Friday, June 5, 2026

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Oil Prices

Oil Prices Dip Slightly Despite Major U.S. Inventory Draw

Front-month oil prices edged lower in early trading Friday, June 5, with West Texas Intermediate (WTI) crude for July delivery down 43 cents to $92.64 per barrel. The global benchmark, Brent crude, traded at $94.53, down 53 cents. The price for Bakken crude, a key grade for North Dakota producers, is typically priced at a differential to WTI. The Bakken differential was reported at -$3.42 versus WTI, meaning Bakken crude is currently valued around $89.22 per barrel at the wellhead. The minor price retreat comes despite a significant supportive signal from U.S. inventory data released Wednesday. According to a report from Rigzone, the U.S. Energy Information Administration's (EIA) weekly petroleum status report showed a substantial drawdown in commercial crude stocks. The report, reflecting data for the week ending May 29, indicated crude oil inventories, excluding the Strategic Petroleum Reserve (SPR), fell by 8 million barrels week-on-week to 433.7 million barrels....

☀️Morning Wire·Jun 5

Rig Report

North Dakota Rig Count Holds at 27, Up 4 from Month Ago

The number of rigs actively drilling for oil and gas in North Dakota held steady at 27 on Friday, according to live Bakken Wire data. There was no change from the previous day, with no new rigs added, none removed, and none moving locations. The current count represents a decrease of three rigs from one week ago, when 30 were active on May 29. However, the pace of drilling has increased compared to a month prior, with four more rigs running than the 23 counted on May 6. The recent volatility in rig activity comes as state officials promote the potential for a significant production resurgence in the Bakken formation. According to a report from Bing News, North Dakota officials argue that as much as 85% of the Bakken's oil resource remains trapped underground and could be targeted for a second boom through enhanced recovery techniques. These methods, which include...

☀️Morning Wire·Jun 5

Daily Activity

Burlington, Devon Secure New Bakken Permits as DMR Reports Activity

The North Dakota Department of Mineral Resources approved four new drilling permits in its latest daily activity report, with Burlington Resources and Devon Energy leading new filings. The report, detailing activity from Thursday, June 4, 2026, also showed six permit renewals, two cancellations, and two well completions. Burlington Resources Oil & Gas Company LP was approved for two permits in Dunn County. The permits, 43001 and 43002, are for the KELLYZAL 1A-ULW and STATE DOLEZAL 4A wells, both located in the NW NE of Section 12-145N-96W. Both wells are designated for the 'CONFIDENTIAL' field, according to the DMR report. Devon Energy Williston L.L.C. also secured two new permits, both targeting the Foreman Butte field in McKenzie County. The permits, 43003 and 43004, are for the ALBERT SOUTH 34-33-32 1H and 4H wells located in Section 34-33-32. Six permits were renewed, according to the report. This includes permit 41969 for WGO...

☀️Morning Wire·Jun 5

Global Markets

EU Downplays Jet Fuel Shortage, Cites U.S. Imports as Key Buffer

The European Union's transport commissioner says the bloc will avoid a jet fuel shortage this summer, a situation being mitigated in part by increased fuel imports from the United States, according to an interview published Friday. This demand supports the broader U.S. refining and export complex, which processes crude from basins like the Bakken. EU Sustainable Transport and Tourism Commissioner Apostolos Tzitzikostas told Reuters, “There is currently no jet fuel shortage in Europe. We have no signs that we will have a shortage in the coming period,” according to a report from OilPrice.com. This statement downplays earlier warnings from analysts, including the International Energy Agency's Fatih Birol, who suggested Europe was weeks away from feeling kerosene shortages. The supply crisis stems from the war in Iran that began on February 28, which cut most of Europe's imports of jet fuel from the Middle East. European airlines have been struggling with...

☀️Morning Wire·Jun 5

Global Markets

Global Supply Shifts Amid Crisis as Norway Strike Averted

Norway, Western Europe's top oil and gas producer, has averted a strike that threatened offshore operations after a last-minute wage deal was reached early Friday, June 5, according to OilPrice.com. The agreement covers 8,000 offshore employees and grants a general annual pay increase of $4,500. More than 600 workers had been ready to strike, potentially disrupting Norway's production of more than 4 million barrels of oil equivalent per day, a critical supply source for Europe and Asia amid the Middle East crisis. Separately, Indian energy companies are seeking to expand into Venezuelan oil fields, according to a separate OilPrice.com report. India's oil imports from Venezuela surged to 427,000 barrels per day in May, a 51% increase from April, making Venezuela India's fourth-largest supplier. This pivot comes as India replaces lost Middle Eastern barrels amid the Strait of Hormuz blockade, relying more on Russia, Brazil, Venezuela, Nigeria, and Angola. In Southeast...

☀️Morning Wire·Jun 5

Operator News

Global Events, Marketing Deals Mark Morning Energy News

The Scottish Parliament has voted to request the transfer of key energy powers from the UK government, according to Rigzone. Scotland's Energy Minister Stephen Gethins said the move is aimed at maximizing the country's "remarkable energy potential." While a European regulatory shift, such developments in major energy-producing regions can influence global investment flows and policy discussions relevant to U.S. oil states. In domestic operator news, Bakken-focused producer Matador Resources has entered into new marketing agreements with pipeline giant Energy Transfer, Rigzone reported. The company stated the deals are "an additional step taken by Matador's marketing team to improve all-in pricing netbacks and reduce exposure to Waha Hub pricing in the second half of 2026." For Bakken operators, securing favorable pipeline and marketing contracts is crucial for maintaining strong wellhead economics, especially for gas production where local pricing can be volatile. Meanwhile, geopolitical risk persists as skirmishes continue in Lebanon after...

☀️Morning Wire·Jun 5

Pipeline & Infrastructure

Oil Prices Retreat on Truce Hopes; Trafigura, Delfin Announce Major Moves

Oil prices fell on Thursday as traders grew optimistic about a potential truce deal between the United States and Iran, according to Rigzone. The price retreat highlights the continued sensitivity of the global crude market to geopolitical developments, which directly impacts the revenue outlook for Bakken producers. Separately, commodities trader Trafigura Group made a record payout to its top traders and executives after its profit soared over $4 billion, Rigzone reported. The massive profit for one of the world's largest independent oil traders underscores the volatile and lucrative nature of the current global energy market, through which a significant portion of Bakken crude flows. In a major infrastructure development, Delfin announced a $5 billion final investment decision to proceed with the United States' first floating liquefied natural gas (FLNG) facility on the Gulf Coast, according to Rigzone. The project represents a growing outlet for natural gas, a key byproduct of...

☀️Morning Wire·Jun 5

Regulatory

Global Finance, Power Deals Highlight Energy Transition Context

Major international banks are backing a significant shale development project in Argentina, highlighting the ongoing global competition for capital and resources within the oil and gas sector. According to Rigzone, Citigroup, Santander, and JPMorgan are among lenders working on a roughly $1 billion finance package for a project by TGS in the Vaca Muerta shale formation. The deal underscores the continued investor interest in large-scale shale plays outside the United States. Separately, the energy transition landscape saw a notable move as Avangrid secured a new power purchase agreement with Microsoft. Rigzone reported the 140-MWdc Bluebird solar project in Washington state, expected to begin commercial operation in 2028, is the fourth Avangrid project to have the tech giant as a customer. Such contracts are becoming increasingly common as large energy consumers seek to secure clean power. For Bakken operators and stakeholders in North Dakota, these developments frame the broader market environment....

☀️Morning Wire·Jun 5

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Amid Mideast Tensions, Bakken Differential Widens

Front-month WTI crude oil futures fell sharply to $90.87 per barrel on Friday, a drop of $2.17 or 2.33%, according to midday trading data. Brent crude also declined to $93.53, down $1.50. The price drop for Bakken crude was more pronounced, with its differential to WTI widening to -$3.42. The decline comes despite fresh supply disruptions in the Middle East, which typically support prices. According to a report from OilPrice.com, an attack on Oman's main crude export terminal at Mina al Fahal disrupted flows of the 900,000 barrel-per-day Oman benchmark. This followed strikes on Kuwait earlier in the week, undermining hopes for a de-escalation between the U.S. and Iran. OilPrice.com reported that these events are keeping markets on edge, with traders increasingly discounting announcements from the Trump administration as "tactical price-signalling rather than meaningful diplomatic progress." This skepticism is capping ICE Brent around the $95 mark and contributing to the...

🔆Midday Wire·Jun 5

Global Markets

ND March Output Dips, India Ethanol Push, SpaceX S&P Delay

U.S. crude oil production was essentially flat in March 2026, with output from North Dakota decreasing by 1 thousand barrels per day (kb/d) to 1,121 kb/d, according to data from the Energy Information Administration (EIA) cited by Bing News. Overall U.S. production decreased by 1 kb/d to 13,696 kb/d for the month and is down 168 kb/d from its October 2025 level. In a move that could influence long-term global oil demand, India launched a new E85 fuel blend on Friday, June 5, according to OilPrice.com. The fuel, containing 85% ethanol, is part of India's flex-fuel mobility program aimed at reducing the country's dependence on imported oil. India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, launched the fuel and the country's first flex-fuel passenger vehicle this week. The government's think tank, NITI Aayog, classifies ethanol-based Flex-Fuel Vehicles (FFVs) as Zero-Emission Vehicles. India imports nearly 50% of its crude...

🔆Midday Wire·Jun 5

Operator News

ND Eyes Enhanced Recovery; Labor, Policy News Roundup

North Dakota state officials are promoting enhanced oil recovery (EOR) techniques to unlock a potential second boom in the Bakken formation, according to a report from Bing News. The officials argue that as much as 85% of the resource remains trapped underground, suggesting significant untapped potential for operators in the region. Meanwhile, a labor strike at offshore facilities could signal broader industry tensions. Rigzone reported that Bilfinger offshore workers are striking over pay, affecting operations on the Alba FSU and FPF1 assets. Unite Industrial Officer Paula Buchan warned the strikes "will have a significant impact on the day to day operations of these assets," according to the report. While not directly in the Bakken, such labor actions can influence service company costs and availability across the oil sector. In national policy news, an upcoming auction for drilling rights in Alaska's Arctic National Wildlife Refuge (ANWR) will test industry investment appetite,...

🔆Midday Wire·Jun 5

Pipeline & Infrastructure

RNG Plant Opens, Norway Strike Averted, Oil Price Questioned

Clean Energy Fuels has started up a new renewable natural gas (RNG) plant in Idaho, according to a report from Rigzone. The company stated the facility, with a capacity to process over 5 million gallons a day of manure, is one of the largest single-site dairies and RNG facilities in North America. The development highlights the growing market for lower-carbon fuels, which can intersect with oil and gas operations seeking to reduce emissions. Separately, a strike impacting international oil and gas flows was averted, Rigzone reported. About 8,000 workers offshore Norway won new agreements including pay increases, preventing industrial action that had threatened to cut Norwegian oil and gas production by over 45,000 barrels of oil equivalent per day. Stable global production helps maintain market balance, indirectly affecting the competitive landscape for Bakken crude. Meanwhile, analysts are questioning current crude oil price levels. Economists at Macquarie Group, including Chief Economist...

🔆Midday Wire·Jun 5

Regulatory

Regulatory, Market, Geopolitical Updates Impact Energy Sector

The Scottish Parliament has voted to request the transfer of key energy powers from the UK government, according to Rigzone. Scotland's Energy Minister Stephen Gethins said the move is aimed at maximizing the country's "remarkable energy potential." While not directly affecting North Dakota, shifts in energy policy among major producers can influence global investment and regulatory trends. In a deal relevant to natural gas marketing, Matador Resources has signed new marketing agreements with Energy Transfer, Rigzone reported. The company stated the transaction is intended to improve pricing netbacks and reduce exposure to pricing at the Waha Hub in the second half of 2026. For Bakken operators, such midstream and marketing agreements are critical for securing favorable terms for natural gas and NGLs, which are often produced alongside crude oil in the region. Geopolitical tensions continue to simmer, with Rigzone reporting skirmishes in Lebanon after Hezbollah rejected a Middle East truce....

🔆Midday Wire·Jun 5

Production Data

Oil Prices Fall on Truce Hopes; Trafigura Posts Record Profit

Oil prices retreated Friday as optimism grew over a potential U.S.-Iran deal, according to a Rigzone report. The market movement highlights the ongoing sensitivity of Bakken crude prices to geopolitical developments in key oil-producing regions. The price dip comes despite news that global commodity trader Trafigura Group posted soaring profits exceeding $4 billion, leading to a record dividend payout for its top traders and executives, Rigzone separately reported. The strong financial performance by a major physical oil trader indicates robust underlying trading activity, even as near-term futures prices face headwinds. For Bakken producers, the contrasting signals underscore a market balancing strong physical demand against the potential for increased supply. Any formal agreement between the U.S. and Iran could eventually lead to more Iranian crude entering the global market, applying downward pressure on the international benchmarks that Bakken crude prices track. The Williston Basin's economic health remains directly tied to crude...

🔆Midday Wire·Jun 5

Workforce & Community

Bakken Rig Count Steady at 27 Amid Midday Price Drop

The number of active drilling rigs in North Dakota held steady at 27 on Friday, June 5, 2026, according to Bakken Wire's live data. This level of operational activity provides a foundational indicator for workforce demand and economic conditions in the region's oil-producing communities. Midday trading showed a pullback in crude prices, with West Texas Intermediate (WTI) at $90.87, down $2.17, and Brent crude at $93.53, down $1.50. The Bakken crude differential stood at $-3.42 versus WTI, and natural gas was priced at $3.24. Historically, sustained rig counts at this level suggest a stable, though moderated, demand for field personnel including drillers, field operators, and support staff across the Williston Basin. The Bakken formation's workforce and local economies are closely tied to the pace of drilling and completion activity. A rig count of 27, while significantly lower than the boom-era peaks exceeding 200, represents a consistent base of industrial employment....

🔆Midday Wire·Jun 5

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slide Over 2% Amid SPR Return Plans, OPEC Supply Drop

Front-month WTI crude oil futures fell sharply on Friday, trading down 2.99% to $90.26 per barrel. The global Brent benchmark also dropped, losing 2.19% to $92.95. The price for Bakken crude at the Clearbrook, Minnesota hub was at a discount of $3.42 per barrel to WTI. The day's decline comes despite continued supply tightness from the Middle East conflict. According to a Rigzone survey summary published Friday, the war between a U.S.-Israeli alliance and Iran has taken a heavy toll on oil supplies from the Middle East, causing OPEC output to plunge further. Market attention shifted Friday to news regarding the replenishment of the U.S. Strategic Petroleum Reserve (SPR). Energy Secretary Chris Wright said Friday that companies that borrowed crude from the SPR during the conflict will return those barrels with premiums attached, according to a report from OilPrice.com. This would leave the reserve about 40 million barrels larger than...

🌅Afternoon Wire·Jun 5

Rig Report

North Dakota Rig Count Rises to 28

North Dakota's active drilling rig count increased by one to 28 on Friday, June 5, 2026, according to live data from Bakken Wire. The increase follows a net loss of two rigs over the previous week. The sole new rig reported is operated by Devon Energy Williston, L.L.C. The rig, NABORS B 13, is located in McKenzie County. The current count of 28 rigs represents a notable increase from activity levels one month prior. On May 6, 2026, the state reported 23 active drilling rigs, meaning the fleet has grown by five rigs over the past four weeks. However, the count is down by two rigs from the total of 30 reported on May 29, 2026. The rig addition in North Dakota aligns with a broader, albeit modest, uptick in U.S. drilling activity. According to data from Baker Hughes published by OilPrice.com, the total number of active drilling rigs for...

🌅Afternoon Wire·Jun 5

Pipeline & Infrastructure

Haida Nation Sends Support to Standing Rock DAPL Protest Camp

The Council of the Haida Nation is sending cash and personnel to support the protest against the Dakota Access Pipeline (DAPL) in southern North Dakota, according to a CBC News report. Haida business owner Erica Ryan-Gagne drove 30 hours from Haida Gwaii, B.C., with her two young children to join the Standing Rock camp. Ryan-Gagne stated that the fight against DAPL is connected to pipeline battles in British Columbia. "Whether it's Lelu Island, Flora Banks, a liquified natural gas plant proposed at the mouth of the Skeena River, Enbridge Northern Gateway or the Dakota Access pipeline, it's all connected. It's all big oil," she said. The Council of the Haida Nation supports her trip and sent several thousand dollars for the Sioux Nation's legal defense fund. The $3.8 billion Dakota Access Pipeline is designed to transport light sweet crude oil from the Bakken formation to Illinois, with its route passing...

🌅Afternoon Wire·Jun 5

Global Markets

Oil Prices Fall Amid Global Demand Concerns

Oil prices retreated in Friday trading as the market grappled with concerns over weakening global demand, according to a report from Rigzone. The downturn reflects heightened trader anxiety about the strength of fuel consumption worldwide. The price drop was attributed to traders weighing two primary factors: a weakening global demand outlook and stalled negotiations between the United States and Iran, Rigzone reported. The combination creates uncertainty for future crude supply and consumption balances. For Bakken operators in North Dakota, a lower price environment directly impacts cash flow and drilling economics. The Bakken formation is a major tight oil play where breakeven costs vary by operator and specific well location. When prices fall, margins compress, which can influence decisions on maintaining production levels or deploying new capital for drilling. While the headline does not specify the magnitude of the price drop, any sustained downward pressure challenges the profitability of new wells...

🌅Afternoon Wire·Jun 5

Global Markets

Global Roundup: Taliban Trade Push, Offshore Strikes, Arctic Sale Test

Regional leaders from Central and South Asia are advocating for increased trade ties with Taliban-led Afghanistan to secure key logistics routes, a move with potential long-term implications for global energy and trade flows, according to a report from OilPrice.com. Officials convened at the Termez Dialogue in Tashkent on June 4, where Uzbekistan’s first deputy foreign minister, Bakhromjon Aloev, argued that a prosperous, trading Afghanistan could "contribute to regional stability." For landlocked Central Asian states, the shortest path to seaports runs through Afghanistan. Uzbekistan and other Central Asian states are actively building these ties, with Uzbek and Afghan entities agreeing to deals worth roughly $5 billion since the fall of 2025, OilPrice.com reported. Afghan officials used the forum to lobby for an easing of international sanctions, which they say hinder trade development. Syed Karim Hashemy, chairman of Afghanistan’s Chamber of Commerce and Investment, argued that sanctions unfairly impact "non-political" private-sector traders,...

🌅Afternoon Wire·Jun 5

Operator News

Operator Roundup: RNG Expansion, Norway Strike Averted, Oil Price Analysis

Clean Energy Fuels Corp. has started up a new renewable natural gas (RNG) plant in Idaho, according to a report from Rigzone. The facility, described by the company as "one of the largest single-site dairies and RNG facilities in North America," has a capacity to process more than 5 million gallons a day of manure. The expansion into RNG by major fuel suppliers highlights the growing market for lower-carbon energy products, a trend Bakken operators are monitoring as they assess their own emissions and gas capture strategies. In international labor news, a strike was averted for about 8,000 workers offshore Norway after new agreements including pay raises were reached, Rigzone reported. The potential strike had threatened to cut Norwegian oil and gas production by over 45,000 barrels of oil equivalent per day. The resolution prevents a supply disruption from a major non-OPEC producer, helping to maintain global market stability which...

🌅Afternoon Wire·Jun 5

Pipeline & Infrastructure

Global Energy News Roundup: Scottish Devolution, Matador Marketing, Mideast Tensions

Scotland has formally requested greater control over its energy resources, a move that could have long-term implications for global oil and gas markets. The Scottish Parliament voted for the transfer of energy powers from the U.K. government, according to Rigzone. Scotland's Energy Minister Stephen Gethins stated, "We are formally requesting the devolution of powers that we need to maximize our remarkable energy potential," Rigzone reported. While focused on the North Sea, major shifts in production or regulation in established regions like Scotland can influence global supply balances and investor sentiment, indirectly affecting the competitive landscape for U.S. shale basins like the Bakken. In a domestic pipeline and marketing development, Matador Resources Company has entered into new marketing agreements with Energy Transfer LP. According to Rigzone, the deals are aimed at improving "all-in pricing netbacks and reduce exposure to Waha Hub pricing in the second half of 2026." Although Matador's primary...

🌅Afternoon Wire·Jun 5

Production Data

Bakken Rig Count Holds at 28 as Oil Prices Retreat

North Dakota's active drilling rig count held steady at 28 this week, providing a key indicator of near-term production stability in the Bakken formation even as crude oil prices fell sharply. The rig count, a leading indicator for future oil output, has remained in a narrow band around the 30-rig mark for much of the past year, according to Bakken Wire data. West Texas Intermediate crude fell $2.78 to settle at $90.26 per barrel on Friday, a drop of nearly 3%. The international Brent benchmark also declined, down $2.08 to $92.95. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential stands at -$3.42 per barrel. Natural gas prices were recorded at $3.22 per MMBtu. Historically, the rig count in North Dakota has served as a reliable, though lagging, indicator of production trends. A sustained increase in active rigs typically signals that operators are...

🌅Afternoon Wire·Jun 5