Thursday, August 27, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Crude Prices Slip on Renewed Hormuz Talks, Bakken Differential Holds

Oil prices extended a losing streak into a fourth trading day on Thursday, pressured by diplomatic efforts to de-escalate tensions in the Middle East's key oil transit chokepoint. According to live price data, West Texas Intermediate (WTI) crude traded at $82.58 per barrel, up 35 cents (0.43%) on the day, while Brent crude was at $87.49, up 55 cents (0.63%). The Bakken oil price differential compared to WTI was $-3.42 per barrel. The modest daily gains masked a broader downturn this week. According to a report from OilPrice.com, crude prices fell as Qatar’s Prime Minister prepared to visit Tehran to discuss the possibility of reopening the Strait of Hormuz. The visit focuses on freedom of navigation in the chokepoint and ways to "de-escalate tensions and create the conditions conducive to dialogue," according to statements cited by the source. Market sentiment appeared cautiously optimistic, according to the OilPrice.com report, despite ongoing...

☀️Morning Wire·Aug 27

Rig Report

North Dakota Rig Count Holds at 37, Up 13 from July

The number of active drilling rigs in North Dakota held steady at 37 on Thursday, August 27, according to Bakken Wire live data. There were no new rigs added, none removed, and no rigs moved location since the previous day's report. The current count represents a gain of three rigs from one week ago, when 34 rigs were active on August 20. More significantly, the state's active fleet has increased by 13 rigs over the past month, rising from just 24 active rigs on July 28. This sustained upward trend in the Williston Basin occurs against a backdrop of tightening equipment availability worldwide. According to a report from Rigzone, Enverus Intelligence Research warned on August 26 that global drilling availability was narrowing as demand rises. This dynamic can put upward pressure on day rates for drilling contractors and may influence the pace at which operators can ramp up activity. The...

☀️Morning Wire·Aug 27

Daily Activity

Six New Permits Approved; Enerplus Leads with Four-Well Pad in Williams County

The North Dakota Department of Mineral Resources approved six new drilling permits in filings dated Wednesday, August 26, 2026, with Enerplus Resources USA Corporation accounting for the majority of the activity, according to the daily activity report. Enerplus secured four permits for a new pad in Williams County. The permits are for the GIANT PANDA 5700 43-9 2B, 3B, 4B, and 5B wells, all located in SW SE 9- 157N-100W within the Church field. This four-well batch indicates continued development by a major operator in the core of the Bakken formation. Formentera Operations: LLC was approved for two new permits, both designated as confidential. The permits, 43254 and 43255, are for the TORO CANYON-16-32-DIV S517HF and S619HX wells in Divide County. The confidential status of these permits and their field limits public details on the specific targets. In other activity, the confidentiality status was lifted on four previously approved permits...

☀️Morning Wire·Aug 27

Pipeline & Infrastructure

Japan to Support 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 initiative, reported on August 26, 2026, seeks to create alternative routes for crude oil shipments currently dependent on the critical Middle Eastern chokepoint. The Strait of Hormuz is one of the world's most important oil transit lanes, with a significant portion of globally traded crude passing through it. Any geopolitical disruption there can cause immediate volatility in international oil prices. By backing infrastructure that bypasses this strait, Japan aims to enhance energy security for itself and its trading partners. For Bakken shale operators in North Dakota, global oil market stability and pricing benchmarks are crucial. The Bakken formation produces a light, sweet crude that competes in an international market. Price movements for benchmarks like Brent and West Texas Intermediate (WTI) directly affect the economics of drilling and completion activities...

☀️Morning Wire·Aug 27

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher on OPEC+ Signals, Bakken Differential Widens

Oil prices posted modest gains in midday trading Thursday, supported by signals from OPEC+ producers that they are prepared to intervene to stabilize the market. West Texas Intermediate (WTI) crude for October delivery was trading at $82.62 per barrel, up 47 cents or 0.57%. The global benchmark, Brent crude, rose 66 cents to $87.51 per barrel. The price support follows recent commentary from key OPEC+ members, including Saudi Arabia and Russia, reaffirming their commitment to the group's production agreements and their readiness to take additional measures if needed. This has provided a floor for prices amid ongoing concerns over global economic growth and fuel demand. For Bakken operators, the price received at the wellhead is more directly tied to the Bakken differential. That discount to the WTI benchmark widened slightly in Thursday's trading, sitting at -$3.42 per barrel. This means Bakken crude is priced at approximately $79.20 per barrel, based...

🔆Midday Wire·Aug 27

Operator News

Trump Oil Stock Trades Coincided with Iran Ceasefire, Price Drop

President Donald Trump's investment accounts sold between $500,000 and $1 million of ExxonMobil stock on April 7, the same day he announced a ceasefire in the Iran war, according to financial disclosures reviewed by CBS News and reported by OilPrice.com. Exxon shares opened 6.5% lower the following morning. The transaction was part of hundreds of thousands of dollars in trades involving Exxon, Chevron, ConocoPhillips and other oil and gas companies during the first half of 2026. These trades occurred through a period where the Iran war and disruption to flows through the Strait of Hormuz drove crude prices and refining margins sharply higher. The resulting price environment delivered some of the strongest earnings for U.S. oil majors since 2022, which directly benefits their significant operations in North Dakota's Bakken formation. ExxonMobil and Chevron earned a combined $26.5 billion in the second quarter. Exxon reported $14.5 billion in net income, more...

🔆Midday Wire·Aug 27

Global Markets

AI Power Demand, Baltic Tensions Shape Global Energy Backdrop for Bakken

A surge in U.S. electricity demand driven by artificial intelligence and rising geopolitical tensions in Eastern Europe are shaping the global energy landscape that Bakken crude oil producers operate within, according to separate reports from OilPrice.com. The Energy Institute’s 2026 Statistical Review of World Energy reveals that global data-center electricity demand reached 787.8 terawatt-hours in 2025, a near 20% increase from 658.2 TWh in 2024. Since 2020, this demand has grown by approximately 92%. The United States is the dominant driver, accounting for an estimated 39.7% of the global total, or 312.6 TWh, in 2025, according to OilPrice.com. U.S. consumption alone increased by 63.5 TWh from 2024 to 2025, representing roughly 49% of the worldwide increase. This accelerating demand, described as a "major new source of demand" for power systems, underscores a structural shift in U.S. energy consumption with long-term implications for all fuel sources, including natural gas often used...

🔆Midday Wire·Aug 27

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rally as OPEC+ Signals Support, Bakken Differential Narrows

Oil prices climbed firmly on Thursday, with West Texas Intermediate (WTI) crude gaining over a dollar to settle at $83.47 per barrel, according to live market data. The rally pushed Brent crude to $88.49, marking a broad-based increase for the global oil benchmarks. The price surge was underpinned by supportive signals from OPEC+ and ongoing supply concerns. The producer alliance indicated a commitment to market stability, which bolstered trader sentiment. This comes amid a persistently tight physical market, contributing to the upward momentum. For operators in North Dakota's Bakken formation, the gains are amplified by a narrowing regional price discount. The Bakken differential to WTI tightened to -$3.42 per barrel on Thursday. This means Bakken crude is priced at approximately $80.05 at the wellhead, a stronger netback for producers compared to periods of wider differentials. The simultaneous rise in benchmark prices and improvement in the local differential creates a favorable...

🌅Afternoon Wire·Aug 27

Rig Report

North Dakota Rig Count Holds at 34 Despite Three Rigs Released

The number of active drilling rigs in North Dakota remained unchanged at 34 on Thursday, August 27, despite the release of three rigs and a single rig relocation, according to live rig data from Bakken Wire. Three rigs were released from service. Devon Energy Williston, L.L.C. released the NABORS B6 rig from a location in McKenzie County (151-100-35). Continental Resources, Inc. released the PATTERSON 297 rig from Mountrail County (152-93-3). EOG Resources, Inc. released the H & P 259 rig, also from Mountrail County (157-90-31). One rig changed locations. Hess Bakken Investments II, LLC moved the ENSIGN 532 rig to a new site in McKenzie County (149-100-30). The unchanged total results from new rigs coming online to replace those released. The current count of 34 rigs matches the level reported one week ago on August 20. However, drilling activity has increased significantly over the past month, with the rig count...

🌅Afternoon Wire·Aug 27

Pipeline & Infrastructure

Enbridge Acquires Permian Gathering Assets for $600 Million

Enbridge Inc. has agreed to acquire Salt Creek Midstream's crude oil gathering business in the Permian Basin for $600 million in cash, according to a report from Rigzone. The deal, announced August 27, is aimed at growing Enbridge's capacity to export oil from the prolific Permian region in Texas. For Bakken Shale operators in North Dakota, the transaction highlights the continued capital investment and infrastructure build-out occurring in competing U.S. oil basins. While the Permian secures additional midstream capacity, no comparable large-scale pipeline expansions are currently underway in the Bakken. The Bakken formation remains heavily reliant on existing pipeline networks, primarily the Enbridge-operated Mainline system and the Dakota Access Pipeline (DAPL), for crude takeaway. The lack of new major pipeline projects in North Dakota means producers must compete for space on these established routes. Midstream consolidation and asset acquisitions, like Enbridge's Permian purchase, often allow larger companies to optimize systems...

🌅Afternoon Wire·Aug 27