Thursday, June 18, 2026

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Oil Prices

Oil Prices Drop as Strait of Hormuz Reopening Looms, Bakken Differential Holds

Oil prices declined sharply in Thursday morning trading, with global benchmarks pressured by the imminent reopening of a key Middle Eastern shipping chokepoint. West Texas Intermediate (WTI) crude was trading at $74.57 per barrel, down $1.44 (-1.89%), while Brent crude fell $1.06 to $78.49 per barrel, according to live price data. Natural gas held relatively steady at $3.13. Bakken crude traded at a discount of $3.42 per barrel versus WTI. The price drop follows reports that the Strait of Hormuz is set to reopen, unleashing a wave of pent-up supply onto the global market. According to OilPrice.com, more than 60 million barrels of crude oil on nearly three dozen supertankers are waiting to exit the Persian Gulf and head to Asian markets. Analysts expect tanker traffic to recover fully by the end of July. This impending supply surge has prompted major investment banks to slash their oil price forecasts. Morgan...

☀️Morning Wire·Jun 18

Rig Report

Bakken Rig Count Holds Steady at 27 Amid Market Expansion

The number of active drilling rigs in North Dakota's Bakken formation held steady at 27 for the week ending June 18, 2026, according to live rig data. The count showed no day-over-day change, with zero new rigs added, zero rigs removed, and no rigs moving location. This marks the second consecutive week the state's rig count has remained at 27, indicating a period of operational stability. The current fleet represents a significant increase from one month prior, when 21 rigs were active on May 19, 2026—a gain of six rigs. The stable drilling environment coincides with a significant expansion in crude oil marketing activity in the region. Vivakor, Inc. announced on June 17 that its trading division has secured a one-year crude oil transaction expected to generate approximately $115 million in annualized revenue, according to a company press release. The deal covers roughly 120,000 barrels per month and is set...

☀️Morning Wire·Jun 18

Daily Activity

Four New Permits Approved in Williams, Divide Counties

The North Dakota Department of Mineral Resources (DMR) approved four new drilling permits in filings from Wednesday, June 17, 2026. The activity was split between operators in the established Williams County and the northwestern Divide County. Enerplus Resources USA Corporation secured two permits in the Ellisville field of Williams County. Permit 43044 is for the SUN 5899 11-28 3BHP well, and permit 43045 is for the HELSTAD 5899 11-28 2BHP well. Both are located in the NW NW of Section 28-158N-99W. In Divide County, Phoenix Operating LLC was approved for a two-well pad in the Wildrose field. Permit 43046 is for the HOBBIT 29-32 2HS well, and permit 43047 is for the HOBBIT 29-32 3H well. Both locations are in the NW NE of Section 29-160N-97W. The DMR report also noted several changes to well confidentiality status. In McKenzie County, well 41585, operated by Hess Bakken Investments II, LLC (BW-IDA-149-101-1416H-2...

☀️Morning Wire·Jun 18

Global Markets

Global Strait Recovery Slow, Attacks Hit Russian Refinery

Tanker traffic through the critical Strait of Hormuz may never fully return to pre-war levels, Goldman Sachs analysts warned, a development with long-term implications for global oil flow patterns. According to a report from OilPrice.com, the investment bank said flows could only recover to about 70% of pre-war levels, or 13 million barrels per day, potentially by the end of July, with full production recovery not expected until October. The warning comes as the U.S. and Iran signed a preliminary peace deal on Wednesday, June 17, which should see the Strait reopen. However, the prolonged closure prompted major Middle Eastern producers to permanently diversify their export routes. Saudi Arabia has ramped up flows via its East-West pipeline to the Red Sea to an average of 7.5 million barrels daily, while the UAE has left OPEC and plans new pipeline capacity to bypass the chokepoint. Iraq is also considering boosting flows...

☀️Morning Wire·Jun 18

Operator News

US-Iran Peace Pact Takes Effect, Pressuring Oil Prices

A U.S.-Iran peace pact took effect Thursday, reopening the critical Strait of Hormuz and introducing new supply concerns for global oil markets, according to Rigzone. President Donald Trump signed an interim deal to end the war, speeding up the agreement's implementation despite political blowback. The geopolitical shift is already impacting crude prices. Oil edged higher on Wednesday but remains under pressure as the peace deal could restore major supplies to the market, Rigzone reported. The stabilization follows a sharp selloff earlier in the week, with the deal being a key factor. The reopening of the Strait of Hormuz, a vital chokepoint for Middle Eastern crude exports, is prompting immediate preparation from other producers. Iraq is readying to boost its oil exports once the waterway reopens, according to Rigzone. There were already signs of increased shipping activity, with Iran moving its own tankers and other vessels changing course toward the Persian...

☀️Morning Wire·Jun 18

Pipeline & Infrastructure

LNG, Trading, Finance Headlines Roundup for Bakken Operators

Clean Energy Fuels Corp. has won contracts to design and install liquefied natural gas (LNG) fuel systems for two power projects in Puerto Rico, according to Rigzone. The work is for projects by PR Energy Partners and an unnamed international healthcare manufacturer. In a separate financial report, TotalEnergies's oil trading profits doubled to about $1 billion in the first quarter, Rigzone reported. The energy giant's CEO said the surge was due to a crude buying spree ahead of the Iran war. Meanwhile, Spanish utility Iberdrola has raised $1.7 billion from a debt instrument sale, according to Rigzone. The company stated the proceeds will finance network investments in its core markets and refinance selected renewable energy projects. For Bakken operators, these headlines underscore the interconnected nature of global energy infrastructure and finance. The LNG project awards highlight continued demand for natural gas fuel systems, which can be relevant for associated gas...

☀️Morning Wire·Jun 18

Regulatory

Former BP CEO Joins Fusion Board; US, I Squared Form $3B Asia Energy Platform

Bernard Looney, the former chief executive of BP plc who resigned in 2023, has joined the board of directors at fusion power developer Type One Energy, according to a report from Rigzone. The appointment, reported Tuesday, places a major oil and gas industry figure at a company working on next-generation energy technology. Separately, the U.S. International Development Finance Corporation (DFC) and investment manager I Squared Capital have agreed to form a $3 billion platform aimed at expanding U.S. energy reach in Asia, Rigzone reported in a separate article Tuesday. The platform's stated goal is to strengthen energy connectivity between the United States and the Indo-Pacific region, including expanded access to U.S. liquefied natural gas (LNG) and related energy exports. For Bakken operators and royalty owners, these developments underscore the evolving global energy landscape. The move of a former supermajor CEO into the fusion sector highlights the long-term technological shifts that...

☀️Morning Wire·Jun 18

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Retreat

North Dakota's active drilling rig count held firm at 27 on Thursday, June 18, 2026, a key indicator that operators are maintaining a baseline level of activity in the Bakken formation despite a recent dip in oil prices. The state's rig count, a closely watched leading indicator for future production, has shown relative stability in recent months. The current price environment presents a mixed picture. West Texas Intermediate crude was trading at $74.57, down $1.44 on the day, while the global Brent benchmark stood at $78.49. More critically for Bakken producers, the local Bakken crude differential—the discount at which Bakken barrels trade compared to WTI—was reported at -$3.42. This means the effective wellhead price for many operators is approximately $71.15. Historically, the number of active drilling rigs in a region is a strong predictor of production trends 4-6 months later. A stable or rising rig count typically signals that operators...

☀️Morning Wire·Jun 18

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Slide on Geopolitical Easing, Bakken Differential Holds at -$3.42

Oil prices extended losses in midday trading Thursday, with West Texas Intermediate (WTI) crude falling 2.76% to $73.91 per barrel. The global benchmark, Brent crude, traded at $77.68, down 2.35%. The sell-off is primarily driven by the prospect of a major geopolitical de-escalation, according to market reports. The downturn follows news that the United States and Iran signed a memorandum of understanding to launch 60-day negotiations aimed at reopening the Strait of Hormuz, a critical global oil chokepoint. This development has pushed Brent prices to a three-and-a-half-month low below $80 this week, as reported by OilPrice.com. Markets are betting on a normalization of supply, with the potential for increased Iranian oil flows if tensions ease. For Bakken producers, the local price benchmark showed relative stability amidst the global slump. The Bakken differential to WTI was recorded at -$3.42 per barrel. While lower outright prices pressure revenues, the consistent differential indicates...

🔆Midday Wire·Jun 18

Operator News

ExxonMobil Secures LNG Supply Deal for South Africa's First Import Terminal

ExxonMobil Corp. has entered a preliminary agreement to supply liquefied natural gas to South Africa's first LNG import terminal, according to a report from Rigzone. The deal supports the Zululand Energy Terminal project, a developing facility aimed at receiving LNG shipments. The agreement underscores ExxonMobil's continued investment in the global LNG value chain as a major supplier. For Bakken operators, including ExxonMobil subsidiary XTO Energy, the parent company's international LNG portfolio provides a broad market outlet for natural gas production, though the deal is not directly tied to Bakken-sourced gas. While Bakken gas is primarily consumed domestically via pipeline networks, major operators with global LNG portfolios benefit from diversified demand centers. Developments like the South African terminal contribute to overall global LNG demand growth, which can support long-term natural gas economics. XTO Energy is a significant operator in the Williston Basin, holding extensive acreage in North Dakota. The news, reported...

🔆Midday Wire·Jun 18

Global Markets

ExxonMobil Inks LNG Supply Deal for South Africa's First Import Terminal

ExxonMobil has entered a preliminary agreement to supply liquefied natural gas to South Africa's first LNG import terminal, according to a report from Rigzone. The deal supports the development of the Zululand Energy Terminal, a new receiving facility. For Bakken operators, the continued global expansion of LNG infrastructure represents a complex market signal. On one hand, growing global demand for natural gas can support prices and provide an outlet for associated gas produced alongside crude oil in the Williston Basin. However, new LNG import terminals, like the one in South Africa backed by a major like ExxonMobil, also foster increased global supply competition. ExxonMobil's LNG is likely sourced from its global portfolio, including projects in Qatar, Papua New Guinea, and the U.S. Gulf Coast, not from the Bakken. The development underscores a persistent challenge for the Bakken: monetizing natural gas. North Dakota's oil fields produce significant volumes of associated gas,...

🔆Midday Wire·Jun 18

Global Markets

AI Capex, Iran Blockade Pressure, ND Tech Push Shape Global Energy Landscape

The massive capital expenditures by Big Tech firms and a critical blockade of Iranian oil exports are creating significant ripples in global energy markets, according to reports, while North Dakota officials push to advance oil production technology ahead of potential federal policy shifts. The "Big Four" tech firms—Google parent Alphabet, Meta, Amazon, and Microsoft—are expected to spend a combined $750 billion on capital expenditures this year, according to OilPrice.com. This spending, focused heavily on artificial intelligence (AI) infrastructure like data centers, is roughly half the annual spending of the entire UK government. The scale of this investment is creating a looming "depreciation time bomb," as the rapid pace of innovation forces shorter asset lifespans. Amazon has already reduced the estimated useful life of its data center equipment from six years to five due to the accelerated tech cycle driven by AI. This hyperscale spending has direct implications for energy demand,...

🔆Midday Wire·Jun 18

Operator News

Global Oil Flow, Financing, and Production Plans Highlight Industry Moves

A significant acceleration of oil shipping activity in the Strait of Hormuz was reported Thursday, according to Rigzone. The news service reported that a growing stream of stranded oil is moving out of the strategic chokepoint while empty Iranian vessels rush in, sparked by the U.S.-Iran interim peace deal. This marks one of the biggest days of activity there since the conflict began, potentially easing global supply logjams. In corporate finance news, Sable, the owner of the Santa Ynez Unit in California, has launched a marketing process for a senior secured term loan of up to $1 billion, Rigzone reported. The sought-after financing highlights ongoing capital needs within the upstream sector, even for assets outside traditional shale plays. Separately, Norwegian energy major Equinor has announced a production growth target of 150,000 barrels of oil equivalent per day (boed) by 2030, Rigzone reported. The majority state-owned company plans to achieve this...

🔆Midday Wire·Jun 18

Pipeline & Infrastructure

Global Events Impact Oil Markets as Bakken Watches Price Moves

A drone attack on a major Russian refinery and the implementation of a U.S.-Iran peace deal are creating new variables for global oil markets, with potential implications for Bakken crude pricing and export flows. Russia's capital faced a record air bombardment overnight, with drones reaching the Moscow Oil Refinery, disrupting airport operations and forcing the closure of several major roads in and around the city, according to Rigzone. Any disruption to Russian refining capacity can tighten global fuel supplies, influencing the crack spreads and relative value of light sweet crudes like those produced in the Bakken. In the Middle East, a geopolitical shift is underway as an interim deal to end the war between the U.S. and Iran and reopen the Strait of Hormuz has taken effect, Rigzone reported. The pact, signed by President Donald Trump, speeds up the timeline for the agreement despite blowback from Republicans. A secure Strait...

🔆Midday Wire·Jun 18

Regulatory

Global Energy Shifts Could Impact Bakken Crude Pricing

Iraq is preparing to increase its oil exports once the Strait of Hormuz reopens, according to a report from Rigzone. The source noted increased shipping activity, with Iran moving oil tankers and other vessels changing course toward the Persian Gulf ahead of an expected interim agreement between Washington and Tehran later this week. The reopening of this critical global oil chokepoint could increase the flow of international crude to market. Separately, Clean Energy Fuels (CLNE) has won contracts to design and install liquefied natural gas (LNG) fuel systems for two power projects in Puerto Rico, Rigzone reported. The projects are being developed by PR Energy Partners and an unnamed international healthcare manufacturer. For Bakken operators and royalty owners, these developments underscore the influence of global events on local economics. The potential surge in Iraqi exports, facilitated by a reopened Hormuz Strait, could add significant volumes to the global crude supply....

🔆Midday Wire·Jun 18

Production Data

Zero Rigs Active in North Dakota Amid Lower Oil Prices

For the first time in recent memory, the number of active drilling rigs in North Dakota has fallen to zero, according to the latest live data from Bakken Wire. The halt in drilling coincides with a midday downturn in oil markets, with West Texas Intermediate (WTI) crude trading at $73.91, down $2.10 or 2.76% on the day. The lack of a single active rig is a stark indicator of depressed operator activity in the Bakken formation. The rig count is a leading indicator for future oil production, as it reflects the number of new wells being drilled. Historically, a sustained low rig count leads to a decline in output several months later as existing well production naturally depletes. The current price environment offers little incentive to resume drilling. The Bakken crude differential—the discount at which Bakken barrels trade versus the WTI benchmark—stands at -$3.42. This means Bakken oil is fetching...

🔆Midday Wire·Jun 18

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Dip as Bakken Marketing Deal Highlights Steady Basin Activity

Oil prices edged lower on Thursday, with West Texas Intermediate (WTI) crude trading at $75.41 per barrel, down $0.60 for the day, according to live market data. Brent crude also declined to $79.29. The Bakken crude differential was $-3.42 versus WTI. The price pressure follows a recent sharp selloff linked to geopolitical developments, Rigzone reported. Market concerns center on a potential U.S.-Iran peace deal, which could restore significant volumes of Iranian crude to the global market and weigh on prices. Despite the lower price environment, activity in North Dakota's Bakken formation shows signs of stability. The state's top oil regulator, Department of Mineral Resources Director Nathan Anderson, stated that energy companies are expected to keep crude production steady this year despite the price decline, according to a Reuters report published by World Energy News. Anderson noted that operators in North Dakota continued to produce between 1 and 1.5 million barrels...

🌅Afternoon Wire·Jun 18

Rig Report

Bakken Rig Count Drops to 26 as SOGC Remains Sole Movement

The number of active drilling rigs in North Dakota fell by one to 26 on Thursday, June 18, according to live rig data. The decline follows a week of relative stability, with the count down one rig from the 27 reported on June 11. The sole change involved the removal of a rig operated by SOGC, LLC. The H & P 515 rig was released from its location in 147-98-3 in McKenzie County. There were no new rigs added and no rigs that moved location on Thursday. Despite the weekly dip, the current rig count remains five rigs higher than the level of 21 seen one month ago on May 19. The slight pullback in drilling activity comes as companies secure new revenue streams for Bakken crude. Vivakor, Inc. announced on June 17 that its trading platform has entered a one-year crude oil transaction expected to generate approximately $115 million...

🌅Afternoon Wire·Jun 18

Operator News

ExxonMobil Enters LNG Supply Deal for South Africa's First Import Terminal

ExxonMobil Corp. has signed a preliminary agreement to supply liquefied natural gas to South Africa's first LNG import terminal, according to a report from Rigzone. The deal supports the Zululand Energy Terminal project, which is being developed as the country's initial receiving facility for LNG. For Bakken operators, ExxonMobil's continued investment in global LNG infrastructure underscores the company's long-term commitment to natural gas markets. As a major producer in the Williston Basin through its subsidiary XTO Energy, ExxonMobil's international gas strategy can influence its domestic asset portfolio. A growing global LNG portfolio may provide optionality for the company's North American gas production, including associated gas from the Bakken oil play. The development of new LNG import facilities worldwide, like the one in South Africa, creates additional demand centers for natural gas. While Bakken gas primarily flows to domestic markets and Canadian pipelines, expanding global LNG trade can indirectly support broader...

🌅Afternoon Wire·Jun 18

Pipeline & Infrastructure

U.S. to Pay North Dakota $28 Million to Settle Dakota Access Pipeline Protest Lawsuit

North Dakota will receive approximately $28 million from the federal government to settle a lawsuit over costs incurred during the Dakota Access Pipeline (DAPL) protests, according to an announcement Thursday. The settlement amount matches a 2025 judgment by U.S. District Court Judge Dan Traynor. The state's lawsuit, filed in 2019, alleged the federal government under the Obama Administration unlawfully allowed protesters to camp on U.S. Army Corps-managed land in rural south-central North Dakota in 2016 and 2017, causing the demonstrations to grow in size and intensity. Attorney General Drew Wrigley said at a Thursday press conference at the Capitol that the settlement prevents both parties from spending more public money litigating the nearly seven-year-old case. The state spent nearly $7.5 million in legal fees, which are covered by the settlement, according to Wrigley's office. As part of the agreement, the U.S. Department of Justice issued a statement Thursday afternoon acknowledging,...

🌅Afternoon Wire·Jun 18

Regulatory

U.S. to Pay North Dakota $28M Settlement Over Dakota Access Pipeline Protests

North Dakota will receive a $28 million payment from the federal government to settle a lawsuit over costs incurred during the Dakota Access Pipeline protests, according to an announcement made Thursday. The amount matches a 2025 judgment awarded by U.S. District Court Judge Dan Traynor. The settlement resolves a lawsuit filed by the state in 2019 concerning demonstrations against the construction of the crude oil pipeline, also known as DAPL, in rural south-central North Dakota in 2016 and 2017. North Dakota 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. Attorney General Drew Wrigley said at a Thursday press conference at the Capitol that the settlement prevents both parties from spending more public money litigating the nearly seven-year-old lawsuit. The state's legal fees, totaling nearly $7.5 million, are covered by the settlement, according...

🌅Afternoon Wire·Jun 18

Global Markets

ExxonMobil to Supply South Africa's First LNG Import Terminal

ExxonMobil Corp. has agreed to supply liquefied natural gas to South Africa's first LNG import terminal, according to a report from Rigzone. The energy giant entered a preliminary supply deal with the Zululand Energy Terminal project, which is under development. The deal highlights the continued global expansion of LNG infrastructure and demand. For Bakken operators, such developments represent potential long-term outlets for natural gas, which is a coproduct of the region's prolific oil production. The Bakken formation is a major oil-producing region where natural gas is often produced as associated gas. A growing global LNG market can help improve the economics of gas production in North Dakota by creating more demand avenues. Currently, Bakken gas faces pipeline capacity constraints and lower local prices compared to major trading hubs. International LNG projects that secure supply from major players like ExxonMobil contribute to tightening global gas supply balances. This can indirectly support...

🌅Afternoon Wire·Jun 18

Global Markets

Court Blocks Trump Wind Freeze, Hormuz Shipping Surges, Sable Seeks Loan

A U.S. appeals court has dealt a legal blow to the Trump administration's efforts to halt wind power development, according to a report from OilPrice.com. The U.S. Court of Appeals for the First Circuit this week dismissed an appeal to overturn the blockage of a January 2025 executive order that froze federal permitting and leasing for wind projects. Judge Patti Saris concluded the order was "arbitrary and capricious" and unlawful. This ruling challenges a central pledge of President Trump's energy policy. At a recent White House event, Trump stated, "I can proudly say... that we have not approved one windmill since I’ve been in office... My goal is to not let any windmill be built." The administration's strategy had included canceling projects and striking deals to stifle development, including an unusual $1 billion deal with TotalEnergies in March 2026 to not develop offshore wind power, OilPrice.com reported. Despite the administration's...

🌅Afternoon Wire·Jun 18

Operator News

Global Energy Roundup: Equinor Growth, Russia Strike, Eskom Reliability

Equinor ASA has announced a target to increase its production by 150,000 barrels of oil equivalent per day (boed) by 2030, according to a report from Rigzone. The majority state-owned energy major plans to achieve this through 6-8 tieback projects offshore Norway each year. While the plan focuses on Norwegian offshore assets, such aggressive production growth targets from a major international operator can influence global supply expectations and investment strategies, factors watched closely by Bakken producers. Separately, Russia's Moscow Oil Refinery was hit in a record air bombardment overnight, Rigzone reported. The attack by Ukrainian drones disrupted airport operations and forced the closure of several major roads in and around the capital. Attacks on refining infrastructure in key oil-producing regions contribute to global market volatility, affecting the price benchmarks against which Bakken crude is sold. In South Africa, state-owned utility Eskom is reporting sustained improvements in grid reliability, according to...

🌅Afternoon Wire·Jun 18