Friday, August 14, 2026

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Oil Prices

WTI Holds Above $81 as Geopolitical Premium Meets Demand Concerns

Crude oil prices held steady early Friday, with West Texas Intermediate (WTI) trading at $81.51 per barrel, according to live market data. The benchmark gained 26 cents on the session, while international benchmark Brent crude edged up 8 cents to $87.15. The price for Bakken crude at the wellhead was trading at a $3.42 discount to WTI. The modest gains cap a volatile week where prices rallied sharply before retreating. According to a report from OilPrice.com, September WTI futures had climbed over $84 earlier in the week, and Brent briefly moved above $90, as traders rebuilt a "Hormuz premium." The report stated that optimism around a deal to reopen the critical Strait of Hormuz fell apart, forcing short sellers to cover their positions and bringing buyers back into the market. Tanker traffic through the strait remains far below its pre-conflict normal of over 125 vessels per day. However, the geopolitical...

☀️Morning Wire·Aug 14

Rig Report

Bakken Rig Count Holds at 31 Amid Steady Multi-Week Rise

The number of active drilling rigs in North Dakota's Bakken formation held steady at 31 on Friday, August 14, 2026, according to live rig data from Bakken Wire. There were no new rigs added, none released, and no rigs moved location since the previous day's report. This stability follows a period of consistent growth. The current rig count is up by three from the 28 rigs reported one week ago, on August 7, 2026. The increase is more pronounced over the past month, representing a gain of five rigs since mid-July, when 26 rigs were active. The sustained higher count signals ongoing capital discipline but continued development activity by Bakken operators. Rig levels are a leading indicator of future oil production, and a count in the low 30s suggests operators are maintaining a measured pace of drilling to hold production flat or achieve modest growth, depending on well productivity and...

☀️Morning Wire·Aug 14

Global Markets

Global Conflicts Disrupt Oil Trade, Bolstering Bakken's Strategic Position

A drone attack sparked a fire at Russia's key Baltic Sea oil export terminal in Ust-Luga early Friday, according to OilPrice.com, marking the latest strike on Russian energy infrastructure by Ukraine. Alexander Drozdenko, governor of Russia’s Leningrad region, confirmed the attack and subsequent fire on Telegram, stating that all consequences had been eliminated with no victims. This incident intensifies a campaign that has significantly curtailed Russian fuel exports. OilPrice.com reported that Russia’s diesel and gasoil exports crashed to just 80,000 barrels per day in the first week of August, the lowest in years. The persistent attacks have forced Russia to curb fuel exports and even begin importing gasoline, with a 42,000-ton cargo arriving from India this month. Concurrently, geopolitical instability is spreading across the Middle East, further pressuring global supply chains. Yemen’s Houthis claimed a drone attack on Saudi Aramco’s Jazan refinery on Thursday, according to OilPrice.com. Separately, Iran attacked...

☀️Morning Wire·Aug 14

Global Markets

Global Tensions Rise as Tankers Go Dark, US Plans Iran Sanctions

A growing number of oil tankers in the Middle East are moving with their transponders switched off for extended periods, obscuring global oil flows and market transparency. According to OilPrice.com, this "dark mode" activity, used to avoid detection while transiting chokepoints like the Strait of Hormuz, has spread to the Bab el-Mandeb Strait. The time vessels spend off radar has extended from a few hours to a week or more, as shipping risks from groups like the Iran-aligned Houthis have increased. In one recent example tracked by Bloomberg, the supertanker Romania Prosperity disappeared from radars off Fujairah for ten days in late July. This extended dark activity makes tracking oil flows from the Middle East—a key global supply region—extremely difficult, lowering transparency for market estimates of actual exports. Saudi ships moving oil from the Red Sea have also adopted the practice to obscure themselves from potential Houthi targets. These shipping...

☀️Morning Wire·Aug 14

Operator News

Oil Prices Fall, India Seeks More US LPG as EIA Forecasts Record US Output

Crude oil prices retreated on Thursday as traders weighed stalled talks with Iran and rising U.S. inventories, according to a Rigzone report. The market dip comes alongside a significant projection from the U.S. Energy Information Administration, which forecasts that annual U.S. oil production will hit a record level in 2026. In a separate development, India's state-owned refiners are in talks to secure more U.S. liquefied petroleum gas under annual contracts for next year, Rigzone reported. LPG, which includes propane and butane, is a key co-product of Bakken natural gas processing. The EIA's record production forecast underscores the continued strength of U.S. shale plays, including the Bakken formation in North Dakota. While the report did not break down state-level contributions, the Bakken remains a cornerstone of the nation's oil output. The price pressure noted by Rigzone, attributed to geopolitical factors and inventory builds, presents a near-term headwind for operator margins. The...

☀️Morning Wire·Aug 14

Pipeline & Infrastructure

Global Refining Capacity Tightens, Panama Canal Congestion Costs Rise

The global refining system is operating with minimal spare capacity, limiting its ability to respond to market shocks, according to an analysis cited by Rigzone. Daniel Evans, Global Head of Fuels and Refining Research at S&P Global, noted the system has "little spare room left," a condition that impacts the ultimate destination and pricing for crude oil produced in the Bakken. Separately, significant congestion at a key global trade chokepoint was highlighted as a container ship paid $4 million to skip the queue for transit through the Panama Canal, Rigzone reported. While not an oil tanker, the extreme premium underscores the severe delays and rising costs for all vessel traffic through the canal, which is a route for some U.S. energy exports. For Bakken operators, these developments underscore ongoing challenges in the midstream and downstream segments. Tight global refining capacity can pressure the differentials for inland crudes like Bakken, which...

☀️Morning Wire·Aug 14

Production Data

Bakken Drilling Economics Favorable at $81 Oil

Oil prices above $80 per barrel are creating a constructive economic environment for drilling new wells in North Dakota's Bakken formation, according to industry analysis. West Texas Intermediate (WTI) crude was trading at $81.51 on Friday, up $0.26 from the previous close. The economic viability of a new Bakken well hinges on its estimated ultimate recovery (EUR) and the prevailing price of oil. Typical development costs for a modern Bakken well are estimated at $7 to $8 million. For an average well with an EUR of approximately 750,000 barrels of oil equivalent, current pricing provides a solid margin. At $81.51 WTI, the gross revenue from a 750,000-barrel well would be roughly $61.1 million, before royalties, operating expenses, and taxes. This revenue potential significantly exceeds the initial drilling and completion investment, suggesting robust internal rates of return for operators. The positive price environment helps offset the high upfront capital required for...

☀️Morning Wire·Aug 14

Workforce & Community

Bakken Rig Count Steady at 31 as Workforce Pressures Persist

The number of active drilling rigs in North Dakota held at 31 on Friday, as reported by Bakken Wire's live data, a level that continues to sustain robust workforce demand in the state's oil-producing region. With WTI crude trading at $81.51 per barrel, the economic conditions support steady operational activity for Bakken operators. A rig count in the low 30s represents a significant commitment by oil companies to ongoing development in the Williston Basin. This activity directly translates to sustained employment needs for skilled workers across drilling, completions, and production sectors. The consistent demand puts pressure on the available labor pool in western North Dakota communities like Williston, Watford City, and Dickinson. The persistent demand for workers underscores ongoing challenges with housing availability in the core Bakken region. While the frenzied construction pace of the previous boom has cooled, housing inventory remains tight relative to the current workforce population. Rental...

☀️Morning Wire·Aug 14

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher Midday Friday, Bakken Differential Holds Steady

Oil prices posted modest gains in midday trading Friday, August 14, 2026, with global benchmark Brent crude leading the increase. The price movement reflects steady market fundamentals and ongoing geopolitical considerations. West Texas Intermediate (WTI) crude traded at $81.62 per barrel, up 37 cents or 0.46% for the session. The international benchmark, Brent crude, was at $87.77, a gain of 70 cents or 0.8%. Natural gas prices also rose, adding 3 cents to reach $2.76 per MMBtu. For Bakken producers, the key local price marker, the Bakken differential, was reported at a discount of $3.42 per barrel versus WTI. This spread is a critical factor in determining the netback price for oil produced in the North Dakota region. The price gains come amid a market balancing steady global demand against adequate supply. Brent's stronger performance relative to WTI often reflects tighter physical market conditions in Europe and Asia, as well...

🔆Midday Wire·Aug 14

Operator News

ConocoPhillips Invests $1B Annually to Sustain Alaska Legacy Assets

ConocoPhillips, a major operator in North Dakota's Bakken formation, invests approximately $1 billion each year to sustain and grow its Alaska legacy assets, according to a summary from Rigzone. The report, published August 14, cited projects like the Coyote development as examples of this ongoing investment. This sustained capital allocation to Alaska underscores a corporate strategy focused on maintaining and optimizing long-life, legacy oil-producing regions. For Bakken stakeholders, it demonstrates ConocoPhillips's approach to managing a diverse global portfolio that includes both Lower 48 shale basins and major international projects. The Bakken formation remains a cornerstone of ConocoPhillips's U.S. onshore production. The company's consistent operational presence in the Williston Basin is part of a broader capital framework where investments across different assets are balanced. News of steady funding for Alaska operations does not inherently detract from the Bakken, but rather reflects the company's scale and its commitment to core areas that...

🔆Midday Wire·Aug 14

Global Markets

Global Fuel Squeeze Tightens Markets, Supports Bakken Oil Demand

Global refined product markets are facing a significant squeeze, pushing U.S. refining margins to record highs and supporting demand for feedstocks like Bakken crude, according to multiple industry reports. The tightness is driven by refinery attacks in Russia, peak seasonal demand, and supply bottlenecks in the Middle East, including the closure of the Strait of Hormuz. Several regions of Russia are facing fuel shortages again after Ukraine resumed almost daily attacks on oil refineries in the country, Rigzone reported. This disruption to Russian refining capacity is contributing to a global tightening of diesel, gasoil, and jet fuel supplies. In response, U.S. refiners have maximized capacity utilization rates this summer and are in search of quality feedstocks from wherever available, according to a report from OilPrice.com. The market is so tight that a U.S. West Coast refinery is importing a cargo of more than 540,000 barrels of low-sulfur fuel oil from...

🔆Midday Wire·Aug 14

Global Markets

Global Tensions Spur Asian Demand for U.S. Crude, Legal Storm Erupts in Kazakhstan

North Asian refiners are accelerating purchases of U.S. crude oil as the closure of the Strait of Hormuz disrupts Middle Eastern supply, according to a report from OilPrice.com. At least four refiners in the region bought U.S. crude volumes this week alone, trade sources told Reuters. The buying activity comes as tanker traffic through the critical Middle Eastern chokepoint has slumped further amid a continued stalemate between the U.S. and Iran. South Korea's GS Caltex bought 2 million barrels of U.S. Mars crude from Shell for November delivery. Japan's Cosmo Energy Holdings and Eneos Corp also purchased Mars and West Texas Intermediate (WTI) cargoes, while Taiwan's CPC Corp acquired WTI. Indian refiners are also seeking spot crude supply as term deliveries are constrained. The shift represents a potential supportive factor for U.S. benchmark prices and highlights the global role of American barrels during a supply crisis. For Bakken producers, sustained...

🔆Midday Wire·Aug 14

Operator News

Global Supply Fears, Utility Deal, LNG Incentive Bid Mark Midday News

Indian state-owned refiners have entered a phase of panic buying, rushing to secure spot crude cargoes unusually far in advance, according to Rigzone. The reported buying frenzy is driven by supply uncertainty stemming from Ukrainian attacks on Russian energy assets and a geopolitical stalemate over the Strait of Hormuz. For Bakken producers, such global supply disruptions can increase demand for non-OPEC crudes, potentially supporting price differentials for Bakken barrels that compete in the international market. In a major utility transaction, Bernhard Capital Partners has completed the acquisition of New Mexico's largest regulated natural gas utility from Emera, Rigzone reported. The deal is valued at approximately $1.25 billion. While not a direct Bakken play, significant midstream and utility investments in surrounding regions can influence broader natural gas market dynamics and infrastructure development relevant to basin operators. Separately, the Argentina LNG consortium has filed an application for the Argentine government's Large Investment...

🔆Midday Wire·Aug 14

Pipeline & Infrastructure

Global Energy Shifts Highlight Bakken's Export Position

International energy developments reported Friday highlight the interconnected global market in which Bakken oil and gas competes. While not directly involving North Dakota assets, the shifts in trade flows and project investment can influence long-term conditions for the region's exporters. BP has secured a new license for a major gas project off Venezuela, according to Rigzone. The company estimates four trillion cubic feet of recoverable gas resources in the Plataforma Deltana area. Rigzone reported that BP expects to deliver this new project phase in parallel with its existing Phase 1 development. Large-scale international gas projects can affect global LNG supply, indirectly influencing the pricing environment for associated gas produced in the Bakken. Separately, the United States is preparing to unveil "unprecedented" new sanctions on Iran, Rigzone reported Friday. Treasury Secretary Scott Bessent described the move as part of a 'one-two punch' that continues the blockade of Iran's ports. Such geopolitical...

🔆Midday Wire·Aug 14

Regulatory

Oil Prices Retreat Amid Stalled Iran Talks, EIA Projects Record US Output

Oil prices retreated on Thursday as traders assessed geopolitical tensions and rising U.S. inventories, according to Rigzone. The market pullback was linked to stalled talks over Iran's nuclear program and ongoing shipments through the Strait of Hormuz. The price movement comes as the U.S. Energy Information Administration (EIA) projected that annual U.S. oil production will hit a record in 2026, Rigzone separately reported. While the EIA's specific forecast for the Bakken formation was not detailed in the source, the region is a cornerstone of domestic supply and typically contributes significantly to national output totals. For Bakken operators and royalty owners, the dual developments highlight a familiar market dynamic: robust local production growth against a backdrop of volatile global prices. Record national output can help secure energy independence but may also apply downward pressure on the price benchmarks used to value Bakken crude. The stalled Iran talks introduce uncertainty into global...

🔆Midday Wire·Aug 14

Production Data

Bakken Rig Count Holds at 31 as Oil Prices Firm

The active drilling rig count in North Dakota's Bakken formation held steady at 31 on Friday, according to live Bakken Wire data. The count provides a snapshot of current operator investment in new wells as the industry navigates a period of firming crude prices. West Texas Intermediate (WTI) crude traded at $81.62 per barrel on Friday, a gain of $0.37. The international Brent benchmark was at $87.77. Bakken crude traded at a discount of $3.42 to WTI. The current price environment, with WTI above $80, is generally considered supportive for Bakken drilling economics. 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. Historically, a sustained increase in the rig count precedes a rise in overall output several months later, while a falling count signals an impending production decline. The...

🔆Midday Wire·Aug 14

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI, Brent Rally as US Rig Count Inches Higher

West Texas Intermediate (WTI) crude oil settled at $82.44 per barrel on Friday, August 14, a gain of $1.19 or 1.46%, according to live price data. The global benchmark Brent crude saw a stronger increase, rising $1.49 to $88.56 per barrel, a 1.71% jump. Bakken crude at the wellhead traded at a discount of $3.42 versus WTI. The price gains coincided with a slight increase in U.S. drilling activity. Data from Baker Hughes published Friday showed the total number of active oil rigs in the United States rose by one this week to 455, according to OilPrice.com. The total active rig count for oil and gas reached 593, which is 54 more than the same week last year. The Permian Basin saw the largest regional gain, adding two rigs to reach 265. Primary Vision’s Frac Spread Count, which estimates crews completing wells, also rose by two to 196 in the...

🌅Afternoon Wire·Aug 14

Rig Report

North Dakota Rig Count Rises to 32 with New Burlington Resources Rig

The number of active drilling rigs in North Dakota increased by one to 32 on Friday, August 14, according to Bakken Wire live data. One new rig began operations and one rig was moved to a new location, with no rigs released. Burlington Resources Oil & Gas Company LP was the sole operator adding a new drilling unit, deploying the NABORS b20 rig in McKenzie County at location 151-96-7. Burlington also moved its NABORS X8 rig to the same location in the county. The current count of 32 active rigs represents a significant increase over recent periods. The rig count is up by four from one week ago, when 28 rigs were active, and is up by six from one month ago, when the count stood at 26. This local increase aligns with a broader uptick in U.S. drilling activity. According to a report from OilPrice.com, the total number of...

🌅Afternoon Wire·Aug 14

Operator News

ConocoPhillips Starts Major Alaska Project, Highlighting Diversified Strategy

ConocoPhillips has started production at a new oil project on Alaska's North Slope, according to a report from Rigzone. The company is a significant operator in North Dakota's Bakken formation. While the Rigzone report did not provide specific details on the Bakken, it noted that ConocoPhillips Alaska invests approximately $1 billion each year to sustain and grow its Alaska legacy assets through projects such as the newly started development. This level of annual investment highlights the company's ongoing commitment to its established production basins. For Bakken stakeholders, this development is a reminder of ConocoPhillips's stature as a large, diversified independent with a multi-basin strategy. The company maintains a major position in the Williston Basin, and its capital allocation decisions in Alaska and other regions are watched as indicators of broader corporate health and strategic focus. Activity in one part of a major operator's portfolio can influence capital availability across its...

🌅Afternoon Wire·Aug 14

Pipeline & Infrastructure

Pipeline Delay for New Mexico Data Center Highlights Energy Demand Link

A major pipeline delay for a planned $165 billion data center project in New Mexico underscores the critical link between energy infrastructure and burgeoning industrial demand, a dynamic with implications for Bakken natural gas producers. According to a report from OilPrice.com, Energy Transfer subsidiary Transwestern Pipeline has pushed the in-service date for its Green Chile Project from August 15 to February 1, 2027. The six-month delay threatens the schedule for Oracle's "Project Jupiter" data center development in Doña Ana County. The scale of the planned energy use is substantial, with the project potentially using 2.5 gigawatts of gas-powered fuel cells supplied by Bloom Energy. The Green Chile pipeline is designed to deliver up to 400 million cubic feet per day of natural gas to the site, an amount equivalent to roughly 0.4% of total Lower 48 U.S. gas production. Oracle warned federal regulators in May that "time is of the...

🌅Afternoon Wire·Aug 14

Global Markets

Geopolitical Shifts, Sanctions Tighten Global Oil Market

A hardening U.S. geopolitical stance targeting Russia and Iran is tightening the global oil market, a dynamic that could increase the strategic value of stable, domestic production from the Bakken. According to multiple reports on August 14, the United States is advancing unprecedented sanctions while Ukrainian attacks continue to disrupt Russian fuel supplies. According to OilPrice.com, the Trump administration's approach to Russia has shifted, with the president growing "increasingly skeptical" of Vladimir Putin's intentions in Ukraine. This has led to renewed momentum for a major bipartisan sanctions bill in Congress. The U.S. Senate adopted the legislation on August 7, and it would dramatically expand the president's authority to impose secondary sanctions on countries and companies purchasing Russian energy or aiding sanctions evasion. Concurrently, the U.S. is preparing to unveil "unprecedented sanctions on Iran," Rigzone reported, citing Treasury Secretary Scott Bessent. The move is described as part of a 'one-two punch'...

🌅Afternoon Wire·Aug 14

Global Markets

Global LNG, Legal, and Supply Shifts Pose Risks and Opportunities

A record-strength El Niño forming this winter may still be insufficient to significantly reduce Europe's liquefied natural gas (LNG) demand, according to an analysis from Rystad Energy reported by OilPrice.com. For European winter temperatures to push LNG demand down to last winter's level, they would need to be at least 2 degrees Celsius above the historical average. While forecasters give a 97% probability of an El Niño event materializing by March 2027 and an 81% chance of it being strong, the statistically probable outcome is that Europe will still need "meaningfully more LNG than it did last winter." This sustained demand matters for global gas balances as hostilities in the Middle East have already pushed LNG prices higher and cut deliveries from the Persian Gulf. In parallel legal news, South Africa’s Constitutional Court on Friday blocked Shell-led exploration along the country’s Wild Coast, overturning a 2024 appeals court ruling. OilPrice.com...

🌅Afternoon Wire·Aug 14

Operator News

Bernhard Buys New Mexico Gas Utility, BP Wins Venezuela License

Private equity firm Bernhard Capital Partners has completed its acquisition of New Mexico's largest regulated natural gas utility from Emera for approximately $1.25 billion, according to a report from Rigzone. The deal, finalized on August 14, represents a significant capital move into North American midstream infrastructure. In international operator news, BP has been awarded a new natural gas license in Venezuela, Rigzone reported. The project is located in the Plataforma Deltana area, where BP estimates four trillion cubic feet of recoverable gas resources. The company stated it expects to develop this new project in parallel with its existing phase 1 work in the region. Separately, the Argentina LNG consortium has filed an application with the Argentine government seeking benefits under its Large Investment Incentive Regime, as reported by Rigzone on August 14. For Bakken operators and observers, these developments underscore the flow of investment capital into energy infrastructure and the...

🌅Afternoon Wire·Aug 14

Pipeline & Infrastructure

EIA Projects Record 2026 US Oil Output; India Seeks More US LPG

The U.S. Energy Information Administration projected that annual U.S. oil production will hit a record this year, according to a report from Rigzone. This outlook provides a supportive backdrop for major producing regions like North Dakota's Bakken formation, which contributes significantly to national output. Separately, India's state-owned refiners are in talks to secure more U.S. liquefied petroleum gas under annual contracts for next year, Rigzone reported. Increased global demand for U.S. LPG, a category that includes propane and butane, underscores the importance of export infrastructure and market access for American energy products, including those sourced from associated gas production in the Bakken. However, crude prices retreated on Thursday as traders assessed Hormuz shipments and rising U.S. inventories, according to a separate Rigzone report. The market pressure was linked to stalled talks with Iran. For Bakken operators, such global geopolitical and inventory dynamics directly influence the wellhead price received for their...

🌅Afternoon Wire·Aug 14