Sunday, June 14, 2026

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Oil Prices

Oil Prices Plunge Over 3%, Bakken Differential Widens

Front-month West Texas Intermediate crude oil futures fell sharply Sunday, trading down 3.23% to $84.88 per barrel. The global Brent benchmark saw a similar decline, dropping 3.37% to $87.33. The sell-off extended last week's losses, driven by a combination of renewed supply concerns and broader market anxiety. The immediate catalyst for the drop appears to be the official confirmation from OPEC+ that it will begin phasing out voluntary production cuts starting in October. According to a source report, the group announced it will gradually return 2.5 million barrels per day of supply to the market over a 12-month period beginning October 2024. This signals a major shift from the production restraint that has supported prices for the past two years. Simultaneously, market sentiment is being weighed down by persistent concerns over demand. Recent economic data, including a weaker-than-expected U.S. jobs report, has fueled fears of slowing growth and its impact...

☀️Morning Wire·Jun 14

Rig Report

Bakken Rig Count Holds at 26, Up 4 from May

The number of active drilling rigs in North Dakota's oil fields was unchanged Sunday, holding steady at 26, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since the previous day. While the count was flat day-over-day, the current fleet represents a decline from one week ago when 27 rigs were active. However, the broader trend shows increased activity compared to last month. The rig count is up four units from the 22 rigs reported on May 15. The Bakken formation is North Dakota's primary oil-producing region, and rig count is a key leading indicator of future production and industry investment. The current level of 26 rigs suggests a stabilized, moderate pace of drilling development in the Williston Basin. The month-over-month gain aligns with typical seasonal increases in activity as weather conditions improve, though operators remain disciplined...

☀️Morning Wire·Jun 14

Daily Activity

DMR Reports No New Daily Drilling Activity for June 13

The North Dakota Department of Mineral Resources (DMR) reported no new daily oil and gas activity for Saturday, June 13, 2026, according to its published report. The DMR's daily activity report typically lists new drilling permits approved, wells spudded (drilling commenced), wells completed, and wells plugged. The absence of new filings on any given day, particularly on a weekend, is a normal occurrence within the regulatory reporting cycle. Industry activity in the Bakken region fluctuates daily, and reporting lags, especially around Saturdays and Sundays, are common. The next comprehensive update on statewide drilling and completion activity will be provided in the weekly North Dakota drilling statistics report, typically issued on Fridays.

☀️Morning Wire·Jun 14

Operator News

ExxonMobil Reportedly Exploring Acquisitions, Including Woodside

ExxonMobil Corp. has been holding early-stage internal discussions regarding potential acquisitions, including a look at Australia's Woodside Energy, according to people with knowledge of the matter. The talks were reported by Rigzone on Saturday, June 13. While the reported discussions are preliminary and internal, any major move by a supermajor like ExxonMobil is closely watched by the broader oil and gas industry. ExxonMobil is a significant operator in North Dakota's Bakken formation, where it holds substantial acreage and production. For other Bakken operators and service companies, ExxonMobil's strategic review signals that large-scale industry consolidation remains a possibility. A major acquisition by Exxon could redirect capital and operational focus, potentially affecting its investment pace in existing shale plays like the Bakken. Alternatively, any deal could strengthen the company's global portfolio, providing more financial stability for its diverse operations, including its North Dakota assets. The Bakken formation has seen a wave of...

☀️Morning Wire·Jun 14

Pipeline & Infrastructure

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

The federal government will pay North Dakota roughly $28 million to settle a lawsuit over law enforcement costs incurred during the Dakota Access Pipeline protests, state officials announced. The final settlement, revealed on Thursday, June 11, prevents further litigation and includes a formal statement from the U.S. Department of Justice. The amount, approximately $27.8 million according to one source, matches a 2025 judgment awarded to the state by U.S. District Court Judge Dan Traynor. The lawsuit, filed in 2019, concerned the 2016 and 2017 demonstrations against the construction of the crude oil pipeline, known as DAPL, in rural south-central North Dakota. North Dakota Attorney General Drew Wrigley stated the settlement stops both parties from spending more public money on the nearly seven-year-old legal battle. “An important chapter in our state’s history has been rendered indisputable and closed,” Wrigley said at a press conference at the Capitol. The state's case alleged...

☀️Morning Wire·Jun 14

Regulatory

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

North Dakota will receive approximately $28 million from the federal government to cover costs incurred during the Dakota Access Pipeline protests, according to a settlement announced last week. The agreement finalizes a 2025 judgment from U.S. District Court Judge Dan Traynor and ends a lawsuit filed by the state in 2019. The state alleged that the federal government, under the Obama administration, allowed protests against the crude oil pipeline to grow by unlawfully permitting demonstrators to camp on U.S. Army Corps of Engineers land in south-central North Dakota. As part of the settlement, the U.S. Department of Justice issued a statement acknowledging that, in hindsight, the federal government "could have done more to reduce the impacts to the people of North Dakota." Attorney General Drew Wrigley stated the settlement prevents both parties from spending more public money on the nearly seven-year litigation. “An important chapter in our state’s history has...

☀️Morning Wire·Jun 14

Global Markets

Russian Output Drops Amid Ukraine Strikes, Global Market Tightens

Global oil markets tightened in May as Russian crude output fell to its lowest level in a year, according to data reported by OPEC. The development, reported by Rigzone, supports the price environment crucial for Bakken shale operators in North Dakota. Russian producers pumped an average of 9.009 million barrels per day of crude in May, Rigzone reported, citing OPEC data. The decline was attributed to Ukrainian strikes on energy infrastructure. For Bakken operators, sustained global supply constraints are a key factor in maintaining profitable drilling and completion activity. The Bakken formation is a price-sensitive play, and its output economics are directly tied to global benchmark prices like West Texas Intermediate (WTI). Supply disruptions in major producing nations like Russia typically provide upward pressure on those benchmarks. While the Bakken Wire does not report specific price projections, the fundamental reduction in global supply is a supportive market signal. Higher sustained...

☀️Morning Wire·Jun 14

Global Markets

Global Roundup: Oil Dips on Strait Hope, APA Grows in Alaska

Global oil prices fell sharply this week, dropping to a four-month low, according to Rigzone. The decline was driven by growing hopes for a peace agreement between the U.S. and Iran that would reopen the critical Strait of Hormuz, Rigzone reported. The potential easing of a key geopolitical bottleneck weighed heavily on markets. Rigzone noted the U.S. and Iran moved closer to an interim peace agreement meant specifically to reopen the strait, a vital waterway for global seaborne oil exports. For Bakken producers, a sustained price drop linked to increased global supply availability could pressure margins. However, the region's crude typically trades at a discount to international benchmarks, and its inland location means it is less directly exposed to Strait of Hormuz shipping dynamics than coastal grades. The development underscores the Bakken's ongoing sensitivity to global geopolitical events that influence the broader price complex. In other news, APA Corporation announced...

☀️Morning Wire·Jun 14

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Plunge Over 3% Amid Demand Concerns, Bakken Spread Widens

Front-month WTI crude futures fell sharply to $84.88 per barrel in midday trading Sunday, a decline of $2.83 or 3.23%, according to live price data. The global Brent benchmark saw a steeper drop, falling 3.37% to $87.33. The sell-off significantly widened the discount for Bakken crude, which traded at $3.42 below WTI. The primary driver of the midday price collapse appeared to be mounting concerns over global oil demand. This sentiment overshadowed a modest gain in the natural gas market, where prices rose $0.03 to $3.12 per MMBtu. For Bakken operators, the immediate impact is a direct hit to wellhead revenue. With the Bakken differential widening to -$3.42, the effective price for a barrel of Bakken crude is approximately $81.46. This price level, if sustained, could pressure margins, particularly for operators with higher breakeven costs. The widening differential also suggests regional logistical constraints or softening demand for lighter Bakken crude...

🔆Midday Wire·Jun 14

Operator News

ExxonMobil Reportedly Exploring Acquisitions, Including Woodside

ExxonMobil Corp. has been holding early-stage internal discussions about potential acquisitions, including a deal for Australia's Woodside Energy Group Ltd., according to a report from Rigzone. The discussions were reported by people with knowledge of the matter, Rigzone stated in an article published on June 13, 2026. The report did not specify if any formal negotiations are underway. For operators in North Dakota's Bakken formation, any major acquisition move by a supermajor like ExxonMobil is closely watched. Large-scale consolidation among the largest players can alter the competitive landscape and influence strategic decisions across the basin. ExxonMobil is a significant operator in the Williston Basin through its subsidiary XTO Energy. A major acquisition could potentially redirect capital or strategic focus, though the reported discussions are in very preliminary stages. The broader oil and gas industry has seen a wave of consolidation in recent years, driven by a desire to secure prime...

🔆Midday Wire·Jun 14

Pipeline & Infrastructure

North Dakota Secures Final $27.8M DAPL Protest Settlement from U.S.

North Dakota will recover a final $27.8 million from the federal government for expenses related to the Dakota Access Pipeline protests, Attorney General Drew Wrigley announced this past week. According to the settlement, this payment, combined with a previously secured $10 million, brings the state's total reimbursement to nearly $38 million. The agreement resolves a long-running lawsuit where North Dakota sought repayment for the financial burden of the 2016-17 demonstrations against the pipeline. State officials argued that taxpayers should not have been responsible for costs associated with law enforcement, emergency response, and cleanup efforts resulting from the protests. The Dakota Access Pipeline, which transports crude oil from the Bakken formation to Illinois, drew international opposition a decade ago. Protesters, led by the Standing Rock Sioux Tribe and allies, argued the pipeline threatened tribal water supplies and sacred sites. The demonstrations lasted nearly 10 months, from the establishment of the Sacred...

🔆Midday Wire·Jun 14

Regulatory

Six States Set Fuel Tax Hikes Amid Inflation, Price Volatility

Motorists in six U.S. states, including major markets for Bakken crude, are facing inflation-indexed fuel tax increases effective July 1, even as recent crude price declines offer temporary relief. According to a report from OilPrice.com, the changes come amid high energy inflation and significant oil market volatility tied to Middle East tensions. Oil markets extended declines on Friday, June 13, with Brent crude slipping below $90 per barrel and West Texas Intermediate (WTI) falling to roughly $85–$87. OilPrice.com reported the drop followed comments from U.S. President Donald Trump that a peace agreement with Iran was close, leading traders to price in a potential de-escalation and reopening of the critical Strait of Hormuz. The national average gasoline price fell to $4.15 per gallon from $4.52 a month ago. Despite the recent dip, energy remains the top inflation concern. U.S. consumer prices rose 4.2% in May year-over-year, the highest rate in three...

🔆Midday Wire·Jun 14

Global Markets

Russian Output Drop in May May Tighten Global Oil Supply

Russian crude oil production fell to its lowest level in a year during May, according to data from the Organization of the Petroleum Exporting Countries (OPEC). The development, reported by Rigzone, could help tighten global supply and provide support for international benchmark prices, which directly influence the value of Bakken crude. Rigzone reported that Russian producers pumped an average of 9.009 million barrels per day in May. The news outlet attributed the decline to Ukrainian strikes on energy infrastructure. While the specific impact on global balances was not detailed in the summary, any sustained drop in output from one of the world's top three oil producers typically reduces the overall supply available to the market. For operators in North Dakota's Bakken formation, the price of crude is the primary determinant of profitability and drilling activity. Bakken crude is priced against the West Texas Intermediate (WTI) benchmark, which is influenced by...

🔆Midday Wire·Jun 14

Global Markets

Global Energy Roundup: Fiji Rejects Waste-to-Energy, Jamaica Eyes Oil, Shell Sells Wind

Fiji has formally rejected a controversial Australian-backed proposal to import and incinerate waste for energy, according to a report from OilPrice.com. The Fijian government blocked a plan from Australian billionaire Ian Malouf and business partner Rob Cromb to ship up to 900,000 tonnes of non-recyclable rubbish annually to be burned, a project they claimed could meet 40% of Fiji's electricity needs and reduce diesel reliance. The government cited concerns over the project's scale, hazardous ash management, public health risks, and potential harm to tourism and the environment. Fijian officials and residents labeled the idea "waste imperialism," with UN Ambassador Filipo Tarakinikini stating the country "must not become the Pacific’s ashtray." Meanwhile, Jamaica is cautiously moving forward with offshore oil exploration ambitions, as reported by OilPrice.com. The UK-based firm United Oil & Gas has identified hydrocarbons in seabed samples from its licensed block in the Walton-Morant basin. Jamaica's Energy Minister Daryl...

🔆Midday Wire·Jun 14

Operator News

Oil Prices Fall as U.S.-Iran Talks Progress; APA Buys Alaska Assets

Oil prices dropped to a four-month low this week as hopes grew for an agreement to reopen the strategic Strait of Hormuz, according to Rigzone. The decline followed reports that the U.S. and Iran are moving closer to an interim peace deal meant to reopen the vital waterway. For Bakken operators, lower benchmark oil prices directly pressure cash flows and can influence decisions on drilling budgets and well completion schedules. The price drop was attributed specifically to the diplomatic progress, Rigzone reported. The Strait of Hormuz is a crucial global oil chokepoint, and its sustained reopening would ease supply concerns that have previously supported prices. In separate operator news, APA Corporation—the parent company of Apache Corporation, a significant operator in North Dakota's Bakken formation—announced an expansion of its Alaskan footprint. APA acquired Savant, securing control of strategic infrastructure adjacent to its existing eastern North Slope acreage, Rigzone reported. The company...

🔆Midday Wire·Jun 14

Pipeline & Infrastructure

Global Midstream Moves Highlight LNG, Equity Shifts

Recent international midstream developments in Europe highlight ongoing shifts in energy partnerships and infrastructure access. While not directly involving Bakken assets, these moves reflect the global market dynamics that influence North Dakota's crude oil and natural gas exports. In Lithuania, Ukrainian state-owned company Naftogaz has secured its first long-term regasification booking in Europe, according to Rigzone. The company won 12-year rights to utilize the liquefied natural gas (LNG) terminal in Klaipėda. This move underscores the continued European focus on diversifying natural gas supply sources away from pipelines, a trend that affects global LNG demand and pricing, which can influence the economics of associated gas production in the Bakken. Separately, a significant equity adjustment was completed in a major North Sea field. Rigzone reported that Aker BP and its partners finalized a redetermination of the Johan Sverdrup Unit, increasing Aker BP's ownership to 31.7163 percent. This entitles the company to an...

🔆Midday Wire·Jun 14

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Markets Hold Steady as Bakken Differential Widens

Front-month oil futures were flat in quiet Sunday trading, with West Texas Intermediate (WTI) holding at $84.88 per barrel and Brent crude at $87.33. The lack of movement reflects typical weekend market inactivity. The Bakken oil price differential, a key metric for North Dakota producers, widened to a discount of $3.42 per barrel versus the WTI benchmark. For Bakken operators, the steady headline price masks a tightening margin. A differential at -$3.42 means the realized price for Bakken crude is approximately $81.46 per barrel. This spread is a critical factor in wellhead economics, impacting cash flow and drilling decisions across the Williston Basin. The wider discount can reflect regional pipeline constraints, local supply gluts, or quality adjustments. Natural gas prices also showed no change, holding at $3.12 per MMBtu. While a secondary revenue stream for many Bakken wells, sustained low natural gas prices continue to limit the economic upside from...

🌅Afternoon Wire·Jun 14

Rig Report

Bakken Rig Count Holds at 26, Up Four From May

The number of active drilling rigs in North Dakota remained unchanged Sunday, holding at 26, according to live rig data tracked by Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location over the past 24 hours. While the count was stable day-over-day, it represents a decline of one rig compared to one week ago, on June 7, 2026, when 27 rigs were active. The current level, however, marks an increase of four rigs from the count of 22 recorded one month ago on May 15, 2026. The rig count is a key leading indicator for future oil production in the Bakken formation, North Dakota's primary oil-producing region. Stability in the count suggests operators are maintaining their current drilling programs amid prevailing market conditions. The four-rig increase over the past month points to a measured expansion of drilling activity by operators in the...

🌅Afternoon Wire·Jun 14

Operator News

ExxonMobil Internally Discussing Potential Acquisitions

ExxonMobil Corp. has been holding internal, early-stage discussions about potential acquisitions, including a look at Australia's Woodside Energy, according to people with knowledge of the matter. The news was reported by Rigzone on Friday, June 13. While the discussions are preliminary and internal, any major strategic move by a supermajor like ExxonMobil is closely watched by the entire oil and gas industry. The company is a significant operator in the Bakken formation through its subsidiary XTO Energy, making its corporate strategy directly relevant to North Dakota's oil sector. For Bakken operators, consolidation led by large players can reshape the competitive landscape. Acquisitions can lead to asset portfolios being reshuffled, potentially putting new blocks of Bakken acreage on the market or bringing them under more capitalized ownership. This activity can influence local drilling schedules, midstream commitments, and service company contracts. A potential pursuit of a large international target like Woodside would...

🌅Afternoon Wire·Jun 14

Pipeline & Infrastructure

North Dakota Secures Final $27.8M from Feds in DAPL Protest Cost Settlement

North Dakota will recover nearly $38 million from the federal government for expenses related to the massive 2016-17 protests against the Dakota Access Pipeline (DAPL), according to a final settlement announced this past week. The agreement requires the federal government to pay the state $27.8 million, which, combined with a previously secured $10 million payment, brings the total reimbursement close to $38 million, as reported by North Dakota Attorney General Drew Wrigley. The settlement resolves a long-running lawsuit where the state argued taxpayers should not bear the financial burden of law enforcement, emergency response, and cleanup during the nearly 10-month demonstrations. The protests centered near the Standing Rock Sioux Reservation and federal lands managed by the U.S. Army Corps of Engineers, opposing the pipeline's route. According to state officials, North Dakota's emergency response lasted more than 230 days and involved 178 response agencies from multiple counties. Authorities reported making 761...

🌅Afternoon Wire·Jun 14

Global Markets

Russian Oil Production Declines to One-Year Low in May

Russian oil production fell to its lowest level in a year during May, according to data from OPEC. The Rigzone news service reported that Russian producers pumped an average of 9.009 million barrels per day of crude last month. The reported decline comes amid ongoing Ukrainian strikes targeting Russian energy infrastructure. While the specific causes of the May output drop were not detailed in the headline summary, sustained disruptions to a major global supplier typically reduce the overall volume of crude available on the world market. For Bakken operators in North Dakota, global supply fundamentals are a key driver for the price of their crude. The Williston Basin's oil is priced against global benchmarks like West Texas Intermediate (WTI), which is influenced by international supply and demand balances. A sustained reduction in output from Russia, a leading member of the OPEC+ alliance, contributes to a tighter global supply picture. This...

🌅Afternoon Wire·Jun 14

Global Markets

Global Energy Shifts Highlight Nuclear Resurgence, Labor Bottlenecks, and Arctic Hesitation

A global resurgence of nuclear power, driven by energy security concerns and tech industry demand, is gaining momentum according to industry reports. Japan plans to rebuild 11 to 14 nuclear reactors by 2050, which would add 16 GW of capacity, OilPrice.com reported. This marks a significant policy reversal following the 2011 Fukushima disaster, prompted by volatility in LNG prices and geopolitical crises like the Strait of Hormuz situation. China is also aggressively expanding its nuclear fleet, with plans to commission seven new reactors this year and another 36 currently under construction, solidifying its position as the world's largest nuclear nation. In the United States, a "nuclear renaissance" is a stated priority of the current administration, with efforts focused on extending the lifespan of existing plants and developing new ones, including small modular reactors. Microsoft President Brad Smith was recently quoted stating, "We clearly need more nuclear power and we’re bullish...

🌅Afternoon Wire·Jun 14

Operator News

Shell Plans $1B Wind Farm Sale; Oil Drops to Four-Month Low

Shell is preparing to launch a sale of its offshore wind farms in a move away from renewable energy to focus on its higher-returning fossil fuel business, according to Rigzone. The potential sale is valued at approximately $1 billion. This strategic pivot by a major international operator comes as crude oil markets face significant pressure. Oil prices fell sharply to a four-month low on June 12, as hopes grew for a Hormuz reopening agreement between the US and Iran, Rigzone reported. Separately, a controversial waste-to-energy proposal in the South Pacific has been rejected. Fiji has blocked a plan proposed by Australian billionaire Ian Malouf and business partner Rob Cromb to ship up to 900,000 tonnes of non-recyclable rubbish from Australia to be incinerated for energy, according to OilPrice.com. The project, proposed by their company Next Generation Holding (TNG), was pitched as a way to meet 40% of Fiji's electricity needs...

🌅Afternoon Wire·Jun 14

Pipeline & Infrastructure

Global Deals on Iran, Alaska, North Sea Unfold as Bakken Watches

The United States and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz, according to a report from Rigzone. The strategic waterway is a critical global oil transit chokepoint. While not directly impacting Bakken pipeline operations, any sustained reopening and stabilization could affect global crude supply flows and pricing benchmarks that influence the value of Williston Basin production. In other infrastructure news, APA Corporation expanded its Alaska footprint with the acquisition of Savant. APA stated the deal "secures control of strategic infrastructure adjacent to our eastern North Slope acreage, enhancing our ability to execute our planned drilling program efficiently," Rigzone reported. Major investment in Alaskan North Slope projects can influence long-term crude supply competition and pipeline capacity considerations for U.S. inland basins, including the Bakken. Separately, Aker BP and its partners completed a redetermination in Norway's Johan Sverdrup field, Rigzone reported. The move increases...

🌅Afternoon Wire·Jun 14