Monday, June 1, 2026

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Oil Prices

Oil Jumps 3% as Iran Deal Delay Keeps Hormuz Risk in Focus

Oil prices surged more than 3% early Monday, with Brent crude nearing $94 per barrel, after renewed uncertainty over a potential Iran deal delayed prospects for fully reopening the critical Strait of Hormuz. The geopolitical risk premium returned to the market, providing a boost to Bakken crude realizations. As of Monday morning, West Texas Intermediate (WTI) crude was trading at $90.45 per barrel, a gain of $3.09 or 3.54%, according to live price data. Brent crude stood at $93.77, up $2.65. The Bakken differential was $3.42 below WTI, putting Bakken-grade crude at approximately $87.03. The price jump followed reports that President Donald Trump sent a proposed Iran peace agreement back for revisions, raising fresh questions about the timeline for securing unrestricted shipping through the Strait of Hormuz. According to OilPrice.com, Trump requested stronger language on Iran’s nuclear commitments and more explicit provisions governing the waterway's reopening, indicating negotiations are not...

☀️Morning Wire·Jun 1

Rig Report

North Dakota Rig Count Holds at 30, Up Sharply From Spring Levels

The number of active drilling rigs in North Dakota's Bakken formation held steady at 30 on Monday, according to live data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, removed, or relocated. Despite the recent pause, the current activity level represents a significant increase from earlier in the spring. The rig count is up three rigs from one week ago and has climbed by seven rigs since the beginning of May. The current stability in drilling activity unfolds against a backdrop of industry-wide focus on the Bakken's long-term future. According to a report from Bing News, oil and gas executives and state officials are pushing to develop enhanced oil recovery (EOR) technologies, which are billed as a way to potentially double recoverable oil and extend the life of North Dakota's fields by decades. “We have a tremendous opportunity in the next two years, because...

☀️Morning Wire·Jun 1

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) reported no new activity filings in its daily report for Sunday, May 31, 2026. The report, which tracks regulatory filings from the previous day, listed no new permits, spud notices, well completions, or plugged wells. The DMR's daily activity report is a key snapshot of regulatory movement in the Bakken formation. It typically includes new drilling permits approved, notices that drilling has begun (spudding), reports of wells that have finished the completion process and are ready for production, and notices of wells being permanently sealed. Days with no reported activity are normal, particularly on weekends and holidays when regulatory and company offices are typically closed. The lack of filings does not indicate a halt in ongoing drilling or production operations across the Williston Basin. Operators and service companies monitor the daily report for signals of near-term activity shifts. Consistent periods of low...

☀️Morning Wire·Jun 1

Global Markets

French Navy Seizes Sanctioned Russian Oil Tanker; EU LNG Imports Soar

The French Navy has seized a Russia-linked oil tanker in the Atlantic, highlighting ongoing efforts to enforce international sanctions, according to OilPrice.com. French President Emmanuel Macron announced the seizure of the tanker Tagor on Monday, stating the operation was conducted with allied support to prevent "shadow fleet" vessels from shipping oil whose revenues finance the war in Ukraine. The vessel, which departed from Murmansk, was intercepted 400 nautical miles off the Brittany coast and was suspected of flying a false flag. This enforcement action comes amid a complex global energy landscape where Russian oil revenues have risen in recent weeks, OilPrice.com reported. The increase is attributed to U.S. waivers on sales of Russian oil already loaded on tankers, allowing buyers like India to access sanctioned crude. Simultaneously, the European Union is importing record volumes of Russian liquefied natural gas (LNG) despite impending sanctions, according to a separate OilPrice.com report. The...

☀️Morning Wire·Jun 1

Global Markets

Global Fuel Price Rally Spurs LNG Push, Renewables Investment Amid Hormuz Conflict

India's liquefied natural gas industry is calling for government support to build out infrastructure as diesel prices surge, according to a report from OilPrice.com. Industry executives told Indian outlet BusinessLine that LNG is now 42% cheaper than diesel for freight, but adoption is constrained by a lack of infrastructure. Deepak Acharya, Managing Director at cryogenic engineering company INOXCVA, said his firm has approached India's Ministry of Petroleum and Natural Gas seeking support for LNG infrastructure development. The push comes amid continued fuel price hikes in India linked to the closure of the Strait of Hormuz. State-owned energy majors have raised pump prices for the fourth time in a month, with cumulative increases of 8.6% for diesel and 7.8% for gasoline since the start of May, OilPrice.com reported. The war in the Middle East has cut off over 40% of India's crude oil flows that passed through the Strait, soaring its...

☀️Morning Wire·Jun 1

Operator News

Roundup: Investor Eyes TotalEnergies, Oil Prices Fall, LNG Project Advances

Czech billionaire Daniel Kretinsky's investment vehicle sees potential to increase its stake in TotalEnergies SE, a major operator in the Bakken formation. According to Rigzone, 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." The report was published May 30, 2026. TotalEnergies is a significant player in North Dakota, and increased investment interest can signal long-term confidence in its portfolio, which includes Bakken assets. Meanwhile, oil markets faced downward pressure as crude settled at a six-week low on May 29. Rigzone reported that traders were betting on the potential reopening of the Strait of Hormuz as truce negotiations continued. Lower benchmark prices directly impact the cash flow and drilling economics for Bakken producers, potentially influencing near-term activity levels in the Williston Basin. In related infrastructure news, CB&I has won...

☀️Morning Wire·Jun 1

Pipeline & Infrastructure

LNG Expansion Advances, California Pipeline Faces Political Scrutiny

Engineering firm Bechtel has been awarded a contract and given a limited notice to proceed for early work on an expansion of the Sabine Pass LNG export facility in Louisiana, according to Rigzone. The report states Cheniere Partners issued the notice, allowing Bechtel to launch early engineering and procurement activities for the project. Separately, a campaign to restart oil flows through the Santa Ynez pipeline in California is facing a political probe. Rigzone reported that Democratic lawmakers have written to Sable Offshore Corp.'s CEO, urging the company to "pause and consider the long-term legal and financial ramifications of collaborating with the Trump administration to circumvent California law." These national developments underscore the ongoing political and regulatory landscape for energy infrastructure. For Bakken producers, expanded LNG export capacity on the Gulf Coast supports long-term demand for natural gas, a key byproduct of the region's oil wells. However, continued opposition to pipelines...

☀️Morning Wire·Jun 1

Production Data

Bakken Rig Count Holds at 30 as Oil Prices Rally Above $90

The number of active drilling rigs in North Dakota held steady at 30 as the new week began, a key indicator of near-term production potential in the Bakken formation. This count comes alongside a significant rally in oil markets, with West Texas Intermediate (WTI) crude trading at $90.45 per barrel on Monday, June 1, 2026, a gain of $3.09. The current rig count represents a baseline of drilling activity. Historically, the rig count is a leading indicator for future oil production, with a lag of several months between drilling new wells and bringing them into full production. A sustained increase in the count typically signals operators' confidence to expand development, while a stable or declining count suggests a focus on capital discipline and efficiency from existing wells. The sharp rise in oil prices, with Brent crude also up at $93.77, improves the economic margin for Bakken producers. The Bakken differential—the...

☀️Morning Wire·Jun 1

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 7% Amid Iran Deal Speculation

Oil prices soared in midday trading Monday, with West Texas Intermediate (WTI) crude climbing more than 7% to approach $94 per barrel. The sharp rally comes as the market digests reports of a potential deal to end the months-long conflict between the United States and Iran. As of midday June 1, WTI crude was trading at $93.88, a gain of $6.52 or 7.46% on the day. The global benchmark, Brent crude, rose to $97.07, up $5.95 or 6.53%. The Bakken crude differential, the discount at which North Dakota's light sweet crude trades versus WTI, stood at -$3.42. Natural gas prices saw a modest decline, trading at $3.18, down $0.11. The primary driver for the price surge appears to be market reaction to evolving geopolitical news. According to a report from OilPrice.com published Monday, Washington and Tehran are reportedly on the verge of a deal to end the conflict that began...

🔆Midday Wire·Jun 1

Global Markets

Mitsui Eyes LNG Expansion as Data Centers Drive Global Demand

Japanese trading house Mitsui & Co. is looking to invest in liquefied natural gas (LNG) projects across the Middle East, the U.S. and Australia, according to a report from Rigzone. The company's CEO cited growing power demand from data centers as a key driver for the expansion. The move signals continued confidence in long-term global demand for natural gas, particularly as a power source for the rapidly expanding digital economy. For Bakken operators, this reinforces the market for associated natural gas, which is a co-product of the region's crude oil production. While the Bakken formation is primarily an oil play, its significant associated gas production is often constrained by midstream takeaway capacity. Broader global investment in LNG infrastructure, especially in the United States, supports the overall natural gas market. A stronger global LNG demand outlook can improve the economics for gas processing and transportation projects in the Williston Basin. Developments...

🔆Midday Wire·Jun 1

Global Markets

Iran Crisis Spikes Oil Prices as Bakken's Next Era Hangs on Tech, Economics

Oil prices surged more than 7% Monday as a geopolitical crisis in the Middle East sent shockwaves through global markets, according to OilPrice.com. U.S. West Texas Intermediate crude leapt 7.69% to approach $93 per barrel following reports that Iran is cutting off diplomatic talks with the U.S. and threatening to completely block the strategic Strait of Hormuz. The sudden escalation reversed earlier market optimism. Iran's state-affiliated Tasnim news agency reported that Iranian negotiators will immediately stop exchanging messages with Washington and that the "resistance front and Iran have resolved to completely block the Strait of Hormuz," according to OilPrice.com. The Strait of Hormuz carries roughly one-fifth of global oil trade. The report stated the action is a retaliation for Israel's operations against Hezbollah in Lebanon. This volatility underscores the external pressures facing Bakken operators as they work to define the region's next phase of production. North Dakota officials are pushing...

🔆Midday Wire·Jun 1

Operator News

Global Supply Concerns Mount as Norway Strike Looms, Europe Bolsters Gas Stocks

A potential strike by offshore workers in Norway, Western Europe's top oil and gas producer, is threatening operations as global markets remain tight. According to OilPrice.com, nearly 600 workers could walk off the job starting June 5 if government-mediated wage talks fail. The strike would involve almost 8% of Norway's offshore workforce of about 8,100. Negotiations between the industry group Offshore Norway and trade unions broke down last week over issues including sickness and parental benefits. Norway is a critical global supplier, producing over 4 million barrels of oil equivalent per day and serving as Europe's single biggest gas supplier since replacing Russian flows in 2022. Separately, the Netherlands has moved to secure its energy supplies by approving a subsidy of up to $1.2 billion for state-owned company EBN Capital BV. As reported by Rigzone, the funds are intended to help refill the country's depleted natural gas reserves. This action...

🔆Midday Wire·Jun 1

Pipeline & Infrastructure

Global Energy Deals, Market Strains Highlight External Risks for Bakken

International energy approvals and supply chain developments reported Monday highlight the interconnected global market in which Bakken crude competes. While none of the deals are directly in North Dakota, they underscore the competitive and geopolitical landscape facing local producers. Equatorial Guinea has approved Europa Oil & Gas's farm-out of an offshore license to a new Chinese partner, according to Rigzone. The approval moves the company closer to drilling the Barracuda prospect. Such international investment flows can signal shifting global capital allocation, potentially affecting the funding environment for all oil regions, including the Bakken. In Italy, energy major Eni and industrial firm Seri Industrial have agreed to launch a partnership covering the lithium iron phosphate battery value chain, Rigzone reported. This type of vertical integration in the energy transition space in other markets illustrates the broader industry pivot that major players are navigating, a strategic context relevant to all fossil fuel-producing...

🔆Midday Wire·Jun 1

Regulatory

EIA Projects Record U.S. Oil Output for 2027, Global Events Stir Markets

The U.S. Energy Information Administration (EIA) projects the country's crude oil output will average a record 14 million barrels per day (bpd) for the full year of 2027, according to Rigzone. The agency noted that U.S. production has never before reached that level on an annual or even a monthly average basis. For Bakken operators, this long-term federal forecast underscores the continued expectation of robust national production, which is anchored by major shale plays including North Dakota's. Sustaining output at such levels will depend on the economic viability of drilling in key basins. In international developments, energy major TotalEnergies has filed for government authorization to build France's biggest renewable energy project, a Rigzone report stated. The company seeks approval for a €4.5-billion, 1.5-gigawatt offshore wind farm off the coast of Normandy. This move by a global integrated oil company highlights the ongoing strategic diversification within the energy sector, a trend...

🔆Midday Wire·Jun 1

Production Data

Bakken Rig Count Holds at 30 as Oil Prices Surge Past $93

North Dakota's active drilling rig count held steady at 30 as oil prices surged dramatically in Monday trading, a combination that analysts say could signal a potential floor for the state's long-declining oil production. The stability in the rig fleet, a key leading indicator for future output, comes as West Texas Intermediate crude jumped $6.52 to settle at $93.88 per barrel, according to live Bakken Wire data. The Brent crude benchmark also saw a sharp increase, rising $5.95 to $97.07. The posted price for Bakken crude at the wellhead is approximately $3.42 below the WTI price, putting it near $90.46. Natural gas prices were reported at $3.18 per MMBtu. The current rig count of 30 represents a fraction of the fleet that operated during the Bakken's peak boom years but has shown relative consistency in recent months. Historically, the number of active rigs is a direct predictor of production levels...

🔆Midday Wire·Jun 1

Workforce & Community

Bakken Rig Count Holds at 30 as Surging Oil Prices Boost Industry Outlook

The North Dakota oil industry is operating with 30 active drilling rigs, a foundational metric for regional employment and economic activity, according to live Bakken data for Monday, June 1, 2026. This rig count sustains a baseline level of operations across the Bakken formation, directly supporting oilfield service jobs, contractor work, and related supply chain employment in communities throughout the Williston Basin. The stability of the workforce and local economies in western North Dakota is tightly linked to oilfield activity, which is currently buoyed by strong crude prices. West Texas Intermediate (WTI) crude traded at $93.88 per barrel, a significant daily increase of $6.52, while the global Brent benchmark reached $97.07. The Bakken crude price differential stood at -$3.42 versus WTI. Sustained high prices are critical for operators to justify new drilling programs and maintain the current pace of work, which in turn supports jobs and local business revenue. Historically,...

🔆Midday Wire·Jun 1

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 5%, WTI Tops $92 on Supply Concerns

Oil prices surged on Monday, with West Texas Intermediate crude closing above $92 per barrel after a sharp 5.75% gain. The rally, driven by heightened geopolitical tensions and ongoing OPEC+ supply discipline, significantly improves near-term cash flow for Bakken Shale producers. WTI crude settled at $92.38 per barrel, up $5.02 for the session. The international benchmark Brent crude rose 4.69% to $95.39, according to live price data. The premium for Brent over WTI widened to just over $3.00. Natural gas prices saw a slight decline, trading at $3.19. The price for Bakken crude at the Clearbrook, Minnesota, hub also strengthened. The Bakken differential to WTI narrowed to -$3.42 per barrel, meaning Bakken crude traded at approximately $88.96. A stronger differential increases the netback for North Dakota producers. The dramatic price increase was attributed primarily to escalating geopolitical tensions in key oil-producing regions, according to a report from Rigzone. The news...

🌅Afternoon Wire·Jun 1

Rig Report

North Dakota Rig Count Rises to 29 Amid Industry Tech Push

North Dakota's active drilling rig count rose by two to reach 29 on Monday, June 1, according to live rig data. The net gain came from two new rigs starting operations in McKenzie County and three rigs being released, while one rig changed locations. Devon Energy Williston, L.L.C. and Whiting Oil and Gas Corporation each added a rig in McKenzie County. The rigs removed were the T&S DRILLING 2, operated by Phoenix Operating LLC in Divide County, and two Hess Bakken Investments II, LLC rigs in Williams County. WGO Resources, LLC moved its STONEHAM 16 rig to a new location in Golden Valley County. The current count of 29 rigs represents an increase of two rigs compared to one week ago, and a more significant gain of six rigs from the 23 rigs active one month ago on May 2. This steady but cautious activity increase occurs as industry leaders...

🌅Afternoon Wire·Jun 1

Global Markets

Mitsui Targets LNG Investment Amid Rising Data Center Power Demand

Japanese trading house Mitsui is looking to invest in liquefied natural gas projects across the Middle East, the U.S., and Australia, according to a report from Rigzone. The company's CEO cited rising power demand from data centers as a driver for the expansion. For Bakken producers, this corporate strategy highlights the evolving global market for natural gas, a significant co-product of the region's oil drilling. While the Bakken is primarily an oil play, its associated natural gas production must find a market. Increased international investment in LNG infrastructure, particularly in the United States, could create more long-term demand pathways for North American gas, including volumes originating from the Williston Basin. The specific focus on data center power demand underscores a shift in the fundamental drivers of natural gas consumption. As artificial intelligence and computing infrastructure expand globally, their substantial and constant energy requirements are increasingly being met by natural gas-fired...

🌅Afternoon Wire·Jun 1

Global Markets

Global Energy Shift Poses Long-Term Questions for Bakken

A massive potential source of geologic hydrogen could meet global energy needs for 170,000 years, according to a new report. Scientists estimate that naturally occurring hydrogen trapped underground could be extracted for less than $1 per kilogram, a fraction of the current $3.50–$6.00 cost to produce green hydrogen, OilPrice.com reported. This "geologic hydrogen" presents a future clean energy alternative, though extraction science is still in early stages. The United States Department of Energy has cited the cost potential of this resource, which is the subject of a global race to increase hydrogen availability for decarbonization. "We now have a better understanding of the economic viability of this resource," said Barbara Sherwood Lollar, lead author of a Canada-based study, according to OilPrice.com. Canada, home to vast deposits in the Canadian Shield, is seeing startup activity aimed at making geologic hydrogen a reality. Separately, Europe's industrial geography is undergoing a significant shift...

🌅Afternoon Wire·Jun 1

Operator News

Turkey, Azerbaijan Plan Power Corridor; Netherlands Funds Gas Reserves

Turkey and Azerbaijan are working to establish a new electricity corridor to Europe, mirroring existing natural gas infrastructure, according to a report from OilPrice.com. Turkish Minister of Energy and Natural Resources Alparslan Bayraktar announced the plan on Monday, June 1, at the Baku Energy Week, stating, "We are going to create the electricity version of TANAP." The reference is to the Trans-Anatolian Natural Gas Pipeline (TANAP), a key leg of the Southern Gas Corridor that delivers Azerbaijani gas to Europe via Turkey. The proposed electricity corridor could also include Georgia and Bulgaria, expanding the bilateral energy partnership. Turkey separately plans to invest an estimated $30 billion over the next decade to upgrade its national electricity transmission and distribution system, the minister said. Azerbaijan's grid operator, AzerEnergy, has begun construction on its sections of a planned line that could ultimately connect Azerbaijan to Europe through Turkey. The country is also working...

🌅Afternoon Wire·Jun 1

Pipeline & Infrastructure

Rigzone Reports Global Energy Developments on June 1, 2026

Several international energy developments were reported Monday, providing a snapshot of global industry movements that influence the broader market environment for Bakken producers. In West Africa, Europa Oil & Gas is moving closer to drilling the Barracuda prospect offshore Equatorial Guinea, according to Rigzone. The company reported that the Central African country approved the entry of a new Chinese partner into the relevant license. This farm-out deal advances a key offshore exploration project. Separately, Italian energy major Eni agreed to launch a partnership with fellow Italian company Seri Industrial, Rigzone reported. The agreement spans the lithium iron phosphate battery value chain in Italy, marking a continued expansion by a major oil firm into the energy transition sector. In shipping news, Norway's Knutsen reported a quarter-on-quarter revenue decline, with one of its vessels chartered to QatarEnergy temporarily idled within the Strait of Hormuz, according to Rigzone. The company cited the ongoing...

🌅Afternoon Wire·Jun 1

Regulatory

US Oil Output Forecast Hits Record, Global Tensions Simmer

The U.S. Energy Information Administration (EIA) projects that national crude oil output will average a record 14 million barrels per day in 2027, according to a Rigzone report. This milestone would mark the first time annual U.S. production has reached that level. For Bakken operators, this long-term federal forecast underscores the continued central role of domestic shale plays, including North Dakota's, in national energy security and supply. Separately, international energy major TotalEnergies is seeking government authorization for a EUR 4.5-billion ($4.8 billion), 1.5-gigawatt offshore wind farm project in France, Rigzone reported. This move highlights the continued global investment by integrated oil companies into renewable energy. While not a direct Bakken operator, TotalEnergies' strategic diversification reflects broader energy transition trends that influence capital allocation and long-term planning across the industry. Geopolitical tensions flared again near a critical global oil transit route. Rigzone reported fresh clashes between U.S. and Iranian forces near...

🌅Afternoon Wire·Jun 1

Production Data

Bakken Rig Count Holds at 29 as Oil Prices Surge Above $92

North Dakota's active drilling rig count held steady at 29 as the trading week opened, according to live Bakken Wire data for June 1, 2026. The stability in the rig fleet coincides with a significant surge in oil prices, with West Texas Intermediate (WTI) crude jumping $5.02 to settle at $92.38 per barrel. The Brent crude benchmark followed a similar trajectory, rising $4.27 to $95.39. The Bakken crude differential, the discount at which local crude trades versus WTI, was recorded at -$3.42. Natural gas prices were reported at $3.19 per MMBtu. The current rig count of 29 provides a concrete indicator of the pace of new well development in the Williston Basin. Historically, the rig count is a leading indicator for future oil production, with a lag of several months between drilling activity and sustained output from new wells. The current level, while significantly higher than the lows seen during...

🌅Afternoon Wire·Jun 1