Wednesday, June 24, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 5:42

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 3:48

Oil Prices

Oil Prices Drop Sharply as Supply Fears Ease

Oil prices extended losses sharply on Wednesday, with West Texas Intermediate (WTI) crude dropping below $72 per barrel. The decline pressures Bakken producers as the local crude differential remains wide. Front-month WTI crude futures traded at $71.05, down $2.16 or 2.95% from the prior settlement. The international benchmark Brent crude traded at $74.70, down $2.38 or 3.09%. According to live price data, Bakken crude was priced at a discount of $3.42 per barrel below WTI. The primary driver of the sell-off was a continued easing of geopolitical supply fears. According to a report from Rigzone, oil prices fell as more tankers resumed transiting the critical Strait of Hormuz and additional supplies entered the market. This follows an interim peace deal between the United States and Iran, a major oil producer and a key actor in the strategic waterway. The resumption of safer transit through the Strait of Hormuz alleviates a...

☀️Morning Wire·Jun 24

Rig Report

North Dakota Rig Count Holds Steady at 28

North Dakota's active drilling rig count held firm at 28 on Wednesday, June 24, 2026, showing no daily movement from the previous report. According to live rig data, there were no new rigs added, none removed, and none that moved location in the past 24 hours. The current count represents a modest increase of one rig compared to levels seen both one week ago and one month ago. On June 17, 2026, the state reported 27 active rigs, and on May 25, 2026, the count was also 27. This stability in the Williston Basin comes amid ongoing labor disruptions in another major oil-producing region. According to a report from Rigzone, well workers in Norway have continued a strike, with the standoff escalating. The affected service companies—including Baker Hughes, Halliburton, and SLB—have imposed a legal work halt in an effort to force workers to agree to terms proposed under government mediation....

☀️Morning Wire·Jun 24

Daily Activity

DMR Approves Four New Divide County Permits for Formentera Operations

The North Dakota Department of Mineral Resources approved four new drilling permits on Tuesday, June 23, all for Formentera Operations LLC in Divide County, according to the DMR Daily Activity Report. The approved permits are for the LAGUNA VISTA-13-01-PGN N514H and N518H wells, both in a confidential field, and the RAINBOWS END-24-36-PGN S516H and S518H wells. This activity highlights continued operator interest in the Bakken formation's northwestern reaches. Separately, seven permit renewals were filed, indicating sustained development planning in core areas of the play. Lime Rock Resources V-A, L.P. filed four renewals for the STEN RAV 2H, JORE FED 9H, JORE FED 10H, and JORE FED 11H wells, all in Section 35-150N-97W within McKenzie County's North Fork field. The report noted that the JORE FED 9H, 10H, and 11H well locations are outside of their designated spacing unit. Burlington Resources Oil & Gas Company LP also filed three permit renewals...

☀️Morning Wire·Jun 24

Operator News

Chevron Secures 20-Year Microsoft Data Center Power Contract

Chevron, a major operator in North Dakota's Bakken formation, has won a 20-year contract to supply power to a Microsoft data center project in West Texas, according to a report from Rigzone. The agreement, secured through a project with Engine No. 1, involves supplying natural gas-based electricity. The long-term contract underscores the energy-intensive technology sector's ongoing reliance on natural gas for reliable power generation. For Bakken operators like Chevron, which holds significant acreage and production in the Williston Basin, such deals represent a stable, long-term demand outlet for natural gas. This is particularly relevant for the Bakken, where natural gas is a co-product of crude oil extraction. While the specific data center is located in West Texas, the development signals a broader market trend favorable to gas producers. Large-scale power purchase agreements provide a predictable revenue stream that can support further investment in upstream operations, including those in associated gas...

☀️Morning Wire·Jun 24

Global Markets

China's Refinery Slump, Slowing Asian Demand Signal Headwinds for Bakken Crude

Independent refiners in China, known as "teapots," have slashed their refinery run rates to the lowest level since August 2017, according to data from consultancy JLC cited by OilPrice.com. The refiners in Shandong province are operating at just 50.5% capacity, a level even lower than during the 2020 pandemic downturn. The broader Chinese refining sector is also cutting back, with the average run rate in May standing at 66.3% and total volumes processed down 9.1% year-on-year. The slowdown is driven by high crude feedstock prices, weak domestic fuel consumption, and government restrictions on fuel exports, according to the OilPrice.com report. Chinese crude imports have slumped to an eight-year low. The situation for the teapots, which are key importers of Iranian crude, has been exacerbated by supply shocks and price surges related to Middle East conflict. Separately, Asian demand for Middle Eastern crude is also slowing after a recent buying spree,...

☀️Morning Wire·Jun 24

Global Markets

Global Energy Roundup: Adani Targets Nuclear, Suriname Gas Find, India Cuts Coal Imports

Adani Group, the conglomerate of Indian billionaire Gautam Adani, is targeting 10 gigawatts of nuclear power capacity in India by 2035, according to OilPrice.com. Gautam Adani announced the plan on Wednesday, stating the move is "towards securing India's long-term energy future." India has opened its civil nuclear power sector to private investment and has a national goal of boosting installed nuclear capacity to 100 GW by 2047, up from 8.8 GW now. Adani Group is reportedly in talks with the state government of Uttar Pradesh on a public-private partnership to build small modular reactors (SMRs). Separately, Malaysia’s state energy firm Petronas has made a natural gas discovery offshore Suriname, OilPrice.com reported. Suriname's president said he expects Petronas to make a final investment decision on developing Block 52 by the end of the year. The country aims to become a major oil and gas producer in South America by the end...

☀️Morning Wire·Jun 24

Operator News

Qatar Seeks Quick LNG Export Recovery as U.S. Pushes EU on Methane Rules

Qatar's Prime Minister has stated the country's liquefied natural gas (LNG) production will return to normal "within a few weeks," except for a damaged facility, according to a report from OilPrice.com. Sheikh Mohammed bin Abdulrahman al-Thani told the Financial Times on June 24 that QatarEnergy is preparing for operations to resume as soon as navigation in the Strait of Hormuz normalizes. The announcement follows Qatar's declaration of force majeure on shipments after Iranian strikes on the Ras Laffan complex earlier in the conflict with the United States and Israel. State firm QatarEnergy had curtailed output in early March before a facility was hit in mid-March, OilPrice.com reported. Last week, QatarEnergy told customers it could restore about 50% of its production capacity within a month after safe navigation is restored, with 80% returning within two months, according to unnamed sources cited by Bloomberg. Separately, Qatar said an explosion at the Ras...

☀️Morning Wire·Jun 24

Pipeline & Infrastructure

Alaska, Angola Projects Advance as Analysts Gaze to 2050

Major international oil and gas projects reached key milestones this week, according to industry reports, highlighting global production growth as analysts release a long-term market forecast. The Pikka Oil Project in Alaska has achieved continuous production, Rigzone reported on June 23. The first production wells are now delivering 20,000 barrels per day gross, according to the report. Separately, BP and Eni have greenlit the Greater PAJ Project offshore Angola, Rigzone reported on the same day. The project will deploy a new floating production, storage, and offloading (FPSO) vessel with a nameplate capacity of 95,000 barrels per day of oil and a gas export capacity of 70 million cubic feet per day. In a broader market analysis, analysts at BMI have projected the evolution of oil and gas markets through to 2050, Rigzone reported June 23. The report provides a long-term outlook for global supply and demand dynamics. For Bakken operators...

☀️Morning Wire·Jun 24

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 5:56

Oil Prices

Oil Prices Plunge Despite Major U.S. Crude Inventory Draw

Crude oil prices fell sharply Wednesday, with West Texas Intermediate (WTI) trading down 3.8% to $70.43 per barrel despite a larger-than-expected drawdown in U.S. commercial inventories, according to live price data. The global benchmark Brent crude fell 4.05% to $73.96. The price for Bakken crude at the wellhead was trading at a discount of $3.42 per barrel to WTI. The sell-off occurred alongside a significant decrease in national stockpiles. According to data from the U.S. Energy Information Administration (EIA) released Wednesday, commercial crude inventories fell by 6.1 million barrels for the week ending June 19, bringing total stocks to 412.1 million barrels, which is 7% below the five-year average for this time of year, OilPrice.com reported. The draw was more substantial than the 765,000-barrel decrease reported a day earlier by the American Petroleum Institute. However, bearish factors overpowered the bullish inventory data. Rising product inventories and increased tanker traffic in...

🔆Midday Wire·Jun 24

Global Markets

Global LNG, Crude Demand Shifts May Impact Bakken Export Outlook

A major LNG contract award and a shift in Asian crude buying patterns reported Wednesday highlight the dynamic global energy market that influences Bakken oil and gas exports. Australian energy giant Woodside executed an agreement to supply alumina producer Alcoa with 31.1 petajoules of natural gas from Western Australia, according to Rigzone. The supply contract is set to run from 2027 to 2030. While this deal is specific to the Australian domestic market, it underscores the ongoing global competition for long-term gas supply agreements. For Bakken producers, the global LNG market is a key destination for associated gas, and major contract signings can influence broader market sentiment and pricing structures. Separately, Asian refiners have slowed their purchases of Middle Eastern crude following a buying spree over the past three weeks, Rigzone reported. The report noted that oil majors and traders have stepped in to take some of the surplus barrels....

🔆Midday Wire·Jun 24

Global Markets

Global Roundup: U.S. Nuclear Push, Gulf Tensions, Russia Refinery Blow

The U.S. Department of Energy plans to provide $17.5 billion in low-interest loans to finance equipment orders for 10 new Westinghouse AP1000 nuclear reactors across five projects, according to OilPrice.com. Energy Secretary Chris Wright stated the initiative aims to cut construction timelines by up to three years, with officials arguing that building multiple identical reactors simultaneously could reduce costs. The push is driven by rapidly rising electricity demand from AI data centers and broader electrification trends, with the reactors slated to come online in 2035. In the Middle East, U.S. Secretary of State Marco Rubio arrived in Abu Dhabi on June 23 for a Gulf tour aimed at reassuring allies after a fragile U.S.-Iran cease-fire framework raised questions over regional security, OilPrice.com reported. Rubio's meetings in the UAE, Kuwait, and Bahrain come as oil exports and shipping through the Strait of Hormuz recover from recent disruptions. He emphasized consultation with...

🔆Midday Wire·Jun 24

Operator News

International Energy Transition News Highlights Global Shifts

A UK climate panel warned that slow electrification is exposing households to fossil fuel price shocks, according to a report published Wednesday by OilPrice.com. The UK’s Climate Change Committee (CCC) urged faster electrification and the removal of policy costs from electricity bills to lower energy costs. The independent panel's annual assessment noted progress in electric vehicles and renewable energy auctions has been offset by a slowdown in heat pump installations. The CCC stated, “households are facing higher energy bills because the UK is not electrifying fast enough,” leaving people exposed to price volatility. The panel also called for faster industrial electrification by speeding up grid connections. The report comes amid political uncertainty following the resignation of Labour Prime Minister Sir Keir Starmer, with the new government facing decisions on energy bills and North Sea oil and gas policy. In related infrastructure news, Tesla and NatPower have partnered to enable over...

🔆Midday Wire·Jun 24

Pipeline & Infrastructure

Global Energy Disputes, Regulation Pushback Headline Midday Roundup

A strike by well service workers in Norway continues to escalate, with affected companies imposing a legal work halt to force an agreement, according to Rigzone. The companies involved include major oilfield service firms Baker Hughes, Halliburton, and SLB. While the labor action is overseas, any prolonged disruption to North Sea operations can influence global oil and gas supply chains and service company focus, which are relevant to the international market context for Bakken production. Separately, the United States and Qatar are pushing back against European Union methane regulations, Rigzone reported. The countries have asked for a "pragmatic approach" to clarifying the rules to allow energy imports to continue flowing into the EU. This development is significant for the Bakken, as North Dakota's crude and gas exports compete in global markets. Stricter EU import standards could eventually pose a compliance challenge for U.S. producers, making the U.S. government's opposition to...

🔆Midday Wire·Jun 24

Regulatory

Major Projects Advance in Alaska, Angola as Bakken Activity Holds Steady

Two major international oil projects reached significant milestones this week, according to industry reports. While these developments are outside the Williston Basin, they underscore the scale of capital and regulatory planning required for large-scale production that Bakken operators also navigate. In Alaska, the Pikka Oil Project has achieved continuous production, with its first wells delivering 20,000 barrels per day gross, Rigzone reported on June 23. The project, a multi-billion dollar development on the North Slope, represents a major new source of U.S. domestic oil production. Separately, a joint venture between BP and Eni has given the final investment decision for the Greater PAJ Project offshore Angola, according to a separate June 23 Rigzone report. The project will involve a new floating production, storage, and offloading (FPSO) vessel with a nameplate capacity of 95,000 barrels per day of oil and a gas export capacity of 70 million cubic feet per day....

🔆Midday Wire·Jun 24

Production Data

Bakken Rig Count Holds at 28 Amid Sharp Midday Price Decline

North Dakota's active drilling rig count held at 28 on Wednesday, a key indicator of near-term production activity in the Bakken formation, as crude oil prices experienced a significant midday sell-off. The state's rig count has remained a primary gauge for future oil output, with current levels suggesting a plateau in production volumes in the coming months. The West Texas Intermediate (WTI) benchmark crude price was trading at $70.43 per barrel, down $2.78 or 3.8% for the day. The international Brent crude benchmark saw a larger drop, falling $3.12 to $73.96, a decline of 4.05%. Natural gas held at $3.23 per MMBtu. Bakken crude traded at a discount of $3.42 per barrel to the WTI benchmark. Historically, the number of active drilling rigs in North Dakota has served as a leading indicator for the state's oil production, with changes in the count typically preceding shifts in output by several months....

🔆Midday Wire·Jun 24

Workforce & Community

Bakken Rig Count Holds at 28 Amid Midday Oil Price Slide

The active drilling rig count in North Dakota held steady at 28 on Wednesday, providing a measure of stability for the Bakken region's workforce even as crude oil prices fell sharply in midday trading. The current rig level reflects a sustained, moderate pace of development activity in the formation. The midday energy markets showed significant pressure. West Texas Intermediate (WTI) crude traded at $70.43 per barrel, down $2.78 or 3.8% on the session. The international benchmark Brent crude was at $73.96, down $3.12 or 4.05%. Bakken crude traded at a discount of $3.42 per barrel to WTI. Natural gas held at $3.23 per million British thermal units. Historically, the rig count serves as a leading indicator for oilfield employment, with direct impacts on drilling, completion, and oilfield service crews. A count in the high 20s suggests a baseline level of activity that supports core operational jobs but does not drive...

🔆Midday Wire·Jun 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge on Geopolitical Easing, Weak China Demand

Oil prices tumbled more than 4% Wednesday, with Brent crude hitting its lowest settlement since early March, according to live market data. West Texas Intermediate (WTI) crude was trading at $69.89 per barrel, down $3.32 for the day. Brent crude fell to $73.17, a drop of $3.91. The Bakken crude differential widened to a discount of $3.42 versus WTI. The sharp decline was driven by two primary factors: easing geopolitical tensions in a key oil transit chokepoint and weakening demand signals from the world's top oil importer. According to sources from OilPrice.com and Rigzone, prices extended losses as more tankers cautiously resumed transits through the Strait of Hormuz following an interim U.S.-Iran peace deal. The first round of talks in Switzerland concluded with positive comments and an agreement to push for a final deal within 60 days, OilPrice.com reported. However, analysts at Standard Chartered cited by OilPrice.com expressed skepticism that...

🌅Afternoon Wire·Jun 24

Rig Report

North Dakota Rig Count Drops to 29, Enerplus Rig Removed

North Dakota's active drilling rig count stands at 29 as of Wednesday, June 24, 2026, a net decrease of one from the previous day, according to live Bakken Wire data. One rig was removed from service, while two others moved to new locations within the state. Enerplus Resources USA Corporation removed its TRUE 40 rig from Dunn County. The rigs that moved were Marlo Operating Company, LLC's STONEHAM 16, which relocated to Bowman County, and EOG Resources, Inc.'s H & P 259, which moved to Mountrail County. The current count of 29 rigs represents an increase of two rigs compared to one week ago, when the state reported 27 active rigs on June 17. The count is also two rigs higher than the level reported one month ago on May 25. The day's rig activity comes amid broader global shifts in drilling focus and labor tensions. Internationally, the drilling contractor...

🌅Afternoon Wire·Jun 24

Global Markets

Global LNG, Crude Purchases Shift, Influencing Bakken Market Dynamics

Asian refiners have slowed their purchases of Middle Eastern crude following a recent buying spree, according to a report from Rigzone. The shift in demand has left surplus barrels available, with oil majors and traders stepping in to absorb some of the supply. This change in buying patterns can influence global crude price benchmarks, which directly affect the realized price for Bakken Shale light sweet crude oil. Simultaneously, a separate Rigzone report detailed that Woodside executed a long-term agreement to supply Western Australian natural gas to Alcoa from 2027 to 2030. Such contracts for liquefied natural gas (LNG) help underpin global gas markets. While not directly involving U.S. production, stable international LNG demand supports the overall natural gas price environment, which impacts the economics of associated gas produced from the Bakken's oil wells. For Bakken operators, these developments represent contrasting forces. A potential softening in global crude benchmarks due to...

🌅Afternoon Wire·Jun 24

Global Markets

Global Roundup: Norway Output Tops Forecasts, Caspian Trade Advances, Coffee Biochar Breakthrough

Norwegian crude oil production continued to outperform expectations in May, reinforcing the country's role as a stable Atlantic Basin supplier, according to OilPrice.com. Preliminary figures show Norway produced an average of 1.722 million barrels per day in May, which was 7.2% above official forecasts, despite a pullback from April's 1.952 million bpd high. Total liquids output averaged 1.909 million bpd. The report notes that year-to-date petroleum production is about 4% higher than the same period in 2025, anchored by fields like Johan Sverdrup. Elsewhere, Azerbaijan is working to integrate isolated Turkmenistan into trans-Caspian trade routes, OilPrice.com reported. During a June 22 ceremony in Baku, leaders from both nations signed agreements to streamline the movement of goods and harmonize customs statistics, with a focus on expanding the Middle Corridor trade network to Europe. Azerbaijani President Ilham Aliyev stated the engagement aims to increase cargo flows and hinted at future cooperation in...

🌅Afternoon Wire·Jun 24

Operator News

Oil Prices Fall Amid Global Supply Shifts; Grid-Scale SMR Construction Begins in Canada

Oil prices fell to their lowest levels since a recent war on Tuesday, according to Rigzone, despite historically low U.S. crude inventories. Traders shifted focus to improving Middle East supply flows and growing signs of potential oversupply. Global supply logistics saw a key development as Iran and Oman agreed to coordinate transits through the Strait of Hormuz, a critical chokepoint for oil shipments. The International Maritime Organization confirmed shippers can transit via Iranian or Omani and U.S.-coordinated waters, part of a broader plan to evacuate stranded vessels, Rigzone reported. In parallel energy news, construction has begun on the Western world's first grid-scale Small Modular Reactor (SMR) in Ontario, Canada, according to OilPrice.com. A 953-tonne base mat was lowered at the Darlington New Nuclear Project site for a GE Vernova BWRX-300 reactor, the first of four planned units each with a 300-megawatt capacity. The first unit is budgeted at CAD$7.7 billion...

🌅Afternoon Wire·Jun 24

Pipeline & Infrastructure

EU Methane Rules Face Pushback, Qatar Incident Assessed

The United States and Qatar are pushing back against proposed European Union methane regulations, according to a report from Rigzone. The countries have asked for a "pragmatic approach" to clarifying the rules and adopting changes to allow importers to continue supplying oil and gas to the EU market. This regulatory debate is closely watched by Bakken producers, as stricter methane emission standards could impact the marketability of North Dakota's natural gas and associated crude oil exports. Separately, Qatar stated that an explosion at its Ras Laffan industrial complex will not affect liquefied natural gas exports, Rigzone reported. The incident, which occurred on June 23, resulted in 13 fatalities and 66 injuries. Qatar's assurance of continued LNG supply is significant for global gas balances, which indirectly influences prices and market opportunities for Bakken gas producers seeking to expand their market reach. In a related energy infrastructure development, Tesla and NatPower have...

🌅Afternoon Wire·Jun 24

Production Data

Bakken Rig Count Holds at 29 Amid Sharp Oil Price Decline

North Dakota's active drilling rig count held steady at 29 this week, according to live Bakken Wire data. This figure, a fraction of the boom-era highs, coincides with a sharp drop in oil prices, with West Texas Intermediate crude trading at $69.89, down $3.32 or 4.53% on the day. The current rig count reflects a sustained period of disciplined capital spending by operators in the Williston Basin. Historically, the number of active rigs is a leading indicator of future oil production, with a typical lag of several months between drilling new wells and bringing them online for first production. A count in the high 20s suggests operators are maintaining just enough activity to offset natural production declines from existing wells, rather than aggressively growing output. The price environment presents a headwind for any expansion. Brent crude also fell sharply to $73.17, and the Bakken crude differential—the discount at which local...

🌅Afternoon Wire·Jun 24

Workforce & Community

Bakken Rig Count Holds at 29 as Oil Prices Retreat Sharply

The number of active drilling rigs in North Dakota's Bakken formation held steady at 29 on Wednesday, providing a stable, though historically low, benchmark for regional oilfield employment and service company activity. The flat rig count contrasts with a sharp sell-off in crude oil prices, with West Texas Intermediate (WTI) crude falling $3.32 to settle at $69.89 per barrel, a drop of 4.53%, according to live Bakken data. The current rig count represents a fraction of the boom-era activity seen in the Bakken but indicates a sustained base level of operations. This level of drilling is a key driver for direct oilfield employment, including positions for roughnecks, engineers, and company personnel, as well as indirect jobs in transportation, housing, and retail. Historically, the health of communities across western North Dakota is closely tied to the pace of oil and gas development. When rig counts are high and oil prices are...

🌅Afternoon Wire·Jun 24