Sunday, June 7, 2026

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Oil Prices

Oil Prices Drop Sharply Amid Strait of Hormuz Supply Uncertainty

Front-month West Texas Intermediate (WTI) crude oil futures fell sharply on Monday morning, trading at $90.54 per barrel, a drop of $2.50 or 2.69%. The global benchmark, Brent crude, followed suit, declining $1.94 to $93.09. The price drop occurred despite ongoing supply disruptions in a key global chokepoint, highlighting extreme market volatility and uncertainty. The decline coincides with a new layer of opacity in global oil shipments. According to an analysis by OilPrice.com, tanker traffic through the Strait of Hormuz has collapsed by 90% to 95% compared to pre-war levels. However, a surge in vessels operating "in the dark" with transponders switched off is making real-time supply tracking nearly impossible. Vortexa data showed that dark transits accounted for 57% of all transits in a recent period, peaking at 65.2% in May. "This has become a wider commercial response to conflict risk, operational uncertainty, and the need to keep Gulf cargo...

☀️Morning Wire·Jun 7

Rig Report

North Dakota Rig Count Holds at 27, Down Three From Last Week

North Dakota's active drilling rig count was unchanged at 27 on Sunday, June 7, according to live data from Bakken Wire. The figure showed no daily movement, with zero new rigs added, zero removed, and none moving locations. The current count represents a decline of three rigs from one week prior, when 30 rigs were active on May 31. However, the fleet has grown by four rigs compared to one month ago, when 23 rigs were operating on May 8. The recent dip follows a period of growth and comes as state officials emphasize the long-term potential of the Bakken formation through advanced techniques. According to a report from Bing News, North Dakota is chasing a second Bakken boom through enhanced recovery. State officials argue that as much as 85% of the original oil in place remains trapped in the shale and could spark a new production boom. This focus...

☀️Morning Wire·Jun 7

Daily Activity

DMR Reports No New Oil and Gas Activity Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) reported no new oil and gas activity filings for Saturday, June 6, according to its daily activity report. The DMR's daily report typically lists new drilling permits approved, wells spudded (drilling commenced), well completions, and notices of well plugging. The absence of new filings on a weekend is a normal occurrence. Permitting and operational activity in the Bakken formation often slows during weekends and holidays, leading to occasional days with no new public filings. The DMR system updates each business day with the previous day's reported activity. The next report, covering activity for Sunday, June 7, is expected to be released on Monday, June 8.

☀️Morning Wire·Jun 7

Pipeline & Infrastructure

Haida Nation Sends Funds, Protesters to North Dakota DAPL Site

The Council of the Haida Nation from British Columbia is providing financial support and personnel to the protest camps opposing the Dakota Access Pipeline (DAPL) in southern North Dakota, according to a CBC News report. The report details that Haida business owner Erica Ryan-Gagne drove 30 hours from Haida Gwaii, B.C., with her two children to join the Standing Rock demonstrations. 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 Dakota Access Pipeline is a $3.8 billion project designed to transport light sweet crude oil from...

☀️Morning Wire·Jun 7

Global Markets

Oil Prices Fall Amid Global Demand Concerns

Oil prices retreated this week as traders weighed concerns over weakening global demand and stalled international negotiations, according to a report from Rigzone. While specific price levels were not detailed in the report, the downward pressure signals a less favorable near-term pricing environment for producers in the Bakken formation. The primary drivers cited for the price decline are fears of softening global oil consumption and a lack of progress in U.S.-Iran negotiations. For Bakken operators, who extract crude from the prolific shale play in North Dakota, lower benchmark prices directly translate into reduced cash flow and can impact decisions on drilling and completion activity. The Bakken's production economics are tightly tied to the prevailing price of West Texas Intermediate (WTI) crude. A sustained period of lower prices could lead operators to reassess their capital expenditure plans for the remainder of the year. Companies may prioritize completing drilled but uncompleted wells...

☀️Morning Wire·Jun 7

Global Markets

Federal Coal Aid Flows to ND Amid Surging Solar, RNG Deals

The Trump administration is channeling $700 million in federal funds to support the U.S. coal industry, with a portion directed to a plant in North Dakota, according to an OilPrice.com report. The funding, announced Thursday, June 5, includes $425 million distributed under the Defense Production Act to 13 existing coal plants. One beneficiary is located in North Dakota, though the specific facility was not named in the source material. Separate Energy Department grants will also support the construction of two new coal plants in Alaska and West Virginia. This policy push for coal comes despite new Federal Energy Regulatory Commission data showing solar energy additions were the single largest form of new energy capacity installations for the 28th straight month, starting in September 2023, OilPrice.com reported. In 2025, renewables represented 88 percent of U.S. energy additions, with utility-scale solar alone accounting for 72.6 percent of electricity additions. FERC projects solar...

☀️Morning Wire·Jun 7

Operator News

Global Energy Headlines Signal Sustained Price Support for Bakken

The UK government has revised its internal oil price forecasts upward, seeing a risk of $100 per barrel oil persisting until 2028, according to a report from Rigzone. This long-term price projection, if realized, would provide continued revenue stability and support for development economics in the Bakken formation, North Dakota's primary oil-producing region. Separately, offshore labor strikes could tighten global supply. Workers for Bilfinger on North Sea assets are striking over pay, Rigzone reported. A union official warned the action on the Alba FSU and FPF1 units "will have a significant impact on the day to day operations of these assets." While not directly impacting the Williston Basin, such disruptions to international production can support the global crude price benchmark that Bakken crude prices are tied to. On the domestic policy front, an upcoming auction will test industry interest in new federal acreage. Rigzone reported that an Arctic Refuge lease...

☀️Morning Wire·Jun 7

Pipeline & Infrastructure

Industry Roundup: RNG Expansion, Norway Strike Averted, Price Analysis

Clean Energy Fuels has started up a new renewable natural gas (RNG) plant in Idaho, according to Rigzone. The facility, which started June 5, can process more than 5 million gallons a day of manure. The company called it "one of the largest single-site dairies and RNG facilities in North America." For the Bakken, the expansion of RNG infrastructure represents a growing segment of the broader natural gas market, which North Dakota producers continue to navigate. Separately, a strike was averted for about 8,000 workers offshore Norway, Rigzone reported on June 5. New agreements including pay increases prevented industrial action that had threatened to cut Norwegian oil and gas production by over 45,000 barrels of oil equivalent per day. The avoidance of a supply disruption in a major producing region helps maintain global crude oil stability, a factor for Bakken crude pricing which is tied to international benchmarks. In a...

☀️Morning Wire·Jun 7

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Bakken Crude Follows Global Benchmark Down Amid Supply Uncertainty, War Premium Erodes

Front-month WTI crude oil futures traded down sharply at midday Sunday, falling $2.50 (-2.69%) to $90.54 per barrel. The global benchmark Brent crude dropped $1.94 to $93.09. The Bakken crude oil differential to WTI at the Clearbrook, Minnesota, hub was $3.42 per barrel under, according to the live price data. The price slide coincides with a surge in "dark" tanker traffic through the critical Strait of Hormuz, which is complicating real-time tracking of global oil supply. According to a report from OilPrice.com, tanker traffic through the Strait has collapsed by 90% to 95% compared to pre-war levels. However, Vortexa data shows 57% of all transits are now occurring with transponders switched off, a tactic that has spread from Iran-linked vessels to wider commercial shipping. Claire Jungman, Director of Maritime Risk & Intelligence at Vortexa, stated this creates uncertainty for the market, extending into "refinery supply, product availability, regional inventories, and...

🔆Midday Wire·Jun 7

Pipeline & Infrastructure

Haida Nation Sends Funds, Protesters to North Dakota Pipeline Site

The Council of the Haida Nation is providing financial and demonstrative support to the protest against the Dakota Access Pipeline (DAPL) in southern North Dakota, according to a CBC News report. The Indigenous group from Haida Gwaii, British Columbia, has sent "several thousand dollars" for the Sioux Nation's legal defense fund and supporters to the protest camps near the Standing Rock reservation. Erica Ryan-Gagne, a Haida business owner, is among the protesters on the front lines. She drove 30 hours from Skidegate, B.C., with her two young children to join the demonstrations. Ryan-Gagne stated that the fight against the Dakota Access pipeline is connected to oil industry conflicts in British Columbia, such as those involving LNG plants and the Enbridge Northern Gateway project. "It's all connected. It's all big oil," she said. The $3.8 billion Dakota Access Pipeline, being built by Energy Transfer Partners with a $1.5 billion investment from...

🔆Midday Wire·Jun 7

Global Markets

Global Demand Concerns Weigh on Oil Prices, Impacting Bakken Operators

Oil prices fell in recent trading as global demand concerns resurfaced, according to industry news reports. The retreat introduces fresh headwinds for North Dakota's Bakken operators, whose economics are directly tied to crude benchmarks. The price decline was attributed to traders weighing weakening global demand signals, Rigzone reported on June 5. Concurrently, stalled negotiations between the United States and Iran contributed to the market's downward pressure. For Bakken producers, lower oil prices immediately pressure cash flow and can influence decisions on drilling and completion activity. The Bakken formation is a major oil-producing region where breakeven costs vary by operator and acreage quality. When prices retreat, margins tighten, particularly for operators with higher production costs. While the report did not specify a price level, the direction is a key indicator for the basin. Bakken crude typically trades at a differential to the U.S. benchmark West Texas Intermediate (WTI). A weaker overall...

🔆Midday Wire·Jun 7

Global Markets

Federal Coal Funds Flow to ND Amid National Solar, Recovery Push

The Trump administration is directing $700 million in federal funds to support the U.S. coal industry, with a portion allocated to a plant in North Dakota, according to OilPrice.com. The funding, announced under the Defense Production Act, includes $425 million distributed to 13 existing coal plants across ten states, including North Dakota. This move comes despite national data showing solar power has become the dominant source of new energy capacity. According to Federal Energy Regulatory Commission (FERC) data cited by OilPrice.com, solar was the largest form of new energy capacity installations for the 28th straight month as of the end of last year. In 2025, renewables represented 88% of all energy additions, with utility-scale solar alone accounting for 72.6% of new U.S. electricity additions. FERC projects solar capacity will grow by 86 gigawatts over the next three years, surpassing coal in the national energy mix. By 2029, solar is projected...

🔆Midday Wire·Jun 7

Operator News

UK Forecasts $100 Oil Risk, Offshore Strike Threatens Output

The UK government has revised its internal oil price forecasts upwards, seeing a risk of $100 per barrel prices persisting until 2028, according to Rigzone. While not a direct market prediction, such official assessments from major economies underscore a global environment of sustained price pressure that supports Bakken operator margins. Separately, a labor strike is impacting North Sea operations. Workers for Bilfinger Offshore are striking over pay, Rigzone reported. Unite Industrial Officer Paula Buchan warned that strikes on the Alba FSU and FPF1 assets "will have a significant impact on the day to day operations." Any disruption to global production, even in other basins, can tighten supply and provide upward support to the crude prices that dictate Bakken profitability. In the renewable energy sector, OPAL Fuels and GFL agreed on two joint projects to enable renewable natural gas production at landfills in Alabama and Georgia, Rigzone reported. This development highlights...

🔆Midday Wire·Jun 7

Pipeline & Infrastructure

Industry Roundup: Arctic Auction, RNG Plant, Norway Strike Averted

An auction to reopen Alaska's Arctic National Wildlife Refuge to oil drilling will test industry appetite, according to a report from Rigzone. President Donald Trump vowed to reopen the area, a move that could signal a broader federal stance on energy development. For Bakken operators, new federal lease sales in other regions can influence long-term investment strategies and competition for capital, though the focus in North Dakota remains on the existing Williston Basin play. In the alternative fuels sector, Clean Energy Fuels has started up a new renewable natural gas (RNG) plant in Idaho, Rigzone reported. The company stated the facility, capable of processing over 5 million gallons a day of manure, is one of the largest single-site dairies and RNG facilities in North America. The growth of the RNG market represents an expanding segment of the natural gas supply chain, which Bakken gas producers monitor as potential partners or...

🔆Midday Wire·Jun 7

Regulatory

Macquarie Questions Oil Price Ceiling; Scotland Seeks Energy Powers

Economists at Macquarie Group are questioning the factors keeping global oil prices below the $100 per barrel threshold, according to a report highlighted by Rigzone. The analysis, which includes insights from Ric Deverell, Chief Economist and Head of Macro Strategy at Macquarie Group, was sent to the news service recently. While the report's specific conclusions were not detailed, the central question underscores the persistent market pressures that influence the revenue environment for Bakken shale operators. Sustained prices below this psychological benchmark can impact drilling budgets and the pace of development in North Dakota's core oil-producing region. In a separate international regulatory development, the Scottish Parliament has voted to request the transfer of greater energy powers from the U.K. government, Rigzone reported. Scotland's Energy Minister Stephen Gethins stated, "We are formally requesting the devolution of powers that we need to maximize our remarkable energy potential." The move highlights a growing trend...

🔆Midday Wire·Jun 7

Production Data

Bakken Rig Count Hits 27 as Oil Prices Retreat

The number of active drilling rigs in North Dakota held steady at 27 on Sunday, June 7, according to Bakken Wire's midday data. This low rig count persists alongside a sharp midday decline in benchmark oil prices, pointing to continued restraint among Bakken operators in expanding drilling programs. West Texas Intermediate (WTI) crude was trading at $90.54, down $2.50 or 2.69% from its previous settlement. Brent crude fell to $93.09, a drop of $1.94. The Bakken crude differential stood at $-3.42 versus WTI. Natural gas was priced at $3.23. Historically, the rig count is a leading indicator for future oil production in the Bakken formation, North Dakota's primary oil-producing region. A sustained increase in rigs typically signals an expansion in drilling and completion activity, which leads to new wells and production growth several months later. Conversely, a low and stable rig count suggests operators are maintaining existing production levels but...

🔆Midday Wire·Jun 7

🌅Afternoon Wire4:00 PM CST

Oil Prices

Bakken Crude Holds Near $87 as Market Uncertainty Mounts

Oil prices held steady on Sunday, with West Texas Intermediate (WTI) crude trading at $90.54 per barrel and Brent crude at $93.09, according to live market data. The price for Bakken crude, adjusted for its regional differential, stands near $87.12 per barrel. The market's stability belies extreme underlying volatility and uncertainty, driven by a prolonged war in the Middle East that has severely constricted global oil flows. According to a survey cited by Rigzone, the conflict between a U.S.-Israeli alliance and Iran has caused OPEC output to plunge further, taking a heavy toll on supplies. A critical factor obscuring the true state of the market is a surge in "dark" tanker traffic through the Strait of Hormuz. An analysis by OilPrice.com, citing data from Vortexa, shows that tanker traffic through the critical chokepoint has collapsed by 90% to 95% compared to pre-war levels. Of the vessels that do transit, 57%...

🌅Afternoon Wire·Jun 7

Rig Report

North Dakota Rig Count Holds at 27 Amid Volatile Month

North Dakota's active drilling rig count remained steady at 27 on Sunday, June 7, according to live data from Bakken Wire. The tally showed no new rigs added, none removed, and no rigs moving location since the previous day. The current count represents a decline of three rigs from the total of 30 active one week ago, on May 31. However, compared to one month prior, the fleet has grown by four rigs from the 23 rigs reported on May 8. This volatility over recent weeks highlights the dynamic nature of drilling activity in the Williston Basin, where operators frequently adjust capital programs in response to commodity price signals and operational efficiency goals. The Bakken formation remains North Dakota's primary oil-producing region, and rig activity is a closely watched leading indicator for future production. A stable daily rig count suggests a momentary pause in the recent adjustments seen over the...

🌅Afternoon Wire·Jun 7

Pipeline & Infrastructure

International Protesters Converge on Dakota Access Pipeline Site

Protest activity against the Dakota Access Pipeline (DAPL) in southern North Dakota is drawing international participants, including from Canadian First Nations, according to a CBC News report. Erica Ryan-Gagne, a Haida business owner from Skidegate on Haida Gwaii, British Columbia, drove 30 hours with her two young children to join the Standing Rock protest camp. Ryan-Gagne stated her support is for the Sioux Nation's battle against the pipeline, which she connects to energy projects 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 told CBC News. The Dakota Access Pipeline is a $3.8 billion project designed to transport light sweet crude oil from the Bakken formation to Illinois. Energy Transfer Partners is leading the project, with Enbridge investing $1.5 billion to...

🌅Afternoon Wire·Jun 7

Regulatory

UK Chemical Industry Crisis Highlights Global Energy Cost Divide

Britain's chemical industry is in peril due to some of the highest industrial energy prices in the world, a situation intensified by UK net zero policy, according to a report from OilPrice.com. The report, published Sunday, argues that high energy costs are making domestic production of essential chemicals like ammonia and ethylene uneconomic, forcing increased reliance on imports and undermining economic security. The UK government recently announced a £350 million Critical Chemicals Resilience Fund, which the report calls an acknowledgement of the sector's trouble. Chancellor Rachel Reeves also announced £120 million for the ceramics sector. However, the OilPrice.com analysis, written by Sharon Todd, states that a capital investment closer to £3.5 billion would be needed to future-proof the UK chemicals capability for the next two decades. The primary challenge is structurally uncompetitive energy costs driven by UK policy. "The reality is that much of the UK's energy cost disadvantage is...

🌅Afternoon Wire·Jun 7

Global Markets

Oil Prices Retreat on Global Demand Concerns

Oil prices fell this week as traders weighed concerns over weakening global demand, according to a report from Rigzone. The development creates a less favorable price environment for producers in North Dakota's Bakken formation. The Rigzone report, published June 5, stated that crude retreated as the market assessed stalled U.S.-Iran negotiations against a backdrop of softening demand. While specific price levels were not provided, the downward movement signals a shift in market sentiment that directly impacts the revenue calculus for Williston Basin operators. For Bakken producers, a sustained period of lower prices can pressure operating margins and influence decisions on drilling and completion activity. The Bakken formation is a key contributor to U.S. tight oil production, and its economics are closely tied to global benchmark prices like West Texas Intermediate (WTI). When prices fall, the incentive to bring new wells online or accelerate development in certain areas diminishes. The mention...

🌅Afternoon Wire·Jun 7

Global Markets

Global Energy Shift Accelerates Post-War, Solar Dominates U.S. Additions

The permanent closure of the Strait of Hormuz is forcing a fundamental rewiring of global oil trade, with Gulf exporters accelerating pipeline projects to bypass the critical chokepoint, according to an OilPrice.com report. The legacy of the Middle East war is expected to permanently alter energy infrastructure, moving exports away from vulnerable maritime routes. Persian Gulf exporters are urgently rerouting crude from ports to pipelines. The UAE is aiming to have an operational pipeline to the port of Fujairah by 2027, while Saudi Arabia is already using its East-West pipeline to bypass the blockade. Iraq, whose southern output has plunged 70% to 1.3 million barrels per day due to its reliance on Hormuz, is discussing tripling its pipeline capacity within three months. Analysts say the "genie is out of the bottle" now that Iran's longstanding threat has materialized. Concurrently, solar power continues to dominate new energy capacity additions in the...

🌅Afternoon Wire·Jun 7

Operator News

UK Forecasts $100 Oil Risk, Industry Faces Arctic Test, Offshore Strikes

The UK government has revised its internal oil price forecasts upward, seeing a risk of prices remaining near $100 per barrel until 2028, according to a report from Rigzone. This long-term price outlook, if realized, would provide a favorable fiscal environment for continued development in the Bakken formation, where breakeven economics are crucial for operators. Separately, industrial action is threatening North Sea operations. Workers for contractor Bilfinger on the Alba FSU and FPF1 offshore assets are striking over pay, Rigzone reported. Unite Industrial Officer Paula Buchan warned the strikes "will have a significant impact on the day to day operations of these assets." While not directly affecting the Williston Basin, such global supply disruptions can contribute to price volatility and underscore broader labor tensions within the energy sector. In a significant test for industry investment appetite, an upcoming lease auction for Alaska's Arctic National Wildlife Refuge (ANWR) will gauge operator...

🌅Afternoon Wire·Jun 7

Pipeline & Infrastructure

Industry Roundup: RNG Growth, Norway Strike Averted, Oil Price Questions

Clean Energy Fuels 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 the capacity to process more than 5 million gallons a day of manure. The growth of the RNG sector represents a broader energy transition that Bakken operators are monitoring, as natural gas capture and alternative fuel markets remain key topics in North Dakota. Separately, a potential labor strike affecting Norwegian offshore oil and gas production has been averted, Rigzone reported. New agreements, including pay increases, were reached for about 8,000 workers. The threatened strike had risked cutting Norwegian production by over 45,000 barrels of oil equivalent per day. While a direct impact on the Bakken is limited, such disruptions in major global producing regions can influence international market sentiment...

🌅Afternoon Wire·Jun 7