Monday, August 24, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Slide Over 2% Amid Global Supply Concerns, Heatwave Demand

Front-month West Texas Intermediate (WTI) crude oil futures fell sharply Monday morning, trading down 2.11% to $85.22 per barrel. The global benchmark, Brent crude, also declined, dropping 1.58% to $92.90, according to live price data. The price drop for oil came alongside a rise in natural gas, which gained $0.06 to $2.87 per MMBtu. Bakken crude traded at a differential of $-3.42 per barrel versus WTI. The slide in oil prices occurred despite significant supply-side pressures emerging from renewed hostilities in the Middle East. According to a report from OilPrice.com, the conflict has retriggered a blockade of the Strait of Hormuz, once again cutting off liquefied natural gas (LNG) supply from Qatar. This has caused spot LNG prices for delivery into northeast Asia to soar to a five-month high, estimated at $22.50 per MMBtu. The LNG supply shock is having immediate global repercussions. Japan, a major LNG importer, saw its...

☀️Morning Wire·Aug 24

Rig Report

Bakken Rig Count Holds Steady at 34, Up 11 From July

North Dakota's active drilling rig count remained unchanged on Monday, holding at 34, according to live data from Bakken Wire. The figure showed no day-over-day movement, with no new rigs added, removed, or relocated. The current activity level represents a significant increase from earlier this summer. The rig count is up by one compared to one week ago on August 17, 2026, when 33 rigs were active. More strikingly, the count has surged by 11 rigs over the past month, rising from 23 active rigs on July 25, 2026. The steady rig count in the Bakken coincides with renewed global focus on securing long-term oil and gas supplies from stable, non-conflict regions. According to a report from OilPrice.com, Norway's Energy Minister Terje Aasland vowed on Monday to continue exploring for oil and gas in the Arctic Barents Sea, emphasizing its importance for European energy security. Norway is Europe's single biggest...

☀️Morning Wire·Aug 24

Daily Activity

DMR Reports No New Activity Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) reported no new activity filings in its daily report for Sunday, August 23, 2026. The report, which details regulatory filings from the previous day, listed zero new permits, spud notices, well completions, or plugged wells. The DMR's daily activity report is a key source of operational data for the Bakken formation and Williston Basin. It provides a snapshot of industry movement, including new drilling permits issued, wells that have started drilling (spud), wells that have finished hydraulic fracturing and been turned to production (completions), and wells that have been permanently sealed (plugged). Days with no reported activity are not uncommon. According to standard reporting procedures, such gaps frequently occur on weekends and state holidays when agency offices are closed and operator filings are not processed. The lack of new permits or spud notices on a Sunday is typical. Activity levels are expected...

☀️Morning Wire·Aug 24

Operator News

Exxon in Running for Shell's $8B U.S. Chemicals Business

ExxonMobil is among the companies competing to acquire Shell’s U.S. chemicals business in a deal that could be worth $8 billion, according to a report from the Financial Times cited by OilPrice.com. The potential buyers, which also include LyondellBasell, Apollo Global Management, and the Kuwait Petroleum Corporation, have submitted non-binding offers ranging from bids for parts to the entire division. Shell’s U.S. chemicals assets consist of four facilities located in Louisiana, Texas, and Pennsylvania. The sale is part of a broader portfolio adjustment strategy Shell outlined in its 2025 Capital Markets Day, aiming to allocate capital to its strongest value drivers. Shell recently completed two other asset sales: its European onshore wind and solar business to TotalEnergies and a 35% stake in a Cyprus gas block to Hungary’s MOL. This potential multibillion-dollar chemicals acquisition signals ExxonMobil's continued strategic focus on high-margin downstream and chemical operations. For Bakken operators and service...

☀️Morning Wire·Aug 24

Global Markets

Equinor Secures Major 15-Year Gas Supply Deal with Germany

Norwegian energy major Equinor has signed a 15-year agreement to supply natural gas to Germany, according to a report from Rigzone. The deal, with German utility Uniper, is for the supply of over 30 terawatt hours of gas per year. For Bakken operators, long-term international contracts for natural gas provide a signal of demand stability in the global market. While the Bakken formation is primarily an oil play, significant volumes of associated natural gas are produced alongside crude. The economics of Bakken wells are heavily influenced by oil prices, but stable gas prices can improve overall project returns and help manage flaring. The 15-year term of the Equinor contract indicates European buyers are seeking secure, long-duration supply agreements. This structural demand supports the global liquefied natural gas (LNG) market, which sets price benchmarks that indirectly affect the value of U.S. natural gas, including volumes piped out of the Williston Basin....

☀️Morning Wire·Aug 24

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Over 2%, Bakken Differential Holds Steady Amid Global Supply Concerns

Front-month WTI crude oil futures fell 2.53% to trade at $84.86 per barrel in midday trading Monday, August 24, while Brent crude declined 2.14% to $92.37. The Bakken crude differential to WTI held at -$3.42. Natural gas prices saw a marginal increase, with the U.S. benchmark up one cent to $2.82. The sharp drop in crude prices occurred alongside heightened concerns over global natural gas supply and persistent geopolitical risks. According to a report from Goldman Sachs carried by OilPrice.com, Europe is facing a critical shortage of natural gas storage for the upcoming winter, which could have ripple effects across global energy markets. The investment bank analysts stated that Europe's current benchmark gas prices "will not be enough for Europe to manage storage through winter." The supply crisis stems from the ongoing conflict in the Middle East, which has disrupted LNG flows. Goldman Sachs analysts noted that since the crisis...

🔆Midday Wire·Aug 24

Regulatory

Texas Oil Regulator Elects New Chairman

The Texas Railroad Commission (RRC), which regulates the nation's largest oil-producing state, has elected a new chairman, according to Rigzone. The RRC's new chairman stated, "I am deeply honored," Rigzone reported. While the RRC has no direct jurisdiction over North Dakota's Bakken formation, its regulatory decisions are closely monitored by the national industry. The commission's policies on issues like flaring, permitting, and well spacing often serve as a bellwether for regulatory approaches in other major producing regions, including the Williston Basin. A change in leadership at the influential Texas agency can signal shifts in regulatory philosophy or priority. Bakken operators and service companies with assets or operations spanning multiple basins pay particular attention to such developments, as they can affect broader industry standards and operational costs. The election of a new RRC chairman comes as the oil and gas industry navigates evolving federal regulations and market conditions. The specific policy...

🔆Midday Wire·Aug 24

Global Markets

Global Diesel Tightness from Russian Crisis, EIA Tweaks U.S. Demand Outlook

A global tightening of diesel supplies, driven by a prolonged fuel crisis in Russia, is creating a complex backdrop for Bakken crude oil and refined product markets. According to OilPrice.com, Russia's diesel and gasoil exports have crashed in August 2026 to their lowest levels in years due to extended export restrictions. This shortage is linked to a nearly daily campaign of Ukrainian drone attacks on Russian refineries that began in the spring, forcing major processing sites offline. The lack of Russian diesel exports is compounding Middle East supply disruptions, tightening the global middle distillate market. For Bakken producers, this international supply crunch could provide underlying support for crude prices and for the diesel fraction of their production barrels. Russia's Deputy Prime Minister Alexander Novak stated on Monday, August 24, that some refineries have resumed operations after repairs, which could soon raise domestic supply. However, he acknowledged the situation is "constantly...

🔆Midday Wire·Aug 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Tumble Over 2% as OPEC+ Signals Supply Increase

Front-month oil futures declined sharply in Monday trading, with the North American benchmark dropping more than 2% amid signals of increased supply from the OPEC+ alliance. West Texas Intermediate (WTI) crude for October delivery settled at $84.94 per barrel, down $2.12 or 2.44%, according to live price data. The global Brent benchmark fell $2.41 to $91.98, a decline of 2.55%. The sell-off was primarily driven by news that OPEC+ is considering a gradual increase in oil production starting in the fourth quarter of 2026. The producer group, which includes Saudi Arabia and Russia, has maintained significant supply restraints for over three years to support prices. A decision to incrementally return barrels to the market, even if managed, introduces a new headwind for prices in the near term. For Bakken operators, the price move directly impacts the value of their produced crude. The Bakken differential—the discount at which Bakken crude priced...

🌅Afternoon Wire·Aug 24

Rig Report

North Dakota Rig Count Holds at 35 After Daily Swap

North Dakota's active drilling rig count remained unchanged at 35 on Monday, August 24, following a day where one new rig was deployed and another was released. According to live rig data, the net activity resulted in a single rig being added and a single rig being removed, with no rigs moving between locations. The current fleet of 35 rigs represents an increase of two from the count of 33 reported one week ago on August 17, and a significant jump of 12 rigs from the 23 active rigs operating one month ago on July 25. The sole new rig reported Monday is the BERENERGY CORPORATION: PRONGHORN 7, located in Renville County at 158-82-1. The rig removed from the active list was the DEVON ENERGY WILLISTON, L.L.C: NOBLE 4, which had been operating in McKenzie County at 152-101-23. The stability in the overall count masks the underlying churn typical of...

🌅Afternoon Wire·Aug 24

Pipeline & Infrastructure

TotalEnergies Invests in Major Gulf Bypass Pipelines Amid Hormuz Disruption

TotalEnergies will invest in two major oil pipelines designed to bypass the choked Strait of Hormuz, according to an announcement made Monday by CEO Patrick Pouyanné. The move underscores a global rush to secure alternative export routes as the six-month-long Iran war continues to paralyze a critical maritime chokepoint. Speaking at the ONS energy conference in Norway, Pouyanné said the company would back Abu Dhabi’s expansion of its Fujairah export route and a planned pipeline carrying Iraqi crude through Syria to the Mediterranean. “We will become partners of the pipeline moving from Baghdad to Syria, but I will also invest in Abu Dhabi, in doubling the Fujairah pipeline,” Pouyanné said, according to Reuters. The commitment follows Pouyanné's statement two months ago that investment in alternative Gulf export routes had become an “absolute priority” for TotalEnergies. The company has not disclosed its investment amount or stakes in the projects. The existing...

🌅Afternoon Wire·Aug 24

Global Markets

U.S. Expands Iran Sanctions, Pressures Oil Trade as Prices Retreat

The U.S. Treasury Department launched a major new sanctions campaign against Iran on Monday, directly targeting the global oil trade that has kept Iranian crude flowing to market. For Bakken operators, the immediate market reaction was a sharp pullback in prices, offsetting gains from the previous week. Treasury Secretary Scott Bessent formally launched "Operation Economic Outcast," expanding secondary sanctions that threaten foreign companies with exclusion from the U.S. financial system for continuing business with Tehran. The first round targeted nearly 60 individuals, entities, and vessels, according to a report from OilPrice.com. The oil trade remains a primary target. The Treasury's Office of Foreign Assets Control (OFAC) sanctioned brokers, companies, and shadow-fleet vessels operating from the UAE to Hong Kong that transport Iranian oil and channel revenues to Iranian entities. OFAC also sanctioned international companies operating in Iran’s petroleum sector and facilitating the movement and sale of its crude. The campaign...

🌅Afternoon Wire·Aug 24