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BAKKEN WIRE
The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·

Afternoon Energy Market Briefing: Saturday, May 16, 2026

1. Headlines Oil prices surged over 4% today, with WTI closing above $101 and Brent near $109. According to Rigzone, traders are focused on tightening crude supplies and fragile Middle East ceasefire conditions, driving the rally. The U.S. rig count added 3 units this week, reaching 551, driven by a 5-rig increase in oil-directed activity, as reported by Baker Hughes via OGJ.

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