Friday, June 12, 2026

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Oil Prices

Oil Prices Drop Sharply as Bakken Discount Widens

Oil prices retreated sharply on Friday, with West Texas Intermediate (WTI) crude trading at $84.87, a drop of $2.84 or 3.24%, according to live price data. Brent crude fell to $87.60, down $2.78. The discount for Bakken crude versus WTI widened to $3.42. The price decline coincides with reports of falling U.S. gasoline demand. Rigzone reported that U.S. gasoline prices have dropped for four consecutive weeks, according to a GasBuddy blog posted Monday. The analysis warned that "the streak may be in danger," suggesting underlying consumer demand weakness could be contributing to the crude market's bearish sentiment. Despite the price drop, U.S. crude inventories showed a significant draw. According to Rigzone, the U.S. Energy Information Administration's latest weekly petroleum status report showed commercial crude oil stocks, excluding the Strategic Petroleum Reserve, fell by over 7 million barrels week-over-week to 426.5 million barrels as of June 5. Typically, such a substantial...

☀️Morning Wire·Jun 12

Rig Report

North Dakota Rig Count Holds at 27, Up 3 From May Levels

North Dakota's active drilling rig count remained steady at 27 on Friday, June 12, according to live data from Bakken Wire. The total showed no change from the previous day, with no new rigs added, no rigs removed, and no rigs moving location. The current activity level represents a slight decline from one week ago, when the state reported 28 active rigs. However, the broader trend shows a modest increase in drilling activity compared to last month. The rig count is up by three from the 24 rigs reported on May 13. The stability in the rig count occurs as North Dakota Attorney General Drew Wrigley announced a final settlement in a longstanding lawsuit related to the Dakota Access Pipeline (DAPL) protests. According to a Bing News report from June 11, Wrigley stated he has settled with the U.S. government over costs associated with the protests. The Dakota Access Pipeline...

☀️Morning Wire·Jun 12

Daily Activity

DMR Approves Six New Permits, Phoenix Leads Activity

The North Dakota Department of Mineral Resources approved six new drilling permits and four permit renewals in its latest daily activity report, according to filings from Thursday, June 11, 2026. Phoenix Operating LLC was the most active applicant, securing four new permits for a project in Burke County. The permits, numbered 43023 through 43026, are for the WILLA 6-31-30-19 1H through 4H wells, all located in the SE SW of Section 6-161N-92W within the Black Slough field. This represents a significant four-well development program in the northwestern region of the Bakken formation. A single new permit was issued to Hess Bakken Investments II, LLC. Permit 43022 is for a well named HA-STATE- 152-95-1621H-11U, located in McKenzie County's Hawkeye field. The sixth new permit went to Marlo Operating Company, LLC. Permit 41258 is for a location named TOSCO BRANCH 2 in Bowman County, filed under a 'CONFIDENTIAL' wildcat field designation, indicating...

☀️Morning Wire·Jun 12

Pipeline & Infrastructure

North Dakota to Receive $28M Federal Settlement for DAPL Protest Costs

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the costs of policing massive protests against the Dakota Access oil pipeline nearly a decade ago, the state's attorney general announced Thursday. According to the Associated Press, the final settlement sum matches the amount a federal judge determined last year after a trial. Republican Attorney General Drew Wrigley stated the settlement money will finalize the debts of loans taken from the state-owned Bank of North Dakota, making the state "financially whole." In a press conference, Wrigley said the government also agreed to dismiss all of its appeals and issued a statement acknowledging "that the people of North Dakota, including, centrally, our law enforcement officers, endured repeated acts of intimidation, violence, property destruction, unlawful conduct associated with encampments established on federal land without authorization," as reported by the North Dakota Monitor. The U.S. Department of Justice,...

☀️Morning Wire·Jun 12

Regulatory

Federal Government to Pay North Dakota $27.8 Million for DAPL Protest Costs

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the costs of policing massive protests against the Dakota Access oil pipeline nearly a decade ago, the state's attorney general announced Thursday. The final settlement amount of $27.8 million matches a federal court judgment from 2025, according to the Associated Press. Republican Attorney General Drew Wrigley announced the settlement, stating North Dakota is now "made financially whole." The funds will finalize debts from loans taken from the state-owned Bank of North Dakota. Wrigley said the U.S. Department of Justice also agreed to dismiss all its appeals and issue a formal statement acknowledging the impacts of the protests on the state. "We deeply appreciate those acknowledgments. They're a long time coming," Wrigley told reporters, as reported by the AP. In a statement, the U.S. Justice Department said it disputes the court's legal analysis but "acknowledges in...

☀️Morning Wire·Jun 12

Global Markets

Russian Oil Output Drops to 12-Month Low in May

Russian crude oil production fell to its lowest level in a year during May, averaging 9.009 million barrels per day, according to data from OPEC reported by Rigzone. The decline was attributed to Ukrainian strikes on energy infrastructure. The reduction in output from one of the world's top three oil producers contributes to a tightening of global crude supply. For Bakken operators in North Dakota, this dynamic provides underlying support for the price of light sweet crude, the primary grade produced in the formation. Higher global benchmarks like Brent and WTI, which are influenced by such supply disruptions, directly impact the wellhead economics for shale producers. A sustained period of elevated prices improves cash flow for operators, potentially enabling increased capital expenditures for maintenance drilling or well completion projects in the Williston Basin. This can help stabilize or even grow North Dakota's oil output, which is critical for state tax...

☀️Morning Wire·Jun 12

Global Markets

Global Energy Shifts: Renewables, LNG Access, and Iran Tensions Ease

Spanish energy company Repsol has brought in UAE-based Masdar as a partner in its Spanish renewables portfolio, according to Rigzone. The partnership covers assets valued around $983 million, including 705 megawatts of operational capacity. This move underscores the continued global investment shift toward renewable energy, a trend that influences long-term energy investment strategies worldwide, including those of diversified operators active in the Bakken. In Eastern Europe, Ukraine's state-owned Naftogaz has won its first long-term regasification booking in Europe, Rigzone reported. The company secured 12-year rights to regasify liquefied natural gas at the terminal in Klaipeda, Lithuania. This development enhances European energy security and LNG market access, factors that can indirectly affect global gas trade flows and pricing benchmarks connected to North American production. A significant geopolitical shift occurred as U.S. President Donald Trump claimed an Iran deal was close, marking a stark reversal from earlier threats, according to Rigzone. The...

☀️Morning Wire·Jun 12

Operator News

Oil Prices Drop on Geopolitical Signals; LNG, Refining Finance News

Oil prices fell sharply on Thursday, hitting their lowest levels since April, after former President Donald Trump signaled progress toward a potential peace deal with Iran, according to Rigzone. The development highlights the continued sensitivity of global crude markets to geopolitical headlines, which can directly impact the price Bakken operators receive for their production. In other energy sector news, the head of Greece's Atlantic SEE LNG Trade stated that securing long-term liquefied natural gas supply deals with U.S. suppliers is becoming more difficult, Rigzone reported. While the Bakken is primarily an oil play, its associated natural gas production contributes to the broader U.S. supply picture. Constraints on long-term LNG offtake agreements could influence midstream gas pricing and infrastructure investment decisions in producing regions. Separately, the refinery unit of Nigerian tycoon Aliko Dangote is seeking to raise as much as $1 billion through a private sale of debt, people familiar with...

☀️Morning Wire·Jun 12

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Tumble Over 3%, Bakken Differential Widens

Front-month West Texas Intermediate (WTI) crude oil futures fell sharply in midday trading Friday, June 12, 2026, dropping $3.17 to trade at $84.54 per barrel, a decline of 3.61 percent. The global benchmark Brent crude fell $3.46 to $86.92, down 3.83 percent, according to live price data. The sell-off pressured the price for Bakken crude, with the differential to WTI widening to a discount of $3.42 per barrel. This means Bakken-grade crude is priced at approximately $81.12. Natural gas prices showed modest strength, rising $0.02 to $3.11 per MMBtu. The sharp downturn in crude coincides with a broader shift in fuel demand sentiment. According to Rigzone, a blog from GasBuddy highlighted that U.S. gasoline prices had fallen for four consecutive weeks as of Monday, June 8, but warned that "the streak may be in danger." Sustained lower prices at the pump can indicate softer-than-expected consumer demand during the summer driving...

🔆Midday Wire·Jun 12

Pipeline & Infrastructure

Federal Government to Pay North Dakota $28M for DAPL Protest Costs

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the costs of policing massive protests against the Dakota Access oil pipeline nearly a decade ago, the state’s attorney general announced Thursday. According to the Associated Press, the final settlement agreement’s sum matches the amount a federal judge determined last year after trial. Republican Attorney General Drew Wrigley said the state is now “made financially whole,” with the settlement money finalizing the debts of loans taken from the state-owned Bank of North Dakota. The lawsuit, filed in 2019, concerned demonstrations against the construction of the crude oil pipeline, also known as DAPL, that took place in rural south-central North Dakota in 2016 and 2017. North Dakota alleged that the federal government caused the protests to grow in size and intensity by unlawfully allowing demonstrators to camp on federal land. For months, thousands of people camped...

🔆Midday Wire·Jun 12

Regulatory

Feds to Pay North Dakota $28M for DAPL Protest Policing Costs

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the state's costs for policing massive protests against the Dakota Access oil pipeline nearly a decade ago, state officials announced Thursday. The settlement finalizes a judgment from last year and brings a close to a nearly seven-year legal battle, according to Attorney General Drew Wrigley. The final settlement sum of roughly $27.8 million matches the amount U.S. District Judge Daniel Traynor determined the federal government owed the state after a 2025 trial. As part of the agreement, the U.S. Department of Justice dismissed its appeals and issued a statement acknowledging the impacts of the protests, Wrigley said at a press conference. "We deeply appreciate those acknowledgments. They’re a long time coming," he stated. In its statement, the Justice Department disputed the court's legal analysis but acknowledged that "under the Obama Administration, the federal government could...

🔆Midday Wire·Jun 12

Global Markets

Russian Oil Output Drops Amid Strikes, Tightening Global Supply

Russian crude oil production fell to its lowest level in a year during May, according to data reported by OPEC. The decline comes amid Ukrainian strikes targeting energy infrastructure, as reported by Rigzone. The reported output of 9.009 million barrels per day represents a tightening of supply from one of the world's top three oil producers. Any sustained reduction in global supply typically provides underlying support for international benchmark prices like Brent Crude. For operators in North Dakota's Bakken formation, global price dynamics are a primary determinant of revenue and drilling activity. The Bakken is a price-taker in the global market, with its crude primarily priced against West Texas Intermediate (WTI), which is closely correlated with Brent. A tighter global market, all else being equal, helps maintain a higher price floor. This can improve cash flow for existing wells and make new drilling projects more economically viable. The development comes...

🔆Midday Wire·Jun 12

Global Markets

Global Roundup: APA, Aker BP Make Moves as DAPL, Local Issues in Spotlight

APA Corporation has expanded its footprint in Alaska with the acquisition of Savant, according to Rigzone. The company stated the deal secures control of strategic infrastructure adjacent to its existing eastern North Slope acreage, which it says will enhance the efficiency of its planned drilling program. The move underscores a continued industry focus on securing key assets and infrastructure to optimize development in mature basins. Separately, Aker BP has increased its stake in the giant Johan Sverdrup field in the Norwegian North Sea, Rigzone reported. The company and its partners completed a unit redetermination, increasing Aker BP's ownership to 31.7163 percent. This entitles the company to an additional 2.2 million barrels of oil equivalent over the next two years. The adjustment highlights the ongoing value and production stability of major international assets. For Bakken operators, these international transactions reflect a broader industry trend of portfolio optimization and strategic consolidation to...

🔆Midday Wire·Jun 12

Operator News

Global Energy Deals, Geopolitics Highlight Midday Market Influencers

Spanish energy firm Repsol has brought in Abu Dhabi's Masdar as a partner in its Spanish renewables portfolio, according to Rigzone. The partnership, announced Friday, covers assets valued at approximately $983 million, including 705 megawatts of operational capacity. For Bakken operators, the move underscores the continued diversification of major international oil companies into renewable energy, a long-term strategic trend that can influence capital allocation decisions across their global portfolios, including in conventional basins like the Williston. In European gas markets, Ukraine's state-owned Naftogaz has secured its first long-term regasification booking in Europe, Rigzone reported. The company won 12-year rights to regasify liquefied natural gas at the terminal in Klaipeda, Lithuania. This development highlights the ongoing efforts to secure and diversify European energy supplies, which can have indirect effects on global gas pricing and trade flows that ultimately interconnect with North American hydrocarbon markets. Geopolitical tensions that directly impact global oil...

🔆Midday Wire·Jun 12

Pipeline & Infrastructure

Oil Price Drop, LNG Headlines Impact Bakken Outlook

Oil prices fell sharply to April lows on Thursday after political signals pointed toward a potential Iran peace deal, according to a report from Rigzone. The market movement underscores the continued sensitivity of Bakken crude prices to global geopolitical developments. Separately, the head of a Greek LNG trading firm stated that securing long-term supply deals with U.S. exporters is becoming more difficult, Rigzone reported. While the Bakken is primarily an oil play, its associated natural gas production is tied to broader U.S. gas markets and export capacity. Constraints on long-term LNG deals could influence midstream gas pricing and infrastructure investment in producing regions. In a third development, the refining unit of Nigerian tycoon Aliko Dangote is seeking to raise up to $1 billion through a private debt sale, people familiar with the plan told Rigzone. The massive Dangote refinery, once fully operational, is designed to process various crude grades and...

🔆Midday Wire·Jun 12

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Retreat Sharply

North Dakota's Bakken formation held a steady 27 active drilling rigs on Friday, June 12, 2026, a key indicator of stable near-term development activity even as crude oil prices fell sharply. According to midday data, West Texas Intermediate (WTI) crude traded at $84.54 per barrel, down $3.17 (-3.61%), while the international Brent benchmark was at $86.92, down $3.46 (-3.83%). The Bakken crude price differential—the discount at which Bakken crude sells compared to WTI at the Cushing, Oklahoma hub—was reported at -$3.42. This translates to a wellhead price of approximately $81.12 per barrel for Bakken producers based on the current WTI price. Natural gas prices were recorded at $3.11 per MMBtu. The current rig count of 27 provides a concrete baseline for forecasting future Bakken oil production. Rig count is a leading indicator, as new wells drilled today typically take several months to be completed and brought online. A stable count...

🔆Midday Wire·Jun 12

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 3% Amid Demand Concerns

Oil prices fell sharply in Friday trading, with West Texas Intermediate (WTI) crude dropping more than 3.9% to settle at $84.26 per barrel. The global benchmark, Brent crude, saw a similar decline, closing at $86.81. The sell-off pushed the price of Bakken crude at the wellhead to approximately $80.84, based on a differential of $3.42 below WTI. The price decline reflects ongoing concerns about fuel demand. According to a report from Rigzone citing a GasBuddy blog, U.S. gasoline prices have fallen for four consecutive weeks. GasBuddy warned that "the streak may be in danger," suggesting market instability and potential oversupply in refined products weighing on crude values. For Bakken operators, the day's price action translates to significantly lower revenue per barrel. The nearly $3.50 drop in WTI, compounded by the regional discount, places immediate pressure on cash flow and wellhead economics. While natural gas posted a slight gain to $3.13...

🌅Afternoon Wire·Jun 12

Rig Report

North Dakota Rig Count Holds Steady at 27

The number of active drilling rigs in North Dakota held steady at 27 on Friday, according to Bakken Wire's live rig data. The count saw one addition and one removal, resulting in no net change from the previous day. Enerplus Resources USA Corporation added the sole new rig, moving the NOBLE 4 into Williams County at location 157-99-11. Meanwhile, Silver Hill Energy Operating, LLC removed the NABORS B27 rig from Mountrail County at 158-94-35. No rigs were reported to have moved locations within the state. The current activity level represents a slight decrease from one week ago, when the state reported 28 active rigs on June 5, 2026. However, the rig count has shown growth on a longer-term basis, standing three rigs higher than the count of 24 seen one month ago on May 13, 2026. This steady rig activity continues against a backdrop of ongoing legal and regulatory developments...

🌅Afternoon Wire·Jun 12

Pipeline & Infrastructure

North Dakota to Receive $28M Federal Settlement for DAPL Protest Costs

North Dakota will receive approximately $28 million from the federal government to compensate for costs incurred during the Dakota Access Pipeline protests, according to a settlement announced Thursday. The settlement closes a nearly seven-year-old lawsuit and prevents further litigation expenses, state Attorney General Drew Wrigley said. The amount matches a 2025 judgment awarded to the state by U.S. District Court Judge Dan Traynor. The federal government had appealed that ruling but agreed to dismiss the appeal as part of the settlement, according to a report from the North Dakota Monitor. The lawsuit, filed in 2019, centered on demonstrations against the construction of the crude oil pipeline in rural south-central North Dakota in 2016 and 2017. The state alleged the federal government allowed the protests to grow by unlawfully permitting demonstrators to camp on federal land managed by the U.S. Army Corps of Engineers. As part of the agreement, the U.S....

🌅Afternoon Wire·Jun 12

Regulatory

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

North Dakota will receive approximately $28 million from the federal government to cover costs incurred by the state during the Dakota Access Pipeline protests, according to a settlement announced Thursday. The U.S. Department of Justice agreed to the payment, matching a 2025 judgment awarded to the state by U.S. District Court Judge Dan Traynor. Attorney General Drew Wrigley announced the settlement at the state Capitol on June 11, 2026, stating it would prevent both parties from spending more public money litigating the nearly seven-year-old lawsuit. "An important chapter in our state’s history has been rendered indisputable and closed," Wrigley said, according to the North Dakota Monitor. The lawsuit, filed in 2019, alleged that the federal government under the Obama administration caused the protests to grow by unlawfully allowing demonstrators to camp on U.S. Army Corps of Engineers-managed land in rural south-central North Dakota. The Department of Justice, in a statement...

🌅Afternoon Wire·Jun 12

Global Markets

Global Demand Shifts, Russian Supply Pressure Shape Bakken Outlook

A surge in demand for industrial gases from the space industry and continued pressure on Russian oil supplies are creating a complex global backdrop for Bakken operators, according to market reports published Friday. Rothschild & Co Redburn raised its price target on industrial gases giant Linde to $560, citing the company's dominant role supplying liquid oxygen, helium, and cryogenic services for SpaceX launches, according to a report from OilPrice.com. The analysis highlights a "further demand accelerator" from SpaceX's Starship program, which burns roughly ten times the oxygen of a Falcon 9 rocket. Linde's revenue per space launch could approach $6 million by 2028, up from under $4 million in 2025. SpaceX plans 140-160 launches in 2026, nearly all Falcon 9, but a shift toward Starship dominance and launch cadences potentially exceeding 1,000 per year by 2028 represents a major new demand lever for Linde's space business, the report noted. While...

🌅Afternoon Wire·Jun 12

Global Markets

Global Roundup: Iran-US Peace Deal Hope, Alaska M&A, Norway Stake

The United States and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz, a critical global oil transit chokepoint, according to Rigzone. Such a deal could help stabilize global crude supplies and reduce the geopolitical risk premium often priced into oil markets. In North American mergers and acquisitions, APA Corporation expanded its Alaska footprint with the acquisition of Savant. The company stated the move "secures control of strategic infrastructure adjacent to our eastern North Slope acreage, enhancing our ability to execute our planned drilling program efficiently," Rigzone reported. This consolidation highlights ongoing operator focus on securing logistical control in frontier and mature basins to improve operational efficiency. Separately, in the North Sea, Aker BP and its partners in Norway's Johan Sverdrup Unit completed a redetermination. As a result, Aker BP's ownership increased to 31.7163 percent, entitling the company to an additional 2.2 million barrels...

🌅Afternoon Wire·Jun 12

Operator News

Global Energy Developments Signal Market Flux for Bakken

International energy developments reported Friday highlight the shifting landscape for fossil fuel producers, including those in the Bakken formation. In a move reflecting broader industry diversification, Spanish energy firm Repsol has brought in Abu Dhabi's Masdar as a partner in a Spanish renewables portfolio valued around $983 million, according to Rigzone. The partnership covers 705 megawatts of operational capacity. Separately, Ukrainian state-owned energy company Naftogaz has secured its first long-term regasification booking in Europe, Rigzone reported. The company won 12-year rights to regasify liquefied natural gas at the Klaipeda terminal in Lithuania, a deal that could influence European gas supply dynamics. In a stark geopolitical shift, U.S. President Donald Trump claimed a deal with Iran was close, pulling back threatened military strikes just hours after vowing to hit the Islamic Republic "VERY HARD" and threatening to seize its oil infrastructure, according to a Rigzone wire report. This reversal introduces fresh...

🌅Afternoon Wire·Jun 12

Pipeline & Infrastructure

Oil Slides on Geopolitical Signal, LNG Deals Tighten

Oil prices fell sharply on Thursday, reaching their lowest levels since April, according to a report from Rigzone. The drop followed signals from former President Donald Trump indicating progress toward a potential peace deal with Iran, which could ease geopolitical tensions and add supply to the global market. Separately, a key European LNG buyer noted increasing challenges in securing long-term liquefied natural gas supply contracts from U.S. suppliers. The boss of Greece's Atlantic SEE LNG Trade said such deals are becoming "more difficult," Rigzone reported on Thursday. This tightening in the forward market for U.S. LNG underscores competitive global demand for American gas exports. For Bakken producers, the immediate oil price decline directly impacts the economics of new drilling and completion projects in the Williston Basin. North Dakota's oil output, which flows primarily through pipelines to coastal and Midwest markets, is priced against these global benchmarks. Sustained lower prices could...

🌅Afternoon Wire·Jun 12