Tuesday, June 16, 2026

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Oil Prices

Oil Prices Slide as Banks Cut Forecasts on U.S.-Iran Deal

Oil prices extended their sharp decline Tuesday, with West Texas Intermediate (WTI) crude trading down 2.74% to $77.26 per barrel, according to live market data. The international benchmark Brent crude fell 2.81% to $80.83. The sell-off follows a preliminary peace deal between the United States and Iran aimed at reopening the Strait of Hormuz, a critical global oil chokepoint, according to related news reports. The agreement, set to be signed Friday in Switzerland, would see Iran reopen the strait within 30 days. Major investment banks slashed their oil price forecasts in response to the diplomatic breakthrough. According to a report from OilPrice.com, Morgan Stanley cut its third-quarter 2026 Brent forecast to $90 per barrel from $100. Goldman Sachs reduced its fourth-quarter 2026 forecast to $80 per barrel from $90 and lowered its 2027 average forecast to $75 from $80. Citi issued an even more bearish outlook, forecasting Brent at $75...

☀️Morning Wire·Jun 16

Rig Report

North Dakota Rig Count Holds at 28 for Second Consecutive Day

The number of active drilling rigs in North Dakota was unchanged at 28 on Tuesday, June 16, according to live data from Bakken Wire. No new rigs were added, none were removed, and none moved location from the previous day. This steady count follows a one-rig increase reported last week. The current level of 28 rigs represents an increase of one rig compared to one week ago, on June 9, when 27 rigs were active. The broader trend shows a more significant rebound in drilling activity over the past month. The current rig count is up by six rigs, or 27%, from the level of 22 active rigs recorded on May 17. The Bakken formation is North Dakota's primary oil-producing region, and the rig count is a key leading indicator of future production activity and capital investment by operators. The sustained increase from May suggests operators are maintaining drilling programs...

☀️Morning Wire·Jun 16

Daily Activity

XTO Energy, Formentera Lead Daily Activity with New Permits, Renewals

The North Dakota Department of Mineral Resources approved five new drilling permits in filings from Monday, June 15, according to the daily activity report. The agency also processed nine permit renewals and released several wells from confidential status. XTO Energy Inc. was the most active operator seeking new permits, accounting for four of the five approvals. All four permits are for wells named Mason Federal in the same section (SW NE 26-148N-97W) in Dunn County within the ‘CONFIDENTIAL’ field. The approved permits are 43029 (32X-26E), 43030 (32X-26B), 43031 (32X-26F), and 43032 (32X-26AXB). The fifth new permit (43035) was granted to Koda Resources Operating LLC for the Altbier 1831-11BH well in Divide County’s Sioux Trail field. Permit renewal activity was led by Formentera Operations, LLC, which secured five extensions. The renewals, all citing locations or proposed drillbacks outside of spacing units, are for wells in Burke County. The permits are 36560...

☀️Morning Wire·Jun 16

Operator News

Global Operators Remain Cautious on Hormuz, Expand Overseas Deals

The world's largest tanker operator has cautioned that a full return to normal oil shipments through the Strait of Hormuz could take weeks, even after a U.S.-Iran deal, according to a report from OilPrice.com. For Bakken operators, this means continued uncertainty for global crude flows and pricing, despite the announced diplomatic breakthrough. Jotaro Tamura, CEO of Mitsui OSK Lines, told the Financial Times that shipping companies will wait until the deal is formalized this Friday and they see "material" safety guarantees before returning to the critical chokepoint. "Given the experiences in the last couple of months, I think it’s reasonable to assume that it may take at least a couple of weeks or if not a month," Tamura said. Even after a formal agreement, organizing insurance could further delay recovery, OilPrice.com reported. This cautious stance persists despite a Monday social media post from former President Trump claiming ships were moving....

☀️Morning Wire·Jun 16

Pipeline & Infrastructure

North Dakota Secures Final $27.8M Federal Payment for DAPL Protest Costs

North Dakota will receive a final $27.8 million payment from the federal government to cover costs from the Dakota Access Pipeline (DAPL) protests, according to an announcement this past week by Attorney General Drew Wrigley. Combined with a previously secured $10 million, the state's total recovery reaches nearly $38 million. The settlement resolves a long-running lawsuit where North Dakota sought reimbursement for law enforcement, emergency response, and cleanup expenses incurred during the nearly 10-month demonstrations. According to state officials, the emergency response lasted more than 230 days and involved 178 agencies, resulting in 761 arrests. The protests began on April 1, 2016, when members of the Standing Rock Sioux Tribe and allies established the Sacred Stone Camp near the proposed pipeline route. Thousands gathered to oppose the project, arguing it threatened tribal water supplies and sacred sites. The U.S. Army Corps of Engineers initially denied a key easement in December...

☀️Morning Wire·Jun 16

Global Markets

Venture Global Secures Larger LNG Supply Deal for Greece

Venture Global has amended a supply agreement to increase deliveries of U.S. liquefied natural gas to Greece, according to a report from Rigzone. The deal, announced Monday, will see an additional 1 million metric tons per annum of LNG shipped to the European nation. The expansion of this contract highlights sustained international demand for American natural gas. For Bakken operators, this global demand is a critical factor for the region's associated gas, which is produced alongside crude oil. While the Bakken is primarily an oil play, its substantial natural gas output requires viable market outlets to avoid flaring and capture value. Increased LNG export capacity and international sales contracts help support the broader U.S. natural gas market. Stronger benchmark prices and demand fundamentals can improve the economics for processing and selling Bakken natural gas and natural gas liquids. This is particularly relevant as North Dakota operators continue to face takeaway...

☀️Morning Wire·Jun 16

Global Markets

Global Roundup: ONGC Eyes Venezuela Return, Iberdrola Bets on Brazil, Jera Takes Barossa LNG

India’s ONGC Videsh Ltd (OVL) is considering reviving operations at its two onshore oil assets in Venezuela as the country welcomes foreign companies back, according to a report from OilPrice.com. This development comes amid eased U.S. sanctions and could signal a gradual return of Venezuelan crude to global markets, potentially affecting long-term supply dynamics relevant to Bakken producers. OVL, the overseas unit of India’s state-owned Oil and Natural Gas Corporation, holds a 40% stake in the San Cristobal project in the Orinoco belt and an 11% stake in the Petrocarabobo project in Eastern Orinoco, with PDVSA holding majority stakes in both. The company plans to resume operations despite expecting about $900 million in unpaid dividends from PDVSA, OilPrice.com reported, citing Indian outlet Economic Times. An industry executive told ET, "The economic conditions in Venezuela are now suitable for operations, so all the field operators are going back, and OVL is...

☀️Morning Wire·Jun 16

Operator News

Global Energy Deals, Partnerships Dominate Operator News

The White House sought to make the case that its interim deal with Iran will end a global energy crisis, according to a Rigzone report from June 16. The administration insists the agreement will hold and achieve its wartime goals, even as details remain contested. In other international operator news, Petroleos Mexicanos (Pemex) CEO Juan Carlos Carpio is expected to visit Brazil this month, Rigzone reported on June 15. The visit is part of talks for a potential joint campaign with Petroleo Brasileiro (Petrobras) to explore for oil in the Gulf of Mexico. Separately, Malaysia's Petronas announced it is farming down several domestic assets, Rigzone reported on June 15. The state-owned company said it continues to expand participation by state governments in developing Malaysia's oil and gas resources. For Bakken operators and royalty owners, these international developments underscore the interconnected nature of global crude markets. A finalized U.S.-Iran deal could...

☀️Morning Wire·Jun 16

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Bakken Crude Prices Drop Sharply as Geopolitical Premium Evaporates

Oil prices fell sharply on Tuesday, with West Texas Intermediate crude dropping more than 5% to trade near $75 per barrel, as a U.S.-Iran agreement to reopen a critical shipping lane removed a major supply risk premium from the market. According to live price data, WTI Crude was trading at $75.27 per barrel at midday, down $4.17 or 5.25% on the day. The international benchmark Brent Crude fell to $79.06, down $4.11. The price for Bakken crude at the wellhead, reflected in the Bakken Differential, was $3.42 per barrel below WTI. The primary driver of the sell-off is the signing of a deal between the United States and Iran to immediately reopen the Strait of Hormuz and lift a U.S. maritime blockade, OilPrice.com reported. The agreement, signed by U.S. President Trump, Vice President Vance, and Iran's parliamentary speaker Qalibaf, sent Brent futures below $80 per barrel for the first time...

🔆Midday Wire·Jun 16

Operator News

Chevron Expands Offshore Greece, Focus Continues on Core U.S. Assets

Chevron has expanded its exploration partnership with Helleniq Energy to five offshore concessions in the Greek Mediterranean, according to a report from Rigzone. The news, published Tuesday, underscores the global scope of the major's portfolio. For Bakken-focused operators and service companies, such international moves by a major player like Chevron serve as a reminder of the competitive landscape for capital allocation. While Chevron maintains significant operations in the Williston Basin, large-scale international exploration investments are typically prioritized separately from the capital earmarked for established shale plays. The Bakken formation, North Dakota's primary oil-producing region, competes for investment within company portfolios that often include deepwater, LNG, and other international ventures. Announcements like Chevron's Greek expansion do not directly impact day-to-day Bakken operations but reflect the broader corporate strategy of diversified energy giants. In the current industry environment, sustained capital discipline and operational efficiency are the primary drivers for Bakken development. Operators...

🔆Midday Wire·Jun 16

Pipeline & Infrastructure

North Dakota Secures Final $27.8M Federal Payment for DAPL Protest Costs

North Dakota has secured a final $27.8 million payment from the federal government to cover costs from the Dakota Access Pipeline (DAPL) protests, according to an announcement by state Attorney General Drew Wrigley. Combined with a previous $10 million payment, the state's total recovery now amounts to nearly $38 million. The settlement resolves a long-running lawsuit where North Dakota sought reimbursement for law enforcement, emergency response, and cleanup costs stemming from the massive demonstrations near the Standing Rock Sioux Reservation. The protests, which drew international attention, opposed the pipeline's construction over concerns it threatened tribal water supplies and sacred sites. State officials argued that North Dakota taxpayers should not bear the financial burden of the response. According to state data cited in the report, the emergency response lasted more than 230 days and involved 178 agencies from multiple counties. Authorities made 761 arrests during the protests, 709 of which involved...

🔆Midday Wire·Jun 16

Global Markets

Global LNG Disruptions, Slowing U.S. EV Shift Signal Support for Bakken Gas, Oil

Ongoing strikes at major Australian liquefied natural gas (LNG) facilities, combined with a slow expected recovery for Qatari exports, are tightening global gas supply, a dynamic that supports the market for associated natural gas produced in North Dakota's Bakken formation. According to OilPrice.com, workers at Inpex’s Ichthys LNG facilities have escalated strikes to work stoppages of up to 8 hours per day, with a senior official stating, “We anticipate imminent disruption to production.” The report notes Australia is the world's second-largest LNG supplier while most Qatari output remains shut-in. The supply constraints come as a U.S.-Iran deal to reopen the Strait of Hormuz could be signed as soon as Friday, June 19, 2026. However, a full recovery of Middle Eastern LNG will take time. OilPrice.com reported that QatarEnergy has told customers it could restore about 50% of its production capacity within a month after the Strait reopens safely, reaching 80%...

🔆Midday Wire·Jun 16

Global Markets

Global Energy Infrastructure Push Aims to Diversify Routes, Supply

A Washington-based think tank has launched a plan for a $10 billion energy corridor designed to bypass the volatile Strait of Hormuz, according to a report from OilPrice.com. The "Four Seas Initiative," proposed by the New Lines Institute, outlines a framework for building pipelines to transport oil and gas from the Persian Gulf through Iraq, Jordan, Syria, and Turkey to Mediterranean and European markets. The concept paper, launched at a June 11 event, states the corridor could eventually move up to 4 million barrels of oil per day and 50 billion cubic meters of gas annually. The initiative seeks to reduce European dependence on Russian and Iranian energy while creating a revenue stream for Syrian reconstruction, according to the source. While experts at the launch called the plan realistic, they noted significant implementation challenges remain. For Bakken crude exporters, any major new infrastructure enabling large-scale Middle Eastern oil to reach...

🔆Midday Wire·Jun 16

Operator News

Global Oil News Roundup: Iran Deal, Pemex-Brazil Talks, Petronas Assets

The White House sought to make the case that its interim deal with Iran will end a global energy crisis and achieve the administration's wartime goals, according to a report from Rigzone. The report, published June 16, noted the two adversaries have diverged on what the agreement will look like. For Bakken operators, stability in global crude markets and the avoidance of supply shocks stemming from Middle East tensions is a key concern, as price volatility directly impacts drilling economics in North Dakota. In other international operator news, Petroleos Mexicanos (Pemex) CEO Juan Carlos Carpio is expected to visit Brazil this month, Rigzone reported on June 15. The visit is part of talks for a potential deal with Petroleo Brasileiro (Petrobras) to explore for oil in the Gulf of Mexico. Increased international cooperation and investment in offshore exploration can influence global capital flows and competition for drilling resources, which indirectly...

🔆Midday Wire·Jun 16

Pipeline & Infrastructure

Pipeline Roundup: Global Expansion Plans Highlight Long-Haul Market

Partners at Norway's massive Johan Sverdrup oilfield are considering a fourth development phase, according to Rigzone. The report, published Monday, states that recently completed appraisal wells underpin the plan, with preliminary estimates of 20-30 million barrels of oil equivalent. This potential extension of the North Sea field's productive life underscores continued long-term investment in large-scale oil infrastructure internationally. For Bakken producers and royalty owners, these global developments reinforce the importance of stable pipeline corridors to competitive markets. While the Bakken formation in North Dakota relies on a network of domestic pipelines, the health of the global oil transport sector influences overall investment and can affect long-term price differentials. Major pipeline expansions, whether in the North Sea or the U.S. Gulf Coast, help shape the export landscape that Bakken crude ultimately accesses. The ongoing global focus on expanding pipeline capacity is a positive signal for basin operators concerned about midstream constraints....

🔆Midday Wire·Jun 16

Production Data

Bakken Rig Count Holds at 28 Amid Sharp Oil Price Decline

North Dakota's active drilling rig count held at 28 on Tuesday, June 16, 2026, even as crude oil prices experienced a sharp sell-off. The steady rig count provides a snapshot of current operator activity in the Bakken formation, a primary driver of state oil production. The live market data showed West Texas Intermediate (WTI) crude trading at $75.27 per barrel, a drop of $4.17 or 5.25% for the day. The international benchmark Brent crude fell to $79.06, down $4.11 or 4.94%. Bakken crude was trading at a discount of $3.42 below WTI. Natural gas was priced at $3.22 per million British thermal units. Historically, the number of active drilling rigs is a leading indicator for future oil production in shale basins like the Bakken. Rig counts reflect current capital expenditure and drilling activity by operators. A stable or rising rig count typically signals intentions to maintain or grow production, while...

🔆Midday Wire·Jun 16

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 4% on Iran Deal, Bakken Differential Widens

Oil prices tumbled sharply in Tuesday trading, extending losses triggered by a significant geopolitical development. West Texas Intermediate (WTI) crude was trading at $75.92 per barrel, down $3.52 or 4.43 percent, according to live price data. The international Brent crude benchmark fell to $79.49, down $3.68 or 4.42 percent. The steep decline follows news of a diplomatic breakthrough that has eased supply disruption fears. According to a Rigzone report published Monday, crude prices extended a slide after the U.S. and Iran agreed to an interim deal aimed at reopening the Strait of Hormuz, a critical global oil transit chokepoint. For Bakken producers, the price drop is compounded by a widening regional discount. The Bakken differential to WTI was recorded at -$3.42 per barrel, meaning Bakken crude is priced at a significant discount to the U.S. benchmark. The combined effect of lower benchmark prices and a wide differential puts additional pressure...

🌅Afternoon Wire·Jun 16

Rig Report

ND Drilling Rig Count Holds at 27 After Two Additions, Three Departures

North Dakota's active drilling rig count remained at 27 on Tuesday, June 16, according to live Bakken Wire data, as two new rigs offset three that were released. The tally is unchanged from one week ago but up by five rigs compared to one month ago. Hunt Oil Company added both of the new rigs. The company deployed T&S Drilling 2 to a location in Burke County (160-91-35) and Nabors B21 to a location in Divide County (160-100-6), the data shows. Three rigs were released from service. Burlington Resources Oil & Gas Company LP removed two rigs—Noble 6 and Nabors 6—both from the same pad in McKenzie County (151-96-7). Separately, Zavanna Energy Operating, LLC released Nabors X28 from a location in Williams County (155-100-22). No rigs were reported as having moved locations. The flat week-over-week activity comes amid broader industry discussions about the future of the Bakken. According to a...

🌅Afternoon Wire·Jun 16

Operator News

Chevron Expands Offshore Exploration Partnership in Greece

Chevron has expanded its exploration partnership with Helleniq Energy in the Greek Mediterranean, securing five offshore concessions, according to a report from Rigzone. The development, announced Tuesday, highlights the continued international investment focus of one of the Williston Basin's largest operators. Chevron is a significant producer in the Bakken formation following its acquisition of Noble Energy and its existing legacy assets in the region. For Bakken stakeholders, major operator activity in international frontiers like the Eastern Mediterranean is a routine indicator of large-capital companies balancing their global portfolios. Such moves do not typically signal an immediate shift in capital allocation away from core U.S. onshore basins like the Bakken, but rather a long-term strategy to diversify hydrocarbon resources and exposure to different geopolitical regions. The Bakken formation remains a core, cash-generating asset for integrated majors like Chevron. North Dakota's oil field provides stable production that funds corporate-level investments in other...

🌅Afternoon Wire·Jun 16

Pipeline & Infrastructure

North Dakota Secures $27.8M Final Payment in DAPL Protest Settlement

North Dakota will receive a final payment of $27.8 million from the federal government for costs incurred during the 2016-17 Dakota Access Pipeline (DAPL) protests, according to a settlement announced last week. Combined with a previously secured $10 million payment, the state's total recovery for protest-related expenses amounts to nearly $38 million, according to Bing News. The settlement, announced by North Dakota Attorney General Drew Wrigley, resolves a long-running lawsuit where the state sought reimbursement for law enforcement, emergency response, and cleanup efforts tied to the months of demonstrations. State officials had argued that North Dakota taxpayers should not bear the financial burden of the protests, which centered near the Standing Rock Sioux Reservation and involved federal lands managed by the U.S. Army Corps of Engineers. According to state officials cited in the source, North Dakota's emergency response lasted more than 230 days and involved 178 response agencies from multiple...

🌅Afternoon Wire·Jun 16

Global Markets

Global Energy Shifts Favor Efficiency, Supply Security

Egypt has paid all its outstanding debts to foreign oil firms, clearing approximately $6.1 billion in energy sector arrears, according to OilPrice.com. The move, announced by petroleum minister Karim Badawi, is expected to accelerate Western oil and gas development in the country, which is viewed as a key replacement source for lost Russian gas supplies. The U.S. Geological Survey estimates the Nile Delta Basin Province alone holds up to 286 trillion cubic feet of undiscovered, technically recoverable gas. Shell is targeting the fourth quarter of this year for first gas at its Mina West field in the Mediterranean. Separately, Norway is advancing Phase 4 development at the massive Johan Sverdrup oil field, a cornerstone of European supply. According to OilPrice.com, the new phase is based on recent discoveries in the area holding an estimated 20 million barrels of oil and 30 million barrels of oil equivalent. Production from Phase 4...

🌅Afternoon Wire·Jun 16

Operator News

Global Energy Roundup: China Demand, Hormuz Aid, Brazil Investment

Chinese crude oil refining activity in May fell to its lowest level in nearly four years, according to a report from Rigzone. The development raises a key question for global oil markets, including suppliers like the Bakken: will demand for fuels like gasoline normalize now that a deal has been reached to reopen the Strait of Hormuz, or has rapid transport electrification permanently reduced consumption? Separately, European nations are expressing caution about committing resources to secure the reopened Strait of Hormuz. At the Group of Seven Summit in France, European leaders raised a series of questions about the specifics of the reopening agreement before committing to demining missions and patrols, Rigzone reported. A secure and reliable shipping lane is critical for global oil price stability, which directly impacts the economics for Bakken producers. In a major investment shift, Spanish energy giant Iberdrola announced plans to invest nearly $5 billion in...

🌅Afternoon Wire·Jun 16

Pipeline & Infrastructure

Global LNG, Geopolitical Deals Shape Energy Landscape

A series of international energy developments reported Monday and Tuesday highlight the interconnected global market in which Bakken crude competes. Japanese power company JERA received its first cargo of liquefied natural gas (LNG) from the Barossa Gas Project in Australia's Northern Territory, according to Rigzone. JERA holds a minority stake in the project. Separately, the White House insisted that an interim deal with Iran will hold and aims to end a global energy crisis, Rigzone reported. The administration presented the deal as a path to achieving its wartime goals, though the two nations reportedly diverge on the agreement's final shape. In the Western Hemisphere, Petroleos Mexicanos (Pemex) CEO Juan Carlos Carpio is set to visit Brazil this month, Rigzone reported Sunday. The visit is part of talks with Petroleo Brasileiro (Petrobras) about a potential joint campaign to explore for oil in the Gulf of Mexico. For Bakken operators and royalty...

🌅Afternoon Wire·Jun 16

Production Data

Bakken Rig Count Holds at 27 Amid Sharp Decline in Oil Prices

North Dakota's active rig count held firm at 27 on Tuesday, a signal of sustained operator activity even as crude oil prices faced a significant sell-off. According to live Bakken data, West Texas Intermediate (WTI) crude closed at $75.92, down $3.52 or 4.43% for the day. The international benchmark Brent crude fell similarly to $79.49. The steady rig count, a leading indicator of future production, suggests major Bakken operators are maintaining disciplined drilling programs focused on their highest-return core acreage. Historically, the number of active drilling rigs in the Williston Basin has a direct correlation with oil production levels, with changes in the count typically foreshadowing production trends several months in the future. The price for Bakken crude at the wellhead is further pressured by a regional price differential. Live data shows the Bakken differential at a discount of $3.42 per barrel compared to WTI, putting the local price at...

🌅Afternoon Wire·Jun 16