Tuesday, August 11, 2026

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Oil Prices

Oil Prices Steady as Market Weighs OPEC+ Supply, Bakken Discount Widens

West Texas Intermediate (WTI) crude futures held steady early Tuesday, August 11, trading at $82.22 per barrel, a marginal gain of nine cents. The global benchmark Brent crude was slightly lower at $87.65, according to live price data. The price stability comes as the market digests the latest supply signals from OPEC+ and assesses U.S. inventory levels. The Bakken crude differential, a critical indicator for North Dakota producers, widened to a discount of $3.42 per barrel versus WTI. This means Bakken crude is priced at approximately $78.80 at the wellhead, before transportation costs. Simultaneously, natural gas prices declined four cents to $2.76 per MMBtu. According to a Rigzone report published Tuesday, the recent upward pressure on oil prices is linked to expectations that OPEC+ will maintain its current production cuts. The cartel's Joint Ministerial Monitoring Committee is meeting this week, with analysts widely anticipating an extension of existing output restraints...

☀️Morning Wire·Aug 11

Rig Report

North Dakota Rig Count Holds at 29 for Second Consecutive Day

North Dakota's active drilling rig count remained unchanged at 29 on Tuesday, August 11, 2026, according to live data from Bakken Wire. The figure showed no day-over-day movement, with no new rigs added, removed, or relocated. The current level represents a slight increase from one week ago, when the state reported 28 active rigs on August 4. The more significant trend is visible over the past month, with the rig count rising by five from the 24 rigs active on July 12. A rig count in the upper 20s reflects sustained investment in the Bakken formation, North Dakota's primary oil-producing region. Drilling rigs are a leading indicator of future oil production, and their activity level is closely watched by operators, service companies, and royalty owners across the Williston Basin. The stability in the count suggests operators are maintaining their current drilling programs without significant immediate adjustments. While individual rigs may...

☀️Morning Wire·Aug 11

Daily Activity

Hunt Oil Permits Three-Well Pad in Burke County as Daily Activity Remains Steady

The North Dakota Department of Mineral Resources approved three new drilling permits and six permit renewals in filings from Monday, August 10, 2026, according to the agency's daily activity report. All three new permits were issued to Hunt Oil Company for a single pad location in Burke County. The permits are for the KANDIYOHI 159-90-4-21H 1, 2, and 3 wells, all located in SE SW Section 33-160N-90W within the Vanville field. This three-well development marks notable new activity in the northwestern edge of the Williston Basin. Permit renewals filed on Monday involved several major operators, primarily for wells proposed outside of standard spacing units. Hess Bakken Investments II, LLC renewed three permits (BL-ODEGAARD-156-95-2116H-2, -3, and BL-ODEGAARD-LE-156-95-2116H-1) for locations outside of spacing units in Williams County's Beaver Lodge field. Stephens Williston, LLC, doing business as SEG Williston, LLC, renewed a permit for the PRATTSVILLE FEDERAL 15590-0607-4H well, also flagged as a...

☀️Morning Wire·Aug 11

Regulatory

Uniper Reports Surging Profits as Germany Prepares Sale

Uniper SE, the German energy giant nationalized during the 2022 crisis, reported a more than doubling of its first-half 2026 profits on Tuesday, according to OilPrice.com. The company's strengthened financial position comes as the German government has launched a process to sell its 99% stake, a move with potential implications for global natural gas competition and export markets connected to the Bakken. The company booked an adjusted net income of $448 million (388 million euros) for the first half of 2026, more than double the $156 million reported for the same period in 2025. Uniper credited the performance to a gas business that performed well and did not weigh on earnings as it had in previous years. "Uniper is now more resilient and robust in the face of outside influences than it was in the past," the company stated. In light of the strong results, Uniper reaffirmed its current-year core...

☀️Morning Wire·Aug 11

Global Markets

China's Renewed Iranian Oil Demand, US Power Surge Shape Bakken Outlook

China's independent refiners are poised to ramp up purchases of Iranian crude oil this month, a move that could influence global crude balances and prices relevant to Bakken producers. According to OilPrice.com, stockpiles in Shandong province have dropped to their lowest level this year—about 360 million barrels at the end of July—after an estimated drawdown of 35 million barrels in July alone, the biggest monthly decline in a decade. This drawdown follows a period where China, holding an estimated 1.3 billion barrels in reserves, slashed imports. With stockpiles now lower, analysts expect the so-called "teapot" refiners to increase imports of Iranian oil, especially after the U.S. lifted a blockade on such exports in mid-June to early July. Total Chinese crude imports already rebounded in July to 8.45 million barrels per day, a 22% jump from June's decade low. For Bakken operators, China's return as a major buyer to the international...

☀️Morning Wire·Aug 11

Global Markets

Global Shipping, Libya Supply Under Threat; Uniper Eyes Data Centers

Vessel traffic at the critical Strait of Hormuz slumped to just six commodity ships transiting in either direction on Monday, according to shipping data cited by Reuters. OilPrice.com reported this is down from an 11-ship 10-day average and marks the lowest level in over two months. The decline follows a deterioration in the regional security situation, with Iran seeking to exert control over the chokepoint and Houthi threats persisting in the Red Sea. Bank of America warned this week that traffic needs to recover to nearly pre-war levels of 80 to 100 ships per day to stabilize energy markets, a stark contrast to the current 5 to 10 ships currently passing through. Separately, Libya’s National Oil Corporation may declare force majeure on exports from the Zawiya oil terminal following a series of drone attacks. OilPrice.com reported a drone strike destroyed a storage tank containing 4.5 million liters of gasoline at...

☀️Morning Wire·Aug 11

Operator News

Global Supply Disruptions Support Oil Prices Amid Refinery Attacks, Delays

Global oil markets are facing renewed supply-side pressures from refinery disruptions and geopolitical tensions, providing underlying support for crude prices. These developments are closely watched by Bakken operators as they influence the price received for North Dakota's light sweet crude. According to Rigzone, Ukraine's military attacked the large Taneco oil refinery and the ZapSibNeftekhim petrochemical plant deep inside Russia on Monday. Such attacks on refining infrastructure can tighten global fuel supplies, which indirectly supports crude oil demand and pricing benchmarks. Further supply news came from Saudi Arabia, where Rigzone reported the restart of the 400,000 barrel-per-day Jazan oil complex has been delayed. The facility is now tentatively expected to restart by August 30. Any delay in bringing significant refining capacity back online can affect global product balances. These specific incidents are occurring against a backdrop of broader regional instability. Rigzone also reported that crude prices climbed as limited Hormuz traffic...

☀️Morning Wire·Aug 11

Pipeline & Infrastructure

LNG Demand, Heat Wave Drive NatGas Surge, Impacting Bakken

U.S. natural gas futures posted their largest single-day gain in over two months on Monday, driven by strong LNG export demand and surging domestic power consumption, according to a Rigzone wire report. This price surge creates a more favorable revenue environment for Bakken producers, who have long sought stronger gas market fundamentals to improve the economics of wells in the gas-rich play. The price jump coincides with major LNG exporter Cheniere Energy Partners reporting a 110% year-over-year increase in second-quarter net profit, reaching $1.16 billion, Rigzone reported. The Houston-based company, which operates the Sabine Pass LNG facility, attributed the higher profit to increased exports. Strong global demand for U.S. LNG supports domestic natural gas prices, which directly benefits Bakken operators by raising the value of associated gas produced alongside crude oil. Simultaneously, the Electric Reliability Council of Texas (ERCOT) reported a new record for hourly peak electricity demand, set during...

☀️Morning Wire·Aug 11

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Gains Over $83 as Hormuz Tensions, Diesel Strength Support Market

WTI crude oil futures rose 1.13% to trade at $83.06 per barrel in midday trading Tuesday, August 11, 2026, as renewed tensions around the Strait of Hormuz and persistently high diesel prices provided market support. Brent crude climbed 0.99% to $88.59, while natural gas prices dipped slightly to $2.75. The price for Bakken crude at the wellhead, reflected by a differential of -$3.42 versus WTI, remained steady. The price gains come amid fresh concerns over global oil flows. According to an OilPrice.com report published today, Brent could hit $100 as the Hormuz crisis flares again. Iranian crude loadings are close to zero in August, raising the risk of Tehran halting transits through the strait completely. The report notes that ICE Brent has bounced back to $87 per barrel, with another rally toward $100 "firmly on the table." Market volatility is being unevenly felt in refined products, according to separate IEA...

🔆Midday Wire·Aug 11

Global Markets

US Sanctions, Ukraine Drone Strikes Pressure Global Oil Markets

The U.S. House of Representatives moved to advance a sweeping Russia and Iran sanctions package on August 10, according to OilPrice.com. The bipartisan bill, named after the late Senator Lindsey Graham, would target Russian energy revenues, the Kremlin-linked “shadow fleet,” and entities helping sustain Moscow’s war against Ukraine. This congressional action introduces a new potential layer of geopolitical risk to global oil markets, a key concern for Bakken operators whose breakeven economics are sensitive to international crude price fluctuations. The legislative push coincided with a Ukrainian drone attack on a major Russian oil refinery in the early hours of Tuesday, August 11. Ukraine’s military stated it struck the Orsknefteorgsintez refinery in Orsk, which has an annual capacity to process about 6 million tons of crude oil, OilPrice.com reported. This attack is part of a systematic campaign by Ukraine to target Russian refining infrastructure, which has contributed to gasoline and diesel...

🔆Midday Wire·Aug 11

Global Markets

North American Rig Count Drops; Jones Act Waiver Extended

North America's streak of weekly rig additions has ended, with the total count falling by three, according to the latest data from Baker Hughes reported by Rigzone. The dip follows a period of consistent growth in active drilling rigs across the continent. In a separate policy move, President Donald Trump has extended a waiver of the Jones Act for 90 days, Rigzone reported. The century-old law requires shipping between U.S. ports to be conducted by American-built, -crewed, and -flagged vessels. The extension includes new, unspecified limits, narrowing the scope of the waiver. For Bakken producers, Jones Act waivers can influence the economics of moving crude oil from the Gulf Coast to other domestic markets, such as the East Coast. Meanwhile, the first crude oil cargo from the Pikka development on Alaska's North Slope has been loaded by operator Santos and is destined for a West Coast refinery, according to Rigzone....

🔆Midday Wire·Aug 11

Operator News

Brazos Midstream Expands Permian Capacity; Hurricane Watch, Data Center Trend Noted

Brazos Midstream plans to build a new 300 million cubic feet per day cryogenic natural gas processing plant in Glasscock County, Texas, according to Rigzone. The expansion will grow the company's total Midland Basin processing capacity to 1.1 billion cubic feet per day. For Bakken operators, this significant investment in competing Permian Basin infrastructure highlights the ongoing race for gas processing and midstream capacity, a key constraint for associated gas production in oil-focused plays like the Williston Basin. Separately, the National Oceanic and Atmospheric Administration (NOAA) has issued its latest prediction for the Atlantic hurricane season, Rigzone reported. While the forecast details were not specified in the summary, such updates are closely monitored by the energy sector. Major storms in the Gulf of Mexico can disrupt U.S. oil and gas production, refining, and shipping, influencing commodity prices and market dynamics that directly affect Bakken crude pricing and takeaway capacity. In...

🔆Midday Wire·Aug 11

Pipeline & Infrastructure

Global Supply Concerns Propel Oil Prices Higher

Oil prices rose in Tuesday trading, supported by global supply concerns stemming from a delayed refinery restart in Saudi Arabia and ongoing tensions in the Middle East. For Bakken operators, the upward price pressure strengthens the economics of production in North Dakota's premier oil field. According to Rigzone, the restart of Saudi Arabia's 400,000 barrel-per-day Jazan oil complex has been delayed and is now tentatively expected by August 30. This extended outage removes a significant source of refined products from the global market, contributing to a tighter supply picture. Further price support comes from continued instability around key Middle Eastern shipping lanes. Rigzone reported that crude climbed as limited traffic through the Strait of Hormuz and broader regional tensions persisted. The strait is a critical chokepoint for global oil shipments, and any disruption risks immediately impacting global benchmarks that Bakken crude prices track. While the Bakken formation is primarily an...

🔆Midday Wire·Aug 11

Production Data

North Dakota Rig Count Holds at 29 as Oil Prices Support Bakken Activity

North Dakota's active drilling rig count held steady at 29 on Tuesday, as firm oil prices provided a supportive backdrop for Bakken Shale operators. West Texas Intermediate crude was trading at $83.06 per barrel, a gain of $0.93, while the international Brent benchmark stood at $88.59. The current rig level reflects a sustained period of disciplined capital investment by producers in the Williston Basin. Historically, the rig count serves as a leading indicator for future oil production, with a typical six-to-nine month lag between drilling activity and new wells contributing to output. The count has remained range-bound between the high 20s and low 30s for several months. The Bakken crude differential—the discount at which Bakken oil trades versus WTI at the Cushing, Oklahoma hub—was reported at -$3.42 per barrel. This narrower differential improves netbacks for producers marketing their crude. Analysts note that at current price levels, many Bakken wells remain...

🔆Midday Wire·Aug 11

Workforce & Community

Bakken Rig Count Holds at 29 as Oil Prices Support Steady Activity

The number of active drilling rigs in North Dakota held steady at 29 on Tuesday, according to Bakken Wire's midday data. This level of activity, supported by West Texas Intermediate crude trading at $83.06 per barrel, suggests a period of operational stability for the Bakken formation's workforce and regional economies. The current rig count, while significantly lower than historic boom-era peaks, represents a consolidated and efficient operational footprint. Industry analysts generally correlate rig count directly with direct oilfield employment, including drilling crews, rig hands, and related service company jobs. A stable count indicates a sustained, though modest, demand for skilled labor in the region. The midday price for Bakken crude, calculated at a $3.42 discount to WTI, equates to approximately $79.64 per barrel at the wellhead. This price level is widely considered sufficient to maintain production and complete drilled but uncompleted wells (DUCs) from many operators, supporting existing jobs even...

🔆Midday Wire·Aug 11

Regulatory

North Dakota Rig Count Holds at 29 Amid Stable Regulatory Landscape

The North Dakota oil and gas industry continues to operate within a stable regulatory framework, with 29 active rigs currently drilling in the state according to midday data on Tuesday, August 11, 2026. This level of activity provides a baseline for the enforcement of state policies governing flaring, well spacing, and environmental compliance. Key regulatory themes shaping Bakken development include the state's ongoing targets for natural gas capture. The current price of natural gas, reported at $2.75, remains a factor in the economic feasibility of capturing associated gas rather than flaring it. The state's Industrial Commission has historically set and adjusted gas capture goals to reduce flaring, a policy directly impacting operator permitting and infrastructure planning. Well spacing and unitization rules, established by the North Dakota Industrial Commission's Oil and Gas Division, dictate how operators can develop the Bakken and Three Forks formations. These regulations determine the density of wells...

🔆Midday Wire·Aug 11

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI, Brent Crude Prices Climb Over 1.6% Despite Surprise U.S. Inventory Build

Front-month oil prices posted solid gains on Tuesday, with West Texas Intermediate (WTI) crude settling at $83.46 per barrel, a rise of $1.33 or 1.62%. The global Brent benchmark climbed to $89.20, up $1.48 or 1.69%. The price for Bakken crude at the Clearbrook, Minnesota, hub was discounted by $3.42 per barrel versus WTI. The gains came despite a bearish weekly inventory report from the American Petroleum Institute (API). According to OilPrice.com, the API estimated U.S. crude oil inventories rose by 9.072 million barrels for the week ending August 7, a stark contrast to analyst expectations for a 500,000-barrel draw. This follows a build of 2.69 million barrels the prior week. Market analysts pointed to sustained geopolitical risk as a primary driver overriding the inventory data. As reported by Rigzone, ongoing tensions surrounding the Strait of Hormuz have supported prices. OilPrice.com noted Brent crude has gained nearly $10 per barrel...

🌅Afternoon Wire·Aug 11

Rig Report

North Dakota Rig Count Rises to 29 with New Devon Energy Rig

The number of active drilling rigs in North Dakota increased to 29 on Tuesday, August 11, according to live data from Bakken Wire. The count rose by one rig from the previous day, with no rigs removed or relocated. The new addition is the NOBLE 4 rig, operated by Devon Energy Williston, L.L.C. The rig is located at site 152-101-23 in McKenzie County, the core county of the Bakken formation. This latest increase continues a pattern of gradual growth for the state's drilling activity. One week ago, on August 4, the active rig count stood at 28. The current total of 29 rigs represents a net gain of five rigs compared to one month ago, when 24 rigs were active on July 12. The steady climb in North Dakota contrasts with a broader regional trend reported on Tuesday. According to Rigzone, North America as a whole dropped three rigs week-on-week,...

🌅Afternoon Wire·Aug 11

Global Markets

China Pursues Energy Security Via Arctic Route, Coal-to-Gas Expansion

The ongoing conflict in the Middle East is accelerating China's pivot to the Arctic for its shipping needs, according to a report from OilPrice.com. Chinese container shipping firm Sea Legend is launching a regular weekly service through Arctic waters this week, cutting voyage time from China to the UK by about half. The move is a direct response to threats in the Red Sea and Bab el-Mandeb Strait and is facilitated by melting polar ice caps and China's relationship with Russia, which controls the Northern Sea Route. Concurrently, China is aggressively expanding its domestic coal-to-gas (CTG) industry as a strategic buffer against geopolitical supply shocks, according to a separate OilPrice.com report citing Rystad Energy analysis. Capacity is set to triple from 9.4 billion cubic meters per year by end-2026 to 28 Bcm per year by 2030. The synthetic gas, produced primarily in Xinjiang province, is cost-competitive with imported LNG, reaching...

🌅Afternoon Wire·Aug 11

Global Markets

Global Chokepoints Tighten as Mideast Conflict Disrupts Oil Flows

Global oil shipping faced renewed pressure this week as vessel traffic through the critical Strait of Hormuz fell sharply, according to shipping data. On Monday, August 10, only six commodity vessels transited the strait in either direction, down from an 11-ship 10-day average, OilPrice.com reported, citing Kpler data. Bank of America analysts warned that traffic needs to recover to nearly pre-war levels of 80 to 100 ships per day to stabilize energy markets, but current flows are only between 5 and 10 vessels daily. The security situation has deteriorated in recent weeks, with Iran determined to exert control over the strait and Houthi threats continuing in the Red Sea. This slump in traffic comes as hopes for a U.S.-Iran deal have again begun to fade, OilPrice.com noted. Despite the bottleneck, a key oil supply workaround is functioning, with a dozen ships reported to be switching oil cargo outside the Strait...

🌅Afternoon Wire·Aug 11

Operator News

Trump Extends Jones Act Waiver; Santos Ships First Alaska Crude

President Donald Trump has extended a waiver of the Jones Act for 90 more days, though with new limits, according to Rigzone. The Jones Act requires cargo shipped between U.S. ports to be carried on U.S.-built, -owned, and -crewed vessels. Waivers can affect domestic oil transportation costs and logistics, including potential movements of Bakken crude to other U.S. markets. In production news, Santos has begun delivering oil from its Pikka development on Alaska's North Slope, Rigzone reported. The first crude cargo is headed to the West Coast for refining. New production from Alaska competes for market share on the West Coast, a potential destination for Bakken crude shipped via pipeline or rail, potentially influencing regional pricing dynamics. Separately, Brazos Midstream plans to build a new 300 million cubic feet per day cryogenic natural gas processing plant in Glasscock County, Texas, as reported by Rigzone. This expansion will grow the company's...

🌅Afternoon Wire·Aug 11

Pipeline & Infrastructure

Global Energy Developments Highlight Market Factors for Bakken

The National Oceanic and Atmospheric Administration has revealed its latest prediction for the Atlantic hurricane season, according to Rigzone. While the Gulf Coast is a primary concern for storm disruptions, any significant impact on Gulf refining or export infrastructure can influence the pricing and flow of Bakken crude, which often moves to that market. In refining news, a major 400,000 barrel-per-day Saudi Arabian refinery complex has seen its restart delayed. The Jazan oil complex is now tentatively expected to restart by August 30, Rigzone reported. Global refining capacity and outages can affect the international crude balance, indirectly impacting the price benchmarks against which Bakken crude is traded. Separately, German power and gas utility Uniper plans to build data centers at its power sites, having identified over 10 generation sites with suitable infrastructure for co-location, Rigzone noted. This trend of repurposing or augmenting energy infrastructure for data needs is a broader...

🌅Afternoon Wire·Aug 11

Production Data

Bakken Rig Count Holds at 29 as Oil Prices Rise Above $83

North Dakota's active drilling rig count held steady at 29 on Tuesday, August 11, 2026, according to live Bakken Wire data. The stability in the rig count comes alongside a notable rise in benchmark oil prices, with WTI crude gaining $1.33 to settle at $83.46 per barrel. The current rig level represents a fraction of the over 200 rigs that were routinely active in the Bakken during the region's peak drilling years over a decade ago. Historically, the rig count is a leading indicator for future oil production, as new wells must be drilled and completed to offset the steep natural decline rates of existing shale wells. The Bakken crude price differential narrowed slightly to a discount of $3.42 per barrel versus WTI. Meanwhile, Brent crude rose to $89.20. The strength in global oil markets provides a favorable price environment for Bakken operators, though the sustained low rig count suggests...

🌅Afternoon Wire·Aug 11

Workforce & Community

Bakken Rig Count Holds at 29 as Oil Prices Rally

The active rig count in North Dakota's Bakken formation held steady at 29 this week, a level that suggests continued stability for the region's workforce and communities. The count has remained near 30 rigs for several months, reflecting a measured pace of drilling activity compared to previous boom cycles. Oil prices provided a supportive backdrop, with WTI crude rallying 1.62% to $83.46 per barrel and Brent crude rising 1.69% to $89.20. The Bakken crude differential narrowed to -$3.42 versus WTI, improving the netback for local producers. Higher sustained oil prices typically support employment levels and capital spending by operators, which in turn flows through to local economies. At 29 rigs, the Bakken workforce is operating at a fraction of the peak seen during the last boom, which topped out at over 200 active rigs. The current level supports a core of skilled oilfield workers and service company employees, but without...

🌅Afternoon Wire·Aug 11