Saturday, May 30, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 1:10

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Oil Prices

Oil Prices Slide Amid Export Hub Growth, Fed Inflation Warning

Oil prices declined sharply on Friday, with West Texas Intermediate (WTI) crude closing at $87.36 per barrel, a drop of $1.54 or 1.73%, according to live price data. Brent crude fell 1.7% to $91.12. The Bakken crude differential narrowed to -$3.42 versus WTI. The day's price pressure was attributed to market rumors of a potential U.S. deal with Iran, according to a report from OilPrice.com. Meanwhile, a key Federal Reserve official warned that energy-driven inflation may not be temporary. Federal Reserve Bank of Kansas City President Jeffrey Schmid stated that with inflation stalled near 3%, the central bank cannot easily "look through" surging oil prices and may need to consider more restrictive policy, including using its balance sheet as a tool. Despite the price pullback from recent highs, U.S. drillers are adding rigs in response to stronger prices. Data from Baker Hughes published Friday showed the total number of active...

☀️Morning Wire·May 30

Rig Report

North Dakota Rig Count Holds Steady at 30

The number of active drilling rigs in North Dakota held at 30 on Saturday, May 30, with no rigs added, removed, or moved since the previous day, according to live Bakken Wire data. The current count represents a significant increase from levels seen earlier this spring. Activity in the Bakken formation is up five rigs from one week ago, when 25 rigs were active on May 23, and is seven rigs higher than the count of 23 recorded one month ago on April 30. This period of growth aligns with a broader national trend of rising rig deployments. The total number of active drilling rigs for oil and gas in the United States rose this week, according to Baker Hughes data published on Friday, May 29. The national count increased by 4 to 562 rigs, which is down just 1 from the same time last year, OilPrice.com reported. The number...

☀️Morning Wire·May 30

Daily Activity

DMR Approves Four New Bakken Permits, Phoenix Operating Leads Activity

The North Dakota Department of Mineral Resources (DMR) approved four new drilling permits in its latest daily activity report. All permits were approved on Friday, May 29, 2026. Phoenix Operating LLC was the most active operator, securing three permits in Divide County. All three permits are for wells named "Gina Ferrari" in the same legal location: SW SW 13-160N-98W within the Skabo field. The approved wells are the Gina Ferrari 13-12-1 5H, 4H, and 2H, according to the DMR report. The fourth permit was approved for Devon Energy Williston L.L.C. in McKenzie County. The permit is for the Albert South 34-33-32 3H well, located in the Foreman Butte field. The activity highlights continued drilling interest in northwestern North Dakota. Divide and McKenzie counties are core production areas within the Williston Basin. The Skabo field in Divide County and the Foreman Butte field in McKenzie County are established areas for Bakken...

☀️Morning Wire·May 30

Global Markets

Global Oil Pressures Mount as Prices Hit Six-Week Low, Colombia Election Looms

Global oil prices settled at a six-week low on Friday, according to Rigzone, as traders bet on the potential reopening of the critical Strait of Hormuz amid ongoing truce negotiations. The price decline introduces a headwind for Bakken producers who are sensitive to fluctuations in the global benchmark. The market pressure coincides with significant political uncertainty in major oil-producing regions. Colombia’s approaching 2026 presidential election is generating considerable concern about the future of its oil industry, OilPrice.com reported. The country's hydrocarbon output has sharply declined under current President Gustavo Petro, who banned new exploration contracts, hiked taxes, and attempted to prohibit hydraulic fracturing. Data from Colombia’s National Hydrocarbon Agency (ANH) shows oil production in March 2026 was 740,497 barrels per day, well below the 917,210 barrels per day produced a decade earlier. Natural gas output of 700 million cubic feet per day is at its lowest levels in decades, forcing...

☀️Morning Wire·May 30

Operator News

LNG Expansion, California Probe Highlight Energy Sector Moves

Major engineering and construction contracts for two Gulf Coast LNG export projects were awarded this week, according to industry reports. Meanwhile, a group of Democratic lawmakers is probing a company's efforts to restart offshore California oil production. CB&I has won a contract to build five large liquefied natural gas storage tanks for the Commonwealth LNG project in Cameron Parish, Louisiana, Rigzone reported. Each tank will have a capacity of 1.77 million cubic feet. In a separate development, Cheniere Partners has given Bechtel a 'limited notice to proceed' for early engineering and procurement work on the Sabine Pass LNG expansion, according to a second Rigzone report. This follows Bechtel being awarded the full engineering, procurement, and construction contract for the project. The advancement of these LNG export facilities on the Gulf Coast is a critical market signal for natural gas producers in the Bakken formation. North Dakota is a major gas-producing...

☀️Morning Wire·May 30

Pipeline & Infrastructure

Global Energy Developments May Influence Bakken Market Dynamics

International energy developments reported this week could have indirect implications for Bakken crude oil market access and global price sentiment, according to news summaries from Rigzone. In a move to bolster LNG import capacity, South Africa's Transnet National Ports Authority has executed a 25-year terminal agreement with Ukwanda LNG for a regasification project at the Port of Ngqura, Rigzone reported. Increased global LNG infrastructure can affect competition for gas markets, though the Bakken remains primarily an oil play. Separately, Norway is campaigning for the European Union to withdraw a moratorium on new oil and gas drilling in the Arctic, where nearly two-thirds of its petroleum resources are located, according to Rigzone. The ongoing debate over Arctic development underscores the global tension between energy supply needs and environmental policies, factors that can influence international investment and regulatory climates relevant to U.S. producers. In geopolitical news, the United States and Iran have...

☀️Morning Wire·May 30

Regulatory

Crude Prices Mixed as Traders Weigh Iran Truce, Inventory Data

Crude oil futures showed a mixed performance in recent trading as traders balanced optimism over potential Middle East de-escalation against supportive U.S. inventory data, according to a report from Rigzone. The market is reacting to news of Iran truce talks, which could ease geopolitical supply risks, while also considering a reported decline in U.S. crude stockpiles. This combination of factors led to uneven price movements across the major benchmarks. For Bakken operators, this environment underscores the continued sensitivity of oil prices to global headlines alongside fundamental domestic supply indicators. Price volatility directly impacts cash flow and drilling decisions in the Williston Basin. A stable or rising price environment supports ongoing investment in the play, while uncertainty can lead to a more cautious approach from producers. The balance between geopolitical developments and tangible inventory data will be a key focus for North Dakota's oil industry in the coming weeks. The Bakken...

☀️Morning Wire·May 30

Production Data

Bakken Rig Count Holds at 30 as Oil Prices Retreat from Highs

North Dakota's active drilling rig count held firm at 30 on Saturday, a key indicator of operational stability in the Bakken formation even as oil prices fell sharply. According to live data from Bakken Wire, West Texas Intermediate (WTI) crude settled at $87.36 per barrel, down $1.54 or 1.73% for the session. The international benchmark Brent crude fell 1.7% to $91.12. The current rig count provides a snapshot of near-term industry investment and future production potential. Historically, the number of active rigs is a leading indicator for oil output, with changes in the fleet typically preceding shifts in production volumes by several months. The current level of 30 rigs suggests operators are maintaining a measured pace of new well development. The price for Bakken crude at the wellhead is directly impacted by the regional differential. Live data shows the Bakken differential at a discount of $3.42 per barrel versus WTI,...

☀️Morning Wire·May 30

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 1:42

Oil Prices

WTI, Brent Slide Over 1.7% Amid Fed Hawkishness, Export Hub Strength

Crude oil prices fell sharply in midday trading Saturday, with West Texas Intermediate (WTI) dropping $1.54 (-1.73%) to $87.36 per barrel. Brent crude declined $1.58 (-1.7%) to $91.12, according to live price data. Natural gas held steady at $3.29/MMBtu. The Bakken differential narrowed to a $3.42 discount versus WTI. The price pressure follows hawkish commentary from Federal Reserve officials warning that the current global energy shock might not be transitory. Federal Reserve Bank of Kansas City President Jeffrey Schmid stated that inflation has stalled near 3% and remained above the Fed's 2% target for a long time, making it challenging for the central bank to "look through" surging oil prices, OilPrice.com reported. Schmid suggested monetary policy may not be restrictive enough and that the Fed may need to consider using its balance sheet as an additional tool to cool the economy. Schmid also noted that despite high prices driven by...

🔆Midday Wire·May 30

Global Markets

Global Energy Shifts Highlight Election Risks, Renewable Rise, and US Rig Growth

The U.S. oil and gas rig count rose for a fifth consecutive week, according to the latest Baker Hughes survey. The total number of active rigs increased by four to 562, marking its highest level in a year. This sustained increase in domestic drilling activity provides a steady backdrop for North Dakota operators amid shifting global energy narratives. In Colombia, the approaching 2026 presidential election is generating significant concern for its oil industry. Current President Gustavo Petro's policies, including a ban on new exploration contracts and higher taxes, have contributed to a sharp decline in output. According to Colombia's National Hydrocarbon Agency (ANH), March 2026 oil production was 740,497 barrels per day, well below the 917,210 barrels daily produced a decade earlier for the same period. Natural gas output has also fallen to around 700 million cubic feet per day, among its lowest levels in decades, increasing the country's reliance...

🔆Midday Wire·May 30

Operator News

Oil Prices Hit Six-Week Low; Investor Eyes TotalEnergies Stake

Global oil prices settled at a six-week low on Friday, according to Rigzone, as traders bet on the potential reopening of the critical Strait of Hormuz shipping channel amid ongoing truce negotiations. The price pressure adds a challenging backdrop for Bakken producers managing wellhead economics. In corporate news, Czech billionaire Daniel Kretinsky indicated potential for further investment in a major international oil company. Rigzone reported Kretinsky stated, "Given that we currently own a stake of less than 5 percent, if we felt the need to further diversify, we could continue increasing our stake in Total." While not a direct Bakken play, significant moves by large investors in global energy majors can influence capital flows and market sentiment across the sector, including in North Dakota's shale plays. Political developments overseas also carry implications for global supply competition. Reform UK Deputy Leader Richard Tice told energy giants that his party would prioritize...

🔆Midday Wire·May 30

Pipeline & Infrastructure

LNG Projects Advance, California Pipeline Probe Highlights Midstream Divergence

Major engineering and construction contracts are moving forward for two Gulf Coast liquefied natural gas (LNG) export projects, according to separate reports from Rigzone. Concurrently, a proposed pipeline restart in California is facing heightened political scrutiny, illustrating the divergent regulatory paths for U.S. energy infrastructure. CB&I has won a contract to build five large LNG storage tanks, each with a capacity of 1.77 million cubic feet, for the Commonwealth LNG project in Cameron Parish, Louisiana, Rigzone reported. In a separate development, Cheniere Partners has given Bechtel a 'limited notice to proceed' to begin early engineering and procurement work for an expansion at the Sabine Pass LNG facility. These advancements in Gulf Coast LNG infrastructure are significant for Bakken producers, as the region is a growing supplier of natural gas to the broader U.S. market. Increased LNG export capacity supports national gas demand, which can help bolster prices for associated gas...

🔆Midday Wire·May 30

Regulatory

Global Energy Developments: Arctic Drilling, LNG Deal, Iran Truce

Norway is campaigning for the European Union to withdraw a moratorium on new oil and gas drilling in the Arctic, according to Rigzone. The source reported that almost two-thirds of Norway's petroleum resources lie in the Arctic region. For Bakken operators, geopolitical moves that could open new frontier resources can influence long-term global supply dynamics and investment flows. Separately, South Africa's Transnet National Ports Authority has executed a 25-year terminal agreement with Ukwanda LNG for a regasification project at the Port of Ngqura, Rigzone reported. The development of new LNG import and regasification infrastructure globally affects gas market accessibility and pricing, factors that can indirectly influence natural gas economics in the Williston Basin. In geopolitical news, the United States and Iran have tentatively agreed to renew a ceasefire for 60 days and launch further talks on Tehran's nuclear program, a person with knowledge of the matter told Rigzone. Continued stability...

🔆Midday Wire·May 30

Production Data

Bakken Rig Count Steady at 30 as Oil Prices Retreat from Recent Highs

The number of active drilling rigs in North Dakota held at 30 on Saturday, May 30, 2026, according to Bakken Wire's live data. This key indicator of operator activity has remained relatively stable in recent weeks, pointing to a consistent but cautious level of investment in new Bakken wells. Meanwhile, crude oil prices saw a midday decline. West Texas Intermediate (WTI) traded at $87.36 per barrel, down $1.54 or 1.73%. The international Brent benchmark was at $91.12, down $1.58. The Bakken crude differential—the discount for oil produced in the region—stood at $3.42 below the WTI price. Natural gas was priced at $3.29. The current rig count is a primary signal for future production trends in the Bakken formation. Historically, the number of active rigs correlates closely with the trajectory of oil output several months later, as new wells are drilled, completed, and brought online. A stable rig count around 30...

🔆Midday Wire·May 30

Workforce & Community

Bakken Rig Count Holds at 30 as Oil Prices Retreat from Recent Highs

The active drilling rig count in North Dakota held steady at 30 on Saturday, as crude oil prices pulled back from recent highs, according to live Bakken data. West Texas Intermediate (WTI) crude traded at $87.36 per barrel, down $1.54 for a decline of 1.73%. The Brent crude benchmark followed a similar path, falling 1.7% to $91.12 per barrel. The sustained rig count, a key indicator of oilfield activity and employment demand, remains significantly below the boom-era peaks but represents a stabilized level of operations for the Bakken formation. The current price environment, despite the day's decline, continues to support drilling and completion work by operators, which in turn supports oilfield service companies and their payrolls. General industry knowledge indicates a direct correlation between rig activity, oil prices, and regional economic health in western North Dakota. At 30 rigs, the workforce required is a fraction of that needed during periods...

🔆Midday Wire·May 30

🌅Afternoon Wire4:00 PM CST

Oil Prices

Crude Prices Slump Over 1.5%; Bakken Differential Widens to -$3.42

Oil prices retreated on Saturday, May 30, 2026, with both major benchmarks dropping by over 1.5%. West Texas Intermediate (WTI) crude settled at $87.36 per barrel, a loss of $1.54, according to live price data. Brent crude, the international benchmark, fell to $91.12 per barrel, down $1.58. The price drop puts near-term pressure on operators in North Dakota’s Bakken formation. The Bakken crude differential—the discount at which Bakken crude trades relative to WTI at the Cushing, Oklahoma, hub—widened to -$3.42 per barrel. This means Bakken producers are realizing a price of approximately $83.94 per barrel before additional transport costs. Market sentiment was influenced by recent headlines regarding potential diplomatic developments in the Middle East, according to a related news report. Rigzone reported that crude markets were mixed on Thursday as traders balanced optimism over Iran truce talks against supportive data on falling U.S. crude inventories. While the inventory data from...

🌅Afternoon Wire·May 30

Rig Report

North Dakota Rig Count Holds at 30, Up 7 from Month Ago

The number of active drilling rigs in North Dakota held steady at 30 on Saturday, May 30, 2026, according to Bakken Wire live data. The count showed no change from the previous day, with no new rigs added, removed, or relocated. The current level represents a significant increase from recent historical activity. The rig count is up five from one week ago, when 25 rigs were active on May 23, and is up seven from one month ago, when the state reported 23 active rigs on April 30. This stability in the Bakken aligns with a broader national trend of rising drilling activity. According to a Baker Hughes survey reported by Bing News on May 29, the total number of oil and gas rigs actively drilling in the United States increased by four to 562. This marked a fifth consecutive weekly rise and the highest total in a year. The...

🌅Afternoon Wire·May 30

Global Markets

Global Crisis Boosts US LNG, But Bakken's Long-Term Outlook Faces Strategic Shift

The ongoing conflict affecting the Strait of Hormuz has created a significant short-term windfall for American energy producers, according to a report from OilPrice.com. Since coordinated US-Israeli strikes disrupted the strait from late February, roughly 20% of global LNG supply has been stripped from the market since early March, leading to surging prices in Asia and Europe. American gas has flowed into that vacuum, with US LNG exports to Asia jumping sharply in April. This surge aligns with a broader push for U.S. energy dominance, backed by promises to streamline permitting and a trajectory toward 220 million tonnes per annum of export capacity within five years. For Bakken operators, the increased global demand and prices for natural gas—a key associated product from the region's oil wells—provide a powerful economic tailwind. The report notes that $100 billion in private investment is pouring into liquefaction plants and terminals, signaling robust infrastructure growth...

🌅Afternoon Wire·May 30

Global Markets

Global Energy Shifts: Cuba Turns to Solar Amid Crisis, Morocco Builds Renewable Hub

Cuba is accelerating a shift toward solar power as a deepening energy crisis, exacerbated by U.S. sanctions and the loss of Venezuelan fuel, cripples its economy, according to a report from OilPrice.com. The country requires about 100,000 barrels of oil per day but fulfills only 40 percent of that demand domestically. Following a U.S. fuel blockade imposed in January and the halt of imports from Venezuela after a U.S. intervention there in February, Cuba has faced severe power outages and fuel shortages. In response, the government is encouraging private sector investment in energy diversification, offering greater tax exemptions for businesses importing solar panels. A significant policy shift occurred in March with a new law allowing private capital to merge with state companies for the first time, potentially opening historically state-controlled sectors to investment. Separately, Morocco is emerging as a renewable energy superpower, rapidly developing its solar and wind capacity to...

🌅Afternoon Wire·May 30

Operator News

Oil Price Drops to Six-Week Low, LNG Project Activity Continues

Oil prices settled at a six-week low on Friday, May 29, as traders bet the Strait of Hormuz could reopen amid continuing truce negotiations, according to Rigzone. The price decline introduces a near-term headwind for Bakken producers, whose margins are directly tied to the global benchmark. The development in the critical Middle Eastern shipping lane, a major chokepoint for global oil flows, is a key factor in the recent price movement. Lower crude prices can pressure drilling budgets and well completion schedules in the Bakken formation, though the region's operators are typically resilient to short-term volatility. The market will be watching for any sustained downturn. Separately, two major contracts for U.S. liquefied natural gas (LNG) export projects were announced. CB&I has won a contract to build five large LNG storage tanks for the Commonwealth LNG project in Louisiana, Rigzone reported. In a related move, Cheniere Partners gave Bechtel a 'limited...

🌅Afternoon Wire·May 30

Pipeline & Infrastructure

Pipeline Roundup: California Probe, Global LNG, and Geopolitical Truce

Democratic lawmakers in California are probing a campaign by Sable Offshore Corp. to restart oil flows from the Santa Ynez Unit, according to a report from Rigzone. The legislators warned Sable's CEO about potential legal and financial ramifications of working with the Trump administration to circumvent state law. For Bakken operators, this highlights the persistent regulatory and political risks facing pipeline projects and oil transport, even outside the Williston Basin. In international infrastructure news, South Africa's Transnet National Ports Authority has signed a 25-year terminal agreement with Ukwanda LNG for a regasification project at the Port of Ngqura, Rigzone reported. The development of new global LNG import capacity can affect long-term demand patterns for competing energy sources, including crude oil from shale basins like the Bakken. On the geopolitical front, the United States and Iran have tentatively agreed to renew a ceasefire for 60 days and launch further talks on...

🌅Afternoon Wire·May 30

Production Data

Bakken Rigs Hold at 30 as Oil Prices Retreat from Highs

North Dakota's active drilling rig count held steady at 30 this week, a level that analysts say should support a baseline of production activity in the Bakken formation despite a recent pullback in crude oil prices. The current rig count is a key indicator of near-term operator investment and future production potential. West Texas Intermediate crude traded at $87.36 per barrel on Saturday, down $1.54 or 1.73% for the day. The international benchmark Brent crude fell to $91.12, a decline of 1.7%. The Bakken crude differential—the discount at which Bakken barrels trade compared to WTI—was reported at -$3.42. Natural gas prices were at $3.29 per MMBtu. Historically, the rig count serves as a leading indicator for oil production, with changes in activity typically impacting output several months later. A sustained rig count in the low 30s, as seen currently, is generally associated with maintaining or slightly growing production from existing...

🌅Afternoon Wire·May 30

Workforce & Community

Bakken Rig Count Holds at 30 as Oil Prices Retreat

The number of active drilling rigs in North Dakota held steady at 30 this week, a key indicator of sustained operational activity in the Bakken formation. This stability comes as crude oil prices saw a notable decline, with West Texas Intermediate (WTI) settling at $87.36 per barrel, down $1.54 for the day. The current rig count, while significantly lower than boom-era peaks, represents a baseline of consistent work for oilfield service companies and their employees. Historically, the rig count is a leading indicator for direct and indirect employment in the region, influencing hiring for drilling crews, hydraulic fracturing teams, and logistics personnel. For local communities in western North Dakota, a stable rig count supports steady demand for housing and sustains consumer spending at local businesses. Periods of high rig activity typically strain housing markets and increase competition for workers, while sharp declines can lead to outmigration and economic softening. The...

🌅Afternoon Wire·May 30