Tuesday, June 23, 2026

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Oil Prices

Oil Prices Edge Lower Amid Mixed Market Signals

Front-month WTI crude futures traded at $73.81 per barrel in early Tuesday trading, down $0.05 or 0.07% from the previous close. The global benchmark, Brent crude, saw a slightly larger decline, falling $0.13 to $77.77 per barrel, a drop of 0.17%. Natural gas prices also softened, declining $0.04 to $3.24 per MMBtu. The price for Bakken crude at the Clearbrook, Minnesota, hub held at a discount of $3.42 per barrel below the WTI benchmark. This differential is a key metric for North Dakota producers, directly impacting the netback price received for their crude. The modest downward pressure on crude prices reflects a market balancing competing factors. Traders are weighing signs of steady demand against concerns about global economic growth and ample inventories. The retreat in natural gas prices suggests a well-supplied domestic market for the fuel. For Bakken operators, the current price environment provides stable, albeit not robust, cash flow....

☀️Morning Wire·Jun 23

Rig Report

Bakken Rig Count Holds at 27, Marking Week of Stability

The number of active drilling rigs in North Dakota's Bakken formation remained unchanged Tuesday, holding steady at 27, according to live rig data from Bakken Wire. No rigs were added, removed, or moved location since Monday's report. This stability extends over the past week, with the count also at 27 one week ago on June 16. The current fleet represents a modest increase from activity levels seen a month ago. On May 24, the state reported 26 active rigs, meaning the count has risen by one rig over the four-week period. A rig count in the mid-to-high 20s has been a persistent feature of the Bakken landscape in recent years, reflecting a disciplined approach to capital allocation by operators. Companies are focusing drilling programs on their highest-return core acreage, maximizing production from each well. The steady count suggests operators are maintaining, but not aggressively expanding, their development plans amid current...

☀️Morning Wire·Jun 23

Daily Activity

Whiting Permits Three Wells in Foreman Butte; Hess Wells Declassified

The North Dakota Department of Mineral Resources approved three new drilling permits in the Bakken on Monday, all filed by Whiting Oil and Gas Corporation. Separately, four wells operated by Hess Bakken Investments II, LLC, were released from confidential status, according to the daily activity report. All three new permits are for the Foreman Butte field in McKenzie County. The permits, numbered 43057, 43058, and 43059, are for the "Two Pence Federal 5102 43-32" well pad, located in Section 32 of Township 151 North, Range 102 West. Each permit is for a different well bore on the same pad: 2B, 3B, and 4B. McKenzie County also saw activity related to confidential status changes. A well operated by Devon Energy Williston, L.L.C., the Forest 26-35 1H in Section 26-152N-101W, was listed under additional information. Two Hess wells in McKenzie County, BW-IDA-149-101-1416H-3 and BW-IDA-149-101-1416H-5, both in Section 13-149N-101W, were also noted. Hess...

☀️Morning Wire·Jun 23

Global Markets

Iran Seeks Asian Oil Sales Under Temporary U.S. Waiver

The United States has issued a temporary two-month waiver allowing the sale of Iranian crude oil, a move that could introduce new competition for North Dakota's Bakken crude in vital Asian markets. According to OilPrice.com, the U.S. authorized the production, delivery, and sale of Iranian oil through August 21, 2026, as part of a broader memorandum of understanding with Iran. Following the waiver, representatives of Iran's National Iranian Oil Company have contacted refiners in India, South Korea, and Japan, major Asian importers that have not bought Iranian oil in years due to sanctions. OilPrice.com reported that Iran's key oil buyer has been China, but it is now pitching crude to these other nations. However, immediate demand from Asian refiners appears tepid, which may limit the near-term market impact on Bakken crude streams. Traders told Bloomberg, as cited by OilPrice.com, that refiners are not rushing to buy Iranian oil due to...

☀️Morning Wire·Jun 23

Global Markets

Global Shifts: Europe EV Sales Surge, Iran Deal Weighs on Oil Prices

Electric vehicle sales in Europe surged in May, led by a massive influx of low-cost Chinese models, according to data from the European Automobile Manufacturers’ Association (EAMA). Overall European car registrations gained 3.6% for the month, with EV sales specifically jumping 39.1% year-over-year, OilPrice.com reported. Sales of Chinese EV makers soared, with Leapmotor up 465%, Chery up 244%, and BYD up 137%. The association cited "robust consumer demand" driven by new tax benefits and incentive schemes, while noting higher gasoline and diesel prices at the pump contributed to the shift. Separately, Iran's top negotiator said Tuesday that the United States has agreed to unblock $12 billion in frozen Iranian funds, as carried by Al Jazeera. Mohammad Bagher Ghalibaf stated that "the U.S. and Iran can work together to reopen the Strait of Hormuz," a critical global oil transit chokepoint, though he added it would never return to pre-war conditions. The...

☀️Morning Wire·Jun 23

Operator News

India Sets Record for U.S. LPG Imports as Gulf Supplies Constrained

India is importing record volumes of liquefied petroleum gas (LPG) from the United States in June, according to a report from OilPrice.com. Indian refining sources estimate the country will receive between 1.1 million and 1.2 million tons of U.S. LPG this month, nearly double the 648,300 tons imported in May. The surge in imports is a direct response to supply constraints from the Middle East following the Iran war, which has choked shipments through the Strait of Hormuz. According to the report, 90% of all Indian LPG imports typically pass through that strait. India uses LPG as its primary cooking fuel, with around 60% of households relying on it. To secure supply, India is boosting agreements outside the Middle East. The country also signed a strategic agreement with the United Arab Emirates last month and will double its LPG imports from the UAE in June to about 300,000 tons. The...

☀️Morning Wire·Jun 23

Pipeline & Infrastructure

Global Pipeline Developments Pressure Oil Prices, Impacting Bakken Outlook

Global pipeline and geopolitical developments are applying downward pressure on oil prices, a key factor for North Dakota's Bakken formation operators. Crude prices declined after the United States approved limited Iranian oil sales and shipping through the Strait of Hormuz continued to recover, according to a Rigzone report from June 22. The price drop follows Iran's rapid move to court some of Asia's largest oil buyers after a 60-day U.S. sanctions waiver took effect, Rigzone reported on June 23. The return of sanctioned Iranian barrels to the global market increases supply competition, which can weigh on the benchmark prices that determine Bakken well economics. In a separate development, Uzbekistan is stepping up efforts to bring major European and U.S. energy companies into its natural gas sector, Rigzone also reported June 23. This follows the country's recent success in securing an investment from BP. While focused on natural gas, this activity...

☀️Morning Wire·Jun 23

Regulatory

Global Supply Developments May Pressure Bakken Crude Prices

The U.S. Treasury Department has issued a temporary, 60-day license allowing Iran to sell some of its energy exports through August 21, according to Rigzone. This represents a sweeping change after years of strict economic sanctions and could introduce additional barrels to the global market in the near term. Separately, Libya has reached its highest daily crude oil production since 2013, hitting 1.4 million barrels per day, Rigzone reported. The North African nation is moving closer to its stated goal of 1.5 million barrels per day by the end of the year. These developments come as the integrated Japanese power utility JERA contracted four fuel ammonia carriers to support the Blue Point Project in Louisiana, Rigzone noted. The move signals continued investment in alternative energy infrastructure but is not directly related to crude oil markets. For Bakken operators and royalty owners, incremental increases in global oil supply typically exert downward...

☀️Morning Wire·Jun 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Amid Broader Commodity Concerns, Bakken Spread Holds

Front-month WTI crude oil futures traded at $73.09 per barrel at midday Tuesday, June 23, down $0.77 or 1.04% from the prior settlement. The global benchmark Brent crude fell $0.93 to $76.97, a decline of 1.19%. Natural gas prices also softened, dropping $0.05 to $3.23 per MMBtu. The Bakken crude differential to WTI was quoted at a discount of $3.42 per barrel, according to live price data. This indicates Bakken-priced crude is trading at approximately $69.67 per barrel at the wellhead. Broader commodity market tensions may be contributing to the day's risk-off sentiment in energy markets. According to a report from OilPrice.com, China's escalating controls on critical mineral exports are creating severe price volatility in adjacent markets. The source detailed that after China imposed export controls on antimony in 2024, prices for the metal spiked 2,600%, rising from $1,400 to $38,000 per ton. Subsequent restrictions have targeted gallium, germanium, and,...

🔆Midday Wire·Jun 23

Operator News

Chevron Secures 20-Year Microsoft Data Center Power Deal

Chevron, a major operator in the Williston Basin, has secured a 20-year contract to supply natural gas-fired power to a Microsoft data center project in West Texas, according to a report from Rigzone. The project is a joint venture with investment firm Engine No. 1. The agreement underscores a significant and growing demand center for natural gas: the power-hungry data center sector. For Bakken operators, this trend represents a potential long-term outlet for natural gas production, which has historically faced takeaway constraints and price volatility in the region. While the specific project is located in Texas, the deal signals broader energy market dynamics that benefit integrated producers with gas assets. Chevron's substantial position in the Bakken formation means it is well-positioned to leverage such opportunities. The 20-year term provides a rare degree of long-term demand visibility for a portion of the company's gas production. For other Bakken operators, the Chevron-Microsoft...

🔆Midday Wire·Jun 23

Global Markets

Russia Weighs Full Diesel Export Ban, Tightening Global Market

Russia is considering a full ban on diesel exports, a move that could tighten global distillate supplies and impact pricing dynamics relevant to Bakken crude oil and refined products. Deputy Prime Minister Alexander Novak said Tuesday that the government is weighing a complete prohibition alongside other measures to stabilize the domestic fuel market, according to OilPrice.com. "The government is considering a complete ban on diesel exports and other measures," Novak said at a government meeting chaired by President Vladimir Putin. He acknowledged the domestic fuel situation was "not simple," but insisted it remained under control. This marks a shift from his position earlier this month, when he said there was no immediate need for a broad ban. The potential policy shift comes as Russia grapples with refinery disruptions, rising prices, and supply shortages linked to Ukrainian drone attacks on energy infrastructure. These attacks have disrupted fuel production and distribution networks,...

🔆Midday Wire·Jun 23

Global Markets

Iran Talks Ease Supply Fears; Super El Niño Seen as Positive for U.S. Producers

Progress in U.S.-Iran peace talks and a 60-day sanctions waiver have eased immediate fears of major global oil supply disruptions, according to OilPrice.com reports. This week's talks, described as the first organized attempt to move beyond a transitional ceasefire, have provided a foundation for negotiations, with U.S. Vice President JD Vance stating "good progress" was made. As part of the framework, the U.S. Treasury issued a temporary 60-day general license authorizing transactions related to Iran's oil and refined products. Despite this development, traders remain cautious about how much Iranian crude can actually return to the market, questioning the risk appetite of non-Chinese refiners. The tentative diplomatic progress has coincided with a tentative reopening of the critical Strait of Hormuz chokepoint. After widespread use of "dark mode" to evade detection, a growing number of oil tankers have begun broadcasting their positions again, with seven tankers visibly transiting the Strait on Tuesday...

🔆Midday Wire·Jun 23

Operator News

Global Operator Projects Advance Amid Qatar Blast, Alaska Output

Qatar does not expect its liquefied natural gas exports to be impacted by an explosion at the Ras Laffan industrial complex that left 13 dead and 66 injured, according to a report from Rigzone. The incident highlights the operational risks present in global energy hubs but, according to Qatar's assessment, will not affect supply. In Alaska, the Pikka Oil Project has reached continuous production, Rigzone reported. The project's first production wells are now delivering 20,000 barrels per day gross. This new source of crude from a U.S. basin adds to domestic supply. Meanwhile, offshore Angola, a joint venture between BP and Eni has greenlit the Greater PAJ Project, as reported by Rigzone. The project will deploy a new floating production, storage, and offloading vessel (FPSO) with a nameplate capacity of 95,000 barrels per day of oil and a gas export capacity of 70 million cubic feet per day, with gas...

🔆Midday Wire·Jun 23

Pipeline & Infrastructure

Global Gas Deals, Long-Term Forecasts Highlight Midday Energy Landscape

Analysts at BMI have projected the evolution of global oil and gas markets through to 2050, according to a report sent to Rigzone Tuesday. The long-term forecast provides a strategic backdrop for Bakken operators considering future investment and production timelines in North Dakota's premier shale play. In other international developments, Perenco and its partners have inked a gas sales agreement for the Su Tu Trang Phase 2B project in Vietnam. The project will supply more than 600 billion cubic feet of gas over its life, supporting growing energy demand in Southeast Vietnam and contributing to the country's energy security, Rigzone reported. Separately, Uzbekistan is stepping up efforts to bring major European and U.S. energy companies into its natural gas sector, Rigzone noted. This follows the country securing an investment from BP last month. For the Bakken formation, these international movements underscore a competitive and evolving global gas market. While the...

🔆Midday Wire·Jun 23

Regulatory

US Grants Iran 60-Day Oil Trading Waiver, Pressuring Global Prices

The U.S. Treasury Department has issued a temporary, 60-day license allowing Iran to sell some of its energy exports, a significant shift after years of strict economic sanctions, according to Rigzone. The license is effective through August 21, 2026. In response, Iran is racing to court some of Asia's largest oil buyers as the waiver takes effect, Rigzone reported separately. This development comes alongside a recovery in shipping traffic through the critical Strait of Hormuz. The prospect of increased Iranian oil reaching the global market contributed to a decline in crude prices. Rigzone reported that oil dropped after the U.S. approved the limited Iranian oil sales and as Strait of Hormuz shipping continued to recover. For Bakken producers, lower global benchmark prices directly impact the wellhead economics of crude extracted from the North Dakota formation. The Bakken's light sweet crude is priced against international benchmarks like West Texas Intermediate (WTI)....

🔆Midday Wire·Jun 23

Production Data

Bakken Rig Count Holds at 27 as Oil Prices Slip

The number of active drilling rigs in North Dakota held steady at 27 on Tuesday, June 23, 2026, even as benchmark oil prices edged lower. The current rig count, a key indicator of future production, suggests Bakken operators are maintaining a measured pace of activity. West Texas Intermediate crude traded at $73.09 per barrel at midday, down $0.77 or 1.04% from the previous close. The international benchmark Brent crude was at $76.97, down $0.93. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is $-3.42 per barrel. Natural gas was priced at $3.23 per MMBtu. The stability of the rig count amid a price dip reflects the disciplined capital spending that has become the norm for shale operators in recent years. Companies are generally hesitant to rapidly accelerate drilling programs unless they see sustained, higher price signals. The current WTI price near $73...

🔆Midday Wire·Jun 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Amid Rising Inventories, Straits Reopen

Oil prices declined Tuesday, with West Texas Intermediate (WTI) crude closing at $73.12 per barrel, a drop of 74 cents or 1%, according to live price data. Brent crude fell 1.22% to $76.95. Bakken crude traded at a $3.42 discount to WTI. The decline was attributed in part to the resumption of oil flows through the Strait of Hormuz, a critical global shipping channel, according to OilPrice.com. The report noted Brent was trading sharply lower Tuesday afternoon as those flows began to resume. U.S. inventory data provided mixed signals for the market. The American Petroleum Institute (API) estimated commercial crude oil inventories fell by 765,000 barrels for the week ending June 19, according to OilPrice.com. This follows a significant draw of 8.33 million barrels the prior week. Commercial stocks have fallen by 53 million barrels over the last ten weeks. However, the drawdown in commercial stocks has been partially offset...

🌅Afternoon Wire·Jun 23

Rig Report

North Dakota Rig Count Rises to 28; Murex Petroleum Adds New Rig

North Dakota's active drilling rig count increased to 28 on Tuesday, according to live data from Bakken Wire. The total represents a gain of one rig from the previous day, with no rigs removed or moved between locations. The addition was a new rig deployed by Murex Petroleum Corporation. The operator activated the H & P 515 rig in Williams County at location 157-95-29. The current count of 28 rigs continues a recent upward trend in drilling activity across the Bakken formation. The rig count is now one higher than it was one week ago on June 16, 2026, when 27 rigs were active. Compared to one month ago on May 24, 2026, the state's active fleet has increased by two rigs from a base of 26. The steady, incremental growth over the past month suggests operators are maintaining a measured pace of drilling operations. Rig count is a leading...

🌅Afternoon Wire·Jun 23

Operator News

Chevron Secures 20-Year Microsoft Power Deal with Natural Gas

Chevron, a major operator in the Williston Basin, has secured a 20-year contract to supply natural gas-based electricity to a Microsoft data center project in West Texas, according to a report from Rigzone. The project, a collaboration between Chevron and investment firm Engine No. 1, underscores the growing demand from the tech sector for reliable power, often anchored by natural gas. For Bakken operators, the deal signals a sustained, long-term demand driver for natural gas, a key hydrocarbon produced alongside crude oil in the region. While the specific project is located in Texas, the agreement reinforces the broader energy market trend of data centers seeking secure power purchase agreements with energy producers. This creates a potential outlet for associated gas from the Bakken formation, where natural gas production has historically faced infrastructure and pricing challenges. The 20-year term of the contract provides a model of the kind of stability that...

🌅Afternoon Wire·Jun 23

Global Markets

China's Nuclear, Central Asia Moves Signal Shifting Global Energy Landscape

China's accelerating dominance in nuclear energy construction and deepening investments in Central Asia are reshaping the global energy landscape, with long-term implications for fossil fuel demand and strategic competition relevant to Bakken producers. According to a report from OilPrice.com, China is set to overtake the rest of the world in nuclear energy capacity additions within the next five years, a shift driven by vastly more efficient construction timelines compared to the United States. While the U.S. remains the largest nuclear producer, its sector is characterized by aging reactors and slow, costly builds. OilPrice.com notes that after the Plant Vogtle project in Georgia came online years late in 2024, zero new reactors have since broken ground domestically. In the same period, China added 34 gigawatts of nuclear capacity. Analyst Damien Ma of Gavekal Technologies stated, “By a wide margin, China will have the world’s most dynamic and significant nuclear industry through...

🌅Afternoon Wire·Jun 23

Global Markets

Global Energy Roundup: Pemex Seeks Deepwater Partner, SpaceX Borrows Billions for AI

Mexico's debt-laden state oil company, Pemex, is seeking a deepwater partnership with Brazilian giant Petrobras, according to a report from OilPrice.com. The two firms signed a memorandum of understanding this week to collaborate on exploration, production, and refining, with a headline focus on deepwater exploration in the Gulf of Mexico. Petrobras is considered a premier deepwater operator after decades of success in Brazil's pre-salt fields. Pemex, meanwhile, carries roughly $80 billion in debt and is plagued by declining production from mature fields. The partnership aims to tap Mexico's largely untapped side of the Gulf, which contrasts with the U.S. side that produces roughly 2 million barrels per day from deepwater fields. Analysts note that deepwater exploration requires hundreds of millions of dollars, and Petrobras would likely shoulder much of the financial burden given Pemex's condition. Separately, Qatar stated that an explosion at its Ras Laffan industrial complex will not affect...

🌅Afternoon Wire·Jun 23

Operator News

Pikka Hits 20,000 b/d as Industry Advances Major Projects

The Pikka Oil Project on the North Slope of Alaska has achieved continuous production, with its first wells now delivering 20,000 barrels per day gross, according to a report from Rigzone. The project, operated by Santos, represents a significant new source of North American crude supply. Offshore Angola, a joint venture between BP and Eni has sanctioned the Greater PAJ Project, Rigzone reported. The development will involve a new floating production, storage, and offloading (FPSO) vessel with a nameplate capacity of 95,000 barrels per day of oil and 70 million cubic feet per day of gas for export to Angola LNG. Separately, analysts at BMI have projected the evolution of global oil and gas markets through 2050 in a new report, according to a Rigzone summary. The long-term outlook provides a strategic backdrop for industry planning. For Bakken operators, these developments underscore a global industry continuing to sanction and bring...

🌅Afternoon Wire·Jun 23

Pipeline & Infrastructure

Global Gas, Oil Pipeline Developments Unfold as Bakken Watches

Major pipeline and energy infrastructure developments are advancing in Vietnam, Uzbekistan, and Iran, according to international energy news reports. These projects highlight the global competition for energy investment and market share that ultimately influences the price environment for Bakken crude. In Vietnam, Perenco and its partners have signed a gas sales agreement for the Su Tu Trang Phase 2B project, Rigzone reported. The project is slated to supply more than 600 billion cubic feet of gas over its life, supporting growing energy demand in Southeast Vietnam and contributing to the country's energy security. Such long-term gas supply deals in growing Asian economies underscore the sustained global demand for hydrocarbons. Meanwhile, Uzbekistan is stepping up efforts to bring major European and U.S. energy companies into its natural gas sector, Rigzone reported in a separate dispatch. This follows last month's secured investment from BP. The Central Asian nation's push for Western investment...

🌅Afternoon Wire·Jun 23

Regulatory

Oil Prices Decline on US License for Iranian Oil Sales

Crude oil prices fell on Monday after the United States approved a temporary license allowing Iran to sell some of its energy exports, according to reports from Rigzone. The development adds new supply to the global market at a time when Bakken producers are closely watching price differentials. The U.S. Treasury Department issued a 60-day license permitting Iran to sell some of its energy exports through August 21, Rigzone reported. This represents a significant, though temporary, shift after years of strict economic sanctions. Concurrently, the recovery of shipping traffic through the critical Strait of Hormuz also contributed to downward price pressure. For Bakken operators, lower global benchmark prices directly affect the wellhead economics of new drilling and completion projects. The Bakken formation, a key driver of North Dakota's oil output, competes in a global market where incremental supply changes can influence the price of West Texas Intermediate (WTI), the primary...

🌅Afternoon Wire·Jun 23