Tuesday, June 9, 2026

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Oil Prices

Oil Prices Drop Amid OPEC+ Announcement, Natural Gas Strengthens

Oil prices retreated in Tuesday morning trading, with both major benchmarks down more than 1.5%. West Texas Intermediate (WTI) crude fell $1.70 to settle at $89.60 per barrel, a decline of 1.86%. Brent crude dropped $1.42 to $92.83 per barrel, according to live price data. The Bakken crude differential held at a discount of $3.42 per barrel versus WTI. The price drop follows an announcement from OPEC+ that it will boost production in July. According to Rigzone, analysis from Rystad Energy suggests the planned production increases "will have little to no real impact on the oil markets." Despite this assessment, the market reaction was negative. In contrast to oil, natural gas prices showed modest strength, adding $0.03 to reach $3.18 per MMBtu. This strength is supported by a forecast for a significant tightening in the global liquefied natural gas (LNG) market. According to a report from OilPrice.com, Morgan Stanley analysts...

☀️Morning Wire·Jun 9

Rig Report

North Dakota Rig Count Holds Steady at 28, Up Five from May

North Dakota’s active drilling rig count held steady at 28 on Tuesday, according to live data from Bakken Wire. The figure is unchanged from the previous day, with no new rigs added, removed, or relocated. The current rig count represents a decline of one active drilling unit compared to one week ago, when the state reported 29 rigs on June 2. However, the pace of drilling activity remains significantly higher than levels seen in early May. The state has added five rigs over the last month, up from a count of 23 on May 10. The stable, elevated rig count suggests operators in the Bakken formation are maintaining capital discipline while continuing development programs. The Williston Basin remains a core oil-producing region, and the rig activity level is a key indicator of near-term production potential. Separately, a report from Rigzone highlights contrasting dynamics in another major U.S. shale play. According...

☀️Morning Wire·Jun 9

Daily Activity

Hess, Murfin Secure New Bakken Permits; Devon Confidential Wells Released

The North Dakota Department of Mineral Resources approved four new drilling permits on Monday, June 8, with Hess Bakken Investments II accounting for three of them. The agency also released seven wells from confidential status, revealing new production data from operators including Devon Energy and Slawson Exploration. Hess Bakken Investments II was the most active applicant, securing permits for three horizontal wells in McKenzie County. Two permits, 43011 and 43012, are for the AN-MELBY- 152-95-1030H-1 and AN-MELBY- 152-95-1030H-2 wells in the Antelope field. The third, 43010, is for the HA-STATE- 152-95-1621H-10 well in the Hawkeye field. The fourth new permit, 43009, was issued to Murfin Drilling Company for the KINZEL 1-33H well in Dunn County's St. Anthony field. One permit renewal was filed on Monday. True Oil LLC renewed permit 41998 for the ERIE FEDERAL 11-3 3-10 TF1H well in McKenzie County's Bowline field. The filing notes the work is...

☀️Morning Wire·Jun 9

Global Markets

Global Banks Hike Fossil Fuel Funding to $906B as Energy Crisis Strains Asia

Global bank financing for fossil fuel companies rose for a second consecutive year in 2025, reaching $906 billion, according to a report from campaigners coordinated by Rainforest Action Network. The 8% increase from 2024 signals a continued flow of capital into the sector amid climate policy rollbacks, particularly at U.S. and Japanese banks. U.S. banks led the expansion, with their share of global fossil fuel financing rising to 32% last year from 28% in 2021. JPMorgan Chase remained the world's top financier, committing $58.2 billion in 2025, a 12.5% annual increase. Bank of America ranked second at $47 billion. Since the 2015 Paris Agreement, the world's 65 largest banks have provided a combined $8.7 trillion to fossil fuel operations. The sustained financial backing comes as a major energy supply crisis unfolds. The closure of the Strait of Hormuz due to war has cut an estimated 15 million barrels per day...

☀️Morning Wire·Jun 9

Operator News

Oil Volatility Continues as Tanker Orders Hit Record

Oil prices gave back most of Monday's gains on Tuesday, according to Rigzone. Saxo Bank highlighted the market pullback, continuing a pattern of volatility driven by geopolitical headlines. The price movement follows a stunted climb on Monday, Rigzone reported, as Israel and Iran signaled they may avoid further escalation in the region. This pause in tensions temporarily removed a key risk premium that had supported crude benchmarks. Despite near-term price fluctuations, a major signal of long-term industry confidence emerged from the shipping sector. Rigzone reported that the world's shipowners have placed orders for a record number of new oil supertankers. This surge in capital investment in very large crude carriers (VLCCs) indicates expectations for sustained strong global oil trade volumes in the coming years. For Bakken operators and royalty owners, the daily price volatility underscores the continued influence of global events on local wellhead economics. The Williston Basin's crude is...

☀️Morning Wire·Jun 9

Pipeline & Infrastructure

Pipeline Roundup: Texas Output, LNG Start, Alaska Lease Bid

The Railroad Commission of Texas has released preliminary crude oil and natural gas production figures for March 2026, according to Rigzone. While specific volumes were not detailed in the summary, the report provides a key benchmark for U.S. onshore output. Production levels in competing basins like the Permian can influence pipeline takeaway capacity and pricing dynamics for Bakken crude. In Mexico, Sempra Infrastructure expects to launch commercial operations at its ECA LNG project "in a few months," Rigzone reported. The facility has a capacity of 3.25 million metric tons per annum. New LNG export capacity increases long-term demand for natural gas, which can support gas prices and development in associated gas plays like the Bakken. A lease auction for drilling rights in Alaska's Arctic National Wildlife Refuge (ANWR) drew only two bidders, Rigzone reported. The sale was conducted by the Trump administration. Limited interest in frontier federal leases contrasts with...

☀️Morning Wire·Jun 9

Regulatory

Asia Pacific Energy Security Push Continues, Market Implications for Bakken Exports

Global energy security initiatives and expanding shipping capacity for liquefied petroleum gases (LPG) are building a foundation for long-term demand for U.S. hydrocarbons, a factor for Bakken crude and natural gas liquids exports. In the Asia Pacific region, the Philippines is moving to establish a government-owned oil stockpile with assistance from Japan, according to a report from Rigzone. As the current chair of ASEAN, Manila is also advocating for the creation of a broader Southeast Asian petroleum reserve. Such strategic reserve builds are typically seen as supportive for global crude oil demand, including supplies from the United States. Separately, global energy firm BGN has placed an order for two additional Very Large Gas Carriers (VLGCs) specifically designed to transport LPG, Rigzone reported. The new order brings BGN's total to six new VLGCs on order from South Korean shipbuilder HD Hyundai, all slated for delivery in 2029. These international developments have...

☀️Morning Wire·Jun 9

Production Data

Bakken Drilling Economics Under Pressure as WTI Drops to $89.60

The economics of drilling new wells in North Dakota's Bakken formation are facing renewed scrutiny as oil prices retreated in early June trading. On Tuesday, June 9, the U.S. benchmark West Texas Intermediate (WTI) crude price settled at $89.60 per barrel, down $1.70 for the session, according to live market data. A sustained price above $85 is generally considered the threshold to support new drilling in the play. While current prices remain above that level, the recent dip narrows the margin for operators. The typical cost to drill and complete a modern Bakken well ranges from $7 million to $8 million. For an economic analysis, the expected ultimate recovery (EUR) of a well is a critical factor. High-performing Bakken wells can have EURs ranging from 500,000 to over 1 million barrels of oil equivalent over their lifespan. At a WTI price of approximately $90, a well with a 750,000-barrel EUR...

☀️Morning Wire·Jun 9

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Plunges 5% as Kuwait Moves Cargoes, Bakken Differential Holds

Front-month West Texas Intermediate (WTI) crude oil futures plummeted 5.3% on Tuesday, trading at $86.46 per barrel in midday trading. The sharp sell-off, which saw WTI drop $4.84, was mirrored by Brent crude, which fell 4.42% to $90.08 per barrel. The price for Bakken crude at the Clearbrook, Minnesota, hub held a differential of -$3.42 versus WTI. The dramatic price drop coincides with the first significant sign that crude supply from the Persian Gulf may be reaching global markets despite the ongoing regional conflict. According to a report from OilPrice.com, Kuwait Petroleum Corporation (KPC) is offering at least 4 million barrels of crude to buyers in China and South Korea. This marks the first such offering since the war involving Iran began on February 28, which severely choked tanker traffic through the critical Strait of Hormuz. The news suggests some crude is navigating the strait, alleviating fears of a prolonged,...

🔆Midday Wire·Jun 9

Global Markets

Global Shifts, Price Pressures Shape Bakken Outlook

Global energy markets are being reshaped by a surge in South American shale production and persistent Middle East volatility, setting a complex stage for Bakken crude pricing. Argentina's Vaca Muerta shale play hit a record 618,849 barrels per day in April 2026, according to OilPrice.com, pushing the country's total crude output to 881,809 bpd. This 19% annual increase solidifies Argentina as a rising global shale competitor, with its geology often compared to the Eagle Ford. The growth comes as the closure of the Strait of Hormuz has removed roughly one-fifth of global LNG supply and impacted oil flows, triggering price shocks. However, a recent temporary ceasefire brokered between Israel and Iran has capped a further price breakout, with ICE Brent lingering around $92 per barrel as of Tuesday, June 9, 2026, OilPrice.com reported. Simultaneously, demand concerns are mounting, particularly in Asia. Major demand centers are showing weakness. India's fuel consumption...

🔆Midday Wire·Jun 9

Global Markets

Global Tensions Ease as Iran Halts Strikes; Kuwait Resumes Asian Oil Sales

Iran's military command announced a halt to its strikes against Israel on June 8, declaring it had delivered a "painful response" but warning that any continued Israeli aggression would bring "far more intense and crushing" retaliation, according to a report from OilPrice.com. The announcement framed the pause as a completed operation with conditions attached, an attempt to preserve an appearance of strength while de-escalating. The move followed a social media post from U.S. President Donald Trump indicating both sides were looking for an immediate ceasefire and that final negotiations on a U.S.-Iran peace deal were proceeding, OilPrice.com reported. Analysts cited in the report suggested Iran's actions were aimed at preserving the credibility of a prior public threat after Israel struck Beirut's Dahiyeh district, home to Iran's Lebanese ally. Israeli Prime Minister Benjamin Netanyahu stated "fire is on hold" against Iran following the announcement. In a related market development, Kuwait is...

🔆Midday Wire·Jun 9

Operator News

North American Rig Count Gains, Gulf LNG Transit Continues Amid Uncertainty

North America's active rig count increased by eight units this week, according to the latest rotary rig count data from Baker Hughes reported by Rigzone. The weekly gain suggests continued upstream activity across the continent, which includes the key Bakken formation in North Dakota. Separately, another liquefied natural gas (LNG) tanker from Qatar transited the strategic Strait of Hormuz over the weekend, Rigzone reported based on ship-tracking data. The movement of LNG through the vital shipping corridor indicates ongoing export flows from the Persian Gulf despite regional tensions. Those tensions show no clear path to resolution, according to analysis from Wood Mackenzie. In a statement sent to Rigzone, the consultancy said it "found no consensus" on when the Gulf "crisis" will be "resolved," based on discussions at its recent annual gas and LNG conference in London. For Bakken operators and the broader North Dakota oil and gas sector, these developments...

🔆Midday Wire·Jun 9

Pipeline & Infrastructure

Oil Prices Retreat Midday; Supertanker Orders Hit Record

Oil prices gave back most of Monday's gains during Tuesday's trading session, according to Saxo Bank as reported by Rigzone. The midday pullback follows a stunted price climb on Monday, which Rigzone attributed to signals that Israel and Iran may avoid further escalation in regional tensions. For Bakken producers, the price volatility underscores the continued sensitivity of crude markets to geopolitical risk. Price swings directly impact the economics of wellhead operations and drilling plans across the Williston Basin. In a separate but significant development for global oil logistics, shipowners have placed orders for a record number of new oil supertankers, Rigzone reported. The surge in orders for Very Large Crude Carriers (VLCCs) indicates a bet on rising long-term demand for seaborne crude transportation. Expanding global tanker fleet capacity is a critical factor for inland producers like those in the Bakken. Increased shipping availability can help alleviate midstream bottlenecks and support...

🔆Midday Wire·Jun 9

Regulatory

Texas RRC Reports March Production Figures

The Railroad Commission of Texas (RRC) has released its latest preliminary crude oil and natural gas production statistics, according to Rigzone. The reported figures are for March 2026. As the regulatory body for the nation's top oil-producing state, the RRC's monthly production data serves as a critical indicator of U.S. output trends. While the specific volumes were not detailed in the available summary, Texas production levels are closely watched by Bakken operators for national market context. For the Bakken formation in North Dakota, production data from other major basins helps inform market dynamics and pricing. Strong output from Texas can influence national crude inventories and, consequently, the price benchmarks against which Bakken crude is sold. The release of preliminary data for March provides an early look at spring production levels. Bakken operators often compare the pace of activity and output in competing basins like the Permian to gauge relative competitive...

🔆Midday Wire·Jun 9

Production Data

Bakken Rig Count Holds at 28 Amid Sharp Oil Price Decline

North Dakota's oil drilling activity held steady with 28 active rigs on Tuesday, even as crude oil prices experienced a significant sell-off. The stability in the rig count, a key indicator of future production, comes against a backdrop of volatile markets. West Texas Intermediate crude traded at $86.46 per barrel, down $4.84 or 5.3% for the session. The international Brent benchmark fell 4.42% to $90.08. The price for Bakken crude at the wellhead is effectively discounted further, with the Bakken differential reported at $3.42 below WTI, according to live data. The current rig count of 28 provides a snapshot of near-term drilling commitments by operators in the Williston Basin. Historically, the number of active drilling rigs is a leading indicator for oil production, with changes in the count typically preceding shifts in output by several months. A stable rig count suggests that, for now, major producers are maintaining their core...

🔆Midday Wire·Jun 9

Workforce & Community

Bakken Rig Count Holds at 28 Amid Sharp Oil Price Drop

The number of active drilling rigs in North Dakota held steady at 28 on Tuesday, providing a measure of stability for the Bakken region's workforce even as crude oil prices fell sharply. The current rig count, a key barometer for oilfield employment, suggests a sustained but cautious level of operational activity across the Williston Basin. According to live Bakken data, West Texas Intermediate (WTI) crude closed the midday session at $86.46 per barrel, down $4.84 or 5.3% for the day. The international benchmark Brent crude fell to $90.08. The Bakken crude differential, the discount at which local crude trades versus WTI, was $3.42. Natural gas was priced at $3.15 per MMBtu. In the Bakken formation, the rig count is directly tied to employment levels for drilling crews, hydraulic fracturing teams, and oilfield service companies. A stable count in the high-20s indicates a continued demand for skilled labor, supporting jobs and...

🔆Midday Wire·Jun 9

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slide Over 2.5% Despite Major US Inventory Draws

Oil prices fell sharply on Tuesday, with West Texas Intermediate (WTI) crude dropping 2.79% to settle at $88.75 per barrel. Brent crude declined 2.42% to $91.97, according to live market data. The Bakken crude differential to WTI was $3.42 per barrel. The sell-off occurred despite a much larger-than-expected drawdown in U.S. commercial crude inventories. The American Petroleum Institute (API) estimated a withdrawal of 9.119 million barrels for the week ending June 5, far exceeding analyst expectations of a 3.4 million-barrel draw, according to OilPrice.com. This continues a trend of significant draws, with crude stocks falling by an estimated 44 million barrels over the last eight weeks. Other inventory data was mixed but largely supportive. Gasoline inventories fell by 1.191 million barrels, while distillate stocks rose by 1.3 million barrels. Stocks at the Cushing, Oklahoma, hub fell by 1.125 million barrels, OilPrice.com reported. The price decline suggests traders are looking past...

🌅Afternoon Wire·Jun 9

Rig Report

North Dakota Rig Count Falls to 27 as Activity Shifts in Divide County

North Dakota's active drilling rig count fell to 27 on Tuesday, June 9, 2026, marking a net decrease of one rig from the previous day, according to Bakken Wire live data. The day saw one new rig added and two removed, with no rigs moving between locations. The new activity was concentrated in Divide County. Phoenix Operating LLC spudded a new well using the PATTERSON 280 rig at location 162-95-27. Concurrently, Phoenix removed the T&S DRILLING 2 rig from nearby location 162-95-28 in the same county. In McKenzie County, DEVON ENERGY WILLISTON, L.L.C. released the NABORS B 13 rig from location 150-99-11. The current count of 27 rigs represents a decrease of two rigs compared to one week ago, when the state reported 29 active rigs. However, drilling activity remains higher than levels seen a month ago; the count is up by four rigs from the 23 reported on May...

🌅Afternoon Wire·Jun 9

Regulatory

BLM Opens Scoping for 126,744-Acre Colorado Lease Sale in December 2026

The Bureau of Land Management has opened a 30-day public scoping period for a proposed December 2026 oil and gas lease sale in Colorado, involving 114 parcels totaling 126,744 acres, according to OilPrice.com. The agency announced the review period on Tuesday, June 9, with comments accepted through July 9. While the acreage is in Colorado, the move is a leading indicator of ongoing federal leasing activity, which is critical for maintaining long-term drilling inventories nationwide. For Bakken operators, who primarily develop state and private minerals, federal sales in other Western states signal the broader administrative and political landscape for domestic resource access. The BLM manages roughly 245 million acres of public land and approximately 700 million acres of federal subsurface mineral estate nationwide. The lease sale process remains lengthy and scrutinized. According to the report, parcels under review are only potential offerings and often face modification, deferral, or removal after...

🌅Afternoon Wire·Jun 9

Global Markets

Global Energy Shifts Impact Oil Markets, Power Demand

The global surge in artificial intelligence is forcing a major evolution in power generation, with a new hybrid model pairing natural gas with nuclear energy to meet data center demand. According to a report from OilPrice.com, U.S. energy firms are pursuing this approach to provide reliable, large-scale electricity. A key project in Texas involves Blue Energy and GE Vernova planning a 2.5-gigawatt facility using a small modular nuclear reactor alongside natural gas turbines. The partners plan to start building the natural gas components later this year, with gas-powered generation anticipated by 2030 and nuclear power coming online by 2032. This model highlights the continued foundational role of dispatchable natural gas in supporting new, massive electricity demand. Meanwhile, a looming export crisis for OPEC's second-largest producer could ripple through global oil markets. OilPrice.com reports that Iraq faces an economic disaster as its key agreement to export crude through pipelines to Turkey...

🌅Afternoon Wire·Jun 9

Operator News

Oil Markets Swing Lower, Kuwait Returns to Asia as BP Reorganizes

Crude oil futures experienced significant volatility on Tuesday, swinging lower despite ongoing supply disruptions in the market, according to Rigzone. This price movement creates a complex backdrop for Bakken producers, who must navigate shifting revenue expectations amid global uncertainty. In a notable development for global supply, Kuwait is offering to sell its crude to refiners in Asia for the first time since the start of the Iran war, Rigzone reported. The return of a major Middle Eastern producer to a key market could influence global crude benchmarks that Bakken oil prices are tied to, potentially adding to competitive pressures. On the corporate front, new BP Plc Chief Executive Officer Meg O'Neill has reorganized the energy giant's leadership and reporting structures, Rigzone noted. As a significant operator in the Williston Basin through its subsidiary BPX Energy, any strategic shifts at the parent company level can have downstream effects on its Bakken...

🌅Afternoon Wire·Jun 9

Pipeline & Infrastructure

Gulf Shipping, Price Volatility Highlight Midstream Risks

Another liquefied natural gas shipment from Qatar transited the Strait of Hormuz over the weekend, according to ship data reported by Rigzone. The movement of energy cargoes through the critical global chokepoint continues despite ongoing regional instability. Analysts see no clear end to the Gulf tensions that can impact global energy flows. At its recent annual gas conference in London, Wood Mackenzie "found no consensus" on when the Gulf "crisis" will be "resolved," according to a company statement sent to Rigzone. This prolonged uncertainty contributes to volatility in global energy markets and logistics. Oil markets retreated on Tuesday, giving back most of the gains made on Monday, as highlighted by Saxo Bank and reported by Rigzone. This price volatility directly impacts the economic calculus for Bakken producers, influencing drilling budgets and production plans. For the Bakken formation, stability in global crude oil prices and export routes is crucial for maintaining...

🌅Afternoon Wire·Jun 9

Regulatory

Tanker Orders Hit Record, Oil Prices Rise Amid Geopolitical Pause

Global shipowners have placed orders for a record number of new oil supertankers, according to Rigzone. The surge in orders for Very Large Crude Carriers (VLCCs) signals strong long-term confidence in seaborne crude oil trade, a critical outlet for Bakken production which often moves via pipeline to coastal terminals for export. Meanwhile, oil prices climbed but saw their rise stunted as Israel and Iran signaled they may avoid further immediate escalation, Rigzone reported. The geopolitical pause from a key oil-producing region provided price support while tempering the potential for a sharper spike that often accompanies conflict. For Bakken operators and royalty owners, these developments present a nuanced outlook. Increased global tanker capacity can support the economics of exporting North Dakota crude by helping manage freight costs over the long term. However, the immediate price environment remains sensitive to geopolitical headlines, which can quickly alter cash flows and drilling budgets. The...

🌅Afternoon Wire·Jun 9

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Retreat

North Dakota's oil drilling activity held firm this week with 27 active rigs, according to live data from Bakken Wire on Tuesday, June 9. The steady rig count comes amid a significant downturn in crude oil prices, with West Texas Intermediate (WTI) falling $2.55 to settle at $88.75 per barrel. The Bakken crude differential narrowed slightly to a discount of $3.42 below WTI. The global Brent benchmark also fell sharply, dropping $2.28 to $91.97. Natural gas prices were recorded at $3.14 per MMBtu. The current rig count of 27 serves as a key indicator of near-term drilling and completion activity in the Williston Basin. Historically, the number of active drilling rigs is a leading indicator for future oil production, with changes in the count typically preceding shifts in output by several months. The current level suggests operators are maintaining a focused development pace on their highest-return core acreage. The sharp...

🌅Afternoon Wire·Jun 9