Thursday, June 11, 2026

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Oil Prices

Oil Prices Dip as India Diversifies Supply, US Inventories Fall

Oil prices fell in early trading Thursday, with West Texas Intermediate (WTI) crude down 1.3 percent to $88.86 per barrel. The global benchmark, Brent crude, declined 1.46 percent to $91.74, according to live price data. Bakken crude was trading at a discount of $3.42 below WTI. The price decline comes despite a significant drawdown in U.S. commercial crude inventories. According to Rigzone, the U.S. Energy Information Administration's latest weekly report showed commercial crude oil stocks, excluding the Strategic Petroleum Reserve, fell to 426.5 million barrels for the week ending June 5. This represents a draw of over 7 million barrels from the previous week. Offsetting the supportive inventory data, market sources pointed to efforts by major importers to secure supply from outside traditional conflict zones. OilPrice.com reported that Indian refiners have secured crude supply at least through August by boosting purchases from the United Arab Emirates (UAE), Africa, and Brazil....

☀️Morning Wire·Jun 11

Rig Report

Bakken Rig Count Holds at 27 for Second Consecutive Week

North Dakota's active drilling rig count held steady at 27 on Thursday, June 11, 2026, according to live rig data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, none removed, and none relocated. This stability extends the pattern from one week ago. The rig count also stood at 27 on June 4, 2026, indicating a full week of unchanged activity in the Williston Basin. Despite the recent plateau, the current level of drilling activity represents a notable increase from earlier this spring. Compared to one month ago, on May 12, 2026, the active rig count has risen by four units, from 23 to 27. A rig count of 27 reflects a measured pace of development for the Bakken formation, North Dakota's primary oil-producing region. The count serves as a leading indicator for future production and capital expenditure by operators in the state. The month-over-month...

☀️Morning Wire·Jun 11

Daily Activity

DMR Approves Five New Permits for EOG, Murfin, Devon in Mountrail, Dunn, McKenzie

The North Dakota Department of Mineral Resources approved five new drilling permits in its latest daily activity report, with activity concentrated in Mountrail, Dunn, and McKenzie counties. EOG Resources secured two permits, Murfin Drilling Company two, and Devon Energy Williston one. EOG Resources' new permits are both in Mountrail County's Parshall field. The permits are for the Burke 414-3416H and Burke 413-3421H wells. In Dunn County, Murfin Drilling Company received approval for the Kinzel 1-32H well in the St. Anthony field and the Kinzel 1-6H well in the Dickinson field. The single permit granted in the core McKenzie County area went to Devon Energy Williston for the Albert South 34-33-32 2H well in the Foreman Butte field. The report also listed seven permit renewals. Hunt Oil Company renewed two permits for its Smoky Butte 160-100-33-28H3 and H4 wells in Williams County, both noted as being located outside of a spacing...

☀️Morning Wire·Jun 11

Pipeline & Infrastructure

Trans Mountain Pipeline Hits Full Capacity, Eyes Expansion Amid Asian Demand

The expanded Trans Mountain pipeline has reached full capacity for the first time, operating at its new maximum of 890,000 barrels per day, according to a report from OilPrice.com. A senior company executive stated that demand for space on the pipeline this month has already exceeded available capacity. This surge is driven largely by Asian demand, with China becoming the largest buyer of Canadian crude last year at over 200,000 barrels daily. The pipeline's success has been so immediate that Trans Mountain Corp. signaled in late May it would hold another open season to secure shippers for an additional 72,000 barrels per day of capacity, OilPrice.com reported. The company's CEO, Mark Maki, said another 90,000 barrels daily could be added through the use of anti-drag agents, with potential to reach 1.2 million barrels daily by 2029. For Bakken producers, the Trans Mountain Expansion (TMX) is a critical piece of infrastructure...

☀️Morning Wire·Jun 11

Global Markets

Trans Mountain Pipeline Hits Full Capacity, Shifting Global Crude Flows

The Trans Mountain pipeline expansion has reached full capacity for the first time, moving 890,000 barrels of Canadian crude daily to the Pacific Coast and opening a major conduit to Asian markets, according to a report from OilPrice.com. The pipeline's success, driven by surging demand from China and other Asian nations, represents a significant shift in North American oil flows with potential implications for Bakken producers in North Dakota. A senior Trans Mountain executive stated that demand for space on the pipeline has already exceeded its available capacity this month, OilPrice.com reported. This surge is partly attributed to the war in the Middle East, which triggered a supply crunch that increased Asia's appetite for secure Canadian crude. China became the largest buyer of Canadian crude last year, importing over 200,000 barrels daily. In response to the overwhelming demand, Trans Mountain Corp. signaled in late May it would hold another open...

☀️Morning Wire·Jun 11

Global Markets

Geopolitical Tensions Threaten $150 Oil; SLB, Japan Adapt

Oil prices could spike to $150 per barrel if the fragile U.S.-Iran ceasefire collapses, according to intelligence firm Rystad Energy. The Norway-based firm said renewed hostilities would deepen supply shut-ins in the Middle East, with war risk and a near-closed Strait of Hormuz pressuring upstream production, OilPrice.com reported. Early on Thursday, oil prices spiked in Asian trade as the U.S. carried out strikes in Iran, and Tehran declared the Strait of Hormuz closed again. The escalation, seen as the most serious test of a ceasefire in place since early April, began Tuesday with the downing of a U.S. Apache helicopter near the Strait. U.S. Central Command disabled a tanker in the Gulf of Oman that tried to break the U.S. blockade. Traffic through the critical chokepoint has plummeted, with current estimates at about 2 million barrels per day (bpd), just one-tenth of pre-war volumes. Vessels are increasingly switching off transponders,...

☀️Morning Wire·Jun 11

Operator News

Oil Prices Spike on Escalating U.S.-Iran Conflict, Rystad Warns of $150 Potential

Oil prices surged and analysts warned of a potential climb toward $150 per barrel as military conflict escalated between the United States and Iran, according to reports from Rigzone. The developments present a volatile but potentially lucrative backdrop for Bakken shale operators and royalty owners in North Dakota. The U.S. military launched strikes against multiple targets in Iran for a second consecutive day on June 11, Rigzone reported. This followed a prior day where oil prices rose after former President Donald Trump warned Iran of further U.S. attacks, according to a separate Rigzone report from June 10. In response to the escalating tensions, analysts at Rystad Energy estimated that if U.S.-Iran "hostilities were to resume in earnest," oil prices could "move towards $150 per barrel," Rigzone reported on June 11. Such a price shock would dramatically alter the economic calculus for oil producers in the Williston Basin. For Bakken operators,...

☀️Morning Wire·Jun 11

Pipeline & Infrastructure

Global Tanker Traffic, Security in Focus for Bakken Exports

Global oil shipping developments this week highlight both growing export volumes and persistent security risks, factors critical for Bakken crude reaching international markets. The number of oil tankers transiting Egypt's Suez Canal surged by almost a third in April, driving canal revenue to its highest level since early 2024, according to Rigzone. This key maritime chokepoint is a major route for crude exports from the U.S. Gulf Coast, where Bakken crude shipped by pipeline can be loaded onto vessels. Separately, a tanker that has previously carried Iranian oil suffered a fire in the Gulf of Oman, maritime security firms and local navies reported to Rigzone. While not directly linked to U.S. shipments, incidents in this region can influence global tanker insurance rates and market volatility, indirectly affecting the economics of exporting North Dakota crude. In other energy news, Antares Nuclear successfully achieved 'initial criticality' for a new microreactor design that...

☀️Morning Wire·Jun 11

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Tops $90, Bakken Differential Holds Steady Amid Global Supply Concerns

West Texas Intermediate crude futures traded above $90 per barrel on Thursday, as ongoing conflict in the Middle East continues to underpin a tight global oil market. WTI was priced at $90.88 in midday trading, a gain of $0.85 or 0.94%, according to live market data. The international benchmark Brent crude rose 0.41% to $93.48. The discount for Bakken crude at the wellhead held at $3.42 below WTI. The price strength is linked directly to the Iran War, which has severely threatened the flow of oil through the critical Strait of Hormuz. According to a report from OilPrice.com, the strait handles around 20% of globally consumed petroleum, and Tehran's ability to close it has "sharply crimped world oil supply." This has triggered an oil shock, with prices reaching levels not seen since Russia's invasion of Ukraine. While high prices strain consumers, they are creating windfalls for major new oil producers....

🔆Midday Wire·Jun 11

Pipeline & Infrastructure

Geopolitical Stalemate Persists for Trans-Caspian Pipeline After 27 Years

A major natural gas pipeline project designed to bypass Russia and Iran remains in a 27-year geopolitical deadlock, highlighting the enduring challenges of building international energy infrastructure. According to a report from OilPrice.com, the Trans-Caspian Pipeline (TCP), conceived in 1999, continues to languish despite renewed Western interest in alternative supply routes following the Iran war. The pipeline would bridge the Caspian Sea from Turkmenistan to Azerbaijan, feeding gas into the Southern Gas Corridor network for delivery to the European Union. The original $5 billion-plus blueprint aimed to move 32 billion cubic meters (bcm) of gas annually. However, fierce legal resistance from Russia and Iran, extreme costs, and EU policy shifts have stalled development. Analysts note that Turkmenistan, which spent $2 billion building an onshore pipeline to the coast in anticipation of the TCP, practices "strict strategic neutrality." The country seeks ironclad Western economic commitments before risking backlash from Moscow and...

🔆Midday Wire·Jun 11

Global Markets

Trump Threatens Seizure of Iran Oil Hub as Tanker Incidents Mount

President Donald Trump on Thursday threatened to seize Iran's main oil export hub, Kharg Island, and assume "total control" of the country's oil and gas markets, according to OilPrice.com. In a Truth Social post, Trump said the move would mirror the U.S. operation in Venezuela, which he claimed is "working out brilliantly." The threat followed fresh U.S. strikes on Wednesday that rattled a fragile ceasefire, with Iran responding by declaring the Strait of Hormuz closed. The Strait of Hormuz, through which roughly 20% of global energy flows, has been effectively closed since the U.S.-Iran war began on February 28, triggering what analysts call the biggest oil supply disruption in history. Despite the ongoing tensions, oil markets were taking the news in stride on Thursday, with both Brent and WTI down about 0.6% on the day, having pulled back from recent highs above $100. Meanwhile, India reported a second tanker incident...

🔆Midday Wire·Jun 11

Operator News

Rystad Sees $150 Oil Risk, LNG Deals Tighten, Dangote Seeks $1B

Oil prices could surge toward $150 per barrel if hostilities between the U.S. and Iran were to resume in earnest, according to a warning from Rystad Energy cited by Rigzone. Such a geopolitical shock would significantly impact the global benchmark prices that dictate revenue for Bakken crude producers in North Dakota. In related energy trade news, securing long-term liquefied natural gas (LNG) export deals with U.S. suppliers is becoming more difficult, according to Rigzone. The boss of Greece's Atlantic SEE LNG Trade made the statement, highlighting evolving global gas market dynamics. While the Bakken is primarily an oil play, its associated natural gas production is tied to broader export and pricing trends. Separately, the Dangote Refinery unit of Nigerian tycoon Aliko Dangote is seeking to raise as much as $1 billion through a private sale of debt, people with knowledge of the plan told Rigzone. The massive refinery, which has...

🔆Midday Wire·Jun 11

Pipeline & Infrastructure

Bakken Oil Prices Volatile Amid Rising Mideast Tensions

Global oil prices surged this week as escalating military action in the Middle East threatened supply routes, a development with direct implications for Bakken crude pricing. The volatility follows a second day of U.S. strikes on targets in Iran, according to a Rigzone report from Thursday. This followed warnings from former President Donald Trump, which also contributed to rising prices, Rigzone reported on Wednesday. The geopolitical risk premium expanded further after a fire was reported on an oil tanker in the Gulf of Oman on Wednesday. Maritime security firms noted the vessel had previously carried Iranian oil, Rigzone reported. While the incident's cause was not detailed in the reports, such events in critical global chokepoints immediately influence the benchmark crude prices against which Bakken crude is typically discounted. For operators and royalty owners in North Dakota's Williston Basin, these international events translate into near-term price volatility. Bakken crude prices at...

🔆Midday Wire·Jun 11

Regulatory

Suez Canal Oil Tanker Traffic Surges in April, Boosting Revenue

The number of oil tankers transiting Egypt's Suez Canal jumped by almost a third in April, driving canal revenue to its highest level since early 2024, according to a report from Rigzone. The surge in traffic through this critical maritime artery underscores robust global demand for seaborne crude oil shipments. For Bakken producers, sustained activity on major export routes like the Suez Canal is a positive indicator for international market access. North Dakota light sweet crude, often exported from the U.S. Gulf Coast, competes in a global marketplace where shipping costs and logistics play a key role in netback pricing. Efficient transit through canals and straits helps maintain the flow of crude to refining centers in Europe and Asia. Increased tanker movements generally reflect healthy global oil trade flows, which can support the price differentials for inland crudes like those produced in the Bakken. While the report did not specify...

🔆Midday Wire·Jun 11

Production Data

North Dakota Rig Count Holds at 27 Amid Strong Oil Prices

North Dakota's active drilling rig count held steady at 27 on Thursday, as strong crude oil prices continued to provide a favorable backdrop for Bakken shale operators. West Texas Intermediate (WTI) crude traded at $90.88 per barrel, up 0.94% on the day, while the international Brent benchmark was at $93.48, according to live market data. The current rig count, a leading indicator of future oil production, has remained in a narrow range in recent months. Historically, the number of active rigs in the Williston Basin correlates with production trends several months later, as new wells are drilled, completed, and brought online. The current level of 27 rigs suggests operators are maintaining a measured pace of development. The sustained premium pricing environment is a key factor supporting this activity. With WTI above $90 per barrel, many Bakken wells remain economically viable. The Bakken crude differential—the discount at which local crude trades...

🔆Midday Wire·Jun 11

Workforce & Community

Bakken Rig Count Holds at 27 as Oil Prices Trade Above $90

The number of active drilling rigs in North Dakota held steady at 27 this week, according to Bakken Wire live data, as oil prices continued to trade at elevated levels. West Texas Intermediate (WTI) crude was priced at $90.88 per barrel on Thursday, a gain of nearly 1% on the day. This combination of a stable, moderate rig count and strong commodity prices underpins the current state of the Bakken region's workforce and local economies. The rig count, a key indicator of future oil production and employment in the oilfield services sector, has remained in a narrow band around this level for several months, suggesting a period of controlled, capital-disciplined activity by operators. For Bakken communities, this translates to a sustained but not booming demand for workers. Direct oilfield employment—including roles for rig crews, frac hands, and well maintenance technicians—is likely consistent with the current activity pace. The $90-plus oil...

🔆Midday Wire·Jun 11

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 4%, Bakken Differential Widens to $-3.42

Oil prices fell sharply on Thursday, with U.S. benchmark West Texas Intermediate (WTI) crude dropping 4.09 percent to settle at $86.35 per barrel. The global benchmark, Brent crude, fell 4.25 percent to $89.14, according to live price data. The price of Bakken crude, a key grade for North Dakota producers, traded at a discount of $3.42 per barrel versus WTI. The significant drop in crude prices coincides with a sustained decline in U.S. gasoline prices. According to a blog from GasBuddy highlighted by Rigzone, U.S. gasoline prices have fallen for four consecutive weeks, though the report warned "the streak may be in danger." Lower fuel prices can signal weaker-than-expected consumer demand, which pressures refiners and ultimately weighs on crude oil values. Adding a complex layer to the market, the U.S. Energy Information Administration (EIA) reported a substantial drawdown in commercial crude inventories. Rigzone reported that crude oil stocks, excluding the...

🌅Afternoon Wire·Jun 11

Rig Report

North Dakota Rig Count Holds at 27, One Rig Moves Location

North Dakota's active drilling rig count remained unchanged at 27 for Thursday, June 11, according to live data from Bakken Wire. The state saw no new rigs added and none released over the past 24 hours, but one rig did change location. The sole rig move reported was by operator XTO Energy Inc. Its rig, H & P 429, was moved to a new location in Williams County: 154-96-10. Williams County is a core area of the Bakken formation and a consistent focus of drilling activity. The current stability in the rig count follows a week of no movement. The active rig count one week ago, on June 4, was also 27, indicating a brief plateau in drilling activity. However, the longer-term trend shows a notable increase. Compared to one month ago, on May 12, when the state had 23 active rigs, the current count is up by four rigs,...

🌅Afternoon Wire·Jun 11

Pipeline & Infrastructure

Feds Settle DAPL Protest Policing Suit, Pay North Dakota $28 Million

The federal government will pay North Dakota nearly $28 million to settle a long-running lawsuit over the state's costs of policing the massive Dakota Access Pipeline (DAPL) protests nearly a decade ago, state officials announced Thursday. Republican Attorney General Drew Wrigley announced the final settlement agreement, which matches the amount a federal judge determined the state was owed after a trial last year. The government also agreed to dismiss all of its appeals and issue a formal statement of acknowledgment regarding the protests' impact. “We deeply appreciate those acknowledgments. They’re a long time coming,” Wrigley said at a press conference. He said the settlement money will finalize the debts of loans taken from the state-owned Bank of North Dakota, making the state "financially whole." The settlement stems from a lawsuit North Dakota filed in 2019 concerning demonstrations against the construction of the crude oil pipeline in 2016 and 2017. The...

🌅Afternoon Wire·Jun 11

Regulatory

U.S. to Pay North Dakota $28M Settlement for DAPL Protest Costs

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the state's costs of policing the massive Dakota Access Pipeline protests nearly a decade ago, state officials announced Thursday. The settlement finalizes a 2025 federal court judgment and removes the financial burden from state taxpayers, according to Attorney General Drew Wrigley. North Dakota is now “made financially whole,” Wrigley said at a press conference, joined by Republican Gov. Kelly Armstrong. The settlement money will finalize the debts of loans taken from the state-owned Bank of North Dakota. Armstrong called the settlement “long overdue” in a statement, thanking attorneys for reaching a deal “that removes the financial burden from North Dakota taxpayers and places it on the shoulders of the federal government where it belongs.” The settlement stems from a lawsuit filed in 2019 concerning demonstrations against the construction of the crude oil pipeline, also known...

🌅Afternoon Wire·Jun 11

Global Markets

Oil Prices Fall on Trump Peace Signal; ND Gets $27.8M Protest Settlement

Oil prices fell sharply on Thursday after former President Donald Trump signaled progress toward a potential peace deal with Iran, according to Rigzone. The drop pushed crude to its lowest levels since April. In North Dakota, a financial matter from the last decade was closed. The federal government has reached a final settlement to pay the state more than $27.8 million for law enforcement and other costs incurred during the 2016-17 protests, Bing News reported. The state had sought reimbursement for years. Globally, a surge in energy demand from Big Tech is drawing scrutiny for its potential impact on energy bills, including natural gas prices. As urged by President Donald Trump, tech companies are building private power plants for new data center campuses, OilPrice.com reported. Experts warn this trend may increase costs for other energy consumers. The artificial intelligence boom is driving a massive expansion in data centers. A June...

🌅Afternoon Wire·Jun 11

Operator News

Global Market Forces Could Boost Bakken Outlook

A potential escalation of tensions between the U.S. and Iran could drive oil prices toward $150 per barrel, according to a new analysis from Rystad Energy. The firm estimated that if hostilities were to resume in earnest, crude prices could move sharply higher. Such a price surge would directly benefit operators in the Bakken formation, where breakeven economics are highly sensitive to global crude benchmarks. Separate market developments point to tightening global energy supply chains. The head of Greece's Atlantic SEE LNG Trade stated that securing long-term liquefied natural gas deals with U.S. suppliers is becoming more difficult, according to Rigzone. This suggests strong, sustained international demand for American natural gas, a positive signal for Bakken producers who often co-produce associated gas. In other news, Nigeria's Dangote Refinery unit is seeking to raise as much as $1 billion through a private sale of debt, people with knowledge of the plan...

🌅Afternoon Wire·Jun 11

Pipeline & Infrastructure

U.S. Strikes Iran for Second Day, Fueling Oil Price Volatility

The U.S. military launched strikes against multiple targets in Iran for a second consecutive day, according to Rigzone. This escalation follows a warning from former President Donald Trump to Iran of further U.S. attacks, which had already driven oil prices higher. The geopolitical risk from the ongoing conflict was underscored by a separate maritime incident. A tanker that has previously carried Iranian oil suffered a fire in the Gulf of Oman, maritime security companies and local navies reported to Rigzone. While the cause of the fire was not specified, incidents in this critical shipping chokepoint historically inject volatility into global oil markets. For Bakken producers and royalty owners, these events directly translate into a heightened geopolitical risk premium on crude prices. The Bakken formation, North Dakota's primary oil-producing region, sells its crude at prices benchmarked to West Texas Intermediate (WTI), which is sensitive to international supply disruptions and security fears....

🌅Afternoon Wire·Jun 11

Production Data

North Dakota Rig Count Holds at 27 Amid Oil Price Drop

The number of active drilling rigs in North Dakota held at 27 on Thursday, according to live Bakken Wire data, even as crude oil prices saw a sharp decline. West Texas Intermediate crude settled at $86.35, down $3.68 or 4.09% for the day, while the global Brent benchmark fell 4.25% to $89.14. The steady rig count, a key leading indicator for future oil production, suggests Bakken operators are not immediately scaling back drilling plans in response to the day's price volatility. The Bakken differential—the discount at which local crude trades versus WTI—was reported at -$3.42, putting the wellhead price for Bakken barrels near $82.93. Historically, the rig count in North Dakota has shown a strong correlation with production trends, though with a lag of several months. A sustained rig count in the mid-to-high 20s typically supports production levels above 1 million barrels per day. The current count of 27 rigs...

🌅Afternoon Wire·Jun 11