Locator: 51270B.
AAPL: with a new all-time high --
Now: "Maybe the markets are telling us something." -- David Farber on Cramer's first hour.
08:30 at the open, Monday, July 27, 2026: war paused (ran out of bullets); biggest earnings week of the year.
11:40 p.m. ET Sunday night, futures. Mideast War on "pause."
New large data center in Ohio; this will be a big story this week on CNBC. Link here. [I was wrong: this story was mentioned in Cramer's first hour but only in passing; it was a "yada, yada" story, and then, of course, the old argument, "circular financing."
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Back to the Bakken
WTI: $84.57 (down 5.31%; down $4.74). That was last night. At the open, Monday, July 27, 2026 -- $83.84.
New wells reporting:
- Tuesday, July 28, 2026: 41 for the month, 41 for the quarter, 394 for the year,
- 41382, conf, Oasis, Cyclone 5502 11-17 3B,
- 41381, conf, Oasis, Cyclone 5502 11-17 2B,
- Monday, July 27, 2026: 39 for the month, 39 for the quarter, 392 for the year,
- 42077, conf, Silver Hill Energy Operating, K&L Hegstad North W 158-92-3-27-MBHX,
- 41538, conf, Devon Energy, Stallion 33-28 6H,
- Sunday, July 26, 2026: 37 for the month, 37 for the quarter, 390 for the year,
- None.
- Saturday, July 25, 2026: 37 for the month, 37 for the quarter, 390 for the year,
- None.
RBN Energy: global turmoil spikes energy markets, but sharply lower crude oil prices, production could be just ahead. Link here. Archived.
Geopolitical developments over the last several months have resulted in perhaps the most chaotic and unstable energy market in the last 50 years, rivaled only by the OPEC oil embargoes of the 1970s, the global financial crisis in 2009 and the COVID lockdown years of the early 2020s. The disruptions have driven crude oil prices and production higher in the short term, but there’s a potential long-term shift just ahead. In today’s RBN blog, we look at how the changes on the horizon could lead to sharply lower global crude oil prices and a rollback in U.S. production, two forecasts at the heart of our newly available Future of Fuels report.
It’s been a year of dramatic change, starting with the U.S. removal of Venezuelan President Nicolas Maduro in early January (just before our previous report was published). Things have only accelerated since then, highlighted by the U.S. and Israeli war against Iran that began on the last day of February. While the damage to energy facilities across the Middle East has been significant, the largest impact by far has been the closure of the Strait of Hormuz, mostly stopping the flow of one-fifth of global crude oil and millions of barrels of refined products, while also impacting the LNG market and a number of other commodities. The on-again, off-again talks to find a lasting resolution to the conflict, along with the most recent escalation by the Houthis threatening tanker movements through the Bab el-Mandeb Strait, have only added to the global uncertainty.
In addition to the events in the Middle East, the Russia/Ukraine war continues to provide additional stress to markets, especially the rapidly accelerating damage Ukraine has inflicted on Russian refineries, resulting in throughputs hitting decades-long lows and the loss of well over 2 MMb/d (and growing) of refined products. Chinese responses to these events and a variety of other global developments also continue to add uncertainties. Less immediately impactful — but maybe the most significant in the long term — was the exit of the United Arab Emirates (UAE) from OPEC in May, which we expect to have many knock-on effects in the market.
As discussed many times in the RBN blogosphere this year, the changes and unrest noted above have driven prices higher for crude oil and refined products, leading to record-high U.S. crude oil production, surging crude exports and refining margins, and rig counts that are now well above year-ago levels. It’s a rosy picture for producers, and we expect pricing and production will continue to rise in the short term. But major market headwinds appear on the way; the question is how soon they arrive.
Here’s where things stand today and why we could be headed for an era of crude oil oversupply:
