Saturday, August 22, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Edge Higher Amid Global Supply Concerns

Front-month crude oil futures posted modest gains in early trading Saturday, with global benchmark Brent crude outpacing U.S. West Texas Intermediate. According to live price data, Brent crude for October delivery was trading at $94.39 per barrel, up $0.61 or 0.65%. WTI crude was at $87.06, a gain of $0.23 or 0.26%. The price for Bakken crude at the wellhead was approximately $3.42 per barrel below the WTI benchmark. The upward price movement comes amid reports of tightening global crude supplies. According to Rigzone, U.S. refiners are facing a looming supply drop from their biggest foreign crude supplier at a time of high seasonal demand. This development is providing underlying support for global benchmarks like Brent, which directly influences the value of exported U.S. crudes, including those from the Bakken. For Bakken producers, the stable-to-strong global price environment is positive, even with a regional discount. A WTI price above $87...

☀️Morning Wire·Aug 22

Rig Report

North Dakota Rig Count Holds at 34, Up 9 From July

North Dakota's active drilling rig count remained unchanged at 34 on Saturday, August 22, according to the latest live data from Bakken Wire. The figure shows no movement from the previous day, with no new rigs added, removed, or relocated. The current count represents a significant increase from levels seen earlier this summer. The state's active rig fleet is up by two rigs compared to one week ago, when 32 rigs were active on August 15. More notably, the count has risen by nine rigs over the past month, jumping from 25 active rigs on July 23. This sustained higher level of drilling activity coincides with improved oil production numbers for the state, as reported by other news sources this week. According to a summary from Yahoo Finance Energy, North Dakota oil data shows an uptick in production and a jump in the number of drilling rigs, a positive trend...

☀️Morning Wire·Aug 22

Daily Activity

Hunt Oil Files Four New Divide County Permits; Whiting, Marathon, EOG Cancel Wells

Hunt Oil Company was the most active operator in yesterday's North Dakota Department of Mineral Resources filings, securing four new drilling permits for the same location in Divide County. All four permits—43239, 43240, 43241, and 43242—are for the FRAZIER 161-97-3 series of wells at SE NE 4-161N-97W in the FRAZIER field, according to the DMR Daily Activity Report. The day's other filings were dominated by permit cancellations and confidential status changes. Five permits were cancelled, led by Marathon Oil Company and True Oil LLC. Marathon cancelled two older permits, 24314 and 24315, for the HOPKINS USA wells in Dunn County. True Oil LLC cancelled two newer permits, 43216 and 43231, for SUPERIOR FEDERAL wells in McKenzie County. EOG Resources, Inc. also cancelled permit 29679 for its WEST CLARK well in McKenzie County. On the confidential list, Whiting Oil and Gas Corporation had two wells advance: 41129 and 41358, both GULLIKSON...

☀️Morning Wire·Aug 22

Global Markets

China's Five-Year Plan Targets Peak Oil, Expands Gas Imports Amid Security Focus

China's latest five-year energy plan, released this week, outlines a dual strategy of aggressively expanding natural gas import capacity while working to peak its oil consumption, according to a report from OilPrice.com. The plan, published by China's National Development and Reform Commission and National Energy Administration on Monday, underscores a continued focus on energy security driven by geopolitical tensions and reliance on imports. For Bakken operators, the plan's massive build-out of liquefied natural gas (LNG) infrastructure presents a potential long-term opportunity. The document targets achieving 200 million tonnes of LNG terminal capacity and 114 billion cubic metres of pipeline import capacity by 2030. It also aims to ensure natural gas storage capacity exceeds national consumption by 13 percent. This sustained focus on securing gas supplies could support global LNG demand, indirectly benefiting associated gas production from oil fields like the Bakken. However, the plan's explicit goal for China to reach...

☀️Morning Wire·Aug 22

Global Markets

Global Energy Roundup: Hydrogen Race Heats Up, Supply Risks Support Oil

The global search for geologic hydrogen reserves intensified this week with a record-breaking discovery in China, according to a report from OilPrice.com. Scientists measured hydrogen seepage in the Sichuan Basin with purity levels between 97.33 percent and 98.24 percent, the highest ever recorded in China. Researchers stated this "became one of the few discoveries globally exceeding 98.00% purity." Meanwhile, private interests are swarming around similar seeps in the Philippines. Billionaire-backed startup Koloma believes the nation could be "ground zero" for a geologic hydrogen revolution, with its CEO stating the Philippines has "the largest natural hydrogen seeps anywhere on the planet." The potential scale is massive; a recent model cited by OilPrice.com estimates global underground natural hydrogen reserves at approximately 5.6 million metric megatons. Extracting just 2% of that volume would yield twice the energy in all proven global natural gas reserves. Such a resource could transform energy geopolitics and decarbonization...

☀️Morning Wire·Aug 22

Operator News

Global Energy Developments May Impact Bakken Market Sentiment

A U.S. federal court 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 project's location is not detailed in the report, such rulings can reinforce a regulatory environment favorable to domestic oil and gas development, which Bakken operators monitor for precedent. In international affairs, 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 oil-producing regions routinely influence global crude prices, which directly affect the economics of drilling and production in the Williston Basin. Meanwhile, in Norway, a union and a helicopter industry group began talks to avert a strike. The...

☀️Morning Wire·Aug 22

Pipeline & Infrastructure

Global Midstream Moves Highlight Strategic Shifts as Bakken Exports Compete

International midstream and refining developments reported this week highlight the complex global market in which Bakken crude competes for buyers and favorable transport routes. 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 not directly related to North Dakota, such small-scale, localized refining projects represent a global trend toward securing regional fuel supply chains, a contrast to the Bakken's primary role as an exporter of light sweet crude to larger, distant refineries. 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. The development of major new refining capacity in Africa could alter long-term crude flow patterns and competition for market...

☀️Morning Wire·Aug 22

Regulatory

Iran Tensions Drive Oil Prices Higher

Oil prices climbed to a one-month high near $94 per barrel this week, according to a report from Rigzone. The increase was driven by new U.S. threats against Iran, which raised market fears of a prolonged conflict and potential supply disruptions. For operators in North Dakota's Bakken formation, higher crude prices directly improve cash flow and drilling economics. Sustained prices above $90 per barrel typically support increased activity and capital investment in the basin, though individual company plans depend on their specific financial frameworks. The current price environment, bolstered by geopolitical tension, offers a stronger revenue foundation compared to periods of lower volatility. This is critical for the state's oil production, which remains a primary economic driver. Market analysts watch such geopolitical events closely, as they can lead to rapid price swings. The Bakken's output contributes to overall U.S. supply, which helps buffer global markets against shocks from specific regions....

☀️Morning Wire·Aug 22

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Holds Above $87 as Global Supply Concerns Support Prices

Front-month WTI crude futures traded at $87.06 per barrel at midday Saturday, August 22, 2026, posting a modest gain of $0.23 (0.26%). The global Brent benchmark showed stronger movement, rising $0.61 (0.65%) to $94.39. Bakken crude at the wellhead was priced at a discount of $3.42 per barrel below WTI. The market finds support from ongoing concerns about global crude availability. According to a Rigzone report published today, U.S. refiners are facing a looming supply drop from their biggest foreign crude supplier during a period of high demand. This impending import crunch adds a layer of bullish pressure to the oil complex as domestic refiners may need to compete more aggressively for alternative barrels, including those from U.S. shale basins. Meanwhile, a separate supply agreement highlights the tightening of Atlantic Basin crude flows. Rigzone reported that Equinor secured a three-year deal to supply between five and more than nine million...

🔆Midday Wire·Aug 22

Global Markets

China's Energy Plan Targets Peak Oil, Expands Gas Imports

China's latest five-year energy plan, focused on achieving energy independence and preparing for peak oil consumption, presents a complex long-term demand picture for crude exporters, including those in North Dakota's Bakken formation. According to a report from OilPrice.com, the plan was released on Monday, August 17, 2026, by China's National Development and Reform Commission and National Energy Administration. The strategy reveals China's intent to ramp up domestic oil production while simultaneously targeting a peak in its oil consumption, which some experts suggest could occur as soon as this year. For Bakken operators, a major global supplier, a peak and subsequent decline in demand from the world's largest oil importer would signal a fundamental shift in the market landscape over the coming decades. The plan underscores Beijing's overarching strategic priority: weaning the nation off foreign fuel imports to achieve energy autonomy. A significant pillar of the plan is a massive build-out...

🔆Midday Wire·Aug 22

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Higher, Bakken Differential Holds at -$3.42

Front-month WTI crude settled at $87.06 per barrel on Saturday, a gain of $0.23 or 0.26% for the session, according to live price data. The global benchmark, Brent crude, rose $0.61 to $94.39 per barrel, a 0.65% increase. Natural gas prices also climbed, adding $0.05 to reach $2.81 per MMBtu. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a discount of $3.42 per barrel below the WTI benchmark. This differential is a key metric for North Dakota producers, determining the net revenue received for their oil after accounting for transportation costs from the wellhead to the primary market hub. The modest upward movement in crude markets reflects a balancing act between supportive and constraining factors. On the supportive side, ongoing geopolitical tensions and the potential for supply disruptions continue to provide a floor under prices. Market participants are also monitoring the health of the global...

🌅Afternoon Wire·Aug 22

Rig Report

North Dakota Rig Count Holds at 34 as Multi-Week Expansion Continues

North Dakota's active drilling rig count held steady at 34 on Saturday, August 22, according to live data from Bakken Wire. The count showed no daily change, with zero new rigs added, zero rigs removed, and no rigs moving location. Despite the static daily figure, the current activity level represents a sustained multi-week expansion in the Williston Basin. The rig count is up by two from the 32 rigs active one week ago on August 15, and has risen by nine rigs, or over 36%, from the 25 rigs operating one month ago on July 23. The broader uptick in drilling coincides with an improvement in the state's oil production, according to a recent report. A source from Bing News, published August 20, noted that North Dakota's oil production numbers continue to improve amid higher oil prices resulting from an ongoing U.S. war with Iran. The state relies heavily on...

🌅Afternoon Wire·Aug 22