Friday, June 19, 2026

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Oil Prices

Oil Prices Steady Despite Geopolitical Selloff; Bakken Differential Widens

Front-month oil prices were flat to slightly lower on Friday morning, stabilizing after a significant weekly selloff driven by a breakthrough U.S.-Iran agreement. West Texas Intermediate (WTI) crude was trading at $75.85 per barrel, unchanged from the prior close. Brent crude edged down to $79.73, according to live market data. The modest moves followed a week of sharp losses. August WTI futures fell 8.73% during the week ending June 19, dropping $7.22 to settle at $75.22, according to OilPrice.com. The selloff came as traders aggressively removed geopolitical risk premiums from the market following diplomatic progress. The agreement is designed to end conflict and restore commercial oil flows through the Strait of Hormuz, with the potential for additional Iranian crude exports to re-enter the global market. For Bakken producers, the local price benchmark showed relative weakness. The Bakken crude differential widened to a discount of $3.42 per barrel versus WTI, according...

☀️Morning Wire·Jun 19

Rig Report

Bakken Rig Count Holds at 26 as Basin Sees New Crude Marketing Deal

The number of active drilling rigs in North Dakota's Bakken formation held steady at 26 on Friday, according to Bakken Wire's live rig data. The count showed no change from the previous day, with zero new rigs added, zero removed, and none moving location. The current level of 26 rigs represents a slight decrease from one week ago, when the state reported 27 active rigs. However, the count is one rig higher than the level of 25 seen one month ago, indicating a period of relative stability in the basin's drilling activity. Amid this steady drilling environment, significant commercial activity for Bakken crude continues. According to a June 17 announcement from Vivakor, Inc., reported by Bing News, the company's trading arm has secured a major new crude oil transaction tied to North Dakota infrastructure. Vivakor Supply & Trading, LLC (VST) entered into a recurring one-year arrangement expected to generate approximately...

☀️Morning Wire·Jun 19

Daily Activity

DMR Report: 3 New Permits, 1 High-IP Well, and Confidential Status Changes

The North Dakota Department of Mineral Resources approved three new drilling permits in its latest daily activity report. Enerplus Resources USA Corporation received one permit in Williams County, while Formentera Operations, LLC secured two permits in Divide County, according to the DMR filings. The approved permits are: - Permit 43048 to Enerplus for the HELSTAD 5899 11-28 3BHP, located in the NW NW of Section 28-158N-99W within Williams County's Ellisville field. - Permit 43049 to Formentera Operations for the MATADOR-16-05-DIV N517HF, located in Divide County within a field listed as 'CONFIDENTIAL'. - Permit 43050 to Formentera Operations for the MATADOR-16-05-DIV N619HX, also located in Divide County within a 'CONFIDENTIAL' field. The filings reveal Formentera Operations as the most active company in the report, with its two new permits following a series of eight other wells moving to confidential status. The DMR reported status changes for eight Formentera wells across two...

☀️Morning Wire·Jun 19

Operator News

ExxonMobil Signs Preliminary LNG Supply Deal for South African Terminal

ExxonMobil Corp. has agreed to a preliminary deal to supply liquefied natural gas to South Africa's first import terminal, a project that highlights the expanding global market for U.S. gas exports. According to Rigzone, ExxonMobil will supply LNG to the Zululand Energy Terminal, a facility currently under development. For Bakken operators, ExxonMobil's deepening involvement in global LNG logistics reinforces a critical long-term demand outlet for natural gas produced in North Dakota. While the Bakken formation is primarily an oil play, significant volumes of associated natural gas are produced alongside crude. Securing stable, long-term international demand helps support the economic viability of gas capture and processing infrastructure in the Williston Basin. The development of new import terminals, like the one in South Africa, creates incremental demand for LNG cargoes, which can be sourced from U.S. export facilities on the Gulf Coast. As a major natural gas producer and marketer, ExxonMobil's portfolio...

☀️Morning Wire·Jun 19

Pipeline & Infrastructure

Feds Pay North Dakota $28M Settlement Over DAPL Protest Costs

North Dakota will receive $28 million from the federal government to cover costs from the Dakota Access Pipeline protests, according to a settlement announced Thursday. The payment resolves a nearly seven-year lawsuit and matches an award previously granted by a federal judge in 2025. The state's lawsuit, filed in 2019, alleged that the federal government unlawfully allowed demonstrators to camp on U.S. Army Corps-managed land during the 2016 and 2017 protests in rural south-central North Dakota, causing the demonstrations to grow. As part of the settlement, the U.S. Department of Justice issued a statement acknowledging shortcomings by the Obama administration. "While the United States continues to disagree with the district court’s legal findings in this case, it acknowledges in hindsight that, under the Obama Administration, the federal government could have done more to reduce the impacts to the people of North Dakota from the Dakota Access Pipeline protests," the Department...

☀️Morning Wire·Jun 19

Regulatory

U.S. Settles DAPL Protest Lawsuit, To Pay North Dakota $28M

The federal government will pay North Dakota $28 million to settle a lawsuit over costs incurred during the Dakota Access Pipeline (DAPL) protests, according to an announcement Thursday. The settlement, which matches a 2025 court award, closes a nearly seven-year legal dispute concerning the 2016-2017 demonstrations in rural south-central North Dakota. As part of the agreement, the U.S. Department of Justice issued a statement acknowledging the harms to North Dakota. The agency stated that "under the Obama Administration, the federal government could have done more to reduce the impacts" of the protests, according to a report by the Devils Lake Journal. The statement also noted that some protesters engaged in unlawful and violent behavior, and explained that federal officials chose not to forcibly remove protesters from U.S. Army Corps-managed land to avoid further escalation. North Dakota Attorney General Drew Wrigley emphasized the significance of the federal acknowledgment. “An important chapter...

☀️Morning Wire·Jun 19

Global Markets

Global Energy Security Focus, Production Forecasts Signal Stable Bakken Outlook

The U.S. Energy Information Administration has raised its forecast for American crude oil production in 2026 and 2027, according to its latest Short-Term Energy Outlook reported by Rigzone. While the specific revised figures were not detailed in the summary, the upward revision for the current and next year signals continued robust output from the nation's shale plays, including North Dakota's Bakken formation. In a separate development, OPEC sees sustained oil demand as global policy increasingly prioritizes energy security, Rigzone reported. The cartel noted that "the increased focus on energy security and energy affordability has shifted the energy policy landscape across the globe," according to the source. This emphasis on secure energy supplies underscores the ongoing strategic role of stable, non-OPEC production from regions like the Bakken. For Bakken operators, these two developments create a supportive macro environment. The EIA's raised production forecast reflects confidence in the sector's ability to maintain...

☀️Morning Wire·Jun 19

Global Markets

Global Geopolitical Tensions Thaw Slightly but Risks Remain High

Tanker traffic has resumed through the critical Strait of Hormuz following the signing of a 14-point U.S.-Iran memorandum and the lifting of a U.S. naval blockade, according to OilPrice.com. The development has allowed Saudi supertankers carrying millions of barrels of crude to move through the chokepoint again, a positive sign for global oil supply stability. However, the situation remains fragile. The same report notes that commercial confidence has not yet normalized, as shipping companies and insurers continue to assess whether the route is safe enough to fully resume operations without the guarantees hoped for from a 60-day negotiation process. The agreement is currently operating on "political trust instead of commercial confidence," OilPrice.com reported. A major threat to the nascent accord is emerging in Lebanon. Despite the memorandum's commitment to end military operations on all fronts, Israeli forces remain in a security zone in southern Lebanon and clashes have not fully...

☀️Morning Wire·Jun 19

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Gains 1% to $76.61, Bakken Differential Holds at -$3.42

Oil prices posted modest gains in midday trading Friday, with West Texas Intermediate (WTI) crude rising 1% to $76.61 per barrel. The international benchmark Brent crude traded at $80.63, according to live price data. The discount for Bakken crude versus WTI was $3.42. The price movement comes amid a volatile week driven by geopolitical developments in the Middle East. OilPrice.com reported that ICE Brent is set to close the week with an $8 per barrel week-on-week loss, falling to $80 per barrel, despite a U.S.-Iran ceasefire agreement. The signing of the ceasefire might provide a 60-day evacuation window for crude tankers trapped in the Gulf, but the pace of outflows has been low. Markets are betting on a reopening of the Strait of Hormuz, a key global oil chokepoint, according to the source. For North Dakota operators, current prices remain supportive of activity. State regulator Nathan Anderson, director of the...

🔆Midday Wire·Jun 19

Pipeline & Infrastructure

U.S. Settles DAPL Protest Lawsuit, Pays North Dakota $28 Million

North Dakota will receive roughly $28 million from the federal government to settle a long-running lawsuit over costs from the Dakota Access Pipeline (DAPL) protests, according to a settlement announced Thursday. The amount matches a 2025 judgment from U.S. District Court Judge Dan Traynor. Attorney General Drew Wrigley said the settlement prevents both parties from spending more public money litigating the nearly seven-year-old lawsuit. The state's nearly $7.5 million in legal fees are covered by the payment, according to his office. 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 caused the protests to grow by unlawfully allowing demonstrators to camp on federal land managed by the U.S. Army Corps of Engineers. As part of the agreement, the U.S. Department of Justice issued a statement holding the Obama...

🔆Midday Wire·Jun 19

Regulatory

North Dakota Secures $28M Federal Payout 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 Thursday. The payout finalizes a nearly seven-year-old lawsuit and includes a formal statement from the U.S. Department of Justice acknowledging the federal government's role in the protracted dispute. The amount matches the award granted to the state in 2025 by U.S. District Court Judge Dan Traynor. 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. 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 the settlement prevents both parties from spending more public money on litigation. The state's legal fees, totaling nearly $7.5 million,...

🔆Midday Wire·Jun 19

Global Markets

EIA Raises U.S. Production Forecast as LNG, OPEC Trends Support Global Demand

The U.S. Energy Information Administration (EIA) has raised its U.S. crude oil production forecast for 2026 and 2027, according to its latest short-term energy outlook. While the agency did not provide specific numbers in the summary, the upward revision signals continued confidence in domestic output, which includes significant contributions from the Bakken formation. Concurrently, new deals are expanding the global market for U.S. natural gas, a key associated product in the Bakken's oil fields. Venture Global executed new agreements to supply about 0.82 million metric tons per annum of U.S. liquefied natural gas (LNG) for five years to Germany's EnBW, Rigzone reported. Increased LNG export capacity helps secure a demand outlet for natural gas produced alongside Bakken crude. On the global oil demand front, OPEC sees sustained oil demand as policy prioritizes energy security, according to a separate Rigzone report. The organization noted that "the increased focus on energy security...

🔆Midday Wire·Jun 19

Global Markets

Global Risks Persist for Oil Markets as Hormuz Insurance Launches

A new $400 million marine war-risk insurance consortium has been launched to support shipping through the critical Strait of Hormuz, according to a report from OilPrice.com. The facility, created by Lloyd's of London with Chubb as lead underwriter, provides separate coverage for hull, protection and indemnity (P&I), and cargo risks. The move is designed to help resume maritime trade following an initial U.S.-Iran peace deal. Despite this insurance development, shipping companies remain cautious and are seeking further evidence that the route is safe before fully normalizing operations, OilPrice.com reported. The Strait of Hormuz is a vital chokepoint for global oil and gas shipments, and its closure during the recent war had sent Brent crude prices to a peak of $126 per barrel in March. However, progress toward a lasting peace faced a setback. Iran has delayed the start of negotiations over a permanent peace deal with the United States after...

🔆Midday Wire·Jun 19

Operator News

Midday Roundup: Energy Transfer Expands Export, Vår Energi, Repsol Deals

Energy Transfer announced a major expansion of its NGL export terminal in Nederland, Texas. According to Rigzone, the project will increase ethane export capacity by 240,000 barrels per day, along with an additional 55,000 bpd of LPG capacity. For Bakken producers, expanded Gulf Coast export infrastructure is critical for moving natural gas liquids like ethane and propane to international markets, supporting broader market access and price stability for North Dakota's associated gas production. In international operator news, Vår Energi will proceed with its Balder Next project offshore Norway. Rigzone reported the Jotun FPSO tieback project is expected to begin production in 2027 and will develop 86 million barrels of oil equivalent in gross proven and probable reserves. Major international investment in offshore projects signals continued global capital deployment into oil and gas development, which can influence service sector activity and investment trends relevant to the Williston Basin. Separately, Spanish energy...

🔆Midday Wire·Jun 19

Pipeline & Infrastructure

Strait of Hormuz Shipping Resumes, Easing Global Oil Supply Concerns

Global oil prices edged lower as a significant resumption of shipping traffic through the critical Strait of Hormuz eased immediate supply fears, according to market reports. The development follows an interim peace deal between the U.S. and Iran. A growing stream of previously stranded oil cargoes began moving out of the strait on June 18, while empty Iranian vessels rushed in, Rigzone reported. This activity marked one of the biggest days of maritime movement since the regional conflict began. The surge in traffic was directly sparked by the interim agreement. With markets anticipating a recovery in Middle Eastern oil flows, benchmark crude prices slipped, Rigzone noted. However, analysts concurrently warned that underlying supply risks in the region remain present despite the diplomatic progress. For Bakken producers and royalty owners, the reopening of this vital maritime chokepoint has a direct bearing on the global price benchmarks against which North Dakota crude...

🔆Midday Wire·Jun 19

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Climb

The active rig count in North Dakota held steady at 26 on Friday, June 19, 2026, as crude oil prices posted modest gains. The stability in drilling activity, combined with current price levels, points to a potential stabilization of Bakken production after a period of decline. West Texas Intermediate crude traded at $76.61 per barrel, up $0.76 or 1% for the day, according to live Bakken Wire data. The international Brent benchmark followed suit, rising 0.98% to $80.63. The Bakken crude differential was reported at a discount of $3.42 versus WTI, setting the local wellhead price near $73.19. Natural gas was priced at $3.21. The rig count of 26 serves as a concrete indicator of current operator investment in new well drilling. Historically, the rig count is a leading indicator for future production, as new wells take months to drill, complete, and bring online. The current count is significantly lower...

🔆Midday Wire·Jun 19

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Higher Amid Middle East Truce; Bakken Differential Holds at -$3.42

Crude oil prices posted modest gains on Friday, with Brent crude reclaiming the $80 level as a fragile truce in the Middle East provided markets a moment of calm. West Texas Intermediate (WTI) crude for July delivery settled at $76.54 per barrel, up $0.69 or 0.91%, according to live price data. Brent crude rose 0.93% to $80.59. The price increase followed news that Israel and Hezbollah agreed to halt fighting in southern Lebanon, reducing the immediate risk of a regional conflict that could disrupt the broader U.S.-Iran peace process. According to OilPrice.com, the truce gives diplomats "breathing room" but does little to resolve underlying tensions. The market's recent sell-off, which saw Brent fall from over $100 in May, was built on assumptions that Middle Eastern oil supply would quickly return; Friday's price move reflects ongoing caution about that timeline. For Bakken operators, the local price benchmark showed stability. The Bakken...

🌅Afternoon Wire·Jun 19

Rig Report

Bakken Rig Count Holds at 26; Single Rig Relocates to Bottineau County

The number of active drilling rigs in North Dakota's Bakken formation held steady at 26 on Friday, according to live data from Bakken Wire. The count saw no net change from Thursday, with no new rigs added and none removed. One rig did change location. T&S Drilling 2, operating for Ballard Petroleum Holdings, LLC, moved to a site in Bottineau County (159-81-30). This intra-basin movement reflects ongoing optimization of drilling programs by operators. The current rig activity level represents a slight decline from one week ago, when 27 rigs were active on June 12. Compared to one month ago, however, activity is up by one rig from the 25 counted on May 20. This indicates a period of relative stability for drilling activity in the Williston Basin, with the count hovering in the mid-20s. The steady rig count coincides with significant commercial activity in the region's oil marketing and infrastructure...

🌅Afternoon Wire·Jun 19

Regulatory

OPEC Cites Energy Security Focus as Sustaining Global Oil Demand

The Organization of the Petroleum Exporting Countries (OPEC) sees global oil demand as being sustained by a worldwide policy shift toward prioritizing energy security and affordability, according to a report from Rigzone. The industry news service reported that the cartel's view is informed by "the increased focus on energy security and energy affordability" which has "shifted the energy policy landscape across the globe." This assessment was published on June 19, 2026. For operators in North Dakota's Bakken formation, this high-level market outlook reinforces the continued importance of stable, domestic oil production. The Bakken is one of the United States' most prolific onshore oil basins, and its output contributes directly to national energy security. A global environment where energy security is a paramount concern supports the strategic value of production from politically stable regions like the Williston Basin. While the Rigzone summary did not provide specific demand forecasts or pricing details,...

🌅Afternoon Wire·Jun 19

Global Markets

Global Demand, Supply Forecasts Signal Supportive Bakken Backdrop

The U.S. Energy Information Administration (EIA) has raised its forecast for domestic crude oil production in 2026 and 2027, according to Rigzone. This upward revision for the next two years signals continued strong output from major shale basins, including North Dakota's Bakken, which contributes significantly to national totals. Simultaneously, the global market outlook for hydrocarbons remains firm. OPEC sees sustained oil demand as policy prioritizes energy security worldwide, Rigzone reported. The cartel noted that "the increased focus on energy security and energy affordability has shifted the energy policy landscape across the globe." This environment supports ongoing demand for reliable crude supplies from stable producers like the United States. On the natural gas front, a new deal underscores robust international demand for U.S. exports. Venture Global executed agreements to supply about 0.82 million metric tons per annum of liquefied natural gas (LNG) to Germany's EnBW for five years, Rigzone reported. While...

🌅Afternoon Wire·Jun 19

Global Markets

Global Roundup: Lunar Mining Costs High, BP Exits North Sea, Iran Delays Talks

Earth-based helium-3 extraction remains far more economical than proposed lunar mining operations, according to a new analysis. A graphic created by Visual Capitalist in partnership with Pulsar Helium compares potential sources by cost, scalability, and accessibility. Tritium decay from nuclear stockpiles is an existing Earth source, while Pulsar Helium aims to access terrestrial helium deposits using technology similar to natural gas drilling. Lunar regolith mining, while theoretically highly scalable, currently has very low accessibility and no operational logistics, making it uncompetitive with Earth-based sources for the foreseeable future. In corporate strategy, BP is considering a sale of all or part of its UK upstream portfolio, which could fetch around £2 billion ($2.7 billion), according to OilPrice.com. Talks with Ithaca Energy recently fell through. The move aligns with BP's strategic pivot in early 2025 back to upstream oil and gas and its goal to reach $20 billion in divestments by the...

🌅Afternoon Wire·Jun 19

Operator News

Global Midstream Expansion, Norway Development Highlight Afternoon News

Energy Transfer will expand its Texas NGL export terminal, increasing ethane export capacity at its Nederland facility by 240,000 barrels per day and adding 55,000 bpd of LPG capacity, Rigzone reported. For Bakken operators, expansions of Gulf Coast export infrastructure are critical for securing long-term demand outlets for the region's associated natural gas liquids production, which must be efficiently transported and sold to global markets. Separately, Var Energi has decided to proceed with its Balder Next project in Norway, a tieback development expected to begin production in 2027, according to Rigzone. The project will develop 86 million barrels of oil equivalent in gross proven and probable reserves. While a North Sea project, its sanctioning signals continued international investment in oil development, underscoring the global competitive landscape for capital that Bakken operators also navigate. In other news, commodity trader Vitol is supplying diesel to Zambia through an exclusive pipeline access arrangement...

🌅Afternoon Wire·Jun 19

Pipeline & Infrastructure

Global Pipeline Activity Shifts as Hormuz Opens, Repsol Expands in Venezuela

Oil prices faced downward pressure Thursday as a significant resumption of traffic through the Strait of Hormuz eased immediate supply concerns, according to Rigzone. The movement follows a U.S.-Iran interim peace deal, sparking one of the busiest days of shipping activity since the conflict began, with a growing stream of stranded oil exiting the strait and empty Iranian vessels rushing in. Markets now expect Middle East oil flows to recover, though analysts warn that underlying supply risks remain, Rigzone reported. The reopening of this critical chokepoint for global seaborne crude adds new volumes to the international market, which can influence the pricing benchmarks against which Bakken crude is sold. Separately, Spanish energy firm Repsol signed a new deal with Venezuela's Hydrocarbons Ministry and state-owned PdVSA to assess the potential development of a new area southeast of Lake Maracaibo, Rigzone reported Friday. The agreement widens Repsol's presence in the South American...

🌅Afternoon Wire·Jun 19

Production Data

Bakken Rig Count Holds at 26 Amid Modestly Higher Oil Prices

North Dakota's oil industry is holding steady as the active rig count remained at 26 on Friday, June 19, 2026, according to Bakken Wire's live data. The stability in drilling activity coincides with a modest rise in benchmark oil prices, providing a consistent backdrop for operators in the Williston Basin. The price of West Texas Intermediate (WTI) crude rose to $76.54 per barrel, an increase of 0.91%. The international Brent benchmark also gained, trading at $80.59. Bakken crude traded at a discount of $3.42 per barrel to WTI, putting the local price just above $73. Natural gas was priced at $3.20. The current rig count of 26 serves as a key indicator for future production. Historically, the number of active drilling rigs is a leading indicator of oil production trends in the Bakken formation. A stable or increasing rig count typically signals that operators are continuing to invest in new...

🌅Afternoon Wire·Jun 19