Wednesday, June 10, 2026

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Oil Prices

Oil Prices Surge Past $89 Amid Supply Disruptions, Geopolitical Tensions

Front-month WTI crude futures surged 1.94% to settle at $89.91 per barrel on Wednesday, June 10, while Brent crude climbed to $93.01. The rally was driven by a significant structural supply deficit and ongoing geopolitical tensions affecting global trade flows. According to analysis from Rystad Energy, cumulative global oil supply losses due to war have now reached one billion barrels and are on track to nearly double by year-end. "Cumulative losses have now reached one billion barrels and are on track to nearly double by year-end under our base case," Rystad Energy MENA Research Director Aditya Saraswat said, as reported by Rigzone. This sustained removal of supply is providing fundamental support for higher prices. Concurrently, news of a potential U.S. fuel shipment to Cuba added to market tightness. OilPrice.com reported that Florida-based Vanguard Energy is preparing to send 250,000 barrels of diesel and gasoline to Cuba, marking the biggest such...

☀️Morning Wire·Jun 10

Rig Report

North Dakota Rig Count Holds at 27 as National Activity Climbs

North Dakota's active drilling rig count held steady at 27 on Wednesday, June 10, according to Bakken Wire's live data. The count showed no day-over-day change, with no new rigs added, none removed, and none moving location. The current figure represents a significant increase from one month ago. On May 11, 2026, the state had 21 active rigs, meaning activity has climbed by six rigs over the past four weeks. However, the count is down from the level seen just last week. On June 3, 2026, North Dakota reported 31 active rigs, indicating a net decrease of four rigs over the past seven days. The mixed local trend comes as drilling activity across North America continues to rise. According to a report from Rigzone, North America added eight rigs week on week, according to Baker Hughes' latest North America rotary rig count. The broader increase suggests sustained operator interest in...

☀️Morning Wire·Jun 10

Daily Activity

Phoenix Operating Permits Four-Well Pad in Divide County

The North Dakota Department of Mineral Resources approved four new drilling permits on Tuesday, June 9, 2026, all for a single operator and location in Divide County. Phoenix Operating LLC received approval for permits 43013 through 43016. The permits are for the AJ 30-31-6-7 2H, 3H, 4H, and 5H wells, all located at LOT 4 within the Corinth field in Divide County. This represents a four-well pad development for the operator. The concentrated activity highlights continued, targeted development in the northwestern region of the Bakken formation. Divide County, while not as active as the core counties of McKenzie and Mountrail, remains a steady area for oil and gas operations. In other administrative activity, the DMR's daily report listed a status update for an existing permit. Permit 41297, for the Devon Energy Williston, L.L.C. Barbara 31-30F 5H well in McKenzie County, was noted with a confidential status change. The specific nature...

☀️Morning Wire·Jun 10

Pipeline & Infrastructure

Alberta Advances Plan for 1 Million BPD West Coast Oil Pipeline

Alberta is moving forward with plans for a new 1 million-barrel-per-day oil pipeline to Canada's Pacific coast, a project that could reshape North American crude flows and export competition for Bakken producers. According to OilPrice.com, Alberta's government is likely to propose a "general corridor" rather than a specific route for the West Coast Oil Pipeline to the northwestern coast near Prince Rupert. The exact route will be determined after consultations with Indigenous communities and British Columbia's provincial authorities, Alberta’s Minister of Indigenous Relations, Rajan Sawhney, told Bloomberg. The province targets submitting the project to the federal Major Projects Office by July for designation as a project of national interest, with a goal of securing that designation by October 1, 2026. This push for a new export artery comes after a carbon pricing deal was reached last month between the federal government and Alberta, potentially moving the long-debated pipeline toward construction....

☀️Morning Wire·Jun 10

Global Markets

China Taps Strategic Oil Reserves Amid Global Supply Crisis

China has begun drawing crude from its massive strategic and commercial oil stockpiles, a move that could temporarily reduce demand pressure on global markets as a Middle East conflict continues to constrain supply, according to reports from energy consultants. This development, reported by OilPrice.com, comes as the world's top crude importer responds to a crisis that has wiped out about a tenth of global supply. Over the next few months, China is expected to draw an average of about 1 million barrels per day from its reserves, according to estimates by Energy Aspects, Kpler, and Vortexa cited in the report. The country had amassed an estimated 1.2 billion to 1.3 billion barrels of oil in the year before the conflict began. China's crude oil imports in May fell to their lowest since October 2017 due to high prices, and domestic gasoline consumption is also declining. Concurrently, buyers are pressuring other...

☀️Morning Wire·Jun 10

Global Markets

U.S. to Release Strategic Gas to Asia as Global LNG Demand Intensifies

The United States will release liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from its strategic reserves for sale to ASEAN member countries, Deputy Secretary of State Christopher Landau announced Wednesday. According to OilPrice.com, Landau said the move aims to help ASEAN nations diversify energy resources and support long-term security. “The United States wants to work with you to help ASEAN member states not only navigate the current situation, but also to support long-term energy security and resilience,” Landau said at an event in Vietnam, as reported by Reuters. He added that the U.S. is eager to boost energy exports to the Asian group and participate in regional energy infrastructure investments. The announcement comes as U.S. LNG exports have surged this year, particularly after the onset of war in the Middle East disrupted global flows. U.S. LNG exports hit a record 11.6 million tons in March, with most volumes...

☀️Morning Wire·Jun 10

Operator News

Oil Market Swings, Kuwait Returns to Asia, BP Restructures

Crude oil futures experienced significant volatility on Tuesday, swinging lower despite ongoing supply disruptions in the market, according to Rigzone. This return of price volatility creates a challenging planning environment for Bakken producers, who must navigate shifting revenue forecasts for their North Dakota operations. In a separate development, Kuwait is offering to sell its crude to refiners in Asia for the first time since the onset of the Iran war, Rigzone reported. The re-entry of a major Middle Eastern supplier into a key global market could incrementally increase global supply competition, potentially applying subtle downward pressure on the benchmark prices that Bakken crude is priced against. For Bakken-focused operators, these market movements underscore the region's exposure to global supply shifts and geopolitical events. North Dakota's oil production economics are directly tied to the international crude price benchmarks, meaning increased volatility or new supply sources can impact wellhead revenues and drilling...

☀️Morning Wire·Jun 10

Pipeline & Infrastructure

Gulf Crisis Uncertainty Persists as Qatar Continues LNG Shipments

Uncertainty continues to cloud the timeline for resolving ongoing tensions in the Persian Gulf, a critical region for global liquefied natural gas (LNG) transit, according to a recent industry analysis. Wood Mackenzie "found no consensus" on when the Gulf "crisis" will be "resolved," the consultancy said in a statement from its recent annual gas and LNG conference in London, according to a Rigzone report. Despite the unresolved regional tensions, LNG shipments continue to move through the key chokepoint. Ship-tracking data shows another LNG tanker from Qatar transited the Strait of Hormuz over the weekend, Rigzone reported separately. The strait is a vital maritime route for a significant portion of the world's seaborne LNG and crude oil exports. For Bakken operators and natural gas producers in North Dakota, prolonged instability in the Gulf represents a persistent factor in the global energy equation. The Bakken formation is a significant producer of associated...

☀️Morning Wire·Jun 10

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Surge Over $90 as Supply Losses Mount

Global oil prices surged Wednesday, with both major benchmarks climbing nearly 3% to trade above $90 per barrel, according to live market data. The rally is being driven by mounting concerns over persistent supply disruptions. West Texas Intermediate (WTI) crude settled at $90.82, a gain of $2.62 or 2.97%. The international benchmark Brent crude rose $2.42, or 2.65%, to $93.87. Natural gas prices also moved higher, adding $0.08 to reach $3.22 per MMBtu. The price surge is directly linked to significant and ongoing supply losses in key producing regions. According to a report from Rigzone citing Rystad Energy, cumulative supply losses have now reached one billion barrels. Aditya Saraswat, Rystad Energy's MENA Research Director, stated, "Cumulative losses have now reached one billion barrels and are on track to nearly double by year-end under our base case." For Bakken operators, the strong price environment significantly improves cash flow and drilling economics....

🔆Midday Wire·Jun 10

Global Markets

EU Proposes New LNG Shipping Sanctions as Russian Imports Continue

The European Union has proposed new sanctions aimed at Russia's LNG shipping industry, seeking to curb Moscow's ability to expand its Arctic gas export projects. According to a report from OilPrice.com, European Commission President Ursula von der Leyen unveiled the EU's 21st sanctions package, which includes a proposed ban on the sale of LNG tankers to Russian interests and new restrictions on vessels that support Moscow's energy export network. The package would also expand sanctions on Russia's shadow fleet by adding 30 vessels to an existing list of more than 600 ships. Despite these sanctions, Europe remains the dominant buyer of Russian Arctic LNG. Data analyzed by environmental group Urgewald shows EU ports received 8.37 million tonnes of LNG from Russia's Yamal LNG project in the first five months of 2026, a 17.9% increase year-over-year. Europe accounted for 96.7% of Yamal LNG exports in that period. The EU has pledged...

🔆Midday Wire·Jun 10

Global Markets

Global Tensions, Economic Shocks, and Deals Shape Oil Market Outlook

The United States conducted targeted military strikes against Iranian air defense and radar systems on Wednesday, according to senior U.S. officials cited by OilPrice.com. The action, described by one official as a "warning shot," followed the downing of a U.S. Apache helicopter earlier in the same day. Officials emphasized the strikes were limited and intended not to derail ongoing diplomatic negotiations with Tehran, with one senior official stating a peace agreement remains "still close." The operation targeted locations in Hormozgan Province, including Sirik, Bandar Abbas, Minab, and Qeshm Island. Concurrently, economists are forecasting that the UK economy contracted by 0.1% in April, with official figures due Friday, according to a separate OilPrice.com report. Analysts attribute the expected decline to the delayed impact of the war in Iran's "energy price shock" on businesses and consumers. Deutsche Bank's Sanjay Raja said production and spending would "remain subdued as the energy shock catches...

🔆Midday Wire·Jun 10

Operator News

U.S. Crude Stocks Draw Down Sharply as Demand Grows

Commercial crude oil inventories in the United States fell sharply by 7.2 million barrels last week, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The draw brings stockpiles to 426.5 million barrels, which is now 5% below the five-year average for this time of year, according to government data reported by OilPrice.com. The inventory decline comes as refiners boost runs and overall demand remains robust. Total products supplied, a proxy for U.S. oil demand, averaged 20.6 million barrels per day over the last four weeks, up 3.5% compared to the same period last year. Distillate demand showed particular strength, with its four-week average up 7.2% year over year. Oil prices reacted positively to the tight inventory picture in mid-morning trading. West Texas Intermediate (WTI) was trading up $1.61 per barrel (+1.83%) at $89.81, according to the source. Brent crude was at $92.82 per barrel....

🔆Midday Wire·Jun 10

Pipeline & Infrastructure

Global Pipeline Developments Highlight LNG, Geopolitical Risks

A major Southeast Asian gas joint venture launched Wednesday, while a key Canadian LNG project secured critical agreements with Indigenous groups, according to separate reports from Rigzone. Concurrently, escalating military strikes between Iran and the U.S. introduced new geopolitical risk to global energy markets. Eni and Petronas formally launched a 50:50 joint venture combining their assets in Indonesia and Malaysia, Rigzone reported. The JV starts with a production base of 300,000 barrels of oil equivalent per day (boed) and aims to grow to over 500,000 boed within three years. Such large-scale international gas developments can influence global LNG supply competition, which ultimately affects the pricing environment for U.S. natural gas, including associated gas produced from the Bakken formation. Separately, the Ksi Lisims LNG project on Canada's west coast executed 'benefits agreements' with Indigenous groups, Rigzone reported. The developer stated these agreements help clear the path for investors to greenlight the...

🔆Midday Wire·Jun 10

Regulatory

Global Oil Markets See Volatility, Structural Shifts

Crude oil futures experienced renewed volatility, swinging lower on Tuesday despite ongoing global supply disruptions, according to Rigzone. This price movement introduces uncertainty for Bakken producers budgeting for the second half of 2026, as the North Dakota benchmark typically tracks wider market trends. In a significant development for global supply, Kuwait is offering to sell its crude to refiners in Asia for the first time since the onset of the Iran war, Rigzone reported. The return of Kuwaiti barrels to a key market could incrementally increase available supply, potentially applying subtle downward pressure on the international price benchmarks that influence Bakken crude pricing. Separately, BP Plc's new Chief Executive Officer Meg O'Neill has reorganized the energy giant's leadership and reporting structures, Rigzone reported. While the specifics of the internal shake-up were not detailed, such strategic shifts at a major integrated operator can signal changing corporate priorities for capital allocation and...

🔆Midday Wire·Jun 10

Production Data

Rig Count Steady at 27 as High Prices Support Bakken Stability

North Dakota's active oil and gas drilling rig count held steady at 27 for the week, according to midday data from Bakken Wire. The figure remains near the low plateau observed over the past year, signaling a continued focus on capital discipline by operators despite a significant midday price rally. West Texas Intermediate crude surged to $90.82 per barrel, a gain of $2.62 or 2.97%, while the international Brent benchmark rose to $93.87. The Bakken crude differential narrowed to a discount of $3.42 per barrel compared to WTI. Natural gas was priced at $3.22 per MMBtu. The current rig count of 27 provides a key indicator for near-term production trends. Historically, the number of active drilling rigs is a leading indicator for future oil output, as new wells take months to drill, complete, and bring online. The current level, which is a fraction of the historic peak seen in the...

🔆Midday Wire·Jun 10

Workforce & Community

Bakken Rig Count Holds at 27 as Oil Rally Boosts Local Outlook

The active rig count in North Dakota's Bakken formation held steady at 27 on Wednesday, as a significant rally in crude oil prices strengthened the economic backdrop for operators and the region's workforce. West Texas Intermediate (WTI) crude traded at $90.82 per barrel, a gain of $2.62, while the global Brent benchmark reached $93.87. The current rig level, which has been relatively stable in recent months, reflects a measured pace of drilling activity. Industry analysts note that rig count is a leading indicator for oilfield employment, with each active rig supporting a wide range of direct and indirect jobs, from drilling crews to truck drivers and service technicians. A stable count suggests a plateau in hiring demand but avoids the steep job losses seen during industry downturns. High commodity prices are a critical factor for Bakken operators' planning. With WTI above $90, the economics for new drilling and well completions...

🔆Midday Wire·Jun 10

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Past $91, Inflation Hits 3-Year High

Oil prices surged Wednesday, with West Texas Intermediate crude settling at $91.72 per barrel, a gain of $3.52 or 3.99 percent, according to live market data. Brent crude rose $3.09 to $94.54. The price for Bakken crude at the wellhead strengthened, with its discount to WTI narrowing to $3.42 per barrel. The rally coincides with a U.S. government report showing inflation climbed to 4.2 percent annually in May, its highest rate in three years, according to OilPrice.com. Energy prices were the primary driver, jumping 23.5 percent from a year ago and accounting for roughly 60 percent of the monthly increase. The Bureau of Labor Statistics data linked the inflationary pressure to rising energy costs tied to the ongoing conflict involving Iran. Supply disruptions from the Middle East war are a major factor. Rystad Energy reported that cumulative oil supply losses have now reached one billion barrels and are on track...

🌅Afternoon Wire·Jun 10

Rig Report

North Dakota Rig Count Holds at 27, Down Four from Last Week

The number of active drilling rigs in North Dakota held steady at 27 on Wednesday, June 10, according to live rig data from Bakken Wire. There was no change in the count from the previous day, with no new rigs added, none removed, and none moving location. Despite the daily stability, the current rig count represents a decline from recent activity. The total is down four rigs from the count of 31 reported one week ago, on June 3, 2026. However, the broader one-month trend shows an increase in drilling activity. Compared to one month ago, on May 11, 2026, the active rig fleet has grown by six rigs, rising from a base of 21. The rig count is a closely watched leading indicator for oilfield service activity and future production in the Bakken formation, North Dakota's primary oil-producing region. A higher rig count typically signals increased capital investment by...

🌅Afternoon Wire·Jun 10

Global Markets

U.S. Pushes Central Asia Minerals Deals, Petronas Secures Long-Term LNG Contract

U.S. officials and mining executives are gathering in Astana, Kazakhstan, this week to advance deals for critical minerals, part of a broader strategy to diversify supply chains away from China. According to a report from OilPrice.com, the meetings on June 11-12 aim to convert previous diplomatic agreements into concrete investments in Central Asia's mining sector. The Trump administration is actively promoting this foreign investment, mobilizing agencies like the U.S. Export-Import Bank and the U.S. Development Finance Corp. to de-risk deals. Kazakhstan is offering investor-friendly terms, including a model where an American consortium retains a 70% share in a major tungsten project. Washington views the region as a strategic source for minerals essential to modern technologies and energy. For Bakken operators, this intense geopolitical focus on mineral supply chains underscores the global competition for capital and strategic resources. While North Dakota's economy is powered by hydrocarbons, a global shift toward securing...

🌅Afternoon Wire·Jun 10

Global Markets

Global Energy Shifts: Battery Giants Pivot, LNG Deal Inked, Oil Up on Iran Tension

Oil prices climbed on Wednesday following a warning from former President Donald Trump to Iran, according to Rigzone. The geopolitical tension contributed to upward pressure in the crude market. The global energy landscape is shifting, influencing markets crucial to North Dakota producers. Chinese battery giant CATL, the world's largest EV battery maker, announced it aims for energy storage to represent half of its global sales by 2030, OilPrice.com reported. This marks a major strategic pivot; five years ago, energy storage was just 2% of CATL's sales, but now accounts for a quarter. The report warns CATL's move away from EV battery manufacturing could lower global supplies and cause EV prices to rise. This shift is partly driven by policy changes, according to OilPrice.com. When Trump took office for his second term and "gutted many Biden-era supports for electric vehicles," EV makers like General Motors and LG began pivoting toward energy...

🌅Afternoon Wire·Jun 10

Operator News

Global Shipping Events, Nuclear Test Mark Energy News

A tanker previously linked to Iranian oil shipments suffered a fire in the Gulf of Oman on Wednesday, according to maritime security reports cited by Rigzone. The incident in a key global oil transit chokepoint highlights ongoing regional risks that can influence crude shipping logistics and insurance costs, factors relevant for Bakken crude exports. Separately, the Suez Canal saw a significant increase in oil tanker traffic in April, Rigzone reported. Crossings surged by almost a third, driving canal revenue to its highest level since early 2024. For Bakken producers, the Suez Canal is a vital route for sending crude to markets in Asia and Europe. Increased traffic suggests robust global oil movement, which can support demand for North American grades, though it also focuses attention on the stability of this critical passage. In technology news, Antares Nuclear successfully achieved 'initial criticality' for a new microreactor design, Rigzone reported. The test,...

🌅Afternoon Wire·Jun 10

Pipeline & Infrastructure

Global Energy Developments May Impact Bakken Market Dynamics

A major Southeast Asian natural gas joint venture launched Wednesday, according to Rigzone. The 50:50 venture between Eni and Petronas combines assets in Indonesia and Malaysia, starting with a production base of 300,000 barrels of oil equivalent per day (boed) and aiming to grow to over 500,000 boed within three years. Separately, progress was reported on a key North American LNG project. The Ksi Lisims LNG project on Canada's west coast has executed benefits agreements with Indigenous groups, Rigzone reported. These agreements are seen as clearing a path for investors to potentially greenlight the project by the end of 2026. Geopolitical tensions flared in the Middle East, with potential implications for global oil markets. Iran's Islamic Revolutionary Guard Corps launched missile strikes on four American targets, including shelters housing F-35 fighter jets and a U.S. command center in Jordan, according to a report from Iran's state-run IRIB News cited by...

🌅Afternoon Wire·Jun 10

Regulatory

Oil Futures Volatility Returns Amid Supply Disruptions

Oil futures experienced significant volatility on Tuesday, swinging lower even as global supply disruptions persist, according to a report from Rigzone. The price volatility introduces uncertainty for Bakken producers and royalty owners in North Dakota. While the specific price move was downward, the reported ongoing supply constraints could provide underlying support for crude prices over the longer term. For Bakken operators, such market swings complicate near-term budgeting and hedging decisions. The region's oil production economics are directly tied to the price of West Texas Intermediate crude, which tracks these futures movements. The Bakken formation is North Dakota's primary oil-producing region. Market volatility can impact drilling plans, well completion schedules, and overall capital expenditure in the Williston Basin. Industry participants will be watching for steadier signals from the broader crude market to gauge the stability of the revenue environment for North Dakota's energy sector.

🌅Afternoon Wire·Jun 10

Production Data

Oil Prices Surge, Bakken Rig Count Holds Steady at 27

Oil prices posted sharp gains Wednesday, with the benchmark WTI crude closing above $91 per barrel, providing a supportive revenue environment for Bakken producers. West Texas Intermediate settled at $91.72, a gain of $3.52 or nearly 4%, according to live Bakken Wire data. The international Brent benchmark followed suit, rising to $94.54. Despite the strong price signal, drilling activity in North Dakota's core oil region remained at a restrained level. The active rig count in the state held steady at 27. This figure represents the number of drilling rigs actively seeking new oil and gas wells. Historically, the rig count is a leading indicator of future production, as new wells must be drilled and completed to offset the steep initial decline rates of Bakken shale wells. The current count of 27 rigs suggests operators are maintaining a measured pace of development. At this level of activity, the near-term outlook for...

🌅Afternoon Wire·Jun 10