administration's latest update showed a rising price trend for U.S. regular gasoline. Strong gasoline demand and prices typically provide underlying support for crude oil markets. For Bakken operators,...

🌅Afternoon Wire·Jul 30

Rig Report

North Dakota Rig Count Holds Steady at 27 After Day of Churn

The number of active drilling rigs in North Dakota's oil fields remained at 27 on Thursday, July 30, following a day of equal additions and subtractions, according to live rig data. Two new drilling operations commenced, offsetting the release of two rigs. The net-zero change maintains a modestly higher level of activity compared to recent weeks. One week ago, on July 23, the state reported 25 active rigs, and one month ago, on June 30, the count stood at 24. In the Williston Basin's northwestern reaches, two operators deployed new rigs. Phoenix Operating LLC spud a new well, the PATTERSON 280, in Divide County at location 162-95-28. Continental Resources, Inc., one of the basin's largest operators, also started drilling, deploying the PATTERSON 297 in Mountrail County at 152-93-3. The rigs removed from service were both listed at the same location in Divide County (160-98-22). Phoenix Operating LLC released the T&S...

🌅Afternoon Wire·Jul 30

Global Markets

Russia Seeks Kazakh Refining as Global Supply Shifts Hit Prices

Global crude oil prices fell Thursday as increased tanker traffic in the Strait of Hormuz offset other geopolitical tensions, according to Rigzone. The drop comes amid complex supply shifts directly impacting refined product markets critical to Bakken crude pricing. Russia is seeking to process its crude oil at refineries in Kazakhstan, according to a report from OilPrice.com. The move is a response to sustained Ukrainian attacks on Russian refining infrastructure, which have created domestic fuel shortages. Kazakhstan's Energy Ministry confirmed talks are ongoing, though no volumes or specific refineries have been named. Under the proposed arrangement, Russian crude would be processed in Kazakhstan, with some fuel sold domestically and a portion exported back to Russia. For Bakken operators, this potential deal underscores a tightening global diesel market. OilPrice.com notes that fuel kept in Kazakhstan or shipped back to Russia is product that will not reach other international buyers, where supplies...

🌅Afternoon Wire·Jul 30

Global Markets

Global Tensions Keep Oil Prices Elevated, Spotlight on Supply Routes

Former U.S. Secretary of State John Kerry has warned that Europe's ongoing energy crisis represents a greater threat to the continent than any military operation, according to an op-ed reported by OilPrice.com. He stated that energy insecurity is a fatal "exposed flank in Europe’s rearmament," noting that energy price shocks over the past four years have shuttered factories, driven inflation, toppled governments, and forced €650 billion in spending to shield consumers. This persistent crisis, stemming from conflicts in Ukraine, the Red Sea, and now Iran, underscores sustained global demand for secure energy supplies. In the Middle East, the key chokepoint for global oil flows remains constrained. Despite a slight increase in traffic, with fourteen commodity vessels transiting the Strait of Hormuz on Wednesday, Gulf oil exports are struggling to recover, OilPrice.com reported. Analytics firm Kpler stated that persistent maritime security risks, war risk insurance costs, and Iranian interdiction are the...

🌅Afternoon Wire·Jul 30

Operator News

Majors Highlight Offshore, Tech Focus in Operational Updates

Major international operators announced a series of operational developments on Thursday, highlighting a continued focus on offshore production and digital innovation. While these projects are not located in the Bakken, the underlying themes of maximizing existing assets and leveraging high-performance computing are relevant to North Dakota's shale operations. BP has raised the production capacity of the Atlantis deepwater field in the U.S. Gulf of Mexico by 10,000 barrels of oil equivalent per day, according to Rigzone. The project's startup demonstrates the ongoing investment in brownfield expansions to boost output from mature assets. Separately, Brazil's state-run Petrobras is producing more than the designed capacities of offshore platforms at its Buzios and other deepwater fields, Rigzone reported. This achievement of squeezing additional oil from mega-platforms reflects industry-wide efforts to optimize production and improve recovery rates. In the technology sphere, Italian energy company Eni announced it is opening up its supercomputing capabilities to...

🌅Afternoon Wire·Jul 30

Pipeline & Infrastructure

LNG Deals, Shell Buyback Highlight Global Energy Moves

Global energy companies announced new liquefied natural gas (LNG) supply deals and a major share buyback program on Thursday, underscoring the international demand for hydrocarbons that underpins the Bakken's export potential. In a landmark agreement, the Ksi Lisims LNG project has positioned Canada as a long-term LNG supplier to Germany, according to Rigzone. The report calls the deal a "milestone" and "the first major long-term LNG supply arrangement between Canada and Germany," representing a significant step in the strategic energy partnership between the two countries. Separately, Malaysian state energy company Petronas has signed a new initial agreement to continue supplying LNG to Japanese utility Hokuriku Electric, Rigzone reported. This marks the latest Japanese utility to recently secure supply from Petronas, highlighting sustained Asian demand for LNG. For the Bakken, which produces significant associated natural gas alongside its crude oil, these international LNG deals reinforce the long-term global demand for natural...

🌅Afternoon Wire·Jul 30

Regulatory

UK Carbon Storage Studies, Hormuz Traffic Highlight Global Energy Themes

Two separate international developments reported Thursday highlight the evolving regulatory landscape for carbon management and persistent security concerns for global oil shipments, both of which influence the long-term operating environment for Bakken producers. The UK's North Sea Transition Authority announced that the carbon storage industry "has been given a significant boost" with the publication of two NSTA-commissioned studies, according to Rigzone. While focused on the UK continental shelf, such regulatory advancements in carbon capture, utilization, and storage (CCUS) technology signal a growing global policy push that could eventually impact similar regulatory frameworks and economic incentives for emissions management in major U.S. oil basins like the Bakken. Separately, shipping traffic across the crucial Strait of Hormuz has picked up in recent days despite ongoing regional hostilities, Rigzone reported. The U.S. has claimed its navy escorted some tankers across the waterway. The Strait is a vital chokepoint for global seaborne oil trade,...

🌅Afternoon Wire·Jul 30

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Retreat from Highs

The number of rigs actively drilling for oil and gas in North Dakota held steady at 27 on Thursday, according to live Bakken data. This key indicator of operator activity has shown little recent volatility, even as crude oil prices retreated from recent highs. West Texas Intermediate crude traded at $83.94 per barrel, down 52 cents on the day. The international Brent benchmark fell more sharply to $89.45. Bakken crude at the wellhead traded at a discount of $3.42 to WTI, putting its price near $80.52. Natural gas was priced at $2.75 per MMBtu. The current rig count provides a snapshot of future production potential. Historically, the number of active drilling rigs in the Bakken formation is a leading indicator for oil output, with changes in the count typically preceding shifts in production volumes by several months. A stable rig count suggests that operators are maintaining, but not aggressively expanding,...

🌅Afternoon Wire·Jul 30