Sunday, August 23, 2026

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The Afternoon Take

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☀️Morning Wire7:00 AM CST

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Oil Prices

WTI Holds Above $87 Amid Global Supply Concerns; Bakken Differential Widens

Oil prices edged higher on Sunday, with West Texas Intermediate (WTI) crude trading at $87.06 per barrel, a gain of 0.26% or $0.23, according to live market data. The global benchmark Brent crude rose 0.65% to $94.39, while natural gas prices increased by $0.05 to $2.81 per MMBtu. The Bakken crude differential, which measures the price of Bakken barrels delivered to Clearbrook, Minnesota, against WTI, was assessed at a discount of $3.42. This price spread is a key indicator of the competitiveness and market access for North Dakota's light sweet crude. Market support stems from tightening global crude supplies. According to a report from Rigzone, U.S. refiners are facing a looming supply drop from their biggest foreign crude supplier at a time of peak seasonal demand. While the source material did not specify the supplier, such a reduction in available imported crude typically increases competition for domestic barrels, including those...

☀️Morning Wire·Aug 23

Rig Report

North Dakota Rig Count Holds at 34, Up 10 from July

North Dakota's active drilling rig count held steady at 34 on Sunday, with no rigs added, removed, or moved in the past 24 hours, according to live Bakken Wire data. The current count represents a two-rig increase from one week ago and a ten-rig jump from the 24 rigs active one month ago on July 24, 2026. The stability at a higher level follows a period of significant growth, underscoring increased operator confidence. According to a recent state briefing, the count had reached 33 rigs earlier in the week, up from 26 in mid-July. Nathan Anderson, director of the North Dakota Department of Mineral Resources, highlighted the importance of this expansion during an Aug. 20 media briefing, Yahoo Finance reported. "We have seven additional rigs in the basin this month that we didn't have just 30 days ago, and that's important," Anderson said. The recent rig count increase has been...

☀️Morning Wire·Aug 23

Daily Activity

DMR Daily Activity Report Shows No New Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Saturday, August 22, 2026, contained no new filings, according to the agency's data. The daily report typically lists new regulatory actions, including drilling permits approved, wells spudded, completions reported, and wells plugged. The absence of new activity is a normal occurrence, particularly on weekends and holidays when administrative filing and field work slow down. For Bakken operators and service companies, these reports provide a near-real-time pulse on drilling and completion activity across the state. Consistent periods with no filings can indicate temporary slowdowns, often tied to weekends, weather, or logistical planning. The next report, expected later today, will reflect any filings submitted on Sunday. The broader weekly and monthly DMR reports offer a more comprehensive view of industry trends in the Williston Basin.

☀️Morning Wire·Aug 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher Midday as Bakken Discount Holds at $3.42

Oil prices posted modest gains in midday trading Sunday, with benchmark crudes holding near multi-week highs. West Texas Intermediate (WTI) crude was trading at $87.06 per barrel, a gain of $0.23 or 0.26%. The international benchmark Brent crude rose to $94.39, up $0.61 or 0.65%, according to live price data. Bakken crude priced at the Clearbrook, Minnesota, hub maintained a differential of negative $3.42 per barrel versus WTI. This places the effective price for Bakken barrels at approximately $83.64, factoring in the regional discount. Natural gas futures also saw upward movement, rising $0.05 to trade at $2.81 per million British thermal units. The midday price strength continues a trend of firming crude markets. Prices are being supported by a combination of sustained demand signals and ongoing supply discipline from major producing nations within the OPEC+ alliance. Geopolitical tensions in key oil-producing regions also continue to underpin a risk premium in...

🔆Midday Wire·Aug 23

Operator News

ExxonMobil Seeks New Investment Amid Kazakhstan Field Decline Warning

ExxonMobil has warned of a looming production decline at Kazakhstan's top oilfield, according to a report from Rigzone. The Spring, Texas-based supermajor is now seeking to invest billions of dollars in a new project at the nation's Kashagan development to help cushion a slide at its Tengiz deposit. The development highlights the ongoing global challenge for major operators in managing decline rates at large, legacy assets. For ExxonMobil, which holds a significant position in the Bakken formation through its subsidiary XTO Energy, capital allocation decisions for international mega-projects can compete with spending plans for domestic shale basins. While the Rigzone report did not specify impacts on ExxonMobil's North American operations, major capital commitments abroad can influence the pace of development in other regions. Bakken operators often watch the investment patterns of supermajors as indicators of broader industry sentiment and strategic focus. The Bakken formation remains a core, cash-generating asset for...

🔆Midday Wire·Aug 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Steady as Bakken Discount Widens

Oil prices showed little movement in Sunday trading, with West Texas Intermediate (WTI) crude holding steady at $87.06 per barrel, according to live market data. The global benchmark, Brent crude, was also unchanged at $94.39. Natural gas prices were flat at $2.81 per MMBtu. For Bakken producers, the more critical figure is the regional price differential. Bakken crude at the Clearbrook, Minnesota, hub was trading at a discount of $3.42 per barrel below the WTI benchmark price. This spread is a direct determinant of the netback price received by North Dakota operators and directly impacts cash flow and drilling economics. The static price action follows a volatile week driven by mixed signals from global inventories and ongoing geopolitical tensions. Market analysts note that prices found a footing above $86 for WTI after U.S. government data showed a larger-than-expected drawdown in crude stockpiles last week, indicating robust demand. However, this was...

🌅Afternoon Wire·Aug 23

Rig Report

North Dakota Rig Count Holds at 34, Up 10 from July

The number of active drilling rigs in North Dakota remained unchanged at 34 on Sunday, August 23, according to live data from Bakken Wire. The count showed no movement, with no new rigs added, removed, or relocated since Saturday. The current activity level represents a significant increase from recent lows. The rig count is up by two from the 32 rigs reported one week ago on August 16, and is up by ten from the 24 rigs active one month ago on July 24. While onshore shale activity in the Bakken holds steady, major international oil companies are pursuing high-risk, high-reward drilling projects in other basins. According to a report from OilPrice.com, Mexico's Pemex and Brazil's Petrobras have formed a partnership to drill prospects in the deep waters of the Gulf of Mexico off Mexico's coast. The companies are targeting source rock formations described as miles deeper and eight times...

🌅Afternoon Wire·Aug 23