Saturday, June 20, 2026

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Oil Prices

Oil Prices Edge Higher as Middle East Truce Offers Fragile Stability

Oil prices posted modest gains on Friday, with West Texas Intermediate (WTI) crude settling at $76.54 per barrel, an increase of $0.69, according to live price data. Brent crude closed at $80.59, up $0.74. The price movement followed news of a temporary truce in a regional conflict. The increase came after a volatile week, with prices rebounding from recent lows as geopolitical risks resurfaced. According to a report from OilPrice.com, Israel and Hezbollah agreed Friday to halt fighting in southern Lebanon. The clashes had threatened the fragile U.S.-Iran peace process, which aims to reopen the Strait of Hormuz and restore disrupted oil supply. The report noted that the recent market selloff was built on the assumption that the war was over, but the latest tensions highlighted the complexity of the situation, with actors not formally part of the agreement impacting stability. For Bakken operators, the benchmark price is tempered by...

☀️Morning Wire·Jun 20

Rig Report

North Dakota Rig Count Holds at 26 for Second Consecutive Week

North Dakota's active drilling rig count held steady at 26 for the Saturday, June 20, 2026, morning report, according to live rig data from Bakken Wire. There was no day-over-day change, with zero new rigs added, zero rigs removed, and no rigs moving location. The current count marks a full week of stability, matching the 26 active rigs reported on June 13. Compared to one month ago, however, the state's drilling activity shows a slight increase. On May 21, 2026, the active rig count stood at 25, meaning the current level is up by one rig over the four-week period. A rig count in the mid-20s reflects a sustained, moderate level of drilling activity in the Bakken formation. This steady pace suggests operators are maintaining capital discipline while continuing development programs in core areas of the Williston Basin. The rig count is a leading indicator of future oil production, and...

☀️Morning Wire·Jun 20

Daily Activity

Enerplus Secures Six New Drilling Permits in Dunn County

The North Dakota Department of Mineral Resources approved six new drilling permits on Friday, June 19, all filed by Enerplus Resources USA Corporation for a single location in Dunn County. No other operators received new permits, according to the daily activity report. All six permits are for wells to be drilled from the same surface location, Lot 2, in Section 21 of Township 149N-Range 95W, within the Heart Butte field. The permits are for the MHA Buckwheat 4892 21-19 3B, MHA Oat 4892 21-19 4B, MHA Millet 4892 21-19 5B, and three MHA Grain wells (4892 21-19 6B, 7B, and 8B). This batch of sequentially numbered permits, 43051 through 43056, signals the planned development of a new multi-well pad. The concentrated activity highlights continued operator focus on core areas of the Bakken formation. Dunn County is a long-established producing region within the Williston Basin. The permits indicate Enerplus is advancing...

☀️Morning Wire·Jun 20

Global Markets

Global Supply Shifts, EIA Forecast Boost Signal Bakken Opportunity

Russia has begun rationing gasoline in Moscow following a series of successful Ukrainian drone strikes on its oil refining infrastructure, according to a report from OilPrice.com. The attacks, including a recent strike on Gazprom Neft's Moscow refinery, have removed roughly 600,000 barrels per day of refining capacity, forcing major retailers like Rosneft and Lukoil to limit fuel sales. In response, Russia has banned gasoline exports through the end of July. This disruption to one of the world's largest oil producers and exporters is tightening global fuel markets and exposing vulnerabilities in refining systems. For Bakken operators, the situation underscores the strategic value of secure, stable production from non-Russian sources, particularly as global demand for refined products remains robust. The need for Russia to reportedly import gasoline from Asia while rationing domestically highlights ongoing global supply dislocations that can support strong crack spreads for U.S. refiners processing Bakken crude. Concurrently, the...

☀️Morning Wire·Jun 20

Global Markets

Global Energy Roundup: Solar Costs Hit Record Low, BP Exits North Sea

Solar power is now the cheapest form of energy in history, according to an analysis cited by OilPrice.com. However, the same report notes a widespread political retreat from clean energy commitments across multiple U.S. states, including New York and California, driven by high energy costs and federal policy headwinds. In the oil and gas sector, major producer BP is considering a sale of its entire UK upstream portfolio, which could fetch around £2 billion ($2.7 billion), according to OilPrice.com. Talks with Ithaca Energy fell through earlier in June 2026. Rystad Energy, cited in the report, views this as part of BP's strategic shift to regions with greater growth potential than the mature North Sea, where no exploration wells were drilled in 2025 for the first time since 1964. The move would help BP reach its $20 billion divestment target by the end of 2027. BP's exploration focus has pivoted aggressively...

☀️Morning Wire·Jun 20

Operator News

Oil Prices Rise on Geopolitical Tensions, Egypt Eyes LNG Savings

Oil prices climbed this week as delayed diplomatic talks and regional tensions renewed concerns over global supply security, according to market reports. Negotiations between the U.S. and Iran over a permanent peace deal were delayed after fighting intensified in southern Lebanon, Rigzone reported. The subsequent delay in U.S.-Iran talks contributed to a rise in crude prices. For Bakken operators, higher global benchmark prices can strengthen the economics for drilling in the play, improving the netback for crude shipped to coastal refineries. However, the region's light sweet crude often trades at a differential to benchmarks like Brent and WTI, meaning local pricing depends on pipeline and rail logistics to access these stronger markets. In a separate development highlighting the global energy transition, Norwegian company Scatec stated its Obelisk solar and battery storage project in Egypt could save the country up to $400 million annually in liquefied natural gas imports, according to...

☀️Morning Wire·Jun 20

Pipeline & Infrastructure

Global Pipeline, Terminal Developments Highlight Midstream Focus

Energy Transfer will expand its NGL export terminal in Nederland, Texas, increasing capacity by 240,000 barrels per day for ethane and 55,000 bpd for LPG, according to a Rigzone report. For Bakken producers, expansions along the Gulf Coast are critical for accessing international markets for natural gas liquids, which are often co-produced with crude oil in the region. Enhanced export capacity supports broader market options for North Dakota's hydrocarbon streams. In the North Sea, Var Energi has sanctioned the Balder Next project, a tie-back development expected to begin production in 2027, Rigzone reported. The project targets 86 million barrels of oil equivalent in reserves. While not a Bakken project, the final investment decision for this offshore development highlights continued global investment in pipeline and subsea infrastructure to extend the life of mature basins, a relevant concept for the Williston Basin's ongoing development. A separate report from Rigzone details an emergency...

☀️Morning Wire·Jun 20

Regulatory

Repsol Secures New Deal to Expand Venezuelan Operations

Spanish energy company Repsol has signed a new deal to widen its presence in Venezuela, according to a report from Rigzone. The agreement, signed with Venezuela's Hydrocarbons Ministry and state-owned PdVSA, is for the company "to assess the potential development" of a new area southeast of Lake Maracaibo. The new area is located near Repsol's existing portfolio in the South American country. The report, published on June 19, did not disclose specific financial terms or a development timeline for the project. For Bakken operators and royalty owners, international deals like this one highlight the global nature of the oil and gas industry and the competition for capital investment. While the Bakken formation in North Dakota remains a cornerstone of U.S. domestic production, major international oil companies continue to pursue opportunities abroad, including in geopolitically complex regions like Venezuela. The news underscores the ongoing recalibration of global energy alliances and supply...

☀️Morning Wire·Jun 20

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher as Middle East Truce Tempers Supply Optimism

Global oil prices posted modest gains in midday trading Saturday, with West Texas Intermediate (WTI) crude rising 0.91% to $76.54 per barrel. The increase follows a volatile week where prices have retreated from May highs above $100, according to live market data. The Brent crude benchmark also climbed 0.93% to $80.59 per barrel. The Bakken oil price differential to WTI was recorded at -$3.42. Meanwhile, natural gas prices dipped slightly to $3.20 per MMBtu. The price movement reflects a market reassessing geopolitical risks after a reported truce between Israel and Hezbollah, according to a report from OilPrice.com. The parties agreed Friday to halt fighting in southern Lebanon after clashes threatened the fragile U.S.-Iran peace process. That broader 60-day framework agreement is designed to eventually reopen the Strait of Hormuz and restore millions of barrels per day of disrupted oil supply. OilPrice.com reported that the market's recent sell-off was built on...

🔆Midday Wire·Jun 20

Global Markets

EIA Raises U.S. Oil Forecast; Venture Global Signs New LNG Deal

The U.S. Energy Information Administration (EIA) has raised its forecast for American crude oil production in 2026 and 2027, according to its latest Short-Term Energy Outlook. While the agency's specific numerical forecast was not detailed in the source summary, the upward revision indicates federal analysts see a stronger production trajectory for the nation, which includes output from the Bakken formation in North Dakota. Separately, U.S. liquefied natural gas (LNG) exporter Venture Global executed new agreements to supply approximately 0.82 million metric tons per annum of LNG to German energy company EnBW for five years, Rigzone reported. The deal underscores ongoing European demand for U.S. natural gas, which supports the broader natural gas market. For Bakken operators, these developments point to a generally supportive macro environment. The EIA's revised, higher production forecast suggests expectations of sustained drilling and completion activity, which is critical for the service sector and employment in the...

🔆Midday Wire·Jun 20

Global Markets

State Power Battles, Clean Energy Rollbacks Shape U.S. Energy Landscape

A growing backlash against power-hungry data centers and a rollback of state-level clean energy commitments are reshaping the U.S. energy demand and policy landscape, according to recent reports from OilPrice.com. These trends have significant implications for electricity markets and regulatory pressures facing oil and gas producers, including those in the Bakken. More than a dozen states are considering legislation to temporarily halt the construction of new data centers, according to the National Conference of State Legislatures. Those states include Georgia, Maine, Maryland, Michigan, Minnesota, New Hampshire, New York, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont, Virginia, and Wisconsin. This pushback is driven by consumer concerns over rising utility bills and strain on power grids. Data centers are expected to be a major consumer of U.S. power. In the United States, the power demand of major data centers rose by around 11.3 GW in 2025, to 61.8 GW, OilPrice.com reported, citing...

🔆Midday Wire·Jun 20

Operator News

BP Eyes $2.7B UK Exit to Fund Growth as Oil Prices Rise on Supply Concerns

BP is considering a sale of all or part of its UK upstream portfolio for around £2 billion ($2.7 billion), according to a report from OilPrice.com. Talks with potential buyer Ithaca Energy fell through earlier this month, but the move aligns with the company's strategic direction to shift attention to regions with greater growth potential than the mature UK basin, where no exploration wells were drilled last year for the first time since 1964. The potential divestiture would help BP reach its $20 billion divestment target by the end of 2027. The company sold $5.3 billion in assets in 2025 and guides for another $9–10 billion in sales this year, OilPrice.com reported. BP's first-quarter 2026 net income more than doubled quarter-on-quarter to $3.2 billion, but net debt also jumped 14% to $25.3 billion. A sale of the UK portfolio, which Rystad Energy values at $3.4 billion unrisked, could impact production...

🔆Midday Wire·Jun 20

Pipeline & Infrastructure

Global Pipeline Developments Highlight Export, Geopolitical Risks

Energy Transfer announced plans to significantly expand its Nederland, Texas, natural gas liquids export terminal, a project that will increase ethane export capacity by 240,000 barrels per day and add 55,000 bpd of LPG capacity, according to Rigzone. The expansion of Gulf Coast export infrastructure is critical for connecting U.S. shale basins, including the Bakken, to global markets, providing an outlet for growing NGL production. Meanwhile, international developments underscore the volatility of global energy logistics. Vitol is supplying emergency diesel to Zambia through exclusive access to a pipeline that lasts through September, Rigzone reported. This deal, which the International Monetary Fund has urged authorities to end, highlights how pipeline access can become a geopolitical tool during supply crises. For Bakken producers, such international disruptions and exclusive supply arrangements can influence global diesel and distillate prices, affecting the value stream for crude oil and refined products shipped from North Dakota. Geopolitical...

🔆Midday Wire·Jun 20

Regulatory

Var Energi, Repsol Advance International Projects

Var Energi will proceed with its Balder Next project in the North Sea, according to a report from Rigzone. 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. Separately, Spanish energy company Repsol has signed a new deal to widen its presence in Venezuela, Rigzone also reported. The agreement with Venezuela's Hydrocarbons Ministry and state-owned PdVSA is to assess the potential development of a new area southeast of Lake Maracaibo, near the company's existing portfolio in the country. These international developments underscore the global nature of the oil and gas industry and the continuous competition for investment. For Bakken shale operators and service companies, major project sanctions by international players like Var Energi signal ongoing global demand for drilling, completion, and offshore services. The commitment to a large-scale project like Balder Next...

🔆Midday Wire·Jun 20

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Show Modest Gains

North Dakota's active drilling rig count remained steady at 26 on Saturday, according to live Bakken Wire data, as crude oil prices posted modest intraday gains. The stability in both rigs and pricing points to a continuation of current production levels in the near term for the Bakken formation. West Texas Intermediate (WTI) crude was trading at $76.54 per barrel, up $0.69 or 0.91% for the session. The international Brent crude benchmark traded at $80.59, a gain of $0.74. The Bakken crude differential, which reflects the local price discount to the WTI benchmark, was recorded at -$3.42. Natural gas was priced at $3.20 per MMBtu. The rig count is a closely watched leading indicator for oil production, typically preceding changes in output by several months. A stable count, such as the current 26, suggests operators are maintaining but not aggressively expanding their drilling programs. This level of activity is generally...

🔆Midday Wire·Jun 20

Workforce & Community

Bakken Rig Count Holds at 26 as Oil Prices Show Modest Gains

The North Dakota oil industry continues to operate at a steady pace, with the active rig count holding at 26 on Saturday, June 20, 2026, according to live Bakken Wire data. This level of drilling activity provides a foundational indicator for employment and economic conditions in the region's oilfield communities. Supporting the current operational tempo, oil prices posted modest gains in midday trading. West Texas Intermediate (WTI) crude was priced at $76.54 per barrel, an increase of $0.69. The Bakken crude differential stood at a discount of $3.42 below the WTI price. Natural gas held at $3.20 per MMBtu. In the Bakken formation, the rig count is a leading indicator for oilfield employment. A count in the mid-20s, sustained over time, typically correlates with a stable but reduced workforce compared to historic boom periods. This suggests consistent demand for drilling crews, frac crews, and related oilfield service personnel, without the...

🔆Midday Wire·Jun 20

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Higher as Bakken Differential Holds Steady

Front-month WTI crude oil futures rose 0.91% to settle at $76.54 per barrel on Saturday, June 20, 2026, a gain of $0.69. The global benchmark Brent crude increased 0.93% to $80.59 per barrel, according to live price data. The price for Bakken crude at the wellhead, calculated using the Bakken differential, was approximately $73.12 per barrel. The Bakken differential to WTI was reported at -$3.42, indicating the local crude continues to trade at a discount to the U.S. benchmark. This steady differential provides predictability for operators in the Williston Basin when calculating netbacks on production. Natural gas prices moved in the opposite direction, dipping by $0.04 to $3.20 per MMBtu. The divergence highlights the different market fundamentals driving hydrocarbons, with oil finding support from broader macroeconomic and geopolitical factors. The modest gains in crude align with recent commentary from OPEC. According to a report from Rigzone published June 19, the...

🌅Afternoon Wire·Jun 20

Rig Report

North Dakota Rig Count Holds at 26 for Second Consecutive Week

North Dakota's active drilling rig count remained unchanged at 26 for the Saturday, June 20, 2026, reporting period, 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's report. The current count represents a period of stability in the state's drilling activity. The rig count has now held steady at 26 for an entire week, matching the total reported on June 13, 2026. Compared to levels from one month prior, activity shows a slight increase. On May 21, 2026, the state reported 25 active rigs, meaning the current fleet is one rig larger. The rig count is a closely watched leading indicator for future oil production in the Bakken formation, North Dakota's primary oil-producing region. A stable count suggests operators are maintaining a consistent pace of new well development. The current level of activity,...

🌅Afternoon Wire·Jun 20

Global Markets

China's Offshore Wind-Powered AI Data Center Launched

China has launched the world's first wind-powered underwater data center, a development that underscores the massive and evolving energy demands of the global artificial intelligence boom. According to OilPrice.com, the $238 million Shanghai Lingang undersea data center demonstration project was launched in May by HiCloud Technology and state-owned China Communications Construction. The 24 MW facility is submerged 10 meters below the surface over 10 miles off Shanghai's coast and is mainly powered by an offshore wind farm. The project highlights a significant shift in how major AI players are sourcing power. The Chinese government reported the underwater center uses more than 95 percent green electricity, reducing energy consumption by 22.8 percent compared to traditional onshore centers. This move toward renewable-powered computing, primarily to reduce water and land use, could influence long-term global energy mix projections. A UN report states around 90 percent of AI data centers worldwide are located in...

🌅Afternoon Wire·Jun 20

Global Markets

Global Energy Shift Prioritizes Security, Driving Renewables and Nuclear

A strategic shift toward energy security is accelerating the global adoption of renewable power and advanced nuclear technology, according to recent analyses. The change is driven by geopolitical instability and supply chain vulnerabilities rather than climate policy alone, marking a potential long-term transformation for energy markets. According to OilPrice.com, recent energy crises, including turmoil in the Strait of Hormuz, have catalyzed demand for solar energy, electric vehicles, and battery storage. The selling point for clean energy has shifted from sustainability to representing energy independence and autonomy, assets seen as indispensable amid rising global conflict. "Wind and solar cannot be embargoed, blockaded, or shut off by a foreign power," wrote David Frykman of venture capital group Norrsken in a Fortune op-ed cited by the source. Concurrently, Small Modular Reactors (SMRs) are becoming a national security priority for the United States, OilPrice.com reported. The need for resilient, secure baseload electricity to support...

🌅Afternoon Wire·Jun 20

Operator News

Global Export Shifts, Renewables Impact Highlight Energy Market Flux

Iraq is preparing to permanently export crude oil through Syria's Mediterranean port of Baniyas, a strategic shift emerging after the recent closure of the Strait of Hormuz, according to OilPrice.com. Iraqi officials stated the new route will remain operational even after shipping through the critical Persian Gulf chokepoint resumes. Initial crude exports via Syria are expected to begin as early as July at around 50,000 barrels per day. The move underscores a broader regional drive for export redundancy. Saudi Arabia relied on its East-West pipeline during the disruption, and the UAE is expanding capacity outside the Strait. This re-routing follows a period of renewed market uncertainty, as negotiations between the U.S. and Iran were postponed and tanker traffic through Hormuz remained sluggish, according to Rigzone. That stall contributed to rising oil prices as supply concerns intensified. For Bakken operators, these geopolitical maneuvers and infrastructure investments alter global crude flow patterns....

🌅Afternoon Wire·Jun 20

Pipeline & Infrastructure

Global Pipeline Developments Highlight Export, Geopolitical Factors

Energy Transfer plans to significantly expand its NGL export terminal in Nederland, Texas, according to a Rigzone report. The project will increase ethane export capacity at the facility by 240,000 barrels per day, along with an additional 55,000 bpd of liquefied petroleum gas (LPG) capacity. For Bakken producers, expansions along the Gulf Coast are critical for accessing international markets for natural gas liquids, which are a valuable byproduct of the region's oil production. In international supply news, global commodity trader Vitol is supplying diesel to Zambia via exclusive access to a pipeline in an emergency arrangement, Rigzone reported. The deal, which lasts through September, has been opposed by the International Monetary Fund. While not directly involving Bakken crude, such arrangements highlight the strategic role of pipeline infrastructure in global energy security and the complex interplay between commodity traders, governments, and financial institutions. Separately, geopolitical tensions continue to influence global energy...

🌅Afternoon Wire·Jun 20

Regulatory

International Development Plans Announced as Bakken Market Watches

Var Energi will proceed with its Balder Next project in the North Sea, according to a report from Rigzone. The development, a tieback to the Jotun floating production, storage, and offloading (FPSO) vessel, is expected to begin production in 2027. The project is slated to develop 86 million barrels of oil equivalent in gross proven and probable reserves, Rigzone reported. Separately, Spanish energy company Repsol has signed a new deal to widen its presence in Venezuela, Rigzone reported. The agreement, made with Venezuela's Hydrocarbons Ministry and state-owned PdVSA, is to assess the potential development of a new area southeast of Lake Maracaibo. The area is near Repsol's existing portfolio in the country. These international developments underscore the global landscape in which Bakken Shale operators compete for investment and market share. Major capital commitments to long-cycle offshore projects and ventures in geopolitically complex regions can influence the flow of funds and...

🌅Afternoon Wire·Jun 20

Production Data

Bakken Rig Count Stabilizes at 26 Amid Moderate Oil Price Gains

North Dakota's active drilling rig count remained at 26 on Saturday, June 20, 2026, as the state's oil industry operates in a moderate price environment. The current fleet suggests a stabilized level of near-term development activity in the Bakken formation. West Texas Intermediate (WTI) crude traded at $76.54, posting a gain of $0.69 for the day. The international benchmark Brent crude was at $80.59. The Bakken crude differential, representing the discount for Bakken oil compared to WTI, was -$3.42. Natural gas prices were reported at $3.2 per million British thermal units (MMBtu). The rig count is a primary indicator of future oil production, as new wells must be drilled to offset the natural decline of existing wells. Historically, a sustained increase in the rig count correlates with rising production months later, while a falling count signals a looming production downturn. The current count of 26 rigs represents a baseline level...

🌅Afternoon Wire·Jun 20