Friday, July 31, 2026

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Oil Prices

WTI Rises to $84.83 Amid Renewed Hormuz Tensions

Oil prices moved higher on Friday, with West Texas Intermediate (WTI) crude rising $1.24 to settle at $84.83 per barrel. Brent crude gained $1.32 to reach $90.35, according to live price data. The gains come as geopolitical risk premium returned to the market following a week of volatile trading driven by events in the Strait of Hormuz. The week opened with a sharp sell-off as diplomatic efforts, including a proposal from Oman for regional management of the critical waterway, suggested a potential resolution to supply disruptions. According to OilPrice.com, September WTI futures had fallen as much as 7.02% week-to-date by late Thursday. However, prices rebounded after Iran rejected the Omani plan and military exchanges resumed, including U.S. strikes on Revolutionary Guard targets inside Iran early Thursday. This reversal showed that earlier selling was "built on diplomatic hope, not a restoration of crude flows," OilPrice.com reported. For Bakken producers, the headline...

☀️Morning Wire·Jul 31

Rig Report

Bakken Rig Count Holds at 27 for Second Straight Week

The number of rigs actively drilling for oil and gas in North Dakota held steady at 27 on Friday, July 31, 2026, according to live data from Bakken Wire. There were no new rigs added, none removed, and none that moved location since the previous day's report. This marks the second consecutive Friday where the rig count has been reported at 27. The count is up by three rigs compared to one week ago, on July 24, when 24 rigs were active. Compared to the beginning of the month, the current activity is up by a single rig from the count of 26 recorded on July 1. The stability at the 27-rig level represents a plateau following the gains seen over the last month. Rig count is a closely watched leading indicator of future oil production in the Bakken formation and broader Williston Basin, as it reflects the pace of...

☀️Morning Wire·Jul 31

Daily Activity

Five New Drilling Permits Approved in Stark and Dunn Counties

The North Dakota Department of Mineral Resources approved five new drilling permits in filings dated Thursday, July 30, with activity focused in Stark and Dunn counties, according to the daily activity report. Three permits were issued to Murfin Drilling Company for wells in Stark County. Permit 43171 is for the WAGNER 1-4H well in the ZENITH field. Permit 43172 is for the WAGNER 1-34H well in the GREEN RIVER field. Permit 43173 is for the WAGNER 1-3H well, also located in the ZENITH field. The remaining two permits were approved for Burlington Resources Oil & Gas Company LP in Dunn County. Both permits, 43174 for the KELLY 1C well and 43175 for the KELLY 2A well, are located in the NE NW of Section 11, Township 145 North, Range 96 West. The report lists the field for both Burlington wells as 'CONFIDENTIAL'. The approvals indicate continued drilling interest in the...

☀️Morning Wire·Jul 31

Global Markets

Oil Prices Drop on Mixed Global Supply Signals

Global oil prices fell on Thursday, according to market reports, as increased shipping activity through a key Middle Eastern waterway helped offset concerns over escalating geopolitical tensions. Rigzone reported that oil dropped amid mixed supply signals. The outlet stated that increased shipping through the Strait of Hormuz acted as a counterweight to rising geopolitical risks, leading to the price decline. The Strait of Hormuz is a critical chokepoint for global seaborne oil trade. For Bakken operators in North Dakota, daily price moves in global benchmarks like West Texas Intermediate (WTI) directly influence the revenue received for their crude. The Bakken formation is a major tight oil play where production economics are sensitive to price fluctuations. A downward move in prices, even on mixed market signals, can pressure cash flows and potentially influence near-term drilling and completion budgets. Operators continuously monitor these global dynamics, as local Bakken crude prices are typically...

☀️Morning Wire·Jul 31

Global Markets

Saudi, UAE Tanker Moves Signal Prolonged Middle East Shipping Disruptions

Six empty Saudi Arabian oil tankers have diverted away from the Red Sea's Bab el-Mandeb Strait and are heading south around the Cape of Africa, according to vessel-tracking data monitored by Bloomberg and reported by OilPrice.com. This rerouting, a response to Houthi threats and attacks on Saudi tankers, will add at least two weeks to a supertanker's journey compared to using the Suez Canal route. Concurrently, Saudi Arabia is shifting export tactics, moving more crude via tankers from Yanbu to Egypt's Ain Sukhna port, then through the SUMED pipeline to the Sidi Kerir port on the Mediterranean. At least eight empty Very Large Crude Carriers (VLCCs) are signaling Sidi Kerir as their destination, with arrivals expected within two to three weeks. In a separate move highlighting tight vessel supply, Abu Dhabi's ADNOC has purchased five VLCCs for approximately $590 million, according to a Reuters report cited by OilPrice.com. The purchase...

☀️Morning Wire·Jul 31

Operator News

Global Tensions, Price Volatility Frame Bakken Outlook

Global energy security faced a new threat this week as a drone attack struck critical natural gas infrastructure in Egypt, according to a report from OilPrice.com. On Wednesday, at least two drones hit the U.S.-owned Energos Winter floating storage and regasification unit and a second gas-processing vessel at Egypt's Damietta port, setting both ships on fire. The incident marked the first time the conflict has reached Egypt's Mediterranean gas infrastructure, exposing vulnerabilities in the country's air defenses. No casualties were reported, and port operations have since resumed. The attack has forced Egypt to reroute liquefied natural gas imports and increase reliance on fuel oil and diesel to prevent power shortages. Egyptian officials have opened direct contacts with Tehran to determine responsibility for the strike. This event occurs amid heightened regional tensions, with the United States resuming attacks on Iranian targets after a five-night pause, as reported by OilPrice.com. Meanwhile, oil...

☀️Morning Wire·Jul 31

Pipeline & Infrastructure

Saudi Security Proposal, Gulf Loadings, BP Project Mark Global Energy Day

Saudi Arabia is proposing to lead a multinational maritime security alliance, according to a report from Rigzone. The kingdom discussed the plan with military representatives from 43 countries, aiming to protect shipping lanes and counter a blockade imposed by Houthi forces. The initiative seeks to safeguard the flow of oil through critical Middle Eastern waterways. Separately, oil loadings from Saudi Arabia and other major producers within the Persian Gulf remained subdued, Rigzone reported in a separate dispatch. The report, dated July 30, did not specify a volume or provide a reason for the constrained shipments from the key export region. In Western Hemisphere developments, BP plc has started up an expansion project at its Atlantis field in the deepwater U.S. Gulf of Mexico. The project has raised the field's production capacity by 10,000 barrels of oil equivalent per day, Rigzone reported on July 30. For Bakken shale operators and North...

☀️Morning Wire·Jul 31

Regulatory

Global Operators Leverage Tech, Efficiency in Latest Industry Moves

Major international energy companies are making strategic moves in supercomputing, offshore production efficiency, and LNG supply, developments that underscore broader industry trends relevant to operators in North Dakota's Bakken formation. Italian energy giant Eni announced it is opening up its supercomputing capabilities to what it calls the 'innovation ecosystem', according to a report from Rigzone. While not a Bakken-specific operator, Eni's move highlights the increasing role of high-performance computing in oil and gas, which can be applied to subsurface modeling and reservoir optimization in shale plays like the Bakken. In offshore Brazil, state-controlled Petrobras is reportedly producing more than the designed capacities of its mega-platforms deployed at the Buzios and other deepwater fields, Rigzone reported. This push for operational efficiency and maximizing asset productivity is a core tenet for shale operators in the Williston Basin, where improving well performance and reducing downtime are constant focuses to maintain profitability. In a...

☀️Morning Wire·Jul 31

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rise Amid Inventory Draw, Major Middle East Pricing Shift

Oil prices moved higher on Friday, with West Texas Intermediate (WTI) crude gaining 0.85% to trade at $84.30 per barrel, according to midday price data. Brent crude rose 1.01% to $89.93. The Bakken crude differential to WTI was at a discount of $3.42 per barrel. The price advance followed a U.S. government report showing a substantial weekly drawdown in commercial crude inventories. The U.S. Energy Information Administration reported that crude oil stocks, excluding the Strategic Petroleum Reserve, fell to 404.5 million barrels for the week ending July 24, a drop of more than 7 million barrels from the previous week. A major structural shift in global crude pricing was also announced Friday, adding market uncertainty. The Abu Dhabi National Oil Company (ADNOC) said it will change the pricing formula for all four of its Abu Dhabi crude grades—Murban, Das, Umm Lulu, and Upper Zakum—effective November 1, 2026. According to reports...

🔆Midday Wire·Jul 31

Operator News

Chevron Reports Record Q2 Profit

Chevron Corp. posted record second-quarter results that outperformed expectations, according to Rigzone. The company reported the earnings on Friday, July 31. As a major operator in North Dakota's Bakken formation, Chevron's financial performance is a key indicator of the region's economic vitality. The record profit suggests the company's assets, including its significant Bakken position, are generating substantial cash flow. For other Bakken operators, Chevron's performance sets a positive tone for the quarter. Strong earnings at a large integrated company often reflect favorable commodity price environments and efficient operations, which can benefit the wider basin. This financial strength may support continued investment in maintenance and optimization of existing wells. The news comes as the Bakken region maintains steady production levels. While the headline does not specify Bakken-specific results, the formation is a core part of Chevron's lower 48 onshore portfolio. The company's overall health is closely watched by service companies, royalty...

🔆Midday Wire·Jul 31

Global Markets

Global Coal Demand Hits Record as China's Power Mix Shifts

Global coal consumption reached a record high in 2025, according to the latest Statistical Review of World Energy, even as its use for power generation declined slightly. The data, reported by OilPrice.com, shows consumption rose 0.7% to 166.0 exajoules last year, while coal-fired power production fell 0.3% to 10,511 terawatt-hours. The divergence highlights coal's critical role beyond electricity, in steelmaking, cement production, and other industrial processes. The record consumption also reflects a stark geographic divide: coal use is declining across much of the developed world but remains deeply embedded in Asia's industrial economy. Asia Pacific accounted for 83.2% of global coal use in 2025, with China alone consuming 55.6% of the world's total and India another 13.9%. Despite the absolute record, coal's share of the global energy mix slipped from 27.9% in 2024 to 27.7% in 2025, as total energy supply grew faster at 1.4%. Renewable energy supply, by contrast,...

🔆Midday Wire·Jul 31

Global Markets

Ukraine Strikes Russian Refinery, Iranian Shipping in Escalation

Ukrainian forces have escalated long-range strikes against Russian energy infrastructure and allied shipping, targeting a major Lukoil refinery and Iranian cargo vessels in the Caspian Sea, according to international reports. The attacks underscore the ongoing volatility in global energy markets stemming from the Russia-Ukraine war. On July 25, Ukraine's domestic intelligence agency (SBU) carried out a drone strike in the Caspian Sea, according to OilPrice.com. The strike hit a Russian missile boat and two sanctioned cargo ships, the Port Olya 2 and the Begey, which were allegedly used to transport military cargo between Iran and Russia. Ukrainian President Volodymyr Zelenskyy said the operation achieved "very strong results." Iranian authorities stated one sailor was killed and vowed retaliation, summoning Ukraine's diplomat in Tehran. Separately, Ukraine also struck one of Russia's largest oil refineries, a facility owned by Lukoil, Rigzone reported on July 31. The specific refinery was not named in the...

🔆Midday Wire·Jul 31

Operator News

Industry Welcomes Federal Drilling Act, Shell Divests, Oil Prices Dip

Industry groups are welcoming the Senate Natural Resources Committee's approval of the License to Drill Act, according to a report from Rigzone. The act, S.5039, reauthorizes a long-standing policy that provides a critical framework for producers operating on federal lands. "S.5039 reauthorizes a long-standing policy that is an important framework for federal land producers," Dan Naatz, Executive Vice President and Chief Policy Officer of the Independent Petroleum Association of America (IPAA), told Rigzone. For Bakken operators with federal acreage in North Dakota, regulatory certainty on permitting is a key operational consideration. In a separate international deal reported by Rigzone, Shell has divested its stake in the Aphrodite gas field to Hungary's MOL. The company stated the move was part of a strategic portfolio shift. "Our decision to exit is driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain," Shell...

🔆Midday Wire·Jul 31

Pipeline & Infrastructure

Global Energy Developments Highlight Geopolitical, Market Factors for Bakken

BP has launched a sale of its North Sea business, according to a report from Rigzone. The move is part of the company's ongoing portfolio review and reflects a disciplined approach to capital allocation, the source stated. While this specific asset sale is overseas, such strategic shifts by major international operators can influence global capital flows and partner strategies, even in North American shale plays like the Bakken. In the Middle East, Saudi Arabia is proposing to lead a multinational maritime security alliance, Rigzone reported. The kingdom discussed the formation of the alliance with military representatives from 43 countries, aiming to counter a blockade imposed by the Houthis. Separately, oil loadings from Saudi Arabia and other major producers in the Persian Gulf remained subdued, according to another Rigzone report from July 30. These developments underscore the geopolitical and logistical factors that can impact global crude oil supply chains. The Bakken...

🔆Midday Wire·Jul 31

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Trade Above $84

North Dakota's active drilling rig count held steady at 27 on Friday, as firm crude oil prices provided a supportive backdrop for Bakken operators. West Texas Intermediate (WTI) crude traded at $84.30 per barrel, a gain of 85 cents, while the international Brent benchmark reached $89.93. The current rig level, a key indicator of future production, has remained in a narrow band for several months, pointing to a period of disciplined capital investment by producers. Historically, the rig count serves as a leading indicator for oil output, with changes typically reflected in production figures several months later. A stable count suggests production levels are likely to plateau or see modest changes in the coming quarters, barring significant gains in well productivity. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a discount of $3.42 per barrel to WTI. This differential is a critical factor for operator...

🔆Midday Wire·Jul 31

Workforce & Community

Bakken Rig Count Holds at 27 as Oil Prices Offer Stability

North Dakota's active drilling rig count held at 27 on Friday, a level that reflects a mature and measured pace of development in the Bakken formation. This operational tempo, supported by oil prices holding above $84 per barrel, provides a baseline for regional workforce stability and local economic activity. The current rig count is a key indicator of direct oilfield employment for drilling crews, roustabouts, and related service companies. A count in the high 20s represents a significant consolidation from the boom-era highs of over 200 rigs but suggests a sustained core of high-paying jobs. According to general industry analysis, each active rig typically supports dozens of direct and indirect jobs across the supply chain. Commodity prices on Friday offered supportive signals for maintaining this activity. West Texas Intermediate (WTI) crude was trading at $84.30 per barrel, up 0.85% for the day. The global benchmark, Brent crude, traded at $89.93....

🔆Midday Wire·Jul 31

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rise Amid Geopolitical Tensions, U.S. Rig Count Edges Up

Oil prices climbed on Friday, with West Texas Intermediate (WTI) crude settling at $84.55 per barrel, a gain of $0.96 or 1.15%, according to live price data. The global benchmark Brent crude rose 1.22% to $90.12. The price for Bakken crude at the wellhead was trading at a differential of $-3.42 versus WTI. The price increase comes as the market assesses the potential impact of a reported attack on Saudi Aramco's critical Abqaiq oil-processing facility earlier this week. According to an analysis from OilPrice.com, satellite imagery suggests the attack reached areas associated with crude processing, raising concerns about potential disruptions to the facility that stabilizes more than seven million barrels per day for export. However, the lack of an official damage assessment from Saudi authorities and no immediate reports of export interruptions have so far restrained a more dramatic price spike. Supporting prices was a substantial drawdown in U.S. commercial...

🌅Afternoon Wire·Jul 31

Rig Report

North Dakota Rig Count Holds at 27 After Single Rig Swap

The number of active drilling rigs in North Dakota remained steady at 27 on Friday, July 31, 2026, following a one-for-one exchange in the state's northwest region. According to live rig data, one new rig commenced operations while another was released. The activity was concentrated in Divide County. Phoenix Operating LLC deployed the T&S DRILLING 2 rig at location 160-98-22. Concurrently, KODA RESOURCES OPERATING, LLC released the STONEHAM 16 rig from location 161-102-36. No rigs were reported to have moved locations. The current count of 27 rigs represents a net gain of three rigs from one week ago, when 24 were active on July 24. Compared to one month ago on July 1, the state's rig fleet is up by one. The modest activity in the Bakken mirrors a cautious trend in the broader U.S. oil patch. According to data from Baker Hughes published Friday and reported by OilPrice.com, the...

🌅Afternoon Wire·Jul 31

Operator News

Exxon, Chevron Post $26.5B Q2 Profit Amid Fuel-Driven Price Crunch

ExxonMobil and Chevron reported a combined $26.5 billion in second-quarter profit, driven by high production and soaring refining margins amid a global fuel supply crunch, according to reports from OilPrice.com and Rigzone. The record earnings have drawn the ire of the Trump administration, which is investigating high gasoline prices. Chevron reported record net income of $12.2 billion, nearly five times its year-ago profit, Rigzone confirmed. ExxonMobil earned $14.5 billion, double its Q2 2025 result and its best performance since the price spike following Russia's invasion of Ukraine. The surge was fueled by the Iran war, which disrupted Gulf production and tanker traffic through the Strait of Hormuz, scrambling global oil and fuel markets. A critical factor for Bakken operators and national fuel supplies is the shift in the price problem. Exxon CFO Neil Hansen said the bigger issue is no longer crude oil prices but "the shrinking availability of the...

🌅Afternoon Wire·Jul 31

Global Markets

Global Roundup: Trade Threats, UN Security, and Data Center Power Demand

Former President Donald Trump's July 8 order to halt trade with Spain is being examined for potential product targets, including energy, according to a report from OilPrice.com. While an outright embargo is not yet in effect, the threat highlights geopolitical risks to global oil flows. Spain imported an average of roughly 250,000 barrels per day (b/d) of U.S. crude in 2025, mostly WTI Midland, making the U.S. a key supplier. The report notes that Spanish refiner Repsol is the largest buyer of U.S. crude into the country, utilizing light sweet WTI Midland and heavier sour grades like Canadian Cold Lake Blend for its refinery configurations. Any disruption to this trade could force a reshuffling of global crude flows, potentially affecting the market for light sweet grades like those produced in the Bakken. In Central Asia, Kyrgyzstan has been elected to a two-year term on the United Nations Security Council, as...

🌅Afternoon Wire·Jul 31

Operator News

Global Events Pressure Oil Prices; Shell Divests Cyprus Stake

Global crude oil benchmarks were trading lower Friday but remained on track for significant monthly gains, according to Rigzone. Both Brent and West Texas Intermediate prices were down for the day, yet poised for a roughly 20 percent increase over July, Naeem Aslam, CIO at Zaye Capital Markets, outlined in a report cited by the news service. The price dip coincided with news of geopolitical tension affecting energy infrastructure. Ukraine stated it attacked one of Russia's largest oil refineries, owned by Lukoil, Rigzone reported separately. Such attacks on global refining capacity can introduce volatility into crude and refined product markets, factors that Bakken producers must navigate when hedging production. In a separate corporate move, Shell has divested its stake in the Aphrodite gas field offshore Cyprus to Hungary's MOL. The company stated the exit is "driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen...

🌅Afternoon Wire·Jul 31

Pipeline & Infrastructure

Global Pipeline Developments Highlight Geopolitical, Security Risks

Saudi Arabia has proposed leading a multinational maritime security alliance involving 43 countries, according to Rigzone. The reported discussions aim to protect shipping lanes and counter a blockade imposed by Houthi forces. Separately, oil loadings from Saudi Arabia and other major producers in the Persian Gulf remained subdued, Rigzone also reported. These developments highlight ongoing geopolitical and security risks in key global oil transport corridors. For Bakken producers, sustained volatility or supply disruptions in the Middle East can support global crude oil benchmarks, indirectly benefiting the price received for North Dakota light sweet crude. However, increased security measures or prolonged loading delays could also contribute to market uncertainty. In a separate corporate move, BP has launched the sale of its North Sea business, Rigzone reported. The energy major stated the decision is part of an ongoing portfolio review and reflects a "disciplined approach to capital allocation." The goal is to...

🌅Afternoon Wire·Jul 31

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Strengthen

North Dakota's active drilling rig count held steady at 27 as of Friday, July 31, 2026, according to live Bakken Wire data. The stability in the rig count coincides with a significant uptick in benchmark crude oil prices, which analysts view as a supportive factor for maintaining current production levels in the state's Bakken formation. West Texas Intermediate (WTI) crude traded at $84.55 per barrel, a daily gain of $1.09 or 1.22%. The international Brent benchmark rose to $90.12. The price for Bakken crude at the wellhead is typically discounted against WTI; the live differential was -$3.42, putting Bakken at approximately $81.13 per barrel. Natural gas prices were reported at $2.77 per MMBtu. The current rig count of 27, while unchanged from recent reports, remains far below the peak levels seen in the Bakken's boom years, which exceeded 200 rigs. Historically, the rig count is a leading indicator of future...

🌅Afternoon Wire·Jul 31

Workforce & Community

Bakken Rig Count Holds at 27 as Oil Prices Push Higher

The active drilling rig count in North Dakota held steady at 27 on Friday, a figure that underscores a period of measured activity in the Bakken formation. The stability comes as crude oil prices posted gains, with West Texas Intermediate (WTI) trading at $84.55 per barrel, according to live Bakken data. The current rig count, a key indicator of oilfield employment and industrial demand, reflects a significantly smaller footprint than during the boom years but represents a stable plateau for the region. For local communities and the oilfield workforce, this level of activity suggests a sustained, if modest, demand for labor across drilling, completion, and production services. Higher oil prices, with WTI up over a dollar on the day, generally support continued capital spending by operators. However, the persistent discount for Bakken crude, currently at a $3.42 differential below WTI, can temper some of that price incentive. The net effect...

🌅Afternoon Wire·Jul 31