Wednesday, August 19, 2026

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Oil Prices

Oil Prices Rise on Middle East Supply Concerns, Bakken Differential Holds

Oil prices advanced in Wednesday morning trading, supported by tightening physical crude supplies from the Middle East. West Texas Intermediate (WTI) crude rose 84 cents, or 0.84%, to $84.77 per barrel, while the global benchmark Brent crude gained 68 cents, or 0.75%, to $91.70. The price strength follows reports that the United Arab Emirates' national oil company, ADNOC, is curbing immediate crude shipments to Asia. According to a report from OilPrice.com, ADNOC plans to cut supply in spot tenders to Asian buyers by about 5% this month and next. The reduction is linked to maintenance on some of ADNOC's onshore fields in Abu Dhabi. The supply curbs have lifted the price of Murban Crude, the UAE's flagship grade, to a four-month high. Murban this week traded at a nearly $7 per barrel premium over Brent, at $97.75 a barrel, OilPrice.com reported. The UAE left the OPEC producer group on May...

☀️Morning Wire·Aug 19

Rig Report

North Dakota Rig Count Holds Steady at 34

North Dakota's active drilling rig count held steady at 34 on Wednesday, August 19, 2026, according to Bakken Wire live data. There were no new rigs added, rigs removed, or rigs that moved location since the prior day's report. Despite the lack of daily movement, the current count represents a significant increase from recent benchmarks. The state's rig fleet is up by four rigs compared to one week ago, when 30 rigs were active on August 12. The growth is even more pronounced on a monthly basis, with the count up by 10 rigs from the 24 rigs reported on July 20. The stability in North Dakota aligns with a broader trend of increasing drilling activity across the continent. According to a report from Rigzone, North America added eight rigs week on week in the latest data from oilfield services firm Baker Hughes. This return to adding rigs, as reported...

☀️Morning Wire·Aug 19

Daily Activity

XTO Energy Dominates New Bakken Permits; Enerplus Renews Five

The North Dakota Department of Mineral Resources approved seven new drilling permits and five permit renewals in its daily activity report for Tuesday, August18, 2026. The new permits signal continued development in the state's core Bakken and Three Forks formations. XTO Energy Inc. was the most active operator, securing all seven of the newly approved permits. All are for the "HULL FEDERAL" well series located in Section 26-148N-97W within Dunn County's Lost Bridge field. The permits are for wells 32X-26A, 32X-26B, 32X-26C, 32X-26F, 32X-26G, and 32X-26H. The seventh permit, 43220, was approved for Wesco Operating Inc. in Federal 34-20, located in McKenzie County's confidential field. In addition to the new permits, the DMR processed five permit renewals, all filed by Enerplus Resources USA Corporation. The renewals are for wells in the company's Fort Berthold project within the Eagle Nest field of Dunn County. The specific wells are FORT BERTHOLD 148-95-25A-36-10H,...

☀️Morning Wire·Aug 19

Operator News

North Sea Decommissioning, Mozambique LNG Projects Advance

Major international operators are directing significant capital toward long-term offshore and LNG projects, according to recent industry reports. These developments highlight the broader capital expenditure landscape in which Bakken operators must compete for funding and strategic attention. Rigzone reported that North Sea operators are backing a decommissioning charter, a move that signals a continued shift of investment and operational focus toward late-life asset management in mature offshore basins. While specific to the North Sea, this trend underscores a global industry emphasis on managing portfolio decline in certain regions, which can influence where major integrated companies choose to allocate their upstream spending. Separately, ExxonMobil and its partners awarded approximately $1.1 billion in engineering, procurement, and manufacturing contracts for the pre-Final Investment Decision (FID) Rovuma LNG project in Mozambique, Rigzone reported. The project is planned for a capacity of 18.6 million metric tons per annum. This major capital commitment ahead of a...

☀️Morning Wire·Aug 19

Global Markets

Global Energy Markets Adjust to Middle East Conflict Disruption

Global energy supply chains are adapting to the ongoing conflict in Iran, with significant developments reported in India, Venezuela, and key shipping lanes on Wednesday, August 19, 2026. The disruptions are reshaping fuel sourcing and investment patterns worldwide. India’s government has approved an incentive scheme to boost piped natural gas (PNG) connections for households, according to OilPrice.com. The "Incentive Scheme for Promotion of Domestic PNG Connections" aims to counter soaring liquefied petroleum gas (LPG) import costs, as the Iran war has choked off supply from the Persian Gulf. The scheme, effective September 1, 2026, will allocate an additional 200 standard cubic meters of domestically-produced gas to city gas distributors for every new PNG connection. Before the conflict, 90% of India's LPG imports passed through the now-blocked Strait of Hormuz. In Venezuela, state oil company PDVSA has signed deals with oilfield service giant SLB and Hunt Oil Co. to boost investment,...

☀️Morning Wire·Aug 19

Operator News

Strait of Hormuz Disruption Slows Tanker Traffic, Lifts Oil Prices

Commodity vessel traffic at the Strait of Hormuz slowed further on Wednesday, August 19, as operators avoid the area amid heightened security concerns. According to ship-tracking data from Kpler monitored by Reuters and reported by OilPrice.com, just six commodity vessels transited the strait on Tuesday, down from nine on Monday and below the 10-day average of 11. The security situation deteriorated after a cargo vessel was struck by an unknown projectile in the strait early Tuesday local time. The United Kingdom Maritime Trade Operations confirmed the incident. This has led to erratic tanker movements, with vessels meandering and executing U-turns. Two Chinese-linked supertankers were among those that aborted their passage, U-turning in the strait as risks remain elevated, Rigzone reported. Iran insists the chokepoint is closed, while the U.S. Administration maintains it remains open. The uncertainty, coupled with hardening rhetoric from both Iran and the United States, pushed crude oil...

☀️Morning Wire·Aug 19

Pipeline & Infrastructure

Oil Gains on Black Sea Tanker Attack, Iran Tensions

Crude oil prices hit a three-week high Tuesday as tensions in key maritime chokepoints threatened global flows, according to Rigzone. The gains were driven by a standoff with Iran in the Strait of Hormuz and a separate attack on a Greek-run oil tanker in the Black Sea. The Black Sea incident, reported by Rigzone, involved a tanker that had loaded a cargo of Russian oil. Such attacks underscore persistent risks to seaborne crude transportation. Meanwhile, Rigzone noted that tight fuel markets provided additional support for prices. For Bakken producers, these international developments reinforce the value of secure, land-based pipeline takeaway capacity. While Bakken crude primarily moves via pipeline to U.S. refining markets, global price spikes driven by supply disruptions can improve netbacks for North Dakota wells, provided local infrastructure can deliver the oil to market. In a separate infrastructure development, Equinor has agreed to buy a majority stake in a...

☀️Morning Wire·Aug 19

Regulatory

Global Energy Stocks Near Record; KazMunayGas Reports Strong H1 Profit

Energy stocks are closing in on record levels reached earlier this year, according to a report from Rigzone. The broader market strength in the energy sector reflects sustained investor confidence amid a favorable commodity price environment. In a separate development, Kazakhstan's state-owned oil and gas company KazMunayGas reported a significant increase in first-half profit. The company posted around $1.96 billion in net income for the first six months of 2026, a 69.1 percent rise from the first half of 2025, Rigzone reported. The company attributed the stronger earnings to higher oil prices, which offset lower production volumes. For Bakken operators and royalty owners in North Dakota, these global developments underscore the continued importance of oil prices to financial performance. While the Bakken formation is a domestic play, its economics are directly tied to the international crude market. Strong profitability reported by international producers like KazMunayGas, driven by price strength, indicates...

☀️Morning Wire·Aug 19

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rally on Supply Data Despite Rising U.S. Inventories

Oil prices posted strong gains in midday trading Wednesday, August 19, shrugging off a reported build in U.S. crude stockpiles to focus on tightening refined product supplies. West Texas Intermediate (WTI) crude was trading at $85.38 per barrel, up $1.32 or 1.57%, according to live price data. Brent crude traded at $92.34, also up $1.32 for a 1.45% gain. The price advance occurred despite new U.S. Energy Information Administration (EIA) data showing a significant weekly increase in crude inventories. Commercial crude stockpiles rose by 4.4 million barrels for the week ending August 14, bringing total inventories to 428.8 million barrels, according to OilPrice.com. That figure puts stockpiles at about the five-year average for this time of year. Market support appeared to come from the products side of the report. The EIA data showed distillate inventories, which include diesel and heating oil, decreased by 1.5 million barrels last week and are...

🔆Midday Wire·Aug 19

Operator News

Aker BP Acquires North Sea Stakes; Industry Backs Decommissioning Charter

Aker BP has signed agreements to acquire operating stakes in two undeveloped discoveries from Apache and ConocoPhillips, according to Rigzone. The assets are the Losgann discovery in the UK North Sea and the Slagugle area in the Norwegian Sea. Separately, Rigzone reported that North Sea operators are backing a decommissioning charter. While details were not specified, such charters typically establish industry-wide principles for safely and efficiently removing aging offshore infrastructure. For Bakken operators, these international developments reflect broader industry trends. The acquisition by Aker BP represents a continued portfolio optimization, where larger operators consolidate stakes in strategic assets while others divest non-core holdings. Similar consolidation and asset trading activity is common in the Williston Basin as companies seek to streamline operations and focus on their most profitable acreage. The support for a decommissioning charter underscores the growing importance of managing end-of-life liabilities. In North Dakota, this translates to a focus...

🔆Midday Wire·Aug 19

Global Markets

Canadian LNG Project Proposed to Supply Europe, May Impact Bakken Gas

A new liquefied natural gas export project has been proposed for Canada, aimed at supplying European markets. According to Rigzone, the project is a joint proposal from Kino Aski LNG and Marinvest. The companies stated the project, called Kino Aski LNG, is designed to establish a "reliable, secure, short-distance energy corridor between North America and Europe," Rigzone reported. The announcement comes during what the source described as a period of global energy instability. For Bakken operators, the development of new LNG export capacity on the North American continent represents a potential long-term outlet for associated natural gas produced alongside crude oil. The Bakken formation is a major oil-producing region where natural gas is a significant byproduct. Currently, a lack of pipeline infrastructure and export options can lead to gas flaring or depressed local prices. A new Canadian LNG facility on the West Coast could, over time, provide a new market...

🔆Midday Wire·Aug 19

Global Markets

Global Tensions Pressure Oil Prices as UK Inflation Rises

Global oil prices remained elevated Wednesday amid fresh Middle East tensions, providing a supportive backdrop for Bakken crude. The United Arab Emirates halted all trade and financial ties with Iran after accusing Tehran of firing ballistic missiles toward its territory, according to OilPrice.com. The UAE's Defense Ministry said two missiles were detected, with one falling within its territorial waters. Iran denied the accusations. The standoff further stokes regional instability centered on the Strait of Hormuz, a critical oil chokepoint. According to OilPrice.com, this U.S.-Iran deadlock has pushed oil prices higher this week, with Brent Crude topping $91 per barrel and WTI Crude moving above $85. The report notes that hopes for U.S.-Iran negotiations have faded, slowing tanker traffic through the strait. Separately, UK inflation jumped to 2.9% for the 12 months to July, up from 2.6%, driven by an energy price cap reset, OilPrice.com reported. The Office for National Statistics...

🔆Midday Wire·Aug 19

Operator News

Global Supply Risks Mount as Attacks, Tensions Roil Key Regions

A Ukrainian drone strike sparked a fire at a major Russian refinery overnight, continuing a campaign that has crippled Moscow's fuel exports and tightened global refined product markets. According to OilPrice.com, the attack hit a Rosneft-owned refinery in Ufa, in Russia's Bashkortostan region, on Wednesday, August 19. The regional governor reported a "small fire" and said repairs were expected within days. The strike is part of a months-long Ukrainian campaign targeting Russian energy infrastructure. OilPrice.com reported that these attacks have forced many large Russian processing sites offline, contributing to gasoline and diesel shortages in Russia for over three months. Russia's diesel and gasoil exports crashed to just 80,000 barrels per day in early August, the lowest in years, according to the source. Simultaneously, maritime risks are disrupting crude flows in another critical chokepoint. Rigzone reported that three China-linked supertankers aborted their attempt to transit the Strait of Hormuz on Wednesday,...

🔆Midday Wire·Aug 19

Pipeline & Infrastructure

Global Energy Shifts Signal Competitive Market for Bakken Exports

Saudi Aramco will supply full contractual crude volumes to at least three European refiners next month, according to a report from Rigzone. This move maintains a steady flow of oil to a key global market, reinforcing the competitive landscape for light sweet crudes like those produced in the Bakken. In the liquefied natural gas (LNG) sector, Flex LNG reported its highest quarterly revenue in five years. The company noted the market is entering a volatile period, with competition for LNG volumes between Europe and Asia intensifying, Rigzone reported. While Bakken gas production is largely consumed regionally or moved via pipeline, a tight global LNG market can influence broader North American natural gas pricing and infrastructure investment decisions. Separately, SLB has been contracted by Brunei Shell Petroleum to reactivate shut-in wells across multiple offshore fields, as reported by Rigzone. This activity reflects a broader industry trend of maximizing production from existing...

🔆Midday Wire·Aug 19

Regulatory

Greek-Run Oil Tanker Attacked in Black Sea

A Greek-operated oil tanker was attacked in the Black Sea after loading a cargo of Russian-origin crude oil, according to a report from Rigzone. The incident was reported on Tuesday, August 18. While the attack occurred far from U.S. shores, it underscores the persistent geopolitical risks to global maritime oil transportation. The Black Sea is a key export route for Russian crude and products to international markets. For Bakken producers, such incidents can contribute to volatility in global crude benchmarks, which ultimately influence the price received for North Dakota light sweet crude. Disruptions on major trade routes can tighten global supply, potentially providing price support. However, the direct impact on Bakken-specific logistics is limited. North Dakota crude is primarily transported to market via pipeline and rail, with exports flowing from U.S. Gulf Coast ports. The security of domestic transportation infrastructure remains the more immediate concern for local operators. The incident...

🔆Midday Wire·Aug 19

Production Data

Bakken Rigs Hold at 34 as Oil Prices Rally Above $85

North Dakota's active rig count held at 34 on Wednesday, a key indicator of near-term drilling activity in the Bakken formation. The figure comes alongside a significant rally in oil prices, with West Texas Intermediate (WTI) crude trading at $85.38 per barrel, up $1.32 or 1.57% on the day. The current rig level remains near the lower end of its historical range for the basin. Historically, the rig count is a leading indicator for future oil production, with changes typically impacting output volumes several months later. A sustained rig count suggests operators are maintaining a consistent, albeit cautious, level of development activity. Supporting the operational environment is a strong price for Bakken crude. The local price benchmark, calculated as WTI plus the differential, stood at approximately $81.96 per barrel given the current Bakken differential of -$3.42 versus WTI. The global Brent crude benchmark was even stronger at $92.34, also up...

🔆Midday Wire·Aug 19

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI Holds Near $84 as Record Diesel Crack Signals Market Tightness

Oil prices edged higher Wednesday, with West Texas Intermediate (WTI) crude settling at $84.25 per barrel, a gain of 0.23 percent. The global benchmark Brent crude rose to $91.46. The price for Bakken crude at the Clearbrook, Minnesota, hub traded at a discount of $3.42 per barrel versus WTI. The modest move in crude futures belied significant tightness in the refined products market, particularly for diesel. According to a report from OilPrice.com, the diesel crack spread in the United States hit a record high this week, reaching triple digits for the first time ever. The premium for diesel over crude jumped to as high as $102 per barrel on Monday before easing to about $100. This record diesel crack signals a much tighter physical oil market than current crude futures suggest, the report stated. The shortage is driven by severe supply disruptions. Diesel and gasoil exports from the Middle East...

🌅Afternoon Wire·Aug 19

Rig Report

Bakken Rig Count Holds at 33 After Net Loss of One Rig

North Dakota's active drilling rig count fell by a net of one to 33 on Wednesday, August 19, according to live Bakken Wire data. The day saw one new rig spud, two rigs released, and one rig change locations. Whiting Oil and Gas Corporation added the sole new rig, NABORS B26, to a site in McKenzie County (150-103-14). Meanwhile, two major operators released equipment: XTO Energy Inc. removed NOBLE 2 from McKenzie County (153-96-3), and Hess Bakken Investments II, LLC released ENSIGN 532 from Mountrail County (157-93-17). In a separate move, Hunt Oil Company relocated rig NABORS B21 to a new Mountrail County location (156-90-13). Despite the daily net decrease, the current activity level remains elevated compared to recent history. The rig count is up by three from one week ago (30 rigs on August 12) and has surged by nine rigs over the past month (from 24 rigs on...

🌅Afternoon Wire·Aug 19

Operator News

Aker BP Shifts Focus Offshore with North Sea Acquisitions

Norwegian oil and gas operator Aker BP has signed agreements to acquire operating stakes in two undeveloped offshore discoveries, according to Rigzone. The company is taking over interests in the Losgann discovery in the UK North Sea and the Slagugle area in the Norwegian Sea from Apache and ConocoPhillips. The move represents a continued strategic focus by Aker BP on its core offshore portfolio in Norway and the North Sea. For Bakken operators and watchers, this transaction underscores a broader industry trend where major international players are consolidating assets in familiar, often offshore, regions rather than expanding in onshore U.S. shale basins. Separately, Rigzone also reported that North Sea operators are backing a new decommissioning charter. This parallel development highlights the mature stage of the North Sea basin, where decomissioning liabilities are a growing focus, contrasting with the still-development-focused profile of the Bakken formation in North Dakota. For the Bakken,...

🌅Afternoon Wire·Aug 19

Global Markets

Oil Gains on Geopolitical Tension, New Canadian LNG Project Proposed

Oil prices moved higher on Wednesday as geopolitical tensions intensified and U.S. refinery demand increased, according to Rigzone. The report cited rising Gulf tensions and a surge in consumption by U.S. refiners as factors pushing crude gains. For Bakken operators, the price support is a positive signal amidst broader market volatility. Higher benchmark prices directly improve the economics for wells in the Williston Basin, where breakeven costs are a constant focus. The reported increase in U.S. refinery demand is also a key indicator of strong domestic consumption, which absorbs a significant portion of Bakken crude shipped via pipeline and rail. In a separate development, a new liquefied natural gas (LNG) export project has been proposed in Canada. Companies Kino Aski and Marinvest announced the project, aimed at supplying European markets, Rigzone reported. The project's stated goal is to establish a "reliable, secure, short-distance energy corridor between North America and Europe"...

🌅Afternoon Wire·Aug 19

Global Markets

Global Commodity, Energy Shifts Highlight Interconnected Markets

A major squeeze in the London copper market eased dramatically after traders delivered over 20,000 tons of metal into exchange warehouses, according to OilPrice.com. The cash-to-three-month spread settled at a $248-per-ton backwardation on Wednesday, down from $545 on Monday, following the largest one-day build in on-warrant stock since April. Traders, including Trafigura Group, moved metal to capitalize on the high spot prices, with expectations of more deliveries to come. The volatility underscores global trade flows critical to industrial activity. The market had been tight partly due to traders shipping cathode to the U.S. ahead of a pending tariff decision, with about 56,000 tons arriving in the first two weeks of August. A proposed U.S. tariff on refined copper, scheduled for 2027, remains unresolved after a missed June 30 recommendation deadline. Despite the warehouse influx, underlying supply concerns persist due to production forecast cuts in Chile, a smelter outage in Indonesia,...

🌅Afternoon Wire·Aug 19

Operator News

Global Oil Supply Risks Persist as Saudis Meet Europe Demand, Gulf Lease Sale Proceeds

Three China-linked supertankers aborted their passage through the Strait of Hormuz on Wednesday, according to a report from Rigzone. The vessels U-turned as risks to shipping remain elevated, with prospects for normalized traffic dimming after former President Donald Trump took a hard line on Iran. The strait is a critical global chokepoint for oil shipments, and disruptions there can impact global crude prices and shipping costs, which affect the netback for Bakken producers selling into international markets. Separately, the U.S. Department of the Interior announced that its latest Gulf of Mexico lease sale, dubbed "Big Beautiful Gulf 3" or BBG3, generated $82.6 million in high bids. Rigzone reported the sale, held for federal waters of the Gulf of America, attracted bids for 59 blocks. Continued federal offshore leasing supports long-term U.S. oil production capacity, which helps maintain the country's export posture. Bakken crude, often priced in relation to other domestic...

🌅Afternoon Wire·Aug 19

Pipeline & Infrastructure

LNG Shipping Revenue Climbs as Shell Taps SLB for Brunei Restart

Flex LNG reported its highest quarterly revenue in five years, according to Rigzone, signaling strength in the global liquefied natural gas (LNG) shipping market. The company noted the market is entering a "potentially volatile period," with competition for LNG volumes between Europe and Asia, Rigzone reported. Separately, SLB has been awarded a contract by Brunei Shell Petroleum to reactivate shut-in wells across multiple offshore fields, Rigzone reported in a separate article. The work involves production restarts for Shell's offshore operations in Brunei. For Bakken operators and natural gas producers in North Dakota, these international developments underscore the interconnected nature of global energy markets. Strong LNG shipping rates and demand competition between continents can support global gas price benchmarks, which indirectly influence the economics of associated gas produced from the Bakken's oil wells. The contract for SLB, a major service company with a significant presence in the Williston Basin, highlights ongoing...

🌅Afternoon Wire·Aug 19

Production Data

Bakken Rig Count Holds at 33 as Oil Prices Support Steady Activity

North Dakota's Bakken formation is operating with 33 active drilling rigs as of Wednesday, a level that suggests operators are maintaining steady development activity amid supportive crude oil prices. West Texas Intermediate (WTI) crude was trading at $84.25 per barrel, while the international Brent benchmark stood at $91.46. The current rig count is a critical leading indicator for future oil production in the state. Historically, the number of active rigs in North Dakota has shown a strong correlation with production volumes approximately six to twelve months later. The count of 33 rigs, sustained in recent reporting periods, points to a stabilized production floor rather than a phase of rapid expansion. The pricing environment provides a key backdrop for this activity. With WTI sustaining a price above $80 per barrel, Bakken operators generally have the revenue needed to fund ongoing drilling and completion programs. The Bakken differential—the discount at which Bakken...

🌅Afternoon Wire·Aug 19