Monday, August 10, 2026

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Oil Prices

Oil Prices Gain Over 1.5% as Bakken Discount Widens

Front-month WTI crude oil futures rallied 1.73% in Monday morning trading, gaining $1.35 to settle at $79.53 per barrel. The global benchmark Brent crude followed suit, rising 1.56% to $84.85 per barrel, according to live price data. The rally extends gains from the previous week, driven primarily by concerns over global supply disruptions. These include ongoing geopolitical tensions in key producing regions and unexpected outages at several major refineries. The price strength comes despite a recent bearish U.S. inventory report, suggesting the market is prioritizing immediate supply risks over current stock levels. Natural gas prices also saw a significant move higher, adding $0.10 to reach $2.77 per MMBtu. This increase is attributed to forecasts for hotter-than-average weather across large portions of the United States, which is expected to boost cooling demand and power generation burn. For Bakken operators, the headline price increase is positive, but the region's price differential tells...

☀️Morning Wire·Aug 10

Rig Report

Bakken Rig Count Holds at 27, Up 3 from July

North Dakota's active drilling rig count held steady at 27 on Monday, according to Bakken Wire's latest rig data. The total showed no change from Sunday's count, with no new rigs added, none removed, and none moving location. The current count represents a slight decline from one week prior, when the state reported 28 active rigs on August 3. However, the broader trend shows an increase in drilling activity compared to last month. The rig count is up by three from the 24 rigs active on July 11. A rig count in the high 20s reflects a period of stable, moderate activity in the Bakken formation, North Dakota's primary oil-producing region. Operators typically adjust their drilling programs based on commodity prices, well economics, and takeaway capacity. The current level suggests a cautious but ongoing commitment to development drilling by oil companies working in the basin. The consistency in the daily...

☀️Morning Wire·Aug 10

Daily Activity

DMR Daily Activity Report Shows No New Filings Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, August 9, 2026, contained no new filings for oil and gas operations in the state. The daily report typically lists new drilling permits approved, wells that have been spudded (drilling commenced), well completions, and notices of well plugging. The absence of new activity in a daily update is a normal occurrence, particularly following a weekend when regulatory filings and field operations often slow. The DMR's daily and weekly reports are key tools for Bakken operators, service companies, and royalty owners to track the pace of drilling and completion activity across the Williston Basin. While a single day with no new filings does not indicate a trend, it provides a momentary snapshot of operational tempo. Market observers and participants will look to the next report, as well as the DMR's more comprehensive weekly summary, for updated figures on...

☀️Morning Wire·Aug 10

Regulatory

Global Oil Steadies Amid Middle East Tension, Market Eyes Strait of Hormuz

Oil markets steadied last week as traders balanced the potential for a deal easing tensions in the Strait of Hormuz against persistent threats to Middle East shipping, according to a report from Rigzone. The Strait of Hormuz is a critical chokepoint for global seaborne oil trade. For Bakken operators, the stability of the global Brent and WTI crude benchmarks directly impacts the price received for oil produced in North Dakota. Bakken crude is typically priced at a differential to these benchmarks. Significant disruptions in the Hormuz shipping lane could spike global prices, while eased tensions could apply downward pressure. The reported "potential Hormuz deal" suggests diplomatic efforts to secure the vital waterway, which handles about one-fifth of the world's oil consumption. However, Rigzone noted that "persistent Middle East shipping threats" continue to inject a risk premium into the market. This creates a volatile backdrop for price forecasting. In this environment,...

☀️Morning Wire·Aug 10

Global Markets

Drone Strike Hits Russian Refinery Hub, Potentially Tightening Global Fuel Markets

A Ukrainian drone strike killed 12 people and wounded at least 39 in a major attack on Russia's Nizhnekamsk refining hub on Monday, according to OilPrice.com. The attack reportedly hit Tatneft’s Taneco refinery, described as one of Russia's most technologically advanced. This marks one of the deadliest attacks on Russian energy infrastructure in the four-and-a-half-year war, according to the report. It follows a strike late last month on Lukoil’s 300,000-barrel-per-day Volgograd refinery. Ukraine has pursued a relentless drone campaign targeting Russian oil refining infrastructure this year to force negotiations. For Bakken operators, the ongoing disruption to Russian refining capacity has global implications. Russia has been suffering gasoline and diesel shortages for nearly three months due to these attacks, which forced many large processing sites offline in the spring and early summer. Despite a brief lull that allowed some units to restart, Russia extended a ban on gasoline and diesel exports...

☀️Morning Wire·Aug 10

Global Markets

Global Supply Risks Mount as Black Sea, Hormuz Disruptions Intensify

Global oil supply chains faced renewed pressure from multiple directions on Monday, with key transit routes in the Black Sea and the Strait of Hormuz under threat, according to reports from OilPrice.com. The disruptions highlight the persistent geopolitical risks facing global crude flows, which can influence the market for Bakken crude. In the Black Sea, Kazakhstan's energy ministry said it is actively weighing alternative export routes for its crude, including pipelines through Azerbaijan, Georgia, and Turkey. This comes after continued Ukrainian drone attacks on Russia's oil export infrastructure, including the Caspian Pipeline Consortium (CPC) terminal at Novorossiysk, have severely disrupted shipments, according to OilPrice.com. The CPC pipeline, which handles most exports from Kazakhstan's giant Tengiz, Kashagan, and Karachaganak fields, saw flows suspended on three separate occasions in July alone. A week-long shutdown in late July briefly removed over 1 million barrels per day of Kazakh crude from the market. Simultaneously,...

☀️Morning Wire·Aug 10

Operator News

ADNOC Gas Commits $8.2B, U.S. Majors' Q2 Output Questioned

ADNOC Gas announced an $8.2 billion expansion of its Rich Gas Development project on Monday, targeting 60% EBITDA growth by 2030, according to OilPrice.com. The investment includes $3.9 billion for a new gas processing train at the Habshah facility and $4.3 billion for a natural gas liquids unit at the Ruwais LNG project. The Ruwais project, set to operate in late 2028, will more than double the company's LNG capacity to 15 million tons per year. CEO Fatema Al Nuaimi called it a "defining moment," positioning the company at the heart of the UAE's energy future. This follows a previous $5 billion commitment to the same development program. In North American operational news, a key question for the market is which U.S. integrated major led production in the second quarter of 2026. Rigzone highlighted the query, focusing on the output of ExxonMobil, Chevron, and ConocoPhillips. ConocoPhillips is a major operator...

☀️Morning Wire·Aug 10

Pipeline & Infrastructure

Sunoco Acquires Offen in $600MM Deal; Global Tensions Impact Energy Security

Sunoco LP has agreed to purchase Offen for $600 million, according to Rigzone. The deal, announced Monday, is aimed at expanding Sunoco's geographic footprint to complement its existing fuel distribution operations. The acquisition is intended to create additional opportunities for organic growth and bolt-on acquisitions, Rigzone reported. The transaction highlights ongoing consolidation and strategic positioning within the North American midstream and logistics sector. For Bakken producers, a robust and expanding domestic distribution network is critical for ensuring reliable outlets for refined products and natural gas liquids, supporting market stability in the Williston Basin. Meanwhile, global energy security faces renewed pressure. The Abu Dhabi National Oil Company (ADNOC) stated it continues to be "significantly impacted" by attacks on its people and assets, Rigzone reported. While not directly affecting Bakken infrastructure, such instability in key global oil-producing regions can influence international crude oil benchmarks, which in turn affect the pricing and competitiveness...

☀️Morning Wire·Aug 10

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 3.5% Midday; Bakken Differential Holds Steady

Oil prices rallied sharply in midday trading Monday, August 10, 2026, with both major benchmarks gaining more than 3.5%. The surge provides a boost to Bakken operators as the regional price differential remains stable. West Texas Intermediate crude was trading at $80.97 per barrel, a midday increase of $2.79, or 3.57%. The international benchmark, Brent crude, rose to $86.56 per barrel, up $3.01 for a 3.6% gain, according to live price data. Bakken crude was priced at a differential of -$3.42 versus WTI. The midday rally extends gains from last week, driven by a combination of factors. Market sentiment has been bolstered by expectations of sustained demand and ongoing geopolitical tensions in key producing regions. The price movement reflects a broader market recalibration following recent volatility. For operators in the Williston Basin, the jump in the underlying WTI price directly increases the wellhead value of their production. With the Bakken...

🔆Midday Wire·Aug 10

Global Markets

Ukraine Drone Campaign Disrupts Russian Fuel Exports to Central Asia

Ukraine's ongoing drone campaign against Russian refineries is fracturing Moscow's energy grip on Central Asia, according to a report from OilPrice.com. The disruption is forcing nations like Kyrgyzstan and Tajikistan to urgently seek alternative fuel supplies, a geopolitical shift that could create new export opportunities for North Dakota's Bakken formation. Repeated Ukrainian attacks have caused Russia to limit exports of gasoline and jet fuel to manage domestic shortages. This has left Central Asian states scrambling to avoid an energy crisis. Kyrgyzstan, which relied on Russia for 90% of its fuel, recently secured only about half of its needed supply from Moscow for the latter half of 2026, or roughly 100,000 tons per month. In response, Bishkek is striking deals with Uzbekistan, Kazakhstan, Belarus, and China, and is seeking additional fuel from Turkey and the EU. According to the same source, Tajikistan tripled its fuel imports from Turkmenistan, Uzbekistan, and Kazakhstan...

🔆Midday Wire·Aug 10

Global Markets

Global Pressure on Exports, Trader Sentiment Weigh on Oil Outlook

The Trump administration is facing growing political pressure to restrict U.S. exports of crude oil and refined products, according to a report from OilPrice.com. An administration spokesperson has stated there are no current plans for such a ban, but the idea has surfaced amid elevated domestic fuel prices and global supply disruptions stemming from the Iran war. For Bakken producers, whose light crude is often exported, any move to restrict exports could disrupt international markets and potentially discourage domestic production. Money managers reduced their bullish bets on crude oil futures for a second consecutive week, signaling thin conviction in a sustained price rally. In the week to August 4, portfolio managers cut their net long position in NYMEX WTI by 7,257 lots to 101,050 lots, according to exchange data reported by OilPrice.com. The net long in ICE Brent crude was slashed by 11%, or 20,361 lots, to 164,722 lots. Analysts...

🔆Midday Wire·Aug 10

Operator News

NatGas Futures Surge as Heatwave Drives Record Power Demand

U.S. natural gas futures posted their largest single-day gain in over two months on Monday, according to Rigzone. The surge in the commodity price provides a direct boost to the economics of gas production in the Bakken formation, where natural gas is a significant associated product from oil wells. The price increase coincides with a new record for hourly peak electricity demand in the Electric Reliability Council of Texas (ERCOT) grid, Rigzone reported. The peak occurred during a heat wave, and federal energy analysts warned the record could be broken again this summer. High temperatures across the U.S. increase power generation from natural gas, tightening supply and supporting prices. Separately, strong international demand for U.S. liquefied natural gas (LNG) is contributing to a supportive market structure. Cheniere Energy Partners, owner of the Sabine Pass LNG export terminal, reported a second-quarter net profit of $1.16 billion, a 110 percent increase from...

🔆Midday Wire·Aug 10

Pipeline & Infrastructure

Algonquin Redomiciling to US, CES Posts Record Revenue in Q2

Algonquin Power & Utilities Corp. announced plans to redomicile to the United States, according to Rigzone. The move is intended to align the company's corporate structure with its asset footprint, as over 80 percent of its operations are located in the U.S. For the Bakken, this corporate shift by a major utility and renewable energy player could signal a focus on U.S. regulatory frameworks and investment, potentially affecting regional power infrastructure that supports oil and gas operations. In other news, CES Energy Solutions Corp. reported record revenue for its latest quarter, Rigzone reported. The company attributed the results to strong market share and continued strength in service intensity, which drove revenue higher even as operators maintained capital discipline amid elevated energy prices. As a major provider of drilling fluids and other services in the Williston Basin, CES's performance is a key indicator of ongoing activity and operational efficiency for Bakken...

🔆Midday Wire·Aug 10

Regulatory

Global Tensions, M&A Activity Mark Midday Energy News

Attacks continue to "significantly impact" the operations of Abu Dhabi National Oil Company (ADNOC), the firm said Monday, according to a report from Rigzone. While geographically distant, instability affecting major global producers can influence the supply-demand balance and price volatility for Bakken crude, which competes in the international market. In U.S. political developments, President Donald Trump signaled a preference for sustained economic pressure over immediate military action to address Iranian threats to the Strait of Hormuz, Rigzone reported. The strategic waterway is a critical chokepoint for global oil shipments. A prolonged geopolitical standoff that supports higher global crude prices could benefit Bakken producers, though it also raises the risk of sudden market disruptions. On the domestic M&A front, Sunoco LP announced an agreement to buy Offen for $600 million, Rigzone reported. The deal is aimed at expanding Sunoco's geographic footprint for fuel distribution. For the Bakken, consolidation in the fuel...

🔆Midday Wire·Aug 10

Production Data

Murphy Oil Profit Soars Nearly Sixfold in Q2 2026

Murphy Oil reported a sharp increase in second-quarter profit, driven by high oil prices that compensated for lower overall production and weaker natural gas prices. According to Rigzone, the company posted $225.8 million in net income adjusted for nonrecurring items for the quarter. This figure is nearly six times the profit from the same period last year. The results highlight a continuing trend in the Bakken formation, where operators' financial health is heavily influenced by the global crude oil market. While specific Bakken production figures for Murphy were not disclosed in the summary, the overall dynamic of strong oil prices bolstering earnings is a positive signal for the region's active drillers and royalty owners. For Bakken-focused companies, such quarterly reports are a key indicator of cash flow available for reinvestment into drilling programs, debt reduction, or shareholder returns. The ability of high commodity prices to offset production declines underscores the...

🔆Midday Wire·Aug 10

Workforce & Community

Bakken Rig Count Holds at 27 Amid Price Rally, Stabilizing Workforce

The active drilling rig count in North Dakota's Bakken formation held steady at 27 as oil prices rallied sharply on Monday, August 10, providing a stable, if reduced, level of activity for the region's workforce and local economies. The current rig count is a fraction of the boom-era peak but represents a consistent operational level that has persisted for several months, according to Bakken Wire data. West Texas Intermediate (WTI) crude settled at $80.97 per barrel, a daily gain of $2.79 or 3.57%. The global benchmark Brent crude rose to $86.56. The Bakken crude price differential narrowed to a discount of $3.42 below WTI. Natural gas prices were reported at $2.80 per MMBtu. This combination of firmer prices and a steady rig count supports a stabilized employment environment across the oilfield services, transportation, and wellsite operation sectors. The current activity level is sufficient to maintain core crews and specialized technical...

🔆Midday Wire·Aug 10

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 5% as Hormuz Disruption Fuels Supply Fears

Front-month WTI crude oil surged $4.11 to settle at $82.29 per barrel on Monday, a gain of 5.26%, according to live price data. Brent crude followed, rising $4.25 to $87.80. The rally was driven by mounting concerns over a prolonged closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. The price spike follows a stark warning from Bank of America. According to a report from OilPrice.com, the bank's head of commodities research, Francisco Blanch, stated that tanker traffic through the strait is currently only 5 to 10 ships per day, compared to roughly 140 before the recent conflict. He warned that traffic needs to recover to 80-100 ships daily just to stabilize markets. "The warning comes as negotiations over reopening Hormuz remain unresolved," the OilPrice.com report stated. Blanch told CNBC that without a resolution, prices could "keep creeping higher into the winter." The disruption is creating...

🌅Afternoon Wire·Aug 10

Rig Report

ND Bakken Rig Count Rises to 29, Petro-Hunt Adds New Unit

North Dakota's active drilling rig count increased by one to 29 on Monday, August 10, according to live rig data. One new rig began operations, while one existing rig moved to a new location. Petro-Hunt, L.L.C. deployed a new rig, the STONEHAM 18, to a location in Billings County (144-98-17). In a separate move, EOG Resources, Inc. relocated the H & P 259 rig to a new site in Mountrail County (157-90-31). The current count of 29 rigs represents a net gain of one rig compared to the total of 28 active one week ago, on August 3. The drilling activity continues a broader upward trend, with five more rigs working now than one month ago, when the count stood at 24 on July 11. The incremental growth in North Dakota's rig fleet occurs amid broader global drilling activity and regulatory discussions. In a related development reported Monday, authorities in...

🌅Afternoon Wire·Aug 10

Global Markets

Global Strains Reshape Energy Security, U.S. Policy as Iraq Restarts Key Pipeline

Iraq has reopened a critical northern oil export route through Turkey under a new one-year deal, providing a temporary lifeline for its crude as the Strait of Hormuz remains blockaded. According to OilPrice.com, the interim agreement signed August 1 allows for a transit target of 750,000 barrels per day of Iraqi crude through the Iraq-Turkey Pipeline (ITP) corridor. Tanker operations have resumed, with the Valpiave loading over 600,000 barrels at Ceyhan on August 3. The reopening is crucial for Iraq, where over 90% of its annual budget comes from oil exports. The Hormuz blockade had forced production shutdowns as storage filled. The new shipments are focused on European and American buyers seeking alternatives to Black Sea and Russian crude, with Iraq's Kirkuk blend serving as a direct substitute. However, the deal's longevity is uncertain, as oil flows were halted for over two years prior due to a $1.5 billion arbitration...

🌅Afternoon Wire·Aug 10

Operator News

Ukraine Strikes Russian Refinery; Cheniere Profits Soar; ERCOT Sets Load Record

Ukraine's military attacked the large Taneco oil refinery and the ZapSibNeftekhim petrochemical plant deep inside Russia on Monday, according to a report from Rigzone. Such attacks on refining capacity can disrupt global fuel supplies and contribute to market volatility, which directly impacts the pricing environment for Bakken crude oil. Separately, Cheniere Energy Partners reported a significant rise in second-quarter profits driven by higher LNG exports. The Houston-based owner of the Sabine Pass LNG project reported $1.16 billion in net profit for the second quarter, up 110 percent from the same period last year, Rigzone reported. Strong global demand for U.S. liquefied natural gas supports the broader natural gas market, which can influence associated gas production economics in the Bakken formation. In domestic energy news, the Electric Reliability Council of Texas (ERCOT) saw its hourly peak load set a new record, according to Rigzone. The peak occurred during a heat wave...

🌅Afternoon Wire·Aug 10

Pipeline & Infrastructure

NatGas Futures Surge, Algonquin to Redomicile to US

U.S. natural gas futures posted their largest single-day gain in over two months on Monday, according to Rigzone. The price surge provides a potential boost to the economics of associated gas production in the Bakken formation, where natural gas is a significant byproduct of oil drilling. In a separate corporate development, midstream utility Algonquin Power & Utilities Corp. announced plans to redomicile to the United States. Rigzone reported the move is intended to better align the company's corporate structure with its asset footprint, as over 80 percent of its operations are already in the U.S. While not a Bakken-specific operator, such corporate shifts by major energy infrastructure firms can influence investment and operational strategies across North American markets, including the Williston Basin. Meanwhile, Rigzone also highlighted the ongoing competition for production leadership among U.S. oil majors in the second quarter of 2026, naming ExxonMobil, Chevron, and ConocoPhillips. ConocoPhillips is a...

🌅Afternoon Wire·Aug 10

Regulatory

Service Firm CES Posts Record Revenue; Sunoco Makes $600MM Acquisition

CES Energy Solutions reported record revenue, driven by strong market share and increased service intensity, according to Rigzone. The company said these results came despite operators maintaining capital discipline even in a higher energy price environment. For Bakken operators, this indicates robust demand for oilfield services, suggesting sustained drilling and completion activity in the region. In merger and acquisition news, Sunoco LP has agreed to purchase Offen for $600 million, Rigzone reported. The deal is intended to expand Sunoco's geographic footprint in fuel distribution, complementing its existing operations and creating opportunities for future growth. Such consolidation in the midstream and fuel logistics sector can impact Bakken crude takeaway and refined product distribution networks. Separately, the Abu Dhabi National Oil Company (ADNOC) stated it continues to be "significantly impacted" by attacks on its personnel and assets, as reported by Rigzone. While not directly related to North Dakota, geopolitical instability affecting major...

🌅Afternoon Wire·Aug 10

Production Data

Geopolitical Tensions Over Hormuz Could Support Bakken Oil Prices

President Donald Trump signaled on Monday that his administration is prepared to let economic pressure on Iran build rather than launch immediate new military strikes to force a reopening of the Strait of Hormuz, according to a report from Rigzone. The strategic waterway is a critical chokepoint for global seaborne oil trade. While the report did not specify new sanctions or policy details, the stance suggests a continuation of geopolitical tensions that have periodically roiled oil markets. Any sustained threat to the free flow of oil through the Strait of Hormuz typically places a risk premium on global crude benchmarks, including the West Texas Intermediate (WTI) price that Bakken crude is closely tied to. For Bakken operators in North Dakota, a stable or rising WTI price environment is crucial for maintaining drilling economics and production levels. The Bakken formation is a major contributor to U.S. domestic supply, and its output...

🌅Afternoon Wire·Aug 10

Workforce & Community

Bakken Rig Count Holds at 29 Amid Sharp Oil Price Rally

The active drilling rig count in North Dakota remained at 29 on Monday, a level indicative of a stable but measured pace of oilfield activity. The count, reported by Bakken Wire, comes alongside a significant rally in crude oil prices, with West Texas Intermediate (WTI) surging $4.11 to $82.29 per barrel. Historically, the number of active drilling rigs is a leading indicator for oilfield employment and service company demand in the Bakken region. The current rig count, while far below the boom-era peaks, supports a consistent workforce focused on efficient production from existing wells and targeted new drilling. The sharp rise in oil prices provides a stronger revenue backdrop for operators. The Bakken crude differential was reported at -$3.42 versus WTI, meaning Bakken-priced crude is trading around $78.87 per barrel. Sustained prices at this level generally help maintain capital spending plans and discourage workforce reductions. For local communities across western...

🌅Afternoon Wire·Aug 10