Thursday, June 25, 2026

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Oil Prices

Oil Prices Dip Amid OPEC Uncertainty, Bakken Differential Holds at -$3.42

Front-month WTI crude futures fell 0.63% to trade at $69.90 per barrel on Thursday, June 25, 2026, according to live price data. Brent crude declined 0.54% to $73.47. The spot price for Bakken crude at the Clearbrook, Minnesota, hub was at a discount of $3.42 per barrel versus WTI. The downward pressure on benchmarks is being driven by reports of potential new supply and recovering trade flows in the Persian Gulf. According to OilPrice.com, Iraq, OPEC's second-largest producer, is considering exiting the cartel if it cannot secure a higher production quota. Sources told local outlet Shafaq that any decision could follow Prime Minister Ali al-Zaidi's visit to Washington in mid-July. An Iraqi exit would follow the United Arab Emirates' withdrawal from OPEC on May 1, 2026, and further threaten the group's ability to manage global supply. Simultaneously, oil trade in the Gulf is showing signs of recovery, according to a...

☀️Morning Wire·Jun 25

Rig Report

Bakken Rig Count Holds at 29; Two Rigs Relocate

North Dakota's active drilling rig count held steady at 29 on Thursday, according to live data from Bakken Wire. The tally showed no net change from the previous day, with no new rigs added and none removed. Two rigs, however, did change locations within the play. WGO Resources, LLC moved its STONEHAM 16 rig to a new site in Golden Valley County (139-104-9). Separately, EOG Resources, Inc. relocated its H & P 259 rig to a location in Mountrail County (155-90-34). The current activity level represents a modest increase from recent benchmarks. The rig count is up by three compared to one week ago, when 26 rigs were active on June 18, 2026. It is also two rigs higher than the count of 27 recorded one month ago on May 26, 2026. The stable domestic land drilling activity in the Bakken contrasts with ongoing disruptions and strategic shifts in the...

☀️Morning Wire·Jun 25

Daily Activity

DMR Approves Four New Bakken Permits; Devon, Oasis File Confidential Notices

The North Dakota Department of Mineral Resources approved four new drilling permits on Wednesday, June 24, 2026, according to the agency's daily activity report. EOG Resources was the most active applicant, securing three permits, while a smaller operator filed for one. EOG Resources received approval for three horizontal wells, all named "Clearwater," in Mountrail County's Clear Water field. The permitted wells are CLEARWATER 33-3024H (permit 43062), CLEARWATER 50-3024H (43063), and CLEARWATER 51-3018H (43064). The fourth permit, 42751, was issued to Formentera Operations, LLC for the LAGUNA VISTA-13-01-PGN N516H well in Divide County. The report also listed confidential status changes for ten existing wells operated by four different companies. These filings typically indicate an operator has begun drilling or completed a well and is requesting the state keep specific data confidential for a period, often six months. Devon Energy Williston, L.L.C., reported the most activity in this category with five notices....

☀️Morning Wire·Jun 25

Global Markets

Global Gas Deal, Asian Demand Shift Signal Complex Market for Bakken

Two separate global energy market developments reported Wednesday highlight the interconnected and competitive landscape for Bakken crude oil and natural gas. First, Australian energy giant Woodside executed an agreement to supply 31.1 petajoules of natural gas from Western Australia to aluminum producer Alcoa between 2027 and 2030, according to Rigzone. While this is a Pacific Basin liquefied natural gas (LNG) deal, it underscores the global competition for long-term, industrial energy contracts. For Bakken operators, whose associated gas production often faces local market constraints, such international deals reinforce the importance of infrastructure and market access to capture value for natural gas, not just oil. Separately, Rigzone reported that Asian demand for Middle Eastern crude oil has slowed following a significant buying spree over the prior three weeks. The report notes that oil majors and traders have stepped in to absorb some of the surplus barrels. This fluctuation in key import demand...

☀️Morning Wire·Jun 25

Global Markets

Global Energy Roundup: Majors Join UAE Gas, India Eyes $70 Oil, Dangote IPO Frenzy

The United Arab Emirates' national oil company has brought two Western supermajors into a major gas development, according to OilPrice.com. ADNOC signed agreements with BP and TotalEnergies, granting each a 10% stake in the consortium developing the Bab Gas Cap project in Abu Dhabi. The project, described as the largest gas cap development of its kind globally, is expected to produce up to 1.5 billion cubic feet per day of gas. The concession will be operated by ADNOC Onshore, with ADNOC holding 60% and other partners including CNPC, JODCO/INPEX, ZhenHua, and GS Energy. TotalEnergies' CEO stated the project aligns with its strategy by adding "low-cost, low-emissions resources." The development supports the UAE's plan for gas self-sufficiency and LNG export expansion. Separately, a senior official from India's central bank indicated that sustained oil prices near $70 per barrel could help the country's economy return to 7% growth, OilPrice.com reported. Nagesh Kumar,...

☀️Morning Wire·Jun 25

Operator News

Global Supply Dynamics Pressure Oil Prices, Impacting Bakken Outlook

Oil prices fell to postwar lows on Wednesday as traders focused on improving Middle East supply flows and growing signs of potential oversupply, according to Rigzone. This occurred despite historically low U.S. crude inventories. The supply pressure is linked to a rebound in Persian Gulf oil trade. Qatar has joined other regional nations in reviving crude oil sales, with producers increasing activity as peace talks between the U.S. and Iran progress, Rigzone reported Thursday. Furthermore, a new system for transiting the Strait of Hormuz was confirmed this week. Shippers can now transit the critical chokepoint via Iranian or Omani and U.S.-coordinated waters as part of a broader plan to evacuate stranded vessels, the International Maritime Organization stated, according to a Rigzone report. For Bakken operators and North Dakota royalty owners, these international developments introduce significant headwinds. Increased and more reliable crude flows from the Middle East can directly compete with...

☀️Morning Wire·Jun 25

Pipeline & Infrastructure

US Joins Qatar in Pushing Back Against EU Methane Import Rules

The United States and Qatar are jointly pushing back against proposed European Union methane emission rules for imported energy, according to a report from Rigzone. The countries have asked EU officials for a "pragmatic approach" to clarifying and adopting the rules to allow importers to continue supplying the oil and gas needed by the bloc. While the specific rules were not detailed in the source, the dispute highlights growing international regulatory pressure on the emissions profile of hydrocarbon exports. For Bakken producers, future access to European markets could hinge on the ability to meet such foreign standards. North Dakota's oil industry has previously focused on reducing flaring and methane emissions, factors that may become critical for maintaining export competitiveness if strict EU rules are enacted. In a separate development, Tesla and NatPower have partnered to enable over 25 gigawatt-hours of battery energy storage system (BESS) capacity across Europe, Rigzone separately...

☀️Morning Wire·Jun 25

Production Data

Bakken Rig Count Holds at 29 as Oil Prices Settle Below $70

North Dakota's active rig count held steady at 29 on Thursday, June 25, 2026, as crude oil prices retreated from recent highs. The stability in drilling activity points to a sustained, if cautious, level of operator investment in the Bakken formation. West Texas Intermediate (WTI) crude was trading at $69.9 per barrel, down 63 cents on the day. The international benchmark Brent crude was at $73.47. Bakken crude was priced at a discount of $3.42 per barrel to WTI, according to live market data. The current rig count of 29 is a key indicator of future production. Historically, the number of active drilling rigs in North Dakota has served as a leading indicator for oil output, with changes in the count typically reflecting in production figures several months later. A stable rig count suggests that operators are maintaining capital discipline but see sufficient economic incentive to continue development drilling at...

☀️Morning Wire·Jun 25

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rally Over 1.5% Amid Supply Concerns, Bakken Differential Steady

Oil prices climbed more than 1.5% in midday trading Thursday, with West Texas Intermediate (WTI) crude leading gains. The rally provides immediate revenue uplift for operators in North Dakota's Bakken formation. As of midday Thursday, June 25, 2026, WTI crude was trading at $71.54 per barrel, a gain of $1.20 or 1.71%. The global benchmark, Brent crude, rose $1.14 to $75.01 per barrel, a 1.54% increase. Natural gas futures also edged higher, adding $0.03 to reach $3.29 per MMBtu. For Bakken producers, the key local price benchmark showed relative stability. The Bakken differential—the discount at which Bakken crude sells compared to WTI at the Cushing, Oklahoma hub—was recorded at -$3.42. This implies a Bakken wellhead price of approximately $68.12 per barrel based on the midday WTI quote. The midday price surge is largely attributed to ongoing supply-side concerns in the market. Persistent geopolitical tensions in key oil-producing regions and continued...

🔆Midday Wire·Jun 25

Global Markets

Global Supply Shifts, Fuel Crunch May Benefit Bakken Exports

Russia is facing its worst nationwide fuel shortages in years, with at least 17 regions imposing mandatory restrictions on gasoline and diesel sales, according to OilPrice.com. The crunch is driven by a widening campaign of Ukrainian drone strikes targeting oil infrastructure, which has knocked more than 20 percent of Russia's total refining capacity offline. The largest fuel supplier to the Moscow region, the Kapotnya refinery, was hit twice this month and will be offline until at least the end of 2026. This severe disruption to a major global fuel producer creates potential market openings for other suppliers. Bakken operators, who produce a light, sweet crude oil ideal for refining into gasoline and diesel, could see increased demand for their exports if global fuel shortages persist. The situation underscores the value of secure, stable production from regions like North Dakota. Meanwhile, fuel oil exports from the Middle East are expected to...

🔆Midday Wire·Jun 25

Global Markets

Global AI Boom Spurs Natural Gas, Fuel Cell Demand Amid North Sea Policy Shift

The Tennessee Valley Authority (TVA) has outlined a massive potential expansion of natural gas-fired power generation, citing unprecedented demand growth from data centers and artificial intelligence. In a preliminary 2026 integrated resource plan released Monday, the federally-owned utility said it has incremental capacity needs for between 7 GW and 26 GW of natural gas between now and 2040, according to OilPrice.com. The report states load growth is already outpacing earlier forecasts, "primarily due to data center growth (e.g., artificial intelligence, hyperscaler, etc.)." TVA said gas expansion is necessary to provide "firm, dispatchable capacity." This surge in power demand is also projected to dramatically expand the market for on-site fuel cells at data centers. According to Rystad Energy analysis reported by OilPrice.com, fuel-cell market revenues could surge from $2.8 billion in 2025 to $30 billion by 2030. With U.S. grid connection timelines now stretching to 3–6 years, fuel cells offer faster...

🔆Midday Wire·Jun 25

Operator News

Majors Expand Global Gas Projects; Poland Adds LNG Terminal

Major energy companies announced significant natural gas project developments worldwide on Thursday, according to industry reports. These moves underscore the ongoing global competition in gas supply, a market that also influences the Bakken formation's natural gas sector. In Abu Dhabi, BP and TotalEnergies have joined the Bab gas cap development project, which is expected to produce up to 1.5 billion cubic feet per day of gas. BP called it "the largest gas cap development of its kind globally," according to Rigzone. Meanwhile, in the Norwegian North Sea, Wellesley confirmed a new gas and condensate discovery with preliminary recoverable resources estimated between 21 and 107 million barrels of oil equivalent, Rigzone reported. In Europe, Poland announced plans to build a third LNG import terminal. A statement from the project said, "Today we have the opportunity to create one of the most important gateways to the global LNG market in Central and...

🔆Midday Wire·Jun 25

Pipeline & Infrastructure

Global Oil Flows Improve Amid Price Decline, Focus Shifts to Supply

Oil prices have fallen to postwar lows despite tight U.S. crude inventories, as traders focus on improving Middle East supply flows and signs of potential oversupply, according to Rigzone. The price pressure comes as global market dynamics shift. In the Middle East, Qatar has joined other Persian Gulf nations in reviving crude oil sales, Rigzone reported. Regional producers are increasing activity as peace talks between the U.S. and Iran progress, adding momentum to a rebound in the region's oil trade. Separately, the planned initial public offering for Africa's Dangote Petroleum Refinery and Petrochemicals has sparked an investor frenzy in Nigeria, Rigzone reported. The IPO aims to raise as much as $2 billion, drawing interest from a wide range of investors. For Bakken operators and North Dakota royalty owners, these developments underscore a market increasingly sensitive to global supply signals. The revival of Middle Eastern exports and the potential for increased...

🔆Midday Wire·Jun 25

Regulatory

Global Energy Moves Include Hormuz Transit Plan, Major Battery Storage, Rig Sale

A new coordinated transit plan for the Strait of Hormuz was confirmed by the International Maritime Organization, according to Rigzone. The plan allows shippers to transit the critical oil chokepoint via Iranian or Omani and US-coordinated waters, as part of a broader effort to evacuate stranded vessels. For Bakken producers, secure transit through Hormuz is vital for crude exports destined for global markets, as any disruption can impact international price benchmarks that affect North Dakota wellhead economics. In the renewable energy sector, Tesla and NatPower have partnered to enable over 25 gigawatt-hours of battery energy storage system (BESS) capacity in Europe, Rigzone reported. The companies stated it is the first time at such a scale that "BESS procurement, financing and execution have been coordinated across multiple jurisdictions under a single integrated framework." Large-scale energy storage advancements in key markets like Europe signal continued long-term growth in alternatives to hydrocarbon-based power,...

🔆Midday Wire·Jun 25

Production Data

Bakken Rig Count Holds at 29 Amid Modest Price Gains

North Dakota's active rig count held steady at 29 on Thursday, a level that suggests oil producers in the Bakken are maintaining a cautious approach to new drilling despite a modest uptick in crude prices. The current count is a key indicator of near-term activity and future production potential for the state's primary oil-producing region. West Texas Intermediate (WTI) crude was trading at $71.54 per barrel, up $1.20 or 1.71% for the day, while the international Brent benchmark rose to $75.01. The Bakken crude differential, the discount at which Bakken barrels trade compared to WTI, was $3.42. Natural gas prices were at $3.29 per MMBtu. Historically, the rig count is a leading indicator for production, with changes in drilling activity typically impacting output volumes several months later. A stable rig count around 30 units, as seen recently, often points to a period of production plateau or very modest growth, as...

🔆Midday Wire·Jun 25

Workforce & Community

Bakken Rig Count Holds at 29 as Oil Prices Rise

North Dakota's Bakken oil play is operating with 29 active drilling rigs as of Thursday, a level that has provided relative stability for the region's workforce and local economies. The count, reported on June 25, 2026, reflects a moderated pace of operations compared to previous boom periods. The current activity is supported by rising benchmark oil prices. West Texas Intermediate (WTI) crude traded at $71.54 per barrel, a gain of $1.20 or 1.71% on the day. Brent crude also rose to $75.01. The Bakken crude differential, the discount at which local oil trades versus WTI, was reported at -$3.42 per barrel. For Bakken communities, the rig count is a primary indicator of direct oilfield employment and related service sector demand. A count in the high 20s typically supports a substantial but not overheated job market, reducing the extreme hiring pressures and rapid population influx seen during periods with 50 or...

🔆Midday Wire·Jun 25

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Rises Amid Supply Return, Bakken Differential Holds at -$3.42

Crude oil prices posted solid gains on Thursday, with West Texas Intermediate (WTI) settling at $71.46 per barrel, up $1.12 or 1.59%. Brent crude rose 1.57% to $75.03. The price for Bakken crude, a key benchmark for North Dakota producers, strengthened in tandem, maintaining a differential of $3.42 per barrel below WTI, according to live market data. The price increase comes as supply from the Middle East continues to return to global markets. According to OilPrice.com, Saudi Arabia is restarting loadings at its Ras Tanura export terminal, Iraqi exports are ramping up, and tanker traffic through the critical Strait of Hormuz has improved dramatically in the past week. Kuwait expects to raise its oil production to 2 million barrels per day within a week, a significant jump from an average of 573,000 bpd in May. However, demand headwinds are emerging. OilPrice.com reported that Asia's crude buying spree is "running out...

🌅Afternoon Wire·Jun 25

Rig Report

Bakken Rig Count Holds at 26 Despite Turnover

North Dakota's active drilling rig count remained at 26 on Thursday, June 25, despite two rigs being released and two others moving to new locations, according to live rig data. The net total showed no change from Wednesday, but the underlying activity saw turnover. Two rigs were released from service: Oasis Petroleum North America LLC's NABORS B26 in Mountrail County (157-93-13) and Murex Petroleum Corporation's H & P 515 in Williams County (157-95-29). Simultaneously, two rigs moved to new locations. Oasis Petroleum North America LLC moved its NABORS B21 rig to 157-93-13 in Mountrail County, and EOG Resources, Inc. moved its H & P 259 rig to 155-90-34, also in Mountrail County. The current count of 26 active rigs is unchanged from one week ago, on June 18, 2026. Compared to one month ago, on May 26, 2026, activity is down by one rig from a total of 27. The...

🌅Afternoon Wire·Jun 25

Pipeline & Infrastructure

SpaceX Pipeline Plan Highlights Broader Energy Demand, Potential for Bakken Gas

SpaceX plans to begin construction next month on an eight-mile natural gas pipeline to its Starbase launch facility in South Texas, according to a report from Oilprice.com citing company filings. The pipeline, dubbed "Starpipe," is expected to be operational by January 2027. The move by the aerospace giant highlights the expanding industrial demand for natural gas, particularly methane, beyond traditional power generation. Each launch of SpaceX's Starship rocket consumes roughly 630,000 gallons of liquid methane, fuel that currently arrives via hundreds of tanker trucks. The pipeline is intended to solve this logistical challenge as the company targets a future of hundreds of annual launches. For Bakken operators, the development is a reminder of the broadening market for natural gas, which North Dakota producers continue to extract in large volumes alongside crude oil. While the SpaceX pipeline is a dedicated, private infrastructure project in Texas, it underscores a national trend where...

🌅Afternoon Wire·Jun 25

Global Markets

Political Pressure Mounts on Biofuels as Vitol Secures Major LNG Deal

Nearly three dozen conservatives, including longtime allies of former President Donald Trump, are pushing the U.S. House of Representatives to overturn biofuel-blending quotas imposed by his administration, according to a report from Rigzone. The Renewable Fuel Standard (RFS) mandates the blending of biofuels like ethanol into the nation's gasoline supply, creating a significant outlet for agricultural products but also influencing crude oil demand. For Bakken operators, the political pressure to repeal these quotas represents a potential long-term market factor. The RFS has historically supported corn-based ethanol production, which can compete with gasoline refined from crude oil for a share of the transportation fuel market. Any legislative move to scale back or eliminate these blending requirements could, over time, alter domestic gasoline demand dynamics, indirectly affecting the market for Bakken crude. Separately, global commodities trader Vitol has finalized a 20-year agreement to supply 1 million metric tons per annum of liquefied...

🌅Afternoon Wire·Jun 25

Global Markets

Global Energy Shift Sees Oil & Gas Tech Fuel Geothermal, LNG, Gas Projects

The U.S. Department of Energy forecasts geothermal energy could power 65 million American homes by 2050, a push heavily reliant on drilling technologies pioneered by the oil and gas industry, according to a report from OilPrice.com. The development of "enhanced" geothermal systems, which can access heat nearly anywhere by drilling deep, borrows directly from advancements in hydraulic fracturing and reservoir management. This crossover presents both a long-term market shift and a potential new avenue for Bakken service companies and expertise. "The technological breakthroughs that make this veritable holy grail of clean energy possible are largely borrowed from the oil and gas industry," the OilPrice.com report stated. It highlighted that a workforce with a fracking background has been instrumental in making geothermal more feasible and cost-effective. For example, the CEO of startup Birch Geothermal is applying his background in oil and gas drilling and reservoir management directly to geothermal innovation, focusing...

🌅Afternoon Wire·Jun 25

Operator News

Global Market Forces Weigh on Bakken as Mideast Supply Rebounds

Oil prices have fallen to postwar lows, according to Rigzone, as traders focus on improving Middle East supply flows and growing signs of potential oversupply, despite historically low U.S. crude inventories. This price pressure creates immediate headwinds for Bakken shale operators, whose breakeven economics are sensitive to global benchmarks. Adding momentum to the supply rebound, Qatar has joined other Persian Gulf nations in reviving crude oil sales, Rigzone reported. Regional producers are cranking up activity as peace talks between the U.S. and Iran progress. The return of more Middle East crude to global markets increases competition for Bakken barrels, particularly in export markets, and can exacerbate the oversupply concerns weighing on prices. In a separate development highlighting downstream and financial market activity, Dangote Petroleum Refinery and Petrochemicals' plan to raise as much as $2 billion in Africa's biggest initial public offering has sparked an investor frenzy across Nigeria, according to...

🌅Afternoon Wire·Jun 25

Pipeline & Infrastructure

Global Energy Flows, Battery Storage Projects Highlight Market Landscape

Shippers transiting the critical Strait of Hormuz can now use either Iranian or Omani and US-coordinated waters, according to a notice from the International Maritime Organization reported by Rigzone. This coordination is part of a broader plan to evacuate stranded vessels from the region. The Strait of Hormuz is a vital maritime chokepoint for global seaborne oil trade, including crude exports from the Middle East that influence global benchmark prices. Separately, Tesla and NatPower have partnered to enable over 25 gigawatt-hours (GWh) of battery energy storage systems (BESS) across Europe, Rigzone reported. The companies stated that, for the first time at this scale, BESS procurement, financing, and execution have been coordinated across multiple jurisdictions under a single integrated framework, linking manufacturing allocation directly to project delivery. For Bakken operators and royalty owners, these developments underscore the interconnected nature of global energy markets. Stable transit through the Strait of Hormuz helps...

🌅Afternoon Wire·Jun 25

Production Data

ND Rig Count Holds at 26 as Oil Prices Rise, Stabilizing Production Outlook

North Dakota's active rig count held steady at 26 this week, according to Bakken Wire data, as oil prices posted gains. The count continues to reflect a historically low level of drilling activity in the Bakken formation. West Texas Intermediate (WTI) crude closed at $71.46 per barrel on Thursday, up $1.12 or 1.59% from the previous session. The international benchmark Brent crude traded at $75.03, a gain of $1.16. The Bakken crude differential was $3.42 below WTI, pricing local barrels at approximately $68.04. The rig count is a leading indicator of future oil production, as each active drilling rig represents new wells that will come online months later. A sustained count in the mid-20s suggests that North Dakota's oil output is likely to remain flat or see only marginal growth in the coming quarters, absent a significant increase in activity. The current price environment, while improved, may not yet be...

🌅Afternoon Wire·Jun 25