Monday, May 25, 2026

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Oil Prices

Oil Prices Hold Steady Amid Geopolitical Uncertainty; Bakken Operators Remain Cautious

Global oil markets opened the week in a holding pattern Monday morning, with front-month futures showing little movement after weekend reports of a potential diplomatic breakthrough in the U.S.-Iran conflict. West Texas Intermediate (WTI) crude was trading at $96.60 per barrel, unchanged from the previous session, while Brent crude held steady at $100.21, according to live price data. The muted price action follows a significant rally in recent weeks driven by geopolitical tensions. Analysts pointed to weekend developments as a key factor in the stall. 'On late Saturday, there seemed to have been a breakthrough in the U.S.-Iran war,' Gaik June Goh, a senior oil market analyst at Sparta Commodities, told Rigzone. This potential de-escalation is tempering the risk premium that had buoyed prices. For Bakken operators, the price for crude at the wellhead is reflected in the Bakken differential, which was quoted at a discount of $3.42 per barrel...

☀️Morning Wire·May 25

Rig Report

ND Rig Count Holds at 26; Hamm Announces Continental's Return to Drilling

North Dakota's active drilling rig count held steady at 26 on Monday, May 25, according to live rig data monitored by Bakken Wire. There were no changes reported from the previous day, with no new rigs added, removed, or moved. The current fleet represents an increase from recent levels. One week ago, on May 18, the state reported 22 active rigs, and one month ago, on April 25, there were 23 rigs operating. The stability and recent uptick in activity come as major Bakken producer Continental Resources announces a return to drilling. Continental founder Harold Hamm stated on Thursday, May 22, that his company will resume drilling new rigs in North Dakota, according to a report from the state's monthly "Director's Cut" briefing. In January, Hamm had halted new drilling due to low oil prices, marking the first time in 30 years Continental wasn't drilling in the state. The decision...

☀️Morning Wire·May 25

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, May 24, 2026, showed no new filings for drilling or well-related activity, according to the state regulator's data. The daily report typically lists new drilling permits approved, wells spudded (drilling commenced), wells completed, and wells plugged. The absence of new entries indicates no operators submitted such reports to the state for that day. Days with no reported activity are a normal occurrence, particularly on weekends and during holiday periods. The oil and gas industry's administrative and field reporting often slows during these times. The DMR's daily activity report is a key source for tracking near-real-time operational trends in the Bakken formation and broader Williston Basin. The next report, covering activity for Monday, May 25, will be released on Tuesday morning.

☀️Morning Wire·May 25

Global Markets

US Rig Count Hits Highest Level Since June 2025; Gazprom Starts Siberian Project

The number of active oil and gas rigs in the United States increased by seven to 558 last week, marking the fifth consecutive weekly gain and reaching its highest level since June 2025, according to a Baker Hughes report cited by Bing News. The report, published Friday, noted that oil rigs specifically jumped by ten, the largest single-week increase in four years. This sustained rise in domestic drilling activity signals continued investment by operators amid current market conditions. For the Bakken formation, a key contributor to U.S. output, a higher national rig count generally reflects a supportive environment for production growth, though local counts can vary. Separately, Russian state-controlled Gazprom has started production at the Chona fields in Eastern Siberia, Rigzone reported Monday. The company expects the project to feed up to 2 million tons of oil per year into the Eastern Siberia-Pacific Ocean pipeline system. New production from major...

☀️Morning Wire·May 25

Operator News

Global LNG, Utility News Highlights Energy Market Dynamics

German power and gas utility Uniper SE will resume dividend payments for the first time since its 2022 bailout, with shareholders approving a payout of EUR 0.72 ($0.84) per share for 2025, according to Rigzone. The move signals a financial recovery for a major European energy player. In global liquefied natural gas (LNG) developments, Italy's Eni has secured offtake agreements for approximately 2 million metric tons per year of LNG from its North Hub and South Hub projects in Indonesia, Rigzone reported separately. Meanwhile, suppliers in Qatar and the United Arab Emirates are working to maintain shipments, with three LNG tankers appearing to cross the strategically vital Strait of Hormuz in recent days despite its near-total closure. For Bakken operators and royalty owners, these international developments primarily highlight the interconnected nature of global energy markets. While the Bakken formation is a prolific crude oil basin with associated natural gas production,...

☀️Morning Wire·May 25

Pipeline & Infrastructure

Worley Wins APA Contract; ICE Launches Oil Futures; Ukraine Hits Russian Refinery

Engineering firm Worley has secured an exclusive three-year partnership with APA Corporation to deliver a phased infrastructure development program, according to Rigzone. The contract, announced May 24, aims to reduce constraints, increase optionality, and improve system flexibility for APA's operations. Separately, Intercontinental Exchange Inc., owner of the New York Stock Exchange, is working with crypto exchange OKX to launch perpetual futures contracts tied to oil, Rigzone reported on May 23. These contracts, which never expire, represent a new financial instrument for energy markets. In geopolitical developments, Ukrainian forces targeted Russia's Yaroslavl oil refinery with long-range drones on Thursday night, May 22, according to a Telegram statement from President Volodymyr Zelenskyy cited by Rigzone. The attack is part of ongoing strikes against Russian oil-processing and export facilities. For Bakken operators and royalty owners, these developments highlight the interconnected nature of global infrastructure, finance, and geopolitics. APA's investment in scalable infrastructure with...

☀️Morning Wire·May 25

Regulatory

Oil Markets Volatile Amid Geopolitical Shifts, Regulatory Moves

Global oil prices showed volatility last week, driven by developments in international diplomacy that could impact supply, according to a Rigzone report from May 22. The report noted that energy markets remain volatile as Iran negotiations and supply risks continue. While not directly tied to North Dakota, such international price swings form a critical backdrop for Bakken shale producers. The Bakken formation's economic viability is closely tied to the global crude oil benchmark prices. Periods of heightened volatility can influence near-term drilling budgets and hedging strategies for operators across the Williston Basin. In the absence of major, source-specific regulatory announcements from North Dakota's Industrial Commission or the Department of Environmental Quality this period, the broader market context takes precedence. State regulators continue to oversee standard permitting, flaring regulations, and well reclamation programs that define the operating environment for local companies. For royalty owners and operators, the current market underscores the...

☀️Morning Wire·May 25

Production Data

North Dakota Rig Count Steady at 26 Amid High Oil Prices

North Dakota's active rig count held steady at 26 on Monday, according to Bakken Wire's live data. This level of drilling activity persists alongside robust crude oil prices, with West Texas Intermediate (WTI) trading at $96.60 per barrel. The current rig count provides a key indicator for future production trends in the Bakken formation. Historically, the number of active drilling rigs in North Dakota has been a leading metric for oil output, with changes in the rig count typically influencing production volumes several months later. A stable count suggests operators are maintaining a consistent pace of new well development. The high price environment supports this sustained activity. The Brent crude benchmark was at $100.21, while the Bakken crude differential—the discount for Bakken crude versus WTI—was -$3.42. This pricing structure provides economic incentive for continued drilling and completion work in the state's primary oil-producing region. Natural gas prices, another factor influencing...

☀️Morning Wire·May 25

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Steady as Geopolitical Tensions Ease; Bakken Differential at -$3.42

Oil prices showed little movement in midday trading Monday, with West Texas Intermediate (WTI) crude holding steady at $96.60 per barrel. The global benchmark, Brent crude, was also unchanged at $100.21, according to live price data. The price for Bakken crude, a key grade for North Dakota producers, traded at a discount of $3.42 per barrel below WTI. The market's stability follows a weekend development that analysts say contributed to a recent price drop. According to Rigzone, analyst Gaik June Goh of Sparta Commodities noted, "On late Saturday, there seemed to have been a breakthrough in the U.S.-Iran war." This potential de-escalation of a major geopolitical risk factor has eased some of the premium built into oil prices. Despite this calming of tensions, underlying physical demand remains robust, particularly in Asia. In a separate report, Rigzone noted that India's state-run fuel retailers raised gasoline and diesel prices for the fourth...

🔆Midday Wire·May 25

Operator News

Chevron Leviathan Partners Secure Major Gas Supply Contract

Chevron's partners in the Leviathan gas field have secured a significant long-term supply contract for natural gas in Israel, according to a report from Rigzone. The 20-year deal involves supplying gas to Dalia Power Plants, with an initial volume of up to about 1.3 billion cubic meters. While this specific contract involves operations in the Eastern Mediterranean and excludes Chevron itself, its announcement underscores the ongoing globalization of the natural gas market. Major international supply deals like this contribute to the overall demand picture for liquefied natural gas (LNG), which indirectly influences the economics for natural gas produced in basins like the Bakken. For Bakken operators, the price of natural gas is a key factor in well economics, especially for wells where gas is a significant co-product alongside crude oil. Developments in global LNG supply and demand can affect domestic gas prices and the strategic value of gas processing infrastructure...

🔆Midday Wire·May 25

Global Markets

U.S. Sanctions, Hormuz Closure Tighten Global Oil, Fertilizer Markets

The U.S. Treasury Department escalated pressure on Middle Eastern oil flows last week, sanctioning Iraq’s Deputy Oil Minister Ali Maarij Al-Bahadly for allegedly facilitating the diversion of Iraqi oil to benefit Iran, according to an OilPrice.com report. U.S. Treasury Secretary Scott Bessent stated the action targets Iran's exploitation of Iraqi oil to fund activities against the U.S. and its partners. The sanctions highlight the alleged mixing of Iranian and Iraqi oil, worth several million dollars per day, for export. The U.S. Treasury's Office of Foreign Assets Control (OFAC) also signaled readiness to impose secondary sanctions on foreign financial institutions, including those connected to China's independent refineries, that facilitate Iran's activities. This marks a significant shift in U.S. policy to restrict Iran's ability to move sanctioned oil through Iraqi fronts. Simultaneously, the global fertilizer market is facing a severe supply shock due to the closure of the Strait of Hormuz, now...

🔆Midday Wire·May 25

Global Markets

North Dakota Hits Record Active Wells as Global Turmoil Boosts Bakken

North Dakota's oil industry is accelerating as global supply disruptions create new opportunities for Bakken crude. The state set a new record with 19,639 active producing wells in March, according to the Department of Mineral Resources' monthly briefing. This marked an increase of 224 wells from February. The increased activity comes as the closure of the Strait of Hormuz has severely constrained global oil flows. According to OilPrice.com, Iraq's crude oil production collapsed to an average of just 1.389 million barrels per day in April, down from over 4.1 million bpd prior to the U.S./Israel-Iran War that began February 28. This disruption has supported higher prices, with North Dakota's crude selling for $84.33 per barrel in March, up sharply from $57.74 in February. Continental Resources founder Harold Hamm announced his company will resume drilling new rigs in North Dakota, reversing a January decision to halt new drilling due to low...

🔆Midday Wire·May 25

Operator News

North American Rig Count Gains 21; Global Developments Noted

North America added 21 rigs week on week, according to Baker Hughes' latest North America rotary rig count reported by Rigzone. The data, published May 25, 2026, indicates a positive shift in overall drilling activity across the continent. For Bakken operators, a rising continental rig count can signal improving market conditions and operator confidence, though the specific allocation of these new rigs to the Williston Basin was not detailed in the source. The health of the broader North American drilling sector often influences capital allocation and service sector pricing in key onshore basins like the Bakken. Internationally, industry advocacy took center stage in the UK. Offshore Energies UK (OEUK) held emergency talks with industry leaders, Rigzone reported. OEUK Chief Executive David Whitehouse stated, "The government must support our own producers, industries, and workers." Such calls for policy support underscore the global competitive and regulatory pressures facing oil and gas producers....

🔆Midday Wire·May 25

Pipeline & Infrastructure

Global LNG, Gas Market Moves Highlight Export Infrastructure Importance

Global developments in natural gas and LNG markets this week underscore the persistent international demand for the fuel, a factor critical to the long-term outlook for associated gas production in North Dakota's Bakken formation. According to three separate reports from Rigzone, key players are making moves to secure supply and navigate logistical challenges. German power and gas utility Uniper, a major European energy player, will resume dividend payments for the first time since its 2022 bailout, Rigzone reported. Shareholders approved a dividend of EUR 0.72 ($0.84) per share for 2025, signaling a return to financial stability for a company deeply involved in European gas supply. In Southeast Asia, Italian energy giant Eni has secured liquefied natural gas offtake agreements for its projects in Indonesia, according to a separate Rigzone report. The deals for LNG produced from the North Hub and South Hub projects amount to about 2 million metric tons...

🔆Midday Wire·May 25

Regulatory

Worley Secures Three-Year Engineering Contract with APA

Engineering firm Worley has entered an exclusive three-year partnership with APA Corporation to deliver a phased infrastructure development program, according to Rigzone. The contract was announced on May 24, 2026. Under the agreement, Worley will work with APA on a scalable program aimed at reducing constraints, increasing optionality, and improving system flexibility. The partnership is framed as a multi-year engineering effort to support APA's infrastructure development. For Bakken operators, long-term engineering partnerships like this signal a focus on optimizing existing midstream and production infrastructure. In a mature basin like the Bakken, improving system flexibility and reducing constraints can help operators manage costs and enhance the efficiency of their operations. Such contracts often focus on debottlenecking gathering systems, enhancing gas capture capabilities, or integrating new technologies into existing field architecture. While the specific projects were not detailed, the goals of the program align with industry-wide efforts in North Dakota to maximize...

🔆Midday Wire·May 25

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Remain Elevated

North Dakota's active drilling rig count held steady at 26 on Monday, with high global oil prices providing a stable backdrop for Bakken shale activity. West Texas Intermediate crude traded at $96.60 per barrel, with the international Brent benchmark at $100.21, according to midday Bakken Wire data. The current rig level, a key indicator of future production, suggests operators are maintaining a disciplined pace of drilling. The Bakken price differential—the discount for Bakken crude compared to WTI—was -$3.42 per barrel. Natural gas was priced at $3.02 per MMBtu. Historically, rig count trends are a leading indicator for oil production, with a typical six-to-nine month lag between a new well being spudded and its peak output. The current count of 26 rigs, while supportive of maintaining production, is significantly lower than the boom-era peaks of over 200 rigs last seen nearly a decade ago. This reflects an industry-wide shift towards capital...

🔆Midday Wire·May 25

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady Amid Geopolitical Developments

Oil prices showed little movement in Monday trading, with West Texas Intermediate (WTI) crude holding at $96.60 per barrel and Brent crude at $100.21, according to Bakken Wire's live price data. The Bakken differential, the discount for crude produced in North Dakota versus the WTI benchmark, stood at -$3.42. The static prices follow a weekend where analysts pointed to potential geopolitical developments. According to a Rigzone report published May 25, analyst Gaik June Goh from Sparta Commodities noted that 'on late Saturday, there seemed to have been a breakthrough in the U.S.-Iran war'. Such a development could ease tensions in a key oil-producing region and impact market sentiment. Despite the potential for eased Middle East tensions, disruptions in global energy markets continue to exert pressure on refined product prices internationally. In a separate Rigzone report also published May 25, India's state-run fuel retailers raised gasoline and diesel prices for the...

🌅Afternoon Wire·May 25

Rig Report

Bakken Rig Count Rises to 27; Hunt Oil Deploys New Rig in Divide County

The number of active drilling rigs in North Dakota increased by one to 27 on Monday, May 25, 2026, according to live rig data. One new rig began operations and another moved locations, both in Divide County. Hunt Oil Company deployed a new rig, the T&S Drilling 1, at location 160-100-6. Separately, Koda Resources Operating, LLC moved its Stoneham 17 rig to a new site at 160-102-13. No rigs were removed from the state. The current count of 27 rigs represents a significant increase from recent weeks. One week ago, on May 18, there were 22 active rigs, meaning activity has risen by five rigs in the past seven days. Compared to one month ago (April 25), when there were 23 active rigs, the count is up by four. This rising rig activity aligns with broader North American trends. According to Rigzone, North America added 21 rigs week-on-week as of...

🌅Afternoon Wire·May 25

Operator News

Chevron Partners Sign Long-Term Gas Supply Deal for Israeli Power Plants

Chevron's partners in the Leviathan natural gas field have signed a 20-year supply agreement with Israel's Dalia Power Plants, according to a report from Rigzone. The contract, which excludes Chevron itself, initially involves up to about 1.3 billion cubic meters of gas. The deal highlights Chevron's major role in the Eastern Mediterranean's energy landscape through its operating stake in the Leviathan field. While this specific supply agreement is between the other field partners and the power producer, it contributes to the overall gas offtake and commercial framework for the project that Chevron leads. For Bakken-focused operators and royalty owners, this international activity serves as a reminder of the diversified portfolios held by major players like Chevron. The company maintains a significant position in the Williston Basin, but its global strategy prioritizes large-scale, long-life natural gas and liquefied natural gas (LNG) projects like Leviathan. Such projects often compete for capital allocation...

🌅Afternoon Wire·May 25

Global Markets

Chevron Leviathan Partners Secure 20-Year Gas Supply Deal in Israel

Chevron's partners in the Leviathan gas field have secured a 20-year supply agreement to provide natural gas to the Dalia Power Plants in Israel, according to a report from Rigzone. The initial supply under the contract involves up to about 1.3 billion cubic meters of gas. The U.S. energy giant Chevron is excluded from this specific partnership deal. The development underscores the ongoing expansion and competition in the global liquefied natural gas (LNG) market. While the Bakken formation is primarily an oil-producing region, it also yields significant associated natural gas. The economics of gas production in the basin are influenced by global LNG prices and demand. For Bakken operators, sustained international demand for natural gas supports broader market stability. Major supply contracts like the Leviathan deal contribute to the global supply landscape, which indirectly affects pricing benchmarks. Strong LNG demand can provide a floor for domestic natural gas prices, making...

🌅Afternoon Wire·May 25

Global Markets

Global Energy Shifts Impact Markets, Water Crisis Threatens Operations

Singapore is moving toward a potential decision on nuclear power as Asian energy markets reel from supply disruptions, according to an OilPrice.com report. The International Atomic Energy Agency will begin an assessment in 2027 to determine if Singapore can make an informed decision on deploying next-generation nuclear energy. This comes amid extreme turmoil in Asian energy markets due to the war in Iran and the closure of the Strait of Hormuz, which has disrupted about a fifth of daily global oil shipments. Asia buys about 85 percent of the crude that flows through the Strait. Singapore's Ministry of Sustainability and the Environment stated the assessment is a "key milestone" but that the city-state has not decided to adopt nuclear energy. Prime Minister Lawrence Wong said on May 19 that Singapore's energy strategy must be "more deliberate, more diversified and more forward-looking than before." In the United States, a growing water...

🌅Afternoon Wire·May 25

Operator News

OEUK Calls for Support as Gazprom, Uniper Make Moves

The chief executive of Offshore Energies UK (OEUK) called for government support for domestic producers during emergency talks with industry leaders Monday, according to Rigzone. OEUK Chief Executive David Whitehouse stated, "The government must support our own producers, industries, and workers," Rigzone reported. Meanwhile, Russian state-controlled company Gazprom has started production at the Chona fields in Eastern Siberia, Rigzone reported separately. Gazprom expects the project to feed up to 2 million tons of oil per year to the Eastern Siberia-Pacific Ocean pipeline system. In related European energy news, German power and gas utility Uniper will resume dividend payments, Rigzone reported. Shareholders approved a dividend of EUR 0.72 ($0.84) per share for 2025, marking the company's first dividend payment since its bailout by the German government in late 2022. For Bakken operators and North Dakota royalty owners, these international developments underscore the interconnected nature of the global oil and gas market....

🌅Afternoon Wire·May 25

Pipeline & Infrastructure

Global LNG Deals Proceed Despite Straits Tension; Engineering Contract Awarded

Global liquefied natural gas (LNG) projects are advancing with new offtake agreements and shipments, even as geopolitical tensions persist around key shipping chokepoints, according to industry reports Monday. These developments underscore the continued global demand for natural gas, a market that Bakken gas producers ultimately compete in. Italian energy major Eni has secured LNG offtake deals for its projects in Indonesia, according to Rigzone. The agreements cover about 2 million metric tons per year of LNG produced using feed gas from the company's North Hub and South Hub projects. Separately, LNG shipments from the Middle East are continuing despite regional tensions. Rigzone reported that three LNG tankers from Qatar appear to have crossed the Strait of Hormuz in recent days. Suppliers in Qatar and the UAE are attempting to get fuel to key buyers despite the near-total closure of the waterway, the report stated. In other infrastructure news, engineering firm...

🌅Afternoon Wire·May 25

Production Data

Bakken Rig Count Holds at 27 Amid High Oil Prices

North Dakota's active drilling rig count held steady at 27 on Monday, a key indicator that points toward stable oil production from the Bakken formation in the coming months. The number of rigs actively drilling for oil and gas is a closely watched leading indicator for future output. The current rig count operates in an environment of strong oil prices, with West Texas Intermediate (WTI) crude trading at $96.60 per barrel. The international benchmark, Brent crude, was at $100.21. Historically, the number of active drilling rigs in a region correlates strongly with production levels several months later, as new wells are drilled, completed, and brought online. The Bakken price differential, the discount at which Bakken crude sells compared to WTI at the Cushing, Oklahoma hub, was reported at -$3.42 per barrel. This differential impacts the net revenue realized by Bakken operators. Natural gas prices were at $3.02 per MMBtu. A...

🌅Afternoon Wire·May 25