Monday, June 8, 2026

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Oil Prices

Oil Prices Climb on Supply Jitters Despite OPEC+ Hike, Saudi Price Cut

Crude oil prices gained nearly 1% early Monday, with West Texas Intermediate (WTI) trading at $91.42 per barrel and Brent crude at $94.15, according to live market data. The gains come amid a complex backdrop of ongoing Middle East supply disruptions, a new OPEC+ production increase, and a significant price cut from Saudi Arabia targeting Asian buyers. The market's primary support continues to be the closure of the Strait of Hormuz, which has severely constrained exports from key producers like Iraq and Qatar since the U.S. and Israeli war against Iran began in late February. According to an OilPrice.com report, Iraq's production has plummeted from over 4 million barrels per day to just 1.4 million as of May due to the tanker traffic blockage. Despite this, OPEC+ on Sunday approved another nominal output hike of 188,000 barrels per day for July, adding to a series of increases totaling nearly 600,000...

☀️Morning Wire·Jun 8

Rig Report

North Dakota Rig Count Holds at 27, Up Four from May

The number of active drilling rigs operating in North Dakota held steady at 27 on Monday, June 8, according to live rig data monitored by Bakken Wire. There were no new rigs added, none removed, and none that moved location since the previous reporting day. This current level represents a decline of two rigs from one week ago, when the state reported 29 active rigs on June 1. However, the broader trend over the past month shows an increase in drilling activity. Compared to the count of 23 rigs recorded on May 9, the Bakken formation has seen a net gain of four active drilling units. The rig count is a closely watched leading indicator for future oil production in the Williston Basin. Stable or increasing rig counts suggest operators are continuing to invest in drilling new wells, which will eventually translate into new production volumes after completion. The current...

☀️Morning Wire·Jun 8

Daily Activity

North Dakota DMR Reports No New Activity for Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, June 7, 2026, contained no new filings, according to the agency's data. The DMR's daily report typically lists newly approved drilling permits, wells that have been spud (drilling commenced), wells that have been completed, and notices of well plugging. The absence of new activity on a Sunday is a normal occurrence, as regulatory filings and field operations often slow during weekends and observed holidays. For Bakken operators and service companies, these routine no-activity days provide brief pauses in the regulatory calendar. The next report, expected later today, will reflect any filings processed by the state on Monday.

☀️Morning Wire·Jun 8

Global Markets

China Refining Delays Signal Global Crude Disruption, Potential Bakken Opening

Disruptions to Middle Eastern crude supplies have forced Chinese refiners to delay or indefinitely postpone 500,000 barrels per day of refining capacity, according to a Reuters report published Monday. The delays represent one of the first major downstream impacts of the Iran war outside the Gulf region and underscore the global supply tightness that can support demand for barrels from stable regions like the Bakken. According to OilPrice.com, the delays affect a 300,000-bpd refinery being developed by Huajin Aramco Petrochemical Co. in northeastern China and a planned 200,000-bpd restart at PetroChina’s Dalian refinery. The startup of the Huajin refinery, backed by Saudi Aramco, has been delayed by several months to the third quarter. PetroChina has indefinitely postponed the Dalian unit restart. Both projects were expected to contribute to China's refining growth this year but have been pushed back amid crude supply uncertainty and deteriorating refining economics. The supply disruption stems...

☀️Morning Wire·Jun 8

Global Markets

Israel Strikes Iranian Petrochem Plant, Oil Prices Spike 5%

Global oil prices spiked 5% in early Asian trading Monday after Israel launched airstrikes on a petrochemical plant in southwestern Iran, marking a major escalation in Middle East hostilities according to OilPrice.com. The Israel Defense Forces confirmed strikes on "several targets" at a complex in the Mahshahr area early Monday, the first direct energy sector attack on Iranian territory since a ceasefire took effect on April 8. This follows a weekend of reciprocal missile attacks between the two nations. On Sunday, Iran targeted Israel, and Israel retaliated against Iranian military targets, Rigzone reported, despite U.S. President Donald Trump's call for Israeli Prime Minister Benjamin Netanyahu to refrain from hitting back. Analysts at Saxo Bank described the exchange as "one of the most serious tests" of the April ceasefire, which was intended to halt fighting involving the U.S., Israel, and Iran, according to OilPrice.com. President Trump attempted to reassure markets, telling...

☀️Morning Wire·Jun 8

Operator News

Oil Prices Retreat Amid Demand Concerns, UK Forecasts Risk of $100 Oil

Oil prices fell in recent trading as traders weighed weakening global demand against stalled US-Iran negotiations, according to Rigzone. The retreat highlights ongoing market volatility affecting Bakken producers. Separately, the UK government has revised its internal oil price forecasts upwards, seeing a risk of $100 oil until 2028, Rigzone reported. While not a direct market prediction, such assessments from a major economy underscore the potential for sustained higher price environments, which could support Bakken drilling economics if realized. For the Bakken formation, North Dakota's primary oil-producing region, these conflicting signals—near-term demand fears versus longer-term price risk—create a complex planning landscape for operators and royalty owners. Market sentiment continues to be a key driver for activity levels in the Williston Basin. In other operator news, GFL and OPAL Fuels agreed on two joint projects to enable renewable natural gas production at landfills in Alabama and Georgia, Rigzone reported. While this development...

☀️Morning Wire·Jun 8

Pipeline & Infrastructure

Bakken Wire Roundup: Labor Strike, Arctic Leasing, RNG Expansion

A labor strike affecting North Sea oil assets, a potential new federal leasing opportunity in Alaska, and a major renewable natural gas facility coming online mark recent energy industry developments. While not directly in the Williston Basin, these events reflect broader trends relevant to Bakken operators and service companies. Offshore workers employed by Bilfinger are on strike over pay, impacting operations on the Alba FSU and FPF1 assets, according to Rigzone. Unite Industrial Officer Paula Buchan warned the strikes "will have a significant impact on the day to day operations of these assets." The report, from June 5, underscores ongoing labor tensions within the oil and gas sector that can affect production and maintenance schedules globally, a factor for service firms with international operations. In federal policy news, an upcoming auction for drilling rights in Alaska's Arctic National Wildlife Refuge (ANWR) will test industry appetite for new frontier exploration, Rigzone...

☀️Morning Wire·Jun 8

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Surge Past $91

North Dakota's oil rig count remained unchanged at 27 for the week, according to live Bakken Wire data, as benchmark oil prices pushed higher. The stability in drilling activity comes despite West Texas Intermediate crude trading at $91.42 per barrel, a gain of 0.97% on the day. The current rig count of 27 is near historic lows for the Bakken formation, a level that suggests operators are maintaining strict capital discipline. Historically, the number of active drilling rigs is a leading indicator of future oil production, with a typical lag of several months between a change in rig activity and a corresponding change in output. Brent crude, the international benchmark, also rose to $94.15. The price for Bakken crude at the wellhead is typically discounted against these benchmarks. The live data shows the Bakken differential at -$3.42 versus WTI, putting local crude at approximately $88.00 per barrel. Natural gas prices...

☀️Morning Wire·Jun 8

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Climb Amid Global Inventory Fears, Tight Physical Supply

Front-month oil futures rallied in midday trading Monday, with Brent crude leading gains as market focus intensified on rapidly depleting global inventories and the ongoing loss of supply from the Persian Gulf. West Texas Intermediate (WTI) crude for July delivery was trading at $91.66 per barrel, up $1.12 or 1.24% on the day, according to live price data. The global benchmark, Brent crude, rose $1.74 to $94.83 per barrel, a gain of 1.87%. The price surge comes as analysts warn the global oil system is approaching a critical juncture. According to a report from OilPrice.com, the market is drawing down commercial inventories—described as an "oil savings account"—to compensate for the closure of the Strait of Hormuz by Iran, which has halted the flow of roughly 20% of the world's oil. The analysis suggests the system could experience "operational stress" as soon as this month, a point characterized by extreme price...

🔆Midday Wire·Jun 8

Global Markets

Global Gas Tightness, Oil Risk Premium Signal Support for Bakken Prices

A deepening global natural gas shortage, driven by conflict and labor strikes, is tightening energy markets and underpinning supportive conditions for North Dakota's Bakken producers. According to multiple reports from OilPrice.com on Monday, the loss of Qatari LNG exports and potential new disruptions in Australia are creating a supply squeeze that could bolster both gas and oil prices. China, the world's top LNG importer, is buying its highest volumes since the Iran war began in late February, according to OilPrice.com. Traders reported the country is now taking 7 to 10 extra cargoes per month to replace lost Qatari supply. Qatar's massive Ras Laffan LNG complex, damaged by Iranian missile strikes in March, faces up to five years of repairs, costing an estimated $20 billion per year in lost revenue. This has pushed China's 30-day moving average for LNG deliveries to 178,000 tons per day, its highest since early February. Simultaneously,...

🔆Midday Wire·Jun 8

Global Markets

Global Tensions, Gasoline Drawdown Signal Tightening Oil Market

The stalemate in the U.S./Israel-Iran war could be setting the stage for the next oil supercycle, according to an analysis from OilPrice.com. With a firm peace deal appearing less likely, the effective closure of the critical Strait of Hormuz transit route may persist, according to the source. OilPrice.com reported that both Washington, under President Donald Trump, and Tehran, under the Islamic Revolutionary Guards Corps (IRGC), may have compelling reasons to keep the conflict simmering, which would maintain a geopolitical risk premium over global oil prices. Meanwhile, U.S. gasoline inventories are falling at a record pace ahead of the summer driving season, according to a separate OilPrice.com report. For the week ending May 22, inventories stood at 211.6 million barrels, the lowest May reading since 2014. More critically, stocks fell by 47.5 million barrels between early February and late May, a drawdown larger than any similar period in weekly EIA data...

🔆Midday Wire·Jun 8

Operator News

Global Energy Developments Spotlight LNG, Leasing, and Stockpiles

Sempra Infrastructure expects to launch commercial operations at its 3.25-million-metric-ton-per-year ECA LNG project in Mexico within a few months, according to a report from Rigzone. The start of new LNG export capacity can influence global natural gas benchmarks, which are intermittently linked to Bakken gas prices and the economics of associated gas production in the region. In Alaska, a federal oil and gas lease auction for tracts in the Arctic National Wildlife Refuge drew only two bidders, Rigzone reported. The subdued interest in a high-profile, federally managed onshore lease sale may reflect broader industry caution toward frontier regions with regulatory and access challenges. This contrasts with continued, more predictable development in established basins like the Bakken. Separately, the Philippines has tapped Japan for assistance in building a government-owned strategic oil stockpile, as reported by Rigzone. As chair of ASEAN this year, Manila is also advocating for a coordinated Southeast Asian...

🔆Midday Wire·Jun 8

Pipeline & Infrastructure

Global Energy News Roundup: LPG Ship Orders, Offshore Leasing, Mideast Tensions

Bakken Wire Midday Update -- Developments in global shipping, exploration, and geopolitics reported Monday hold indirect implications for international energy markets and, by extension, Bakken operators. In maritime news, BGN ordered two additional liquefied petroleum gas (LPG) very large gas carriers (VLGCs) from South Korea's HD Hyundai, according to Rigzone. The report states this brings BGN's total new orders from the shipbuilder to six vessels, all slated for delivery in 2029. Increased global LPG shipping capacity can influence export logistics and pricing for natural gas liquids, a key co-product of Bakken oil production. On the exploration front, Italy's Eni has secured a new exploration block offshore Gambia, Rigzone reported. The source noted the block is located in a region of the Atlantic margin with proven hydrocarbon discoveries. While not directly related to onshore U.S. plays, major international oil companies continuing to invest in new exploration underscores ongoing global demand for...

🔆Midday Wire·Jun 8

Regulatory

OPAL, GFL Partner on Southern Landfill Gas-to-RNG Projects

OPAL Fuels and GFL Environmental have agreed to two joint projects to produce renewable natural gas (RNG) at landfills in Alabama and Georgia, according to a report from Rigzone. The companies will develop RNG facilities at the Stones Throw Landfill in Tallapoosa County, Alabama, and the Grady Road Landfill in Polk County, Georgia. The Rigzone report, published June 7, did not provide projected production volumes, investment figures, or timelines for the projects. Renewable natural gas is a pipeline-quality fuel derived from capturing and processing biogas, such as methane released from decomposing landfill waste. The fuel is functionally identical to fossil natural gas and can be used in the same transportation and heating applications. For the Bakken region, the continued national expansion of RNG projects represents the ongoing diversification of the broader North American natural gas market. While the Bakken formation is primarily an oil-producing region, it also yields significant associated...

🔆Midday Wire·Jun 8

Production Data

North Dakota Rig Count Holds at 27 as Oil Prices Top $91

The number of active drilling rigs in North Dakota remained unchanged at 27, according to midday data for Monday, June 8, 2026. The stable rig count coincides with a significant rally in oil prices, with West Texas Intermediate (WTI) crude trading at $91.66 per barrel, up $1.12 on the day. The current rig count of 27 represents a baseline level of drilling activity in the Williston Basin. Historically, rig counts are a leading indicator for future oil production, with a lag of several months between when a well is spudded and when it begins producing. A stable count suggests operators are maintaining, but not aggressively expanding, their drilling programs. Supporting this steady operational tempo are strong commodity prices. Brent crude, the international benchmark, was trading even higher at $94.83. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42 per barrel, putting...

🔆Midday Wire·Jun 8

Workforce & Community

Bakken Rig Count Holds at 27 Amid Strong Oil Prices

The number of active drilling rigs in North Dakota held steady at 27 on Monday, as strong global crude prices continued to underpin activity in the Bakken formation. West Texas Intermediate (WTI) crude traded at $91.66 per barrel, up $1.12 for the day, while the international Brent benchmark was at $94.83. In the Bakken oil region, the rig count is a leading indicator for employment and economic activity. A stable count in the mid-to-high 20s suggests a consistent level of drilling operations, which supports direct employment for oilfield workers, from roughnecks and engineers to truck drivers and equipment technicians. The current price environment, with WTI above $90, provides the economic incentive for operators to maintain this level of activity. The health of the local economy in western North Dakota cities like Williston, Dickinson, and Watford City is closely tied to the pace of oil and gas development. Sustained drilling activity...

🔆Midday Wire·Jun 8

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rise Despite OPEC+ Announcement; Bakken Spread Widens

Front-month WTI crude oil futures rose 0.77% on Monday, June 8, to settle at $91.24 per barrel, a gain of $0.70. The global Brent benchmark saw a larger increase, climbing 1.21% or $1.13 to $94.22, according to live market data. The price strength comes despite news that OPEC+ has decided to boost production beginning in July. The group of major oil-producing nations announced the increase on Monday, according to a report from Rigzone. However, analysis from Rystad Energy cited in the report suggests the planned hikes "will have little to no real impact on the oil markets," likely muting any bearish price reaction. While benchmark prices firmed, the discount for Bakken crude at the wellhead widened. The Bakken differential was recorded at -$3.42 versus WTI, meaning Bakken barrels are priced at a significant discount to the U.S. benchmark. This spread is a critical metric for North Dakota producers, as it...

🌅Afternoon Wire·Jun 8

Rig Report

North Dakota Rig Count Holds at 28, Koda Resources Adds One in Divide County

North Dakota's active drilling rig count held steady at 28 on Monday, June 8, according to Bakken Wire's live rig data. The count saw a net increase of one rig from the previous day. One new drilling rig was added to the state's tally. Koda Resources Operating, LLC spud the STONEHAM 17 well at location 160-102-13 in Divide County. No rigs were removed or moved locations in the 24-hour reporting period. The current level of 28 active rigs represents a slight decrease from one week prior, when 29 rigs were active as of June 1. However, the broader trend shows increased activity compared to last month. The rig count is up by five from the 23 rigs reported on May 9, 2026. The Bakken formation in western North Dakota remains one of the nation's most prolific onshore oil-producing regions. Rig activity is a closely watched leading indicator for future oil...

🌅Afternoon Wire·Jun 8

Global Markets

Global Supply Disruptions Lift Oil, Asia Coal Demand Surges Amid Gas Shortage

Global oil prices rebounded Monday as fresh supply risks from the Middle East conflict and ongoing attacks on Russian infrastructure injected a geopolitical premium into the market, according to Rigzone. This immediate price support benefits Bakken crude producers facing regional differentials. The broader energy market is being reshaped by sustained disruptions. According to OilPrice.com, damage to Gulf energy infrastructure from the Middle East conflict has caused billions in damage and triggered a significant shift in Asia-Pacific energy consumption. Research from Rystad Energy shows the fallout is driving a near-term surge in thermal coal demand, with an additional 150 million tonnes of cumulative consumption projected through 2030. A key driver is a liquefied natural gas (LNG) shortfall estimated at 35 million tonnes this year, partly due to force majeure at Qatar's damaged Ras Laffan facility, which removed close to 10.2 million tonnes per annum of supply to Asia. This has tightened...

🌅Afternoon Wire·Jun 8

Global Markets

Global Energy Shifts Pose Challenges, Opportunities for Bakken

The global energy system is undergoing significant shifts, with implications for North Dakota's Bakken operators. Three major trends—surging power demand from artificial intelligence, the peaking of internal combustion engine vehicle sales, and an aviation fuel crisis—are reshaping the landscape for oil and gas. First, the AI boom is driving an unprecedented surge in electricity demand, according to OilPrice.com. Experts project U.S. data center energy demand will skyrocket by almost 360% by 2030, reaching 110 GW. Big Tech firms, struggling to meet this demand affordably, are investing in novel solutions. This week, Google signed a deal with startup Voltus to create a "virtual power plant," financing a program to pay households and businesses in the Mid-Atlantic U.S. to curb consumption, thereby making 100 megawatts available for its data centers without new infrastructure. This focus on grid flexibility, rather than just new generation, represents a new approach to securing power for energy-intensive...

🌅Afternoon Wire·Jun 8

Operator News

Oil Prices, Texas Output, and LNG Startup Mark Monday's News

Oil prices climbed Monday but saw their rise stunted as Israel and Iran signaled they may avoid further escalation, according to Rigzone. For Bakken operators, this highlights the continued influence of geopolitical tensions on the crude market, which directly impacts the economics of drilling and completion programs in North Dakota. Separately, the Railroad Commission of Texas revealed its latest preliminary crude oil and natural gas production figures for March this year, Rigzone reported. While specific figures were not provided in the summary, Texas remains the largest oil-producing state and a key competitor to North Dakota's Bakken formation. Output levels in the Permian Basin can influence national storage levels and pricing benchmarks that Bakken crude follows. In other energy infrastructure news, Sempra Infrastructure expects to launch commercial operations at the 3.25-million metric tons per annum (MMtpa) ECA LNG project in Mexico in a few months, Rigzone stated. The startup of new...

🌅Afternoon Wire·Jun 8

Pipeline & Infrastructure

Global Energy Developments Highlight Infrastructure, Market Factors for Bakken

International energy developments reported Monday highlight factors that influence the global market for Bakken crude and natural gas liquids. While not directly about North Dakota pipelines, the news underscores the importance of infrastructure and geopolitical stability for the region's exports. In a move that could affect global shipping capacity for liquefied petroleum gases (LPG), Turkish energy company BGN ordered two more very large gas carriers (VLGCs) from South Korea's HD Hyundai, according to Rigzone. This brings BGN's total order to six new vessels, all slated for delivery in 2029. Increased global VLGC capacity can facilitate the export of natural gas liquids, a key byproduct of Bakken oil production. Separately, the Philippines is seeking to bolster its energy security by establishing a government-owned oil stockpile with help from Japan, Rigzone reported. As chair of the Association of Southeast Asian Nations (ASEAN) this year, Manila is also pushing for a regional reserve....

🌅Afternoon Wire·Jun 8

Regulatory

Global Geopolitical, Exploration Developments Impact Energy Markets

Israel retaliated against Iranian missile attacks by striking military targets in Iran, according to a Rigzone report published Monday. The development comes despite international calls for restraint and adds to ongoing geopolitical tensions in a key oil-producing region. Heightened conflict in the Middle East typically influences global crude oil prices through concerns over supply disruption. For Bakken shale operators and North Dakota royalty owners, such volatility can directly impact the economics of drilling and production plans in the Williston Basin. Separately, Italian energy company Eni has secured a new exploration block offshore Gambia, Rigzone reported Monday. The block is located in a region of the Atlantic margin with proven hydrocarbon discoveries, the source stated. While this exploration activity is geographically distant from the Bakken, it reflects continued global investment in oil and gas exploration. Major international companies balancing portfolios between shale assets like the Bakken and offshore conventional projects may...

🌅Afternoon Wire·Jun 8

Production Data

Bakken Rig Count Holds at 28 Amid Stronger Oil Prices

North Dakota's active drilling rig count remained at 28 for the week, a level that continues to reflect a cautious operational environment for Bakken shale producers despite a recent uptick in oil prices. According to Bakken Wire live data, the state's rig activity is holding steady at a fraction of the peak levels seen in the previous decade. The price environment for Bakken crude has strengthened, with West Texas Intermediate (WTI) trading at $91.24 per barrel on Monday, June 8, 2026, a gain of $0.70. The global benchmark Brent crude rose to $94.22. The Bakken crude differential, the discount at which the local crude trades compared to WTI, was reported at -$3.42 per barrel. Natural gas prices were $3.14 per MMBtu. Historically, the rig count is a leading indicator for future oil production, as new wells must be drilled to offset the steep natural decline rates from existing shale wells....

🌅Afternoon Wire·Jun 8