Friday, August 21, 2026

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Oil Prices

Oil Prices Dip Slightly on Inventory Build, Bakken Differential Holds

Front-month oil futures traded slightly lower on Friday morning, pressured by another reported increase in U.S. commercial crude inventories. West Texas Intermediate (WTI) crude for October delivery was at $86.64 per barrel, down 19 cents (-0.22%), while global benchmark Brent crude traded at $93.56, down 22 cents (-0.23%). The price movement follows data from the U.S. Energy Information Administration (EIA) showing another build in crude stocks. According to Rigzone, crude oil inventories, excluding the Strategic Petroleum Reserve, stood at 428.8 million barrels for the week ending August 14. This continuing inventory build suggests supply is currently outpacing demand, applying downward pressure on benchmark prices. For Bakken producers, the key local price benchmark is the Bakken differential to WTI. On Friday, that differential was reported at -$3.42 per barrel. This means Bakken crude at the wellhead is priced approximately $3.42 below the WTI benchmark. With WTI at $86.64, this implies a...

☀️Morning Wire·Aug 21

Rig Report

ND Drilling Rig Count Holds at 34 Amid Production Upswing

North Dakota's active drilling rig count held steady at 34 on Friday, according to live data from Bakken Wire. The count showed no change from the previous day, with no new rigs added, removed, or moved. The current level represents a significant increase from recent historical activity. One week ago, on August 14, the state's rig count was 32. The count has surged by 10 rigs compared to one month ago, when only 24 rigs were active in the state on July 22. This sustained high level of drilling activity coincides with rising production and favorable oil prices. According to a report from Bing News, North Dakota Mineral Resources Director Nathan Anderson, during an August 20 briefing, highlighted a recent jump in rigs. He noted the state had 33 drilling rigs in operation as of last week, compared to 26 rigs in mid-July. "We have seven additional rigs in the...

☀️Morning Wire·Aug 21

Daily Activity

Seven New Drilling Permits Approved; Murex, Phoenix Lead Activity

North Dakota's Department of Mineral Resources approved seven new drilling permits and renewed four others in its daily activity report for Thursday, August 20, 2026. The new permits were split between two operators, signaling continued development in core Bakken counties. Operator Murex Petroleum Corporation received approval for three new wells in Williams County. The permits, 43232, 43233, and 43234, are for the MD-Rae Lynn 8-5H MB, MD-Sadie Skye 8-5H MB, and MD-Sarah Christine 8-5H MB wells, respectively. All three are located in Section 8-156N-95W within the Beaver Lodge field, according to the report. Phoenix Operating LLC was approved for a four-well pad in McKenzie County. The permits, numbered 43235 through 43238, are for the Brenda 32-5-8-17 1H through 4H wells. All are located in Section 32-146N-98W in the Charlie Bob field. The DMR also processed four permit renewals, all for proposed locations outside of their designated spacing units, which requires...

☀️Morning Wire·Aug 21

Operator News

Continental, Equinor Pursue Major International Deals

Continental Resources Inc., the shale producer founded by billionaire Harold Hamm, has signed agreements to acquire a 50 percent stake in an Argentinian shale oil firm owned by Mercuria Energy Group, according to Rigzone. The deal, reported on August 20, marks a significant international move for one of the Bakken formation's most prominent operators. Separately, Norwegian energy giant Equinor, a major player in the Bakken, has agreed to enter Namibia's offshore exploration scene. Rigzone reported that Equinor signed a deal to acquire a 17.4 percent stake in Petroleum Exploration License 90 in the Orange Basin from operator Chevron. These simultaneous announcements highlight a continued trend of Bakken-focused operators allocating capital to high-potential international basins. For Continental, the investment in Argentina's Vaca Muerta shale represents a strategic expansion beyond its core positions in the Bakken and Oklahoma's SCOOP/STACK plays. The move diversifies its asset base and provides exposure to another world-class...

☀️Morning Wire·Aug 21

Global Markets

Global Strains Tighten Oil Market as Hormuz Traffic Stays Low

Global crude oil benchmarks rallied this week as the Strait of Hormuz remained severely restricted, tightening physical supply. According to OilPrice.com, October WTI crude oil futures were trading at $86.31 late Thursday, up $4.82 or 5.91% for the week, having reached as high as $87.69. The rally followed the collapse of diplomatic efforts, with no new talks scheduled between Washington and Tehran. Shipping traffic through the critical chokepoint, which handled about one-fifth of global oil and LNG consumption before the conflict, remains in the single digits. Data from Kpler showed just five commodity vessels passed through the strait last Saturday and none on Sunday, with traffic falling to six vessels by Tuesday. OilPrice.com reported this is not a reopening but a "restricted supply system," complicating refinery scheduling and insurance. The geopolitical landscape intensified as Iran warned Gulf states that any support for U.S. military operations would make them participants in...

☀️Morning Wire·Aug 21

Operator News

Geopolitical Tensions, Refinery Deal, and Trade Shifts Mark Global Energy Landscape

Global energy markets are facing renewed geopolitical friction and trade shifts, according to reports on Friday, August 21. While not directly impacting Bakken crude flows today, these developments underscore the volatile international landscape that influences long-term oil prices and investment. In a significant escalation, Israel bombed the Abu al-Duhur airbase in Syria on Tuesday, according to a report from OilPrice.com. The strikes were aimed at blocking Turkey from establishing a permanent military position at the base, which is about 70 km from the Turkish border. Israel claims Damascus was preparing to allow Turkish troops onto the site, violating its security "status quo" with Israel. The incident created a risk of direct military confrontation, as Turkish military saw Israeli aircraft flying north without knowing their target. For the oil market, heightened tensions between regional powers near key energy transit zones introduce a persistent risk premium. Separately, the Dangote Group has offered...

☀️Morning Wire·Aug 21

Pipeline & Infrastructure

Global Tensions, Supply Moves Push Oil Higher

Oil prices climbed to a one-month high on August 20, 2026, as new U.S. threats against Iran raised fears of a prolonged conflict, according to Rigzone. The geopolitical tension provided a boost to crude markets, pushing prices near $94 per barrel. For Bakken operators, higher global crude prices can improve margins and support drilling activity in North Dakota's core shale play. However, the market remains sensitive to geopolitical risk and competing global supply. In other supply news, Norway's natural gas production rose for the second consecutive month on a sequential basis, according to preliminary official figures reported by Rigzone. The country produced about 12.38 billion cubic feet per day of natural gas in July. While not directly impacting Bakken oil flows, increased gas supply from major exporters like Norway can influence broader global energy balances and associated pricing. Separately, exploration company Monumental Energy Corp. and its partners are closing in...

☀️Morning Wire·Aug 21

Regulatory

Oil Giants Bet on Offshore Jurassic Rocks, Bakken Operators Monitor

Latin America's two largest oil companies are making a significant, high-risk bet on exploring deepwater Jurassic-age rocks off the coast of Mexico, according to a report from Rigzone. The development, reported August 20, involves a major offshore exploration effort far from the onshore shale plays of North America. For operators in the Bakken formation of North Dakota, such international deepwater ventures underscore a divergent path in resource development. The Bakken is a mature, land-based shale play where operators focus on technological efficiencies, infill drilling, and managing legacy assets. The high-cost, frontier exploration highlighted by the Mexico news contrasts with the Bakken's established infrastructure and known geology. While the specific companies and prospects were not named in the summary, the move by national oil companies into deepwater Jurassic targets signals continued global competition for long-term resource bases. Jurassic formations are a common source rock worldwide, with the Bakken itself being a...

☀️Morning Wire·Aug 21

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Crude Prices Hold Near Recent Highs Amid Supply Developments

WTI Crude futures held steady at $86.85 per barrel in midday trading Friday, August 21, a marginal gain of two cents, while Brent Crude traded at $94.30, according to live market data. The Bakken differential, which sets the price for North Dakota crude relative to the U.S. benchmark, was reported at -$3.42 per barrel versus WTI. The sideways price action follows a weekly U.S. inventory report showing another build in commercial crude stocks. According to a Rigzone report on EIA data, crude oil inventories, excluding the Strategic Petroleum Reserve, stood at 428.8 million barrels as of August 14. Rising inventories typically exert downward pressure on prices, but global supply factors are providing support. One such factor is a newly announced supply agreement. Rigzone reported that Equinor secured a three-year deal to supply between five and more than nine million metric tons per year of crude oil to ORLEN. While this...

🔆Midday Wire·Aug 21

Operator News

Continental Resources Expands into Argentina's Shale

Continental Resources Inc., the largest oil producer in North Dakota's Bakken formation, has signed agreements to acquire a 50% stake in an Argentinian shale oil firm owned by commodities trader Mercuria Energy Group. The deal was reported by Rigzone on August 20, 2026. The move represents a major international expansion for the Oklahoma City-based company, which was founded by shale pioneer Harold Hamm. Continental is a dominant force in the Williston Basin, where it operates a significant portion of the region's drilling activity. For Bakken operators and observers, the transaction signals a strategic diversification by a key industry leader. While Continental's core assets remain in the Bakken and other U.S. shale plays, investing in Argentina's Vaca Muerta shale formation provides geographic and portfolio diversification. The Vaca Muerta is often compared to U.S. shale basins like the Bakken due to its significant oil and gas potential. Such a move by a...

🔆Midday Wire·Aug 21

Global Markets

Global Supply Shifts, Refinery Attacks May Tighten Crude Markets

Global crude oil supply chains are facing dual pressures that could tighten the market for competing light sweet crudes like those produced in the Bakken. According to reports from OilPrice.com on Friday, August 21, a U.S. blockade on Iranian oil exports is squeezing supply to China, while sustained Ukrainian drone attacks are damaging Russian refining capacity. Chinese independent refiners, known as "teapots," are estimated to have imported about 534,000 barrels per day (bpd) of Iranian crude so far in August, down from an estimated 823,000 bpd in July, according to preliminary data from Kpler cited by Reuters. The reinstated U.S. blockade, which began in mid-July, is preventing new supply from leaving the Persian Gulf. Trade sources told Reuters that U.S. warnings of "TREMENDOUS Economic Consequences" for countries aiding Iran are making Chinese teapots uneasy about potential stricter sanctions enforcement. “Given the thin Iranian availability amid the U.S. blockade, Chinese teapots...

🔆Midday Wire·Aug 21

Global Markets

Global Tensions Push Oil Near $100, Bolstering Bakken Output and Rig Count

Oil prices continued their march toward $100 a barrel Friday as geopolitical tensions from the U.S.-Iran war injected new risk into global markets, creating a favorable price environment for Bakken producers. According to OilPrice.com, ICE Brent crude traded at $94 per barrel on August 21, with momentum pointing higher. The report stated that transits through the critical Strait of Hormuz have been in single digits all week following U.S. President Trump's announcement of an 'Economic D-Day' campaign against Iran. This high-price backdrop is already translating into increased activity in the Williston Basin. Data from the North Dakota Department of Mineral Resources shows the state's oil production averaged 1.153 million barrels per day in June, a near 2.5% increase from May's 1.125 million b/d. Director Nathan Anderson presented the data on August 20, noting the June output was 0.24% above the state's revenue forecast. The state's market oil price for June...

🔆Midday Wire·Aug 21

Operator News

Global Operator News: Refinery Deals, Strike Talks Highlight Midday

A potential labor strike in Norway's aviation sector could impact offshore logistics in a key oil-producing region, according to a midday report. The Styrke union and the Federation of Norwegian Aviation Industries have begun talks to avert an immediate strike, Rigzone reported. The union warned that a walkout would commence if negotiations fail. In refinery developments, two international projects underscore the global push for regional fuel security. In Western Australia, Buru Energy is considering building a mini-refinery to supply the Kimberley region, Rigzone reported. The plan is part of a new sales model for remaining volumes from the Ungani field in the Canning Basin. Separately, the Dangote Group has offered East African countries a 30 percent equity stake in a giant refinery planned for the region, according to a report from Rigzone citing Kenyan President William Ruto's top economic adviser. For Bakken operators and royalty owners, these international developments highlight...

🔆Midday Wire·Aug 21

Pipeline & Infrastructure

Global Tensions Lift Oil Near $94; Mid-East Export Routes Shift

Global oil prices climbed to a one-month high near $94 per barrel this week as new U.S. threats against Iran raised fears of a prolonged conflict, according to Rigzone. The increase in geopolitical risk provides underlying support for Bakken crude prices, which are benchmarked against global markers. In response to security threats, Saudi Arabia is altering its crude export logistics. Shipowners, including Sinokor Group, are helping shuttle Saudi oil north to evade Houthi militants targeting exports via the Bab el Mandeb chokepoint in the southern Red Sea, Rigzone reported. This rerouting underscores ongoing volatility in key global shipping lanes that can affect crude flow and pricing. Meanwhile, Norway's natural gas production rose for a second consecutive month in July, with preliminary figures showing output of about 12.38 billion cubic feet per day, Rigzone reported. As a major supplier to Europe, sustained production from Norway helps balance global gas markets, indirectly...

🔆Midday Wire·Aug 21

Regulatory

Monumental Energy Eyes New Zealand Gas Prospects in Taranaki Basin

Monumental Energy Corp. is advancing plans for a new exploration block in New Zealand, according to a regulatory filing reported by Rigzone. The company and its partners have identified gas prospects in the prospective area within New Zealand's Taranaki Basin. The news, published on August 20, indicates the Williston Basin operator is continuing to evaluate international opportunities alongside its core operations in North Dakota. For Bakken-focused companies, diversifying exploration portfolios into other proven basins is a common strategy to balance long-term portfolio risk. While the development is centered overseas, its progress is monitored by Bakken stakeholders as an indicator of Monumental's strategic direction and financial health. Capital allocated to international projects can sometimes compete with domestic drilling budgets, though companies often fund such ventures through separate joint ventures or designated capital. The Taranaki Basin is New Zealand's primary hydrocarbon-producing region. A move by a Bakken operator into this arena highlights...

🔆Midday Wire·Aug 21

Production Data

Bakken Rig Count Holds at 34 as Oil Prices Offer Support

North Dakota's active drilling rig count held steady at 34 this week, according to live Bakken Wire data. The stability in drilling activity comes as benchmark oil prices provide a supportive, if volatile, environment for operators. West Texas Intermediate (WTI) crude was trading at $86.85 per barrel on Friday, a marginal increase of two cents. The international Brent benchmark saw a stronger gain, rising 0.55% to $94.30. Bakken crude traded at a discount of $3.42 per barrel to WTI. Natural gas prices were reported at $2.80. The current rig count of 34 serves as a key indicator of near-term production trends. Historically, the number of active rigs in the Williston Basin is a leading indicator, with changes in the count typically foreshadowing production increases or declines several months later. The current level, while stable, remains significantly lower than the boom-era peaks of over 200 rigs and even pre-pandemic levels. Analysts...

🔆Midday Wire·Aug 21

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Mixed Amid OPEC Quota Talks, Supply News

Front-month West Texas Intermediate (WTI) crude settled at $86.70 per barrel on Friday, down 13 cents, while global benchmark Brent crude edged up 17 cents to $93.95. Natural gas futures rose 4 cents to $2.80. The price for Bakken crude at the Clearbrook, Minnesota, hub traded at a discount of $3.42 per barrel to WTI. The modest divergence between the benchmarks comes amid news from OPEC+ that could influence future global supply. According to a report from OilPrice.com, Iraq is pushing to more than double its oil production to between 8 million and 10 million barrels per day within six years, up from roughly 4 million bpd before the Iran war. Prime Minister Ali al-Zaidi stated the goal on Friday, the same day Iraq dispatched ministers to Saudi Arabia to argue for a higher production quota within the OPEC+ alliance. The cartel has hired consultancy DeGolyer and MacNaughton to assess...

🌅Afternoon Wire·Aug 21

Rig Report

North Dakota Rig Count Holds at 34 as Activity Sees Single Net Addition

North Dakota's active drilling rig count held steady at 34 on Friday, August 21, according to live data from Bakken Wire. The tally reflects a net change of one new rig added against one removed. The new rig added to the count is the TRUE 36, operated by True Oil LLC in McKenzie County (147-101-3). The rig removed from the count was the T&S DRILLING 2, operated by Firebird Services, LLC, which was also located in McKenzie County (149-102 18). No rigs were reported to have moved locations. The current activity level represents a continuation of a recent upward trend. Compared to one week ago (August 14), the rig count is up by two from 32. The increase is more pronounced over the past month, with 10 more rigs running than on July 22, when the count stood at 24. This sustained increase in drilling activity aligns with broader reports...

🌅Afternoon Wire·Aug 21

Operator News

Continental Resources Enters Argentina Shale in Deal with Mercuria

Continental Resources Inc., the Oklahoma-based shale producer founded by Harold Hamm, has signed agreements to purchase a 50 percent stake in an Argentinian shale oil firm owned by commodities trader Mercuria Energy Group. The deal was reported by Rigzone on August 20, 2026. The move represents a major international expansion for Continental, a company historically rooted in U.S. shale plays, most notably North Dakota's Bakken formation. Continental has long been one of the Bakken's largest and most influential operators. For Bakken operators and observers, the deal signals a strategic diversification by a leading peer. While Continental maintains a massive footprint in the Williston Basin, investing capital abroad indicates a pursuit of growth and portfolio balance outside the continental United States. The Argentinian Vaca Muerta shale formation is often viewed as one of the world's most promising shale resources outside North America. Such international moves by large, financially robust operators can...

🌅Afternoon Wire·Aug 21

Global Markets

China Deepens Central Asia Energy, Trade Ties Amid Shifting Geopolitics

China is significantly expanding its economic and military footprint in Central Asia, challenging Russia's traditional dominance and creating new long-term dynamics for global energy investment and trade routes, according to a report from OilPrice.com. For Bakken operators and North Dakota's oil sector, these geopolitical shifts underscore a world where capital and infrastructure are increasingly directed by strategic competition, potentially influencing long-term market access and investment flows. The state-owned energy giant Sinopec and Uzbekistan's Uzbekneftegaz are considering a deal to jointly extract hydrocarbons on the Ustyurt plateau, according to the Uzbek state news agency UzA. Uzbek officials have requested Sinopec to provide specifications for drilling wells up to 6,000 meters deep in conditions of high reservoir pressure and elevated temperatures. Furthermore, Sinopec was recently approved to implement a project worth more than $6 billion in western Uzbekistan, signaling massive Chinese capital commitment to regional energy development. Concurrently, China is challenging Russia’s...

🌅Afternoon Wire·Aug 21

Global Markets

Global Energy Roundup: Hydrogen Race Heats Up, Europe's Nuclear Woes, Oil Rises

A global race to discover and extract natural underground hydrogen reserves is accelerating, with recent reports highlighting record-breaking finds, according to OilPrice.com. A U.S. Department of Energy report estimated trillions of metric tons of natural hydrogen exist in underground pockets worldwide. This week, a new study from China reported hydrogen seepage in the Sichuan Basin with purity levels between 97.33 and 98.24 percent, the highest ever recorded in China. In the Philippines, energy startup Koloma believes the nation has the largest natural hydrogen seeps on the planet, which could be connected to very large accumulations, OilPrice.com reported. Recent modelling cited by the outlet estimates that extracting just 2% of the total potential underground hydrogen volume would yield twice the energy found in all proven global natural gas reserves. Such a development could transform energy geopolitics and provide a major boost to global decarbonization efforts, as hydrogen burns cleanly but is...

🌅Afternoon Wire·Aug 21

Operator News

Court Upholds Trump Order on SYU; Global Energy News Roundup

A federal court has upheld a Trump administration order to restart the SYU project, a decision the Justice Department called "a significant victory for President Trump's efforts to unleash American energy," according to Rigzone. While the specific details of the SYU project were not disclosed in the report, such legal victories for federal energy policy can influence the regulatory environment for domestic oil and gas production, including operations in the Bakken. In international news, Iranian President Masoud Pezeshkian urged an end to ongoing conflict, stating, "It would be better to end the war today, when we have power and dignity, and with the whole world acknowledging our victory," Rigzone reported, citing the Iranian Students' News Agency. Geopolitical tensions in key oil-producing regions like the Middle East are a perennial driver of global crude price volatility, which directly impacts the price Bakken operators receive for their production. Meanwhile, in Norway, a...

🌅Afternoon Wire·Aug 21

Pipeline & Infrastructure

Global Midstream News Highlights Refinery Plans, Shipping Risks

International midstream and refining developments reported Friday highlight the global context for North Dakota's oil exports, with new projects emerging and persistent shipping risks affecting crude flows. In Australia, Buru Energy said it plans to build a mini-refinery to supply the Kimberley region, according to Rigzone. The project is part of a new sales model for volumes from the Ungani field in the Canning Basin. While a small-scale project, it reflects a broader industry trend toward localized refining to capture value from stranded or marginal resources. Separately, the Dangote Group has offered East African countries a 30 percent equity stake in a giant refinery planned for the region, Rigzone reported, citing a Kenyan presidential adviser. This major infrastructure development aims to serve the East African market, potentially altering long-term refined product trade flows. Meanwhile, shipping disruptions continue to pose risks to global crude movements. Various tankers, including from the Sinokor...

🌅Afternoon Wire·Aug 21

Regulatory

Iran Tensions Push Global Oil Prices Near $94

Oil prices climbed to a one-month high near $94 per barrel on Thursday, according to a report from Rigzone. The increase was driven by new U.S. threats against Iran, which raised fears of a prolonged conflict in the region. For operators in North Dakota's Bakken formation, higher global benchmark prices directly improve the economics of new drilling and well completion projects. Sustained prices at or above current levels support cash flow and can influence decisions to maintain or increase activity in the Williston Basin. The Bakken region remains one of the United States' top oil-producing areas, and its output is a key component of domestic supply. Price volatility stemming from geopolitical events underscores the interconnected nature of the global oil market and its impact on local production economics. While the immediate price boost is a positive signal, Bakken operators typically manage their programs based on longer-term price outlooks and operational...

🌅Afternoon Wire·Aug 21