Wednesday, August 26, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 5:14

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 4:07

Oil Prices

Oil Prices Drop Over 2% on Hopes for Strait of Hormuz Corridor

Crude oil prices fell sharply in early trading Wednesday, with West Texas Intermediate (WTI) dropping 2.25% to $80.51 per barrel. The decline was driven by renewed diplomatic talks aimed at reopening the critical Strait of Hormuz shipping channel, according to reports from OilPrice.com. The key catalyst was news that Iran and Oman are discussing a joint temporary navigational corridor and mine-clearing operations in the strait. This development fueled trader optimism that a major global oil chokepoint could soon return to normal traffic, easing supply concerns. Brent crude followed suit, falling 2.04% to $85.49 per barrel. Analysts from ING cautioned that an agreement between Iran and Oman does not guarantee a swift normalization of oil flows, noting the U.S. blockade on Iranian ports and sanctions would also need to be addressed. However, the market reacted to the prospect of reduced geopolitical risk. Traders largely ignored the latest round of U.S. sanctions...

☀️Morning Wire·Aug 26

Rig Report

North Dakota Rig Count Holds Steady at 36

North Dakota's active drilling rig count held at 36 on Wednesday, according to Bakken Wire's live tracking data. No rigs were added or removed since yesterday's report, and no rigs were recorded moving to new locations. The current figure represents a modest increase over the past week, rising by three rigs since August 19. The more significant story is seen over the past month, where activity has surged. The count is up by 13 rigs from the 23 recorded on July 27, indicating a substantial recovery in drilling activity during the late summer period. While North Dakota's count was flat day-over-day, broader North American trends showed a pullback. According to a report from Rigzone, North America dropped eight rigs week on week in the latest Baker Hughes rotary rig count. This suggests regional dynamics may be shifting even as the Williston Basin holds its recent gains. The stability at 36...

☀️Morning Wire·Aug 26

Daily Activity

Four New Permits Approved in Divide County, Confidential Statuses Change

The North Dakota Department of Mineral Resources approved four new drilling permits in filings from Tuesday, August 25, 2026, all located in Divide County. Three of the permits were granted to Formentera Operations LLC for its "THE HIGH ROAD" project. Formentera Operations LLC received permits 43250, 43251, and 43252 for the THE HIGH ROAD-04-21-DIV N512HF, N514HF, and N616HF wells, respectively. According to the DMR report, all three Formentera permits are listed for the 'CONFIDENTIAL' field. The fourth permit, 42985, was issued to Phoenix Operating LLC for the GINA FERRARI 13-12-1 2H well in Divide County. The DMR report also detailed changes to the confidential status of several previously filed permits. Eight permits were newly assigned "CONFIDENTIAL" status. These include: Oasis Petroleum North America LLC's STATE 9-25-24BH in McKenzie County. Whiting Oil and Gas Corporation's KOALA 31-25-2H, WOLD FEDERAL 44-1-1H, and FLATLAND 24-9-2XH, all in McKenzie County. Oasis Petroleum North America...

☀️Morning Wire·Aug 26

Global Markets

Ukraine Strikes Russian Energy Assets, Raising Global Market Concerns

A Ukrainian attack on Russian energy infrastructure has introduced new volatility into global oil markets, a factor closely watched by Bakken producers. Ukraine said it attacked an oil refinery and a gas-processing plant in Russia overnight, according to a report from Rigzone. While the immediate impact on global supply is unclear, such geopolitical events typically create a risk premium in crude oil prices. Any sustained disruption or threat to Russian refined product exports can tighten global balances. For Bakken operators, a stronger global price environment for benchmark crudes like Brent and WTI directly supports the wellhead economics of North Dakota production. The Bakken formation, a major U.S. shale play, produces a light, sweet crude that is priced relative to these global benchmarks. Increased geopolitical tension, especially involving a major energy producer like Russia, often leads to increased market uncertainty and price support. This can improve cash flow for operators and...

☀️Morning Wire·Aug 26

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 5:29

Oil Prices

Crude Prices Climb Modestly as EIA Reports Tight Gasoline Supply

Oil prices posted modest gains on Wednesday, with West Texas Intermediate (WTI) crude trading at $82.79 per barrel, up $0.43 (0.52%). Brent crude rose to $87.73, a gain of $0.46 (0.53%). The price for Bakken crude at the Clearbrook, Minnesota, hub is typically priced at a differential to WTI, which was recorded at $-3.42. The upward movement comes despite new government data showing a slight increase in U.S. crude stockpiles. According to the U.S. Energy Information Administration (EIA), commercial crude inventories rose by 100,000 barrels for the week ending August 21, bringing total stocks to 428.9 million barrels. The EIA reported this level is 1% above the five-year average for this time of year. Support for prices appeared to stem from a significant draw in gasoline inventories, a key indicator of summer driving demand. The EIA reported gasoline stocks fell by 2.5 million barrels last week, following a build in...

🔆Midday Wire·Aug 26

Pipeline & Infrastructure

Japan Plans Support for Pipelines Bypassing Strait of Hormuz

Japan plans to support the construction of pipelines that bypass the Strait of Hormuz, according to a report from Rigzone. The news service reported the development on Wednesday, August 26, 2026. The strategic chokepoint is a critical maritime route for global oil shipments, particularly crude from the Middle East bound for Asian markets. Any significant shift in how that oil reaches market can influence global supply chains and price benchmarks. For Bakken operators, global trade flows directly impact the competitiveness of North Dakota crude. Brent and other international benchmarks often dictate the price received for Bakken oil shipped to coastal refineries or exported. Diversions in global supply routes can alter the supply-demand balance in key markets. Increased pipeline capacity bypassing Hormuz could, over time, contribute to more stable and secure crude deliveries to Asia from alternative sources. This could affect the pricing differentials between landlocked Bakken crude and waterborne international...

🔆Midday Wire·Aug 26

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Fall on Gulf Shipping Progress; Bakken Differential at $-3.42

Oil prices extended losses Wednesday as developments in the Persian Gulf suggested a potential easing of the shipping crisis that has roiled markets for months. West Texas Intermediate (WTI) crude settled at $81.85, down $0.51 (-0.62%), while Brent crude fell to $86.51, down $0.76 (-0.87%), according to live price data. The Bakken crude differential to WTI was $-3.42. The price drop follows reports of advancing plans for a temporary maritime corridor through the critical Strait of Hormuz. According to OilPrice.com, Iranian and Omani officials discussed an "interim framework" for a joint shipping corridor, with intentions to negotiate a permanent route within 30 to 60 days. While no start date was given, the talks contributed to market sentiment that a de-escalation may be nearing. Concurrently, a surge in tanker activity indicated regional producers are anticipating improved transit conditions. Satellite imagery showed seven tankers loading Iraqi crude with a combined capacity of...

🌅Afternoon Wire·Aug 26

Rig Report

North Dakota Rig Count Rises to 37 as Enerplus Adds Williams County Rig

North Dakota's active drilling rig count increased to 37 on Wednesday, August 26, according to live data from Bakken Wire. The count rose by one from the previous day, with no rigs removed or moved between locations. The sole new rig reported was the ENERPLUS RESOURCES USA CORPORATION: PATTERSON 806, located at 157-99-11 in Williams County. This addition continues a period of expansion for the state's drilling activity over recent weeks. The current fleet of 37 rigs represents a significant increase from levels seen earlier this summer. One week ago, on August 19, the state reported 33 active rigs. Compared to one month ago on July 27, when just 23 rigs were active, the count is up by 14 units, signaling a sustained rebound in operator drilling programs. The steady climb in North Dakota's rig count coincides with a broader industry trend of rising demand for drilling equipment. According to...

🌅Afternoon Wire·Aug 26

Global Markets

CNOOC Posts Record Profit on Higher Prices, Domestic Production Push

China National Offshore Oil Corp. (CNOOC) reported a record first-half profit on Wednesday, driven by higher crude prices following the Iran war and increased domestic production, according to OilPrice.com. The company's performance underscores a global market where elevated prices and geopolitical supply concerns remain pivotal, factors that directly influence the demand and pricing for Bakken crude. CNOOC's net profit attributable to shareholders jumped 23.4% year-over-year to 85.8 billion yuan (approximately $12.9 billion), with oil and gas sales revenue climbing 20%. The biggest driver was a 23.6% increase in its average realized oil price to $85.49 per barrel for the first six months of the year. For Bakken operators, this sustained price environment above $85 per barrel reinforces a favorable revenue backdrop for domestic production, though global competition is intensifying. A key component of CNOOC's results was a 3.7% rise in net oil and gas production to a record 398.7 million...

🌅Afternoon Wire·Aug 26