Saturday, August 1, 2026

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Oil Prices

WTI, Brent Climb Over 1% as Geopolitical Tensions, Inventory Draw Support Prices

Oil prices rose more than one percent on Friday, with Brent crude closing out its strongest monthly gain since March, according to live price data. The gains come as the market assesses geopolitical risks following an attack on a major Saudi Arabian oil facility and digests a significant weekly draw in U.S. crude inventories. West Texas Intermediate (WTI) crude settled at $84.67 per barrel, up $1.08 or 1.29%. The international benchmark Brent crude rose $1.09 to $90.12 per barrel, a 1.22% gain. Natural gas was relatively flat, slipping one cent to $2.75 per MMBtu. The price for Bakken crude at the wellhead, reflected by its differential to WTI, was -$3.42. The price strength caps a strong month driven by supply concerns. According to Rigzone, July marked Brent's strongest monthly gain since March as geopolitical conflicts raised concerns about global crude supplies. A key focus for traders is the aftermath of...

☀️Morning Wire·Aug 1

Rig Report

North Dakota Rig Count Holds at 27 Amid Federal Policy News

North Dakota's active drilling rig count held steady at 27 on Saturday, according to live data from Bakken Wire. The tally showed no new rigs added, no rigs removed, and no rigs moving location since yesterday's report. The current count of 27 represents a significant weekly gain, up four rigs from the 23 active rigs reported on July 25, 2026. It also marks a two-rig increase compared to the 25 rigs active one month ago on July 2, 2026. The steady activity level in the Williston Basin follows recent federal policy developments that industry groups say are crucial for operators on public lands. On Friday, industry groups welcomed the Senate Natural Resources Committee's approval of the License to Drill Act, according to a report from Rigzone. The legislation, S.5039, reauthorizes a long-standing policy that provides a framework for federal land producers. Dan Naatz, Executive Vice President and Chief Policy Officer...

☀️Morning Wire·Aug 1

Daily Activity

Burlington Resources Secures Four New Drilling Permits in Dunn County

The North Dakota Department of Mineral Resources approved four new drilling permits on Friday, July 31, 2026, with all activity concentrated in Dunn County. According to the DMR's daily activity report, Burlington Resources Oil & Gas Company LP was the sole operator filing for permits. All four permits are for wells located in the same legal subsection: NE NW of Section 11, Township 145 North, Range 96 West, in Dunn County. The wells are designated for the 'CONFIDENTIAL' field. The approved permits are 43176 for the HAWKEYE 1C, 43177 for the HAWKEYE 2A, 43178 for the HAWKEYE 2B, and 43179 for the HAWKEYE 2C. This single-batch filing by Burlington Resources, a subsidiary of ConocoPhillips, represents a focused development plan for a specific land parcel. Permitting four wells in one section is a common strategy for multi-well pads, which allow for efficient resource extraction by drilling several horizontal laterals from a...

☀️Morning Wire·Aug 1

Operator News

Exxon, Chevron Post Record $26.5B Q2 Profit Amid Fuel 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 crunch, according to OilPrice.com. The results are drawing political scrutiny with implications for all U.S. producers, including those in the Bakken. Chevron reported a record net income of $12.2 billion, nearly five times its year-ago profit. Exxon earned $14.5 billion, double its Q2 2025 result and its best performance since the oil price spike following Russia's invasion of Ukraine, OilPrice.com reported. The companies attributed the windfall to producing more oil, refining more fuel, and selling into a market scrambled by war in the Middle East. For Bakken operators and royalty owners, the financial strength of these majors signals robust market conditions for crude. Chevron's global production reached 4 million barrels of oil equivalent per day, helped by its acquisition of Hess, a major Bakken player. Its U.S....

☀️Morning Wire·Aug 1

Global Markets

Venture Capital Surges into Nuclear Startups as AI Drives Energy Demand

Venture capital investment in U.S. nuclear energy startups has surged to a record pace in 2026, driven by the exploding power demands of artificial intelligence data centers, according to a report from OilPrice.com. This shift toward funding round-the-clock, zero-emission power sources presents a new long-term competitive horizon for energy producers in the Bakken. Global investment in nuclear fission and fusion companies has topped $4.5 billion across 81 firms so far this year, putting 2026 on track to shatter 2025’s record of $6.2 billion, OilPrice.com reported, citing data from Axios. The majority of this funding surge is flowing to U.S. companies. Big Tech leaders, seeking solutions for their ballooning energy needs, are key drivers. Figures like Bill Gates and OpenAI’s Sam Altman are major investors and advocates for nuclear fusion. "There's no way to get there without a breakthrough," Altman said of meeting AI's energy demand at the 2024 World Economic...

☀️Morning Wire·Aug 1

Global Markets

Global Geopolitics, Energy Security, and Demand in Focus

Potential US trade actions against Spain could disrupt a key crude oil export market, according to a report from OilPrice.com. Former President Donald Trump's July 8 order to halt trade with Spain, related to defense spending and Iran policy, has put the country's energy security in focus. The US supplied Spain with an average of roughly 250,000 barrels per day (b/d) in 2025, making it one of the country's largest sources, primarily with WTI Midland crude. Spain's refiners, particularly Repsol, have come to rely on abundant, geographically accessible US crude priced against WTI. A disruption would force Spain to seek alternative light sweet and heavy sour barrels for its refinery configurations, a process that would be costly. For Bakken producers, any sustained disruption to a major European buyer of US light crude could impact export flow dynamics and pricing benchmarks. In Central Asia, Kyrgyzstan's election to the UN Security Council...

☀️Morning Wire·Aug 1

Operator News

Global Energy Developments Impact Markets as Bakken Eyes Monthly Gain

Global energy developments involving geopolitical conflict, major portfolio shifts, and strong monthly crude prices are shaping the market environment for Bakken operators as July concludes, according to recent reports. Ukraine struck one of Russia's largest oil refineries, according to a July 31 report from Rigzone. Such geopolitical events can introduce volatility into global crude markets, influencing the price benchmarks against which Bakken crude is sold. In a separate corporate move, Shell has divested its stake in the Aphrodite gas field to Hungary's MOL, Rigzone reported on July 31. The company stated the decision was "driven by disciplined capital allocation and portfolio choices, as we focus on opportunities that strengthen our integrated LNG value chain." Major portfolio adjustments by international oil companies can signal shifting strategic priorities that may influence investment patterns and partner dynamics globally, including in onshore U.S. basins. Despite a down day on Friday, July 31, both Brent...

☀️Morning Wire·Aug 1

Pipeline & Infrastructure

BP Launches Sale of North Sea Assets in Portfolio Review

BP has launched a sale of its North Sea business, according to a report from Rigzone. The announcement was made on July 31, 2026. The decision forms part of BP's ongoing portfolio review, Rigzone reported. The company stated the move reflects its disciplined approach to capital allocation, all in service of creating a simpler, stronger, and more valuable company. While this specific divestment involves offshore European assets, such portfolio actions by global majors can signal shifting strategic priorities. For the Bakken formation, where BP holds a significant position through its onshore U.S. subsidiary, these high-level corporate reviews often lead to increased focus on core, high-return assets. Major integrated companies like BP continually evaluate their global portfolios, balancing legacy holdings with investments in key growth regions. North Dakota's Bakken, a prolific onshore shale basin, is typically considered a core operating area for many large producers due to its competitive breakeven costs...

☀️Morning Wire·Aug 1

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Tops $84 as Geopolitical Tensions, Strong Month Support Oil

Oil prices climbed over 1% on Saturday, with West Texas Intermediate (WTI) crude topping $84 per barrel, as the market absorbed the potential long-term implications of a major attack on Saudi Arabian oil infrastructure and closed out a strong month of gains. As of midday, front-month WTI was trading at $84.67, up $1.08 or 1.29%. The global benchmark, Brent crude, rose $1.09 to $90.12. Natural gas prices were nearly flat at $2.75. The discount for Bakken crude at the Clearbrook, Minnesota hub held at -$3.42 versus WTI, according to live price data. The price strength follows a significant July. According to Rigzone, Brent crude capped its strongest monthly gain since March as geopolitical conflicts raised concerns about global crude supplies. A primary focus for traders is the aftermath of an attack on Saudi Aramco's Abqaiq oil-processing complex. A report from OilPrice.com on July 31 notes that while the immediate impact...

🔆Midday Wire·Aug 1

Operator News

Exxon, Chevron Post $26.5B Q2 Profit, Focus on Debt

ExxonMobil and Chevron reported a combined $26.5 billion in second-quarter profit, a windfall driven by high production and refining margins amid a global market scrambled by conflict, according to OilPrice.com. The results are drawing political ire in Washington as national gasoline prices remain high. Chevron reported a record net income of $12.2 billion, nearly five times its year-ago profit. Exxon earned $14.5 billion, double its Q2 2025 result and its best quarter since oil prices soared after Russia's invasion of Ukraine, OilPrice.com reported. The companies attributed the surge to producing more oil, refining more fuel, and selling it into a tight market exacerbated by the Iran war, which disrupted Gulf production and tanker traffic through the Strait of Hormuz. For Bakken operators and royalty owners, the performance of these integrated majors underscores the complex global dynamics supporting strong crude prices. Chevron's global production reached 4 million barrels of oil equivalent...

🔆Midday Wire·Aug 1

Global Markets

VC, Federal Push for Nuclear Power Signals Long-Term Energy Market Shift

Venture capital funding for U.S. nuclear energy startups is surging at a record pace, a long-term strategic shift in energy investment that could eventually influence demand for Bakken oil and gas, according to a report from OilPrice.com. Global investment in nuclear fission and fusion firms has topped $4.5 billion across 81 companies so far in 2026, on track to shatter 2025's record of $6.2 billion. The investment rush is being driven by exploding power demand from data centers and the artificial intelligence sector, which is seeking round-the-clock, zero-emissions electricity. "There's no way to get there without a breakthrough," OpenAI's Sam Altman said at the 2024 World Economic Forum, advocating for fusion investment. Big Tech figures, including Bill Gates, are major investors in nuclear technologies to meet this ballooning energy need. For Bakken operators, the move represents a potential long-term pivot in the nation's energy architecture. While oil and gas will...

🔆Midday Wire·Aug 1

Global Markets

Global Policy Shifts, Trade Tensions Highlight Market Volatility

The Bank of England will no longer accept bonds linked to thermal coal operations as collateral for loans starting in October, according to a policy posted to its website. The move, reported by OilPrice.com, is designed to protect the bank from financial risks associated with the transition to a net-zero economy, as thermal coal companies "can be exposed to potential financial risks." The bank stated it will also discount the value of bonds in other relevant sectors. This policy shift signals that major financial institutions are increasingly viewing some fossil fuel assets as risky. Ellie McLaughlin, a senior manager at campaign group Positive Money, called it "a strong signal from a central bank, and to the market as well." While the direct impact on Bakken oil operations is limited, it underscores a broader financial environment where energy investments are being scrutinized for climate-related risk. Meanwhile, transatlantic trade tensions are threatening...

🔆Midday Wire·Aug 1

Operator News

Industry Groups Hail Drilling Act Approval; Ukraine Hits Russian Refinery

Industry groups welcomed the Senate Energy and Natural Resources Committee's approval of the License to Drill Act, according to a report from Rigzone. The bill, S.5039, reauthorizes a long-standing policy that provides a framework for producers on federal lands. Dan Naatz, Executive Vice President and Chief Policy Officer of the Independent Petroleum Association of America (IPAA), stated the policy is "an important framework for federal land producers," Rigzone reported. For Bakken operators with federal acreage in North Dakota, the reauthorization of established leasing and permitting procedures provides regulatory certainty. In other news, Ukraine stated it attacked a Lukoil refinery, one of Russia's largest, Rigzone reported on July 31. Such geopolitical events affecting global refining capacity can influence international crude oil prices and market sentiment. While the Bakken's crude is primarily refined in the Midwest, global price fluctuations impact the economics for North Dakota producers and royalty owners. Separately, the U.S....

🔆Midday Wire·Aug 1

Pipeline & Infrastructure

Shell Exits Cyprus Gas Project as Oil Prices Hold Monthly Gains

Shell has divested its stake in the Aphrodite gas field offshore Cyprus to Hungary's MOL, according to Rigzone. The company stated its decision to exit was "driven by disciplined capital allocation and portfolio choices," as it focuses on strengthening its integrated LNG value chain. While this transaction involves international offshore assets, it underscores a broader industry trend of major operators streamlining portfolios to concentrate capital on core strategic areas, a consideration for all large producers with Bakken holdings. Meanwhile, oil prices were down in trading on Friday, July 31, but remained on track for significant monthly gains, Rigzone reported. Naeem Aslam, CIO at Zaye Capital Markets, noted both Brent and West Texas Intermediate crude benchmarks were poised for notable increases for the month. A 20 percent monthly gain, as indicated, would provide a strong revenue tailwind for Bakken producers heading into the final month of summer. For the Bakken formation,...

🔆Midday Wire·Aug 1

Production Data

North Dakota Rig Count Holds at 27 as Oil Prices Rise

North Dakota's active drilling rig count held steady at 27 on Saturday, a level signaling a continued focus on efficiency over growth by Bakken operators despite rising oil prices. West Texas Intermediate crude traded at $84.67, up $1.08, while Brent crude rose to $90.12, according to live Bakken data. The current rig count remains near multi-year lows, a figure that historically serves as a leading indicator for future oil production. With only 27 rigs actively drilling new wells, the trajectory for North Dakota's oil output in the coming months is likely to be flat to slightly declining, even with the supportive price environment. The Bakken crude price differential narrowed to a discount of $3.42 per barrel versus WTI. This differential reflects the cost to transport and process Bakken crude to major market hubs. Meanwhile, natural gas prices were reported at $2.75. Analysts often view the rig count as a gauge...

🔆Midday Wire·Aug 1

Workforce & Community

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

The number of active drilling rigs in North Dakota held steady at 27 as oil prices strengthened in midday trading Saturday, August 1, according to live Bakken Wire data. West Texas Intermediate (WTI) crude rose $1.08 to $84.67 per barrel, while the global Brent benchmark traded at $90.12. A rig count in the high-20s represents a period of stable, moderate activity for the Bakken formation. This level is significantly below the peak boom years but sustains a core level of operations that supports thousands of direct and indirect jobs across the region's oilfield service, transportation, and logistics sectors. The current price environment is a key factor supporting this activity. With WTI above $84 and the Bakken crude differential at a discount of $3.42 per barrel, the wellhead price for local producers remains economically viable for continued drilling and well completion work. This price stability helps companies maintain consistent workforce levels,...

🔆Midday Wire·Aug 1

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rise Over 1% on Supply Concerns, Bakken Discount Steady

Oil prices advanced sharply in trading on Saturday, August 1, 2026, with West Texas Intermediate (WTI) crude rising $1.08, or 1.29%, to $84.67 per barrel. Brent crude, the global benchmark, increased $1.09, or 1.22%, to $90.12 per barrel, according to live market data. The gains build on a strong monthly performance for crude. Rigzone reported that Brent capped its strongest month since March in July, as geopolitical conflicts raised concerns about global crude supplies. This bullish sentiment has carried into August, driving prices higher. Adding to the upward pressure, U.S. crude oil inventories fell significantly last week. Rigzone reported that crude stocks, excluding the Strategic Petroleum Reserve, dropped by more than 7 million barrels week-over-week to 404.5 million barrels as of July 24, based on the Energy Information Administration's latest weekly petroleum status report. The drawdown signals tightening supply or robust demand, supporting prices. In a separate development, Abu Dhabi...

🌅Afternoon Wire·Aug 1

Rig Report

North Dakota Rig Count Holds at 27, Up 4 Rigs Over Past Week

North Dakota's active drilling rig count remained unchanged at 27 on Saturday, August 1, according to live data from Bakken Wire. The tally showed no new rigs added, none removed, and no rigs moving locations compared to the previous day. The current activity level represents a continuation of recent gains. The rig count is up by four compared to one week ago, when 23 rigs were active. It is also two rigs higher than the count of 25 reported one month ago on July 2. The steady rig activity comes amid broader policy discussions impacting federal land producers. On July 31, industry groups welcomed the Senate Natural Resources Committee's approval of the License to Drill Act, S.5039. According to Rigzone, Dan Naatz, Executive Vice President and Chief Policy Officer of the Independent Petroleum Association of America (IPAA), stated the bill reauthorizes "a long-standing policy that is an important framework for...

🌅Afternoon Wire·Aug 1

Operator News

Exxon, Chevron Prioritize Debt Reduction Over Buybacks

ExxonMobil and Chevron Corp., two of the largest operators in the Bakken formation, are directing windfall profits toward reducing debt rather than significantly increasing share buybacks, according to a report from Rigzone. This financial strategy, reported on July 31, highlights a continued focus on balance sheet strength following a period of strong commodity prices. Chevron Corp. separately posted record second-quarter results for the period ending June 30, 2026, which outperformed market expectations, Rigzone reported. While specific financial figures were not detailed in the summaries, the "blowout profits" and "record profit" descriptions indicate a highly profitable quarter for the integrated majors. For Bakken-focused producers and service companies, the financial priorities of these industry giants serve as a key market signal. The decision to prioritize debt reduction suggests a conservative approach to capital allocation, emphasizing financial resilience over immediate shareholder returns via buybacks. This discipline often trickles down through the sector, influencing...

🌅Afternoon Wire·Aug 1

Global Markets

VC Nuclear Funding Surge Signals Long-Term Energy Shift for Bakken

Venture capital investment in U.S. nuclear energy startups is hitting record levels in 2026, a capital shift that underscores the long-term energy transition pressures facing fossil fuel producers in the Bakken. According to a report from OilPrice.com, global investment in nuclear fission and fusion firms has topped $4.5 billion across 81 companies so far this year, putting 2026 on pace to shatter 2025's record of $6.2 billion. The funding surge is largely driven by exploding power demand from data centers and the artificial intelligence sector. Hyperscalers are projecting energy needs at "previously unthinkable levels," OilPrice.com reported, necessitating an "all-of-the-above" energy approach where nuclear is seen as a key zero-emissions, baseload power source. Major tech investors, including Bill Gates and OpenAI's Sam Altman, are advocating for and funding nuclear fusion to solve AI's energy problem. For Bakken operators, this represents a macro-economic signal about future energy competition and investment priorities. While...

🌅Afternoon Wire·Aug 1

Global Markets

Global Energy Shifts: Suriname's Oil Boom, Space Mirrors, Sand Batteries

Geopolitical turmoil in the Middle East is causing global oil prices to surge, creating a boon for emerging oil-producing nations like Suriname, according to an OilPrice.com report. This dynamic, centered on U.S.-Iran tensions affecting the Strait of Hormuz, underscores the global market forces that influence Bakken crude pricing. Suriname is on the cusp of becoming South America's next major oil producer after a series of delays. TotalEnergies and APA Corporation have approved the final investment decision for the deepwater GranMorgu project in offshore Block 58, OilPrice.com reported. The project, featuring a 220,000-barrel-per-day floating production vessel, is targeting the Sapakara and Krabdagu discoveries with an estimated 760 million barrels of recoverable crude. It is expected to generate up to $26 billion in fiscal income for Suriname after coming online in 2028. The development could introduce significant new non-OPEC supply to the global market later this decade, potentially affecting the long-term price...

🌅Afternoon Wire·Aug 1

Operator News

Financial, Geopolitical Shifts Highlight Energy Sector Headwinds

The Bank of England will no longer accept bonds linked to thermal coal operations as collateral for key loan arrangements starting in October, according to a policy posted to its website. The move, reported by OilPrice.com, suggests the central bank views such assets as financially risky due to the global transition toward net-zero emissions. For major banks that borrow from the Bank of England, including Barclays and HSBC, this restricts the type of collateral they can use, potentially influencing their lending strategies toward fossil fuel sectors. This policy shift, while focused on coal, is part of a broader trend of financial institutions introducing restrictions on high-emission industries. A campaign group manager stated the move sends "a strong signal from a central bank, and to the market as well," according to the source. For Bakken operators, the continued scrutiny of fossil fuel financing by major global institutions underscores a persistent environmental,...

🌅Afternoon Wire·Aug 1

Pipeline & Infrastructure

Shell Sells Cyprus Gas Stake, Oil Prices Set for Strong Monthly Gain

Shell has divested its stake in the Aphrodite gas field offshore Cyprus to Hungary's MOL, according to Rigzone. The company stated its exit was "driven by disciplined capital allocation and portfolio choices," as it focuses on strengthening its integrated LNG value chain. The financial terms of the deal were not disclosed in the report. While this specific asset sale is not in the Bakken region, it reflects the ongoing global portfolio optimization by major operators. For North Dakota producers, such moves by international majors can signal shifting investment priorities, potentially affecting capital flows and partnership opportunities in other basins, including the Williston. Separately, oil markets were poised to end July 2026 with significant strength despite a daily dip, Rigzone reported. Analyst Naeem Aslam, CIO at Zaye Capital Markets, noted that both Brent and West Texas Intermediate crude prices were down on Friday, July 31, but remained on track for a...

🌅Afternoon Wire·Aug 1

Production Data

North Dakota Rig Count Holds at 27 as Oil Prices Rally

North Dakota's active drilling rig count remained at 27 on Saturday, a level signaling continued restraint from Bakken operators despite a rally in oil prices that saw WTI crude close above $84 per barrel. The stability in the rig count, a key indicator of future production, comes as the Bakken oil price differential narrowed to -$3.42 versus the U.S. benchmark. West Texas Intermediate (WTI) crude settled at $84.67, a gain of $1.08 or 1.29%, according to live market data. The international Brent benchmark rose to $90.12. The concurrent rise in prices and a tighter local differential improve netbacks for Bakken producers, yet drilling activity has not responded with an increase. The natural gas price was recorded at $2.75 per MMBtu. Historically, the rig count is a leading indicator for oil production, with a lag of several months between a change in drilling activity and its impact on output. The current...

🌅Afternoon Wire·Aug 1