Thursday, August 13, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 3:56

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 3:46

Oil Prices

Oil Prices Slide Amid Mixed Market Signals, Bakken Differential at -$3.42

Front-month WTI crude oil futures traded at $81.61 on Thursday morning, down $1.66 or 1.99% from the previous settlement. The international benchmark Brent crude was also lower at $87.37, a decline of $1.61. The price for Bakken crude at the wellhead is estimated at a $3.42 per barrel discount to WTI, according to live price data. The morning's pullback follows a steady session on Wednesday where prices were little changed as stalled negotiations over the Strait of Hormuz offset a reported massive increase in U.S. oil inventories, according to Rigzone. Persistent geopolitical risk related to Iran and Middle East oil flows continues to underpin the market. According to a report from OilPrice.com, the disruption has delivered a windfall to alternative energy sectors like China's coal-to-chemicals industry. Ningxia Baofeng Energy Group Co. reported record first-half profits of $1.4 billion, an almost twofold annual increase, citing high and volatile crude oil prices...

☀️Morning Wire·Aug 13

Rig Report

North Dakota Rig Count Holds at 30

North Dakota's active drilling rig count was unchanged on Thursday, August 13, 2026, holding steady at 30 units, according to live data from Bakken Wire. There were no new rigs added, none removed, and none that moved location since the prior day's report. The current level represents a slight increase of one rig compared to the count of 29 active one week ago, on August 6, 2026. The more significant trend emerges over a longer period, with the state's active fleet showing a net gain of six rigs compared to one month ago, when 24 rigs were active on July 14, 2026. A rig count of 30 in the core Bakken formation and Williston Basin indicates a stable, moderate pace of drilling activity. The count is a key leading indicator for future oil production in North Dakota, the nation's second-largest oil-producing state. The multi-week upward trend suggests operators are maintaining...

☀️Morning Wire·Aug 13

Daily Activity

Kraken Operating Secures Four New Permits in McKenzie County

Kraken Operating LLC was the sole operator to secure new drilling permits in the latest daily activity report from the North Dakota Department of Mineral Resources. The agency approved four new permits for the company, all filed on Wednesday, August 12, 2026. All four permits are for wells in McKenzie County and are designated as "confidential." The permits are for the MERCURY 32-29-20 1H, 2H, 3H, and 4H, according to the DMR report. The confidential status typically shields specific well details from public disclosure for a limited time. The concentrated activity by Kraken in a single area suggests a focused development plan for a particular lease or unit in McKenzie County, which is a core area of the Bakken formation. No other operators received new permit approvals in the Wednesday report. In additional information from the DMR, a previously permitted well by Slawson Exploration Company Inc. saw a status update....

☀️Morning Wire·Aug 13

Pipeline & Infrastructure

Alaska LNG Pipeline Bill Fails, Governor Warns of Investment Signal

A bill critical to advancing Alaska's major liquefied natural gas pipeline project has failed in the state legislature, drawing a sharp rebuke from Governor Mike Dunleavy. According to OilPrice.com, the bill, which concerned a property tax change needed for the Alaska LNG project, did not secure sufficient votes. Governor Dunleavy called the legislature's inaction "deeply disappointing" in a statement on X. "Alaska is running out of affordable, reliable natural gas. This is a long-standing issue that has grown more urgent over decades of inaction. Delaying action only increases risk, raises costs, and limits future options," Dunleavy wrote, as reported by OilPrice.com. The governor warned that the failure sends "a negative signal to investors and potential partners in Alaska, the nation, and around the world." He emphasized that "large infrastructure projects require certainty and sustained commitment," according to the source. The Alaska LNG project is a joint venture between the state-owned...

☀️Morning Wire·Aug 13

Regulatory

Iberdrola's Brazil Unit Invests BRL 3.1B in Power Grid Upgrade

Iberdrola's Brazilian subsidiary, Neoenergia, has announced a BRL 3.1 billion (approximately $599 million) investment to expand and modernize the electricity infrastructure in Brazil's Federal District, according to a report from Rigzone. The project, announced on August 13, 2026, focuses on upgrading the power system in the capital region. While this specific investment is international, it underscores a critical global energy sector priority: grid reliability and modernization. For Bakken formation operators in North Dakota, electrical grid stability is a fundamental operational concern. Oil and gas production, processing, and transportation all depend on consistent and reliable power. Major investments in grid infrastructure, whether in Brazil or domestically, signal an industry-wide recognition of this need. Modernized grids are also increasingly important for integrating diverse energy sources, including associated gas capture and potential future renewable projects that could power remote operations. A robust grid reduces operational downtime risks and supports the deployment of more...

☀️Morning Wire·Aug 13

Global Markets

Global Energy Moves Signal Mixed Outlook for Bakken Crude Demand

India's aggressive expansion of coal power generation capacity could signal a long-term headwind for global oil demand growth, according to a report from Global Energy Monitor cited by OilPrice.com. India proposed 638 million metric tons annually in new coal capacity last year, a near doubling from 329 million tons the year prior, driving an 11% increase in the global total. The country plans to boost domestic coal production to 1.5 billion metric tons in fiscal 2026/27 and is actively converting power plants from imported to domestic coal. This pivot to domestic coal and renewables is part of a stated goal to slash thermal coal imports, which, if successful, could free up capital and reinforce a strategy of energy source diversification. "We cannot be subjective about coal. The question is how sustainably we can use it," an analyst from an Indian government policy think tank, NITI Aayog, said last year. Rajnath...

☀️Morning Wire·Aug 13

Global Markets

Global Roundup: New Zealand Boosts Gas, Iran Tensions Simmer

New Zealand's government approved a new onshore oil and gas production permit on Thursday, highlighting a continued global focus on energy security. The country's regulator, New Zealand Petroleum and Minerals (NZP&M), granted Matahio NZ Onshore Limited a 10-year petroleum mining permit for the Puka field in the Taranaki region, according to OilPrice.com. The permit is expected to bring additional natural gas to New Zealand's domestic market over the next decade and generate export earnings from new oil production, Resources Minister Shane Jones said. The government cited ongoing energy security challenges due to declining gas reserves. "At a time when New Zealand faces ongoing energy security challenges due to our declining gas reserves, every new source helps," Jones stated. Matahio estimates recoverable reserves from the Puka discovery at approximately 170,000 barrels of oil and 1.3 billion cubic feet of gas. The permit area also includes the Oru prospect, which has independently...

☀️Morning Wire·Aug 13

Production Data

Bakken Well Economics Tested as WTI Drops Below $82

The economics of drilling new wells in North Dakota's Bakken formation face a fresh test as West Texas Intermediate crude prices fell to $81.61 on Thursday, according to live market data. The $1.66 daily drop brings the primary pricing benchmark for Bakken crude below a key threshold as operators evaluate new projects. A typical new Bakken well costs between $7 million and $8 million to drill and complete, according to industry estimates. These wells generally target an estimated ultimate recovery (EUR) in the range of 500,000 to 750,000 barrels of oil equivalent over their lifespan. At the current WTI price of approximately $81.61, the before-tax net present value of a new Bakken well is significantly pressured. While prices remain above the breakeven levels for many core acreage positions, the recent dip narrows the margin for error on new capital commitments. Brent Crude, a global benchmark, was trading higher at $87.37,...

☀️Morning Wire·Aug 13

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 5:58

Oil Prices

Oil Prices Dip Midday as Geopolitical Risks Weigh on Market

Oil prices traded lower on Thursday, August 13, with West Texas Intermediate (WTI) crude for Bakken Wire's midday update at $82.64 per barrel, down $0.63 or 0.76 percent. The global benchmark Brent crude was at $88.40, down $0.58. The Bakken differential narrowed to a discount of $3.42 versus WTI. Natural gas prices also declined, down $0.05 to $2.75 per MMBtu. The modest pullback comes as the market digests persistent geopolitical risks against mixed fundamental signals. According to a Rigzone summary from Wednesday, crude prices have been steady as stalled negotiations over the Strait of Hormuz, a critical oil transit chokepoint, continue to offset concerns about rising U.S. inventories. The ongoing war in Iran remains the dominant factor supporting prices above the $80 threshold. Despite the day's decline, consumer fuel prices are hitting new highs. Rigzone reported that Patrick De Haan, Head of Petroleum Analysis at GasBuddy, announced the U.S. gasoline...

🔆Midday Wire·Aug 13

Regulatory

Neoenergia Announces $599MM Investment in Brazilian Power Grid

Iberdrola's Brazilian subsidiary Neoenergia will invest $599 million (BRL 3.1 billion) to upgrade and expand the electricity grid in Brazil's Federal District, according to a report from Rigzone. The investment, announced on August 13, 2026, is aimed at modernizing the region's power infrastructure. While this development is geographically distant from the Williston Basin, it underscores a broader, global industry focus on upgrading and securing electricity transmission and distribution networks. Reliable, modern power grids are critical for industrial operations worldwide, including oil and gas production. For Bakken operators, consistent and robust electrical infrastructure is a key operational component. It powers drilling rigs, production facilities, gas processing plants, and pipeline compression stations. Investments in grid modernization, whether in Brazil or discussions within North Dakota, highlight the importance of this often-overlooked backbone of energy production. The scale of Neoenergia's investment—hundreds of millions of dollars—illustrates the significant capital required for such infrastructure projects. In...

🔆Midday Wire·Aug 13

Global Markets

Global Refining Capacity Tightens as US Oil Output Hits Record

The U.S. Energy Information Administration projected that annual U.S. oil production will hit a record this year, according to Rigzone. This projection, published August 13, underscores the continued strength of domestic output, a significant portion of which flows from the Bakken formation in North Dakota. Simultaneously, analysis from S&P Global Energy indicates a tightening global refining landscape. Daniel Evans, Global Head of Fuels and Refining Research at S&P Global Energy, said the global refining system has little spare room left to respond, Rigzone reported on August 13. For Bakken operators, these concurrent developments present a complex market signal. Record U.S. production contributes to robust national supply, supporting the activity levels of drillers in the Williston Basin. However, the strain on global refining capacity highlighted by S&P Global analysts could potentially cap the upside for crude oil prices. Refineries are the critical link between produced crude oil and the finished fuels...

🔆Midday Wire·Aug 13

Global Markets

Global Tensions Threaten Oil Price Spike as Refinery Attacks Mount

A protracted stalemate over control of the Strait of Hormuz is raising the risk of oil prices spiking to $120 per barrel, according to an OilPrice.com report. The critical chokepoint remains mostly closed, with tanker traffic at two-month lows after five and a half months of war, negotiations, and mutual threats between the U.S. and Iran. Early on Wednesday, August 12, Brent crude prices rose above $89 per barrel amid conflicting claims from Tehran and Washington over who controls the strait. Analysts warn the physical oil market could reach a "tipping point" by end-September or early-October if the stalemate persists. Global inventories are depleting despite strategic stockpile releases, and China has tentatively returned to increased crude imports after a low period in May and June. While crude futures have not yet hit record highs, refining margins in the Atlantic Basin have jumped to their highest on record due to supply...

🔆Midday Wire·Aug 13

Operator News

European Power Crisis, Canal Fees Highlight Global Energy Strains

A severe drought in Europe has forced the shutdown of a major nuclear power plant, highlighting global energy supply vulnerabilities that can ripple through commodity markets. According to OilPrice.com, Romania began shutting down its last operating nuclear reactor on Thursday, August 13, as water levels on the Danube River hit a 90-year low. The country's state-owned operator, Nuclearelectrica, had already shut down another reactor at the Cernavoda plant in late July. The two reactors, which typically generate about a fifth of Romania's electricity, are now both offline for at least the next ten days, plant director Romeo Urjan said. To compensate, Romania has switched on a 330-MW coal-fired power plant and will rely more on wind power. Similar water-level issues have affected nuclear output in Hungary and France, Europe's largest nuclear electricity supplier. Separately, a major global shipping chokepoint is seeing extreme congestion, driving up costs for moving goods. Rigzone...

🔆Midday Wire·Aug 13

Pipeline & Infrastructure

Global Events, Corporate Updates Shape Energy Landscape

Heightened military tensions in the Middle East and corporate updates from international energy firms are factors Bakken producers monitor for potential impacts on global oil markets. According to Rigzone, Iran has reorganized its military to be more aggressive abroad as talks on ending the war with the U.S. remain mired in stalemate. Geopolitical instability in key oil-producing regions traditionally influences global crude prices, which directly affect the economics of drilling and production in North Dakota's Bakken formation. In corporate news, Meren has narrowed its production guidance for 2026. Rigzone reported the company bumped up the lower ends of its working-interest and entitlement production forecasts while revising down the higher ends. This adjustment comes even as Nigeria's Agbami field ramps up production following a 2025 turnaround. While not a Bakken-specific operator, such revisions from international firms reflect the ongoing precision in global production forecasting. Separately, Anaergia nearly doubled its revenue year-over-year,...

🔆Midday Wire·Aug 13

Production Data

Bakken Rig Count Holds at 30 as Oil Prices Retreat from Highs

North Dakota's active rig count held steady at 30 on Thursday, as crude oil prices pulled back from recent multi-month highs. The stability in drilling activity suggests operators are maintaining, but not aggressively expanding, their current level of development work in the Bakken formation. West Texas Intermediate (WTI) crude traded at $82.64 per barrel, down 0.76% on the day, while the international Brent benchmark was at $88.40. The price for Bakken crude at the wellhead is effectively lower, with the Bakken differential to WTI reported at -$3.42. Natural gas prices remained weak at $2.75 per MMBtu. The current rig count of 30 provides a key indicator for near-term production trends. Historically, the number of active drilling rigs is a leading indicator for future oil output, with a lag of several months between a rig commencing drilling and new production coming online. A steady count typically points to a stabilization or...

🔆Midday Wire·Aug 13

Workforce & Community

Bakken Rig Count Holds at 30 as Oil Prices Retreat Slightly

The number of active drilling rigs in North Dakota held steady at 30 this week, according to live Bakken Wire data. This count, a key indicator of oilfield employment and industrial activity, has remained in a narrow range through the summer, pointing to a period of consolidation for the region's workforce. The current rig count is significantly below the boom-era peaks but represents a stabilized level of operation for the modern, more efficient Bakken. Each active rig supports hundreds of direct and indirect jobs, from roughnecks and engineers to truck drivers and hospitality workers. A steady count suggests consistent demand for this core workforce in the Williston Basin. Meanwhile, crude oil prices saw a modest decline in midday trading. West Texas Intermediate (WTI) was at $82.64 per barrel, down 0.76%, while the international Brent benchmark traded at $88.40. The Bakken crude differential—the discount at which local crude trades versus WTI—was...

🔆Midday Wire·Aug 13

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slide Over 2% as Bakken Differential Narrows

Oil prices fell sharply on Thursday, with U.S. benchmark West Texas Intermediate crude dropping 2.49 percent to settle at $81.20 per barrel. The global Brent benchmark also declined 2.23 percent to $87.00 per barrel, according to live market data. The sell-off occurred alongside a dip in natural gas, which traded at $2.73, and a tightening of the Bakken oil price differential. The discount for Bakken crude versus WTI narrowed to $3.42 per barrel. The price decline contrasts with record-breaking U.S. gasoline prices reported on Thursday. Patrick De Haan, Head of Petroleum Analysis at GasBuddy, announced that the U.S. gasoline price had broken a couple of records, according to a report from Rigzone. This divergence suggests broader macroeconomic concerns or shifts in refined product inventories may be outweighing strong consumer fuel demand in the near term. For Bakken operators, the combined move represents a dual pressure. The outright drop in the...

🌅Afternoon Wire·Aug 13

Rig Report

North Dakota Rig Count Rises to 31 as Eben Operating Adds Rig

The number of rigs actively drilling for oil and gas in North Dakota increased to 31 on Thursday, August 13, according to live rig data from Bakken Wire. The count is up by one rig from the previous day. The sole addition was a rig operated by Eben Operating Co., LLC. The company spud the Patterson 290 well in McKenzie County, located at 145-100-5. No rigs were reported as removed from service or moved to a new location on Thursday. The current activity level continues a multi-week growth trend for the state's drilling fleet. One week ago, on August 6, the rig count stood at 29 active rigs. Thursday's total represents a net gain of two rigs over the past seven days. The expansion is more pronounced when viewed on a monthly basis. Compared to one month ago on July 14, when 24 rigs were active, the state's drilling rig...

🌅Afternoon Wire·Aug 13

Global Markets

Global Energy Shifts Tighten Distillate Market, Solar Hits Milestone

Global energy markets are undergoing significant shifts that will influence the calculus for Bakken operators, with a tightening refined products market juxtaposed against the accelerating growth of solar power, according to reports from OilPrice.com. Russia's exports of diesel and gasoil crashed to a multi-year low of just 80,000 barrels per day (bpd) in the first week of August, according to data compiled by Bloomberg and reported by OilPrice.com. This is a stark drop from last year's levels of as much as 1 million bpd. The plunge is due to extended Russian export restrictions amid a domestic fuel crisis, triggered by Ukrainian drone attacks on the country's refineries. The International Energy Agency (IEA) notes this slump has contributed to a much tighter global market for middle distillates—the category that includes diesel—than for crude oil. "Tighter light and middle distillate markets boosted cracks and margins in the Atlantic Basin to record highs,"...

🌅Afternoon Wire·Aug 13

Global Markets

Global Roundup: EV Shift, Nuclear Funding, and LPG Demand

Global oil demand could fall to 99 million barrels per day by 2040 due to factors accelerating electric vehicle adoption, according to a new report from Wood Mackenzie. The analysis firm said Thursday that oil supply disruptions, high fuel prices, and faster battery innovation are creating fresh incentives for EV investment, with consequences for long-term petroleum demand. Wood Mackenzie reported that wars affecting oil-producing Russia and Iran have exposed governments and consumers to higher fuel prices and supply risks. The firm also noted rapid technology advances, particularly in China, on five-minute charging and new battery chemistries. The shift is expected to be uneven, with Europe's EV market share potentially climbing from 3% in 2025 to 35% by 2040, while the U.S. share could rise from 3% today to 20% by 2040. The analysis suggests accelerating EV innovation outside the U.S. could eventually force Washington to take transport electrification more seriously...

🌅Afternoon Wire·Aug 13

Operator News

Crude Retreats Amid Stalled Talks, EIA Predicts Record U.S. Output

Crude oil prices retreated on Thursday as traders assessed stalled international negotiations and rising U.S. inventories, according to Rigzone. The market movement comes amid concerns over shipments through the Strait of Hormuz. In a separate report, the U.S. Energy Information Administration projected that annual U.S. oil production will hit a record this year, Rigzone noted. This forecast underscores the continued strength of American shale output, with the Bakken formation remaining a key contributor to national supply. For North Dakota producers, the federal outlook supports a stable operational environment despite near-term price volatility. The broader logistics landscape saw a stark example of global trade pressures. A container ship paid $4 million to cut the line at the Panama Canal, Rigzone reported. While not directly related to crude shipments, such extraordinary costs highlight persistent bottlenecks in global shipping routes that can indirectly affect the energy sector's supply chain efficiency. For the Bakken,...

🌅Afternoon Wire·Aug 13

Pipeline & Infrastructure

Presidio Forms AI Team, Global Refining Capacity Tight

Pipeline operator Presidio has assembled a dedicated engineering team to develop and deploy artificial intelligence workflows for oil and gas producers, according to Rigzone. The move signals midstream companies' growing investment in digital tools to optimize pipeline operations, which can enhance efficiency and reliability for Bakken shippers. Separately, analysis from S&P Global Energy indicates the global refining system has little spare capacity left to respond to market shifts. Daniel Evans, Global Head of Fuels and Refining Research at S&P Global, highlighted the constraint in a recent piece reported by Rigzone. Tight refining margins and limited spare capacity can influence the demand and pricing for crude oil feedstocks, including light sweet crude from the Bakken formation. In other industry news, Anaergia, a company focused on renewable natural gas and resource recovery, nearly doubled its year-over-year revenue. Rigzone reported the increase was primarily driven by higher capital sales project execution in Italy,...

🌅Afternoon Wire·Aug 13

Regulatory

Iran Tensions, Nigeria Output Updates Impact Global Oil Market

Geopolitical tensions involving a major oil producer intensified as talks on ending its conflict with the United States hit a deadlock. According to Rigzone, Iran has reorganized its military to adopt a more aggressive posture abroad. The stalemate in discussions introduces a renewed element of risk to global oil supply, which can influence the price benchmarks against which Bakken crude is sold. Separately, production guidance from an international operator was revised. Rigzone reported that Meren has narrowed its 2026 production forecast, raising the lower end but lowering the higher end of its working-interest and entitlement output projections. This adjustment comes even as Nigeria's Agbami field increases production following maintenance work in 2025. For Bakken operators and royalty owners, these international stories underscore the external factors that drive daily crude oil price volatility. The Bakken formation, while a domestic onshore play, is not insulated from global supply disruptions or geopolitical events....

🌅Afternoon Wire·Aug 13

Production Data

Bakken Activity Holds at 31 Rigs Amid Oil Price Retreat

North Dakota's active drilling rig count held at 31 on Thursday, a level signaling sustained but measured activity in the Bakken formation. The count comes as benchmark oil prices retreated, with West Texas Intermediate crude trading at $81.20 per barrel, down $2.07 for the day, according to live Bakken Wire data. The current rig level is a key indicator for future production. Historically, the number of active drilling rigs has a direct, lagged correlation with oil output, as new wells take months to drill, complete, and bring online. A stable rig count suggests operators are maintaining a consistent pace of new well development to offset the steep natural decline rates of existing Bakken wells. However, the day's price movement introduces a note of caution. Brent crude also fell, trading at $87.00, while the Bakken crude differential—the discount at which local crude trades versus WTI—stood at -$3.42. Lower headline prices, if...

🌅Afternoon Wire·Aug 13