Friday, June 26, 2026

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Oil Prices

Oil Prices Slide on Iran Deal Hopes, Weak Chinese Demand

Oil prices dropped sharply in Friday morning trading, extending a week-long slide as traders anticipate a return of Iranian crude to the market and data points to severely weakened Chinese demand. West Texas Intermediate (WTI) crude was trading at $70.21 per barrel, down $1.71 (-2.38%), while Brent crude fell to $73.59, according to live price data. The Bakken differential stood at -$3.42 versus WTI. The primary driver of the sell-off was continued progress on a U.S.-Iran agreement aimed at ending recent hostilities and reopening normal shipping through the Strait of Hormuz, according to OilPrice.com. Traders are removing the geopolitical risk premium they had added earlier, focusing instead on the prospect that "hundreds of thousands of barrels of Iranian crude could return to the global market sooner than expected." August WTI futures traded as low as $68.90 this week, finishing at $71.53, down 5.28% from the prior week. Demand concerns are...

☀️Morning Wire·Jun 26

Rig Report

Bakken Rig Count Holds at 26; Oasis Rig Moves in Mountrail

The number of active drilling rigs in North Dakota's Bakken formation held steady at 26 on Friday, according to the latest data from Bakken Wire. The count saw no net change from the previous day, with no new rigs added and none removed. One rig did change location. Oasis Petroleum North America LLC's rig, NABORS B21, was moved to a new site in Mountrail County, according to the data. The rig is now operating at location 157-93-13. This movement indicates continued operational activity within the basin despite the static overall count. The current rig level represents no change from one week ago, when the count also stood at 26 active rigs on June 19. However, activity has decreased slightly from levels seen a month ago. On May 27, the state reported 27 active rigs, meaning the current count is down by one rig over the past four weeks. The stability...

☀️Morning Wire·Jun 26

Daily Activity

Hess Dominates DMR Permits with Five-Well Pad; EOG Adds Two

The North Dakota Department of Mineral Resources approved seven new drilling permits on Thursday, June 25, with Hess Bakken Investments II, LLC securing five of them for a single pad in the core of the Bakken. According to the DMR Daily Activity Report, Hess received permits 43067 through 43071 for the "BW-CHAD ALLEN" project, all located in McKenzie County's Ellsworth field. The permits are for wells 149-100-2826H-2 through H-5 and a lone well, H-1. This concentrated activity signals a significant multi-well development for the operator in a premier Bakken county. EOG Resources was the only other operator to receive new permits on Thursday, adding two. Permit 43065 and 43066 are for the "CLEARWATER 44-3007H" and "CLEARWATER 41-3007H" wells, respectively. Both are located in Mountrail County's Clear Water field, indicating continued development in the northwestern part of the play. The daily report also listed confidential status changes for two previously permitted...

☀️Morning Wire·Jun 26

Global Markets

Kazakhstan Field Output Cut After Drone Strike, Tightening Global Supply

A major disruption to a key international oil field is tightening global crude supply, providing underlying support for the price of Bakken crude. Kazakhstan has slashed natural gas and oil production by about a quarter at its giant Karachaganak field following a Ukrainian drone strike on a Russian processing plant, according to reports from OilPrice.com and Rigzone. The attack early Thursday hit the Orenburg Gas Processing Plant in Russia, a facility that processes gas from the Karachaganak field. In response, Kazakhstan's Energy Minister Yerlan Akkenzhenov said the country has been forced to reduce gas intake, which also curtails associated oil and gas condensate output. "Naturally, we have reduced the gas intake," Akkenzhenov told reporters on Friday, according to OilPrice.com. Production at Karachaganak has fallen to about 25,000 metric tons per day, or roughly 196,500 barrels per day (bpd). This represents a drop of about a quarter from the 34,000 tons...

☀️Morning Wire·Jun 26

Global Markets

Global Tensions, North Sea FID Shape Oil Market; Prices Head for Weekly Loss

Global oil markets are facing a mix of geopolitical tension and new supply investment as the week closes, with Brent crude prices headed for a weekly loss. The tentative recovery of tanker traffic through the critical Strait of Hormuz is being tempered by ongoing security fears, according to reports from OilPrice.com. Traffic through the chokepoint had picked up over the past week, but confidence was shaken by an attack on the container ship Ever Lovely in the Gulf of Oman on Thursday. Following the incident, some shipowners pulled back and paused transits. The UN International Maritime Organization (IMO) also paused its vessel evacuation plan from the Persian Gulf for safety coordination. Despite this, vessel-tracking data showed two crude tankers moving out of the Strait and four empty supertankers traveling inbound near the Omani coast on Friday morning local time. The situation remains uncertain. Iran’s Islamic Revolutionary Guard

☀️Morning Wire·Jun 26

Operator News

Global Supply, Security News Moves Markets as Bakken Watches

Oil prices rebounded this week following new shipping disruptions in the Strait of Hormuz, according to Rigzone. The rally came despite broader market expectations of increasing global supplies and weaker demand, highlighting how geopolitical risk remains a key price driver. For Bakken producers, such volatility underscores the interconnected nature of global crude markets and their impact on wellhead economics in North Dakota. In European energy news, Ukraine's Naftogaz and Poland's Orlen have inked new agreements focused on LNG and decarbonization, Rigzone reported. One pact involves assessing opportunities to increase gas supply volumes and jointly use regasification terminals and gas transmission infrastructure across the Baltic region, Central and Eastern Europe. While not directly involving Bakken crude, the deal reflects ongoing efforts by major European consumers to diversify and secure energy supplies, which can influence long-term global commodity trade flows. Separately, a potential supply chain disruption was averted in Norway. The Offshore...

☀️Morning Wire·Jun 26

Pipeline & Infrastructure

Vitol Secures Long-Term LNG Deal, Poland Plans New Terminal

Global energy trader Vitol has finalized a 20-year agreement to supply liquefied natural gas to International Resources Holding, according to Rigzone. The deal, reported Thursday, covers 1 million metric tons per annum of LNG starting from Vitol's portfolio. Separately, Poland has announced plans to build a third LNG import terminal, Rigzone also reported Thursday. The country's climate and environment minister stated the project aims to create "one of the most important gateways to the global LNG market in Central and Eastern Europe." These developments highlight ongoing global investment in LNG infrastructure and long-term supply agreements, which underpin demand for natural gas. The Bakken formation is a significant producer of associated natural gas alongside its crude oil. While Bakken gas primarily flows to market via pipelines rather than as LNG, sustained global LNG demand supports broader natural gas market fundamentals. For North Dakota producers, a robust global gas market can provide...

☀️Morning Wire·Jun 26

Production Data

Rig Count Holds at 26 as Oil Prices Slide Below Key Threshold

North Dakota's active drilling rig count held at 26 on Friday, June 26, 2026, according to live Bakken data. This level of activity suggests a stable but cautious operational pace among Bakken producers amid a sharp drop in oil prices. West Texas Intermediate crude traded at $70.21 per barrel, down $1.71 or 2.38% on the day. The international benchmark Brent crude fell 2.53% to $73.59. The Bakken crude differential stood at a discount of $3.42 per barrel versus WTI. Natural gas prices were reported at $3.34 per MMBtu. The current rig count of 26 is a critical indicator for future oil production in the state. Historically, the number of active rigs serves as a leading indicator for production volumes, with a lag of several months between drilling activity and new wells contributing to output. A sustained rig count in the mid-20s typically correlates with relatively flat to modestly declining production...

☀️Morning Wire·Jun 26

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Plunge 4% as Middle East Supply Fears Ease

Front-month oil futures tumbled more than 4% in midday trading Friday, with West Texas Intermediate (WTI) crude dropping $2.91 to $69.01 per barrel. The global benchmark, Brent crude, fell $3.08 to $72.42, according to live market data. The sharp decline was driven by expectations of a significant increase in Middle Eastern supply and potential upheaval within OPEC. The primary catalyst is the imminent reopening of the Strait of Hormuz, a critical chokepoint for global oil shipments. According to a report from OilPrice.com, Saudi Arabia's state oil giant, Aramco, is expected to slash the official selling price of its flagship Arab Light crude for Asia in August by between $6.50 and $8.00 per barrel. This would set the price at a four-month low versus Middle East benchmarks as supply rebounds. The price crash in Middle Eastern physical markets follows the tentative U.S.-Iran agreement, which is paving the way for the Strait's...

🔆Midday Wire·Jun 26

Global Markets

Global Energy Shifts Favor Geopolitical Risk, Sustained Demand for Fossil Fuels

Global energy markets are sending mixed signals of slowing immediate demand but persistent long-term reliance on fossil fuels, shaping the export and pricing environment for Bakken crude. According to its latest short-term energy outlook, the U.S. Energy Information Administration projected that U.S. total energy consumption will decrease in 2026 before rising again in 2027, according to Rigzone. This near-term softening could temper domestic crude demand. Internationally, geopolitical instability continues to threaten global refined product supplies, underpinning oil prices. According to OilPrice.com, Ukraine's sustained drone attacks on Russian refineries have disrupted fuel production, creating a severe shortage and forcing Russia to seek gasoline imports from neighboring Kazakhstan. Russian officials have requested 50,000 tons of gas, the source reported. This ongoing conflict is highlighting how attacks on energy infrastructure are increasingly shaping the broader geopolitical and energy landscape, which could lead to volatile global diesel and gasoline markets that influence Bakken crude...

🔆Midday Wire·Jun 26

Global Markets

Big Oil Refocuses, Hormuz Open, U.S. Workforce Expands

Major international oil companies are scaling back their pure-play renewable energy ambitions in favor of a strategy emphasizing higher returns and broader power generation, according to a report from OilPrice.com. The outlet notes that the industry's green pivot has become "far more selective," with companies like Norway's Equinor dropping specific renewable capacity targets. Equinor recently abandoned its goal of 10-12 gigawatts of installed renewable capacity by 2030, shifting instead to a power strategy that includes gas-fired generation, storage, and trading. OilPrice.com reports the shift is driven by economics, not a rejection of the energy transition. For major oil companies, many renewable projects, particularly offshore wind, have failed to deliver the returns investors expect. The report cites rising interest rates, supply chain issues, and increased equipment costs as factors deteriorating project economics. Equinor now expects only about 10% of its capital expenditures to go toward its power business. This industry-wide recalibration...

🔆Midday Wire·Jun 26

Operator News

US Nuclear Loan, North Sea FID, and Oil Price Decline Highlight Friday Energy Mix

The U.S. Department of Energy has announced a conditional loan commitment of $17.5 billion to support five nuclear power projects deploying Westinghouse's advanced reactor technology, according to Rigzone. The loans are intended to help the projects procure long-lead items. For Bakken operators, large-scale federal investment in baseload power highlights the long-term energy infrastructure landscape, which could influence future power costs and grid stability for oilfield operations. In international operator news, Var Energi and its partners have made a final investment decision (FID) to proceed with the Gjoa Subsea Projects on the Norwegian side of the North Sea, Rigzone reported. The projects target approximately 76 million barrels of oil equivalent in gross proven and probable reserves. Major project FIDs abroad signal continued global investment in oil and gas development, even as companies in the Bakken focus on capital discipline and core acreage. Meanwhile, the oil market saw downward pressure in Friday...

🔆Midday Wire·Jun 26

Pipeline & Infrastructure

Global Pipeline, Supply Events Impact Energy Flows to Europe, Central Asia

International pipeline and supply chain developments in Europe and Central Asia are influencing global energy flows, with potential indirect impacts on the competitiveness of Bakken crude in overseas markets, according to reports from Rigzone. Ukrainian energy company Naftogaz and Poland's Orlen have signed new agreements focused on LNG and decarbonization, Rigzone reported Friday. One agreement involves assessing opportunities to increase gas supply volumes and jointly use regasification terminals and gas transmission infrastructure across the Baltic region and Central and Eastern Europe. Enhanced European gas infrastructure and supply diversification can affect regional energy security and the demand dynamics for competing fuels, including crude oil. In Norway, a strike by approximately 875 onshore support workers was averted after the Offshore Norge association and the Styrke union agreed to new terms in the Supply Base Agreement, Rigzone reported. The deal, which includes pay increases, secures operations at supply bases critical for servicing Norway's...

🔆Midday Wire·Jun 26

Regulatory

Oil Prices Rally on Supply Fears After Hormuz Attack

Crude oil prices rebounded on Thursday following reports of a new shipping attack in the Strait of Hormuz, a critical global chokepoint for oil transit. The rally occurred despite broader market expectations of rising global supplies and weaker demand, according to a report from Rigzone. The price movement underscores the continued sensitivity of the oil market to geopolitical supply risks. For Bakken producers, such price rallies can provide near-term revenue support and improved margins for existing production. The Bakken formation in North Dakota is a major U.S. shale oil-producing region, and its operators are directly impacted by fluctuations in global benchmark prices like West Texas Intermediate (WTI). While the specific price gains were not detailed in the source, any sustained upward move in crude can improve the economic calculus for drilling and completion activity in the Williston Basin. However, the report noted that the disruptions are competing with fundamental pressures,...

🔆Midday Wire·Jun 26

Production Data

Bakken Activity Sinks as Crude Prices Plummet, Rig Count Dips to 26

North Dakota's Bakken formation faces renewed pressure as oil prices have tumbled sharply and drilling activity remains at low levels, signaling potential near-term production declines. The region's active rig count stood at 26 on Friday, June 26, a number historically associated with a shrinking output base for the state. West Texas Intermediate crude oil was trading at $69.01, down $2.91 or 4.05% for the day. The international benchmark Brent crude fell to $72.42, a drop of $3.08 or 4.08%. The Bakken differential, reflecting the discount for Bakken crude versus WTI, was -$3.42. Natural gas prices were at $3.35. The current rig count of 26 provides a concrete indicator of future production trends. Rig count is a leading indicator, with changes in the number of active drilling rigs typically foreshadowing changes in oil production roughly four to six months later. A rig count this low suggests that the number of new...

🔆Midday Wire·Jun 26

Workforce & Community

Bakken Rig Count Holds at 26 Amid Sharp Oil Price Decline

The number of active drilling rigs in North Dakota held steady at 26 this week, according to live Bakken data. This count reflects a prolonged period of modest activity in the formation, even as oil prices experienced a significant downturn, with WTI crude falling $2.91 to $69.01 per barrel. The current rig count, a key indicator of oilfield employment and service company demand, has remained in a narrow band for several months. Industry analysts typically correlate rig levels directly with direct and indirect jobs in the region, from drill crews and fracking technicians to truck drivers and hospitality workers. A count of 26 rigs suggests a workforce requirement significantly lower than during boom periods but stable compared to recent years. This stability at a lower level has long-term implications for Bakken communities. Housing markets in cities like Williston, Watford City, and Dickinson, which faced extreme pressure during high-activity cycles, have...

🔆Midday Wire·Jun 26

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply on Rising Gulf Supply Concerns

Oil prices fell sharply on Friday, with both major benchmarks dropping over 2.5% on growing concerns about rising supplies from the Persian Gulf. The sell-off puts pressure on Bakken producers, who are already facing a wider-than-average discount for their crude. West Texas Intermediate (WTI) crude for August delivery settled at $70.03 per barrel, down $1.89 or 2.63%. The global benchmark, Brent crude, fell $2.13 to $73.37 per barrel, a decline of 2.82%, according to live price data. The Bakken crude differential, the discount at which North Dakota's oil trades versus WTI, stood at -$3.42 per barrel. The day's price decline was driven by reports of rising crude exports from the Persian Gulf, according to Rigzone. The news source reported that increasing traffic through the critical Strait of Hormuz and rising exports from the region fueled oversupply concerns in the market. This surge in available supply comes despite ongoing production cuts...

🌅Afternoon Wire·Jun 26

Rig Report

North Dakota Rig Count Holds at 26, Oasis Adds Rig in Mountrail

North Dakota's active drilling rig count held at 26 on Friday, June 26, 2026, according to live data from Bakken Wire. The count increased by one rig since Thursday but saw no net change for the week, matching the total from June 19. Activity is down one rig from the 27 active rigs reported on May 27. The day's single addition was an Oasis Petroleum North America LLC rig. The NABORS B26 rig was listed as active at location 157-93-13 in Mountrail County. No rigs were removed or moved locations on Friday. The steady state-level activity contrasts with a rising national trend. According to a report from OilPrice.com, the total number of active drilling rigs for oil and gas in the United States rose this week. Data from Baker Hughes published Friday showed the U.S. count reached 573, an increase of 26 rigs compared to the same time last year....

🌅Afternoon Wire·Jun 26

Global Markets

Global Energy Shifts Toward Nuclear, Storage as Security Concerns Mount

Global energy security concerns, driven by the AI boom, geopolitical instability, and climate pressures, are accelerating a shift toward nuclear power and advanced battery storage, according to reports from OilPrice.com. These developments highlight the growing global premium on reliable, baseload power and resilient grids—factors that underpin the long-term demand for fossil fuels like those produced in the Bakken. The nuclear sector is undergoing a "worldwide renaissance," OilPrice.com reported, framed as an "all-of-the-above" solution to overlapping energy crises. This week, both the United States and Canada unveiled separate plans to build ten new nuclear reactors each. Canada's Energy Minister Tim Hodgson stated the push is central to doubling the national grid capacity by 2050, arguing, "there is no credible plan to do that without nuclear energy and the clean, reliable baseload power it provides." Concurrently, the Trump administration announced a plan to funnel billions in federal loans to kickstart a U.S....

🌅Afternoon Wire·Jun 26

Global Markets

Global Energy Roundup: EIA Sees U.S. Demand Dip, Equinor Exits Japan Wind

The U.S. Energy Information Administration (EIA) projects that total U.S. energy consumption will decrease in 2026 before rising again in 2027, according to its latest short-term energy outlook reported by Rigzone. The forecast, issued June 26, provides a macro-level demand indicator for domestic energy producers, including those in the Bakken. In corporate strategy shifts, Norwegian energy major Equinor announced it is ending its offshore wind business activities in Japan and will close its Tokyo office by year's end, according to OilPrice.com. The company said the decision reflects a "reassessment of Equinor’s strategic direction, with a strengthened focus on integrated power markets." Equinor entered the Japanese offshore wind market in 2018 but failed to win any leases in the country's auctions. The company is now concentrating its power growth ambitions in selected markets like the UK, Poland, and Norway. Separately, geopolitical tensions surrounding nuclear energy and verification continue. The International Atomic...

🌅Afternoon Wire·Jun 26

Operator News

Global Energy News Roundup: Strait Traffic, Jobs Growth, Nuclear Loans

Traffic continued to flow in both directions through the vital Strait of Hormuz on Friday, according to a report from Rigzone, despite a recent ship attack. The strait is a critical chokepoint for global oil shipments, and any sustained disruption can impact global crude prices and market sentiment, factors closely watched by Bakken producers. Separately, U.S. oil and gas extraction industry employment saw a slight increase from April to May, Rigzone reported, citing data from the U.S. Bureau of Labor Statistics. A growing workforce can signal increased operational activity and investment in the sector, which for the Bakken formation could correlate with stable or rising production levels if the trend continues. In other energy news, the U.S. Department of Energy announced a conditional loan commitment of $17.5 billion to help five nuclear power projects procure long-lead items for Westinghouse's advanced reactor, Rigzone reported. While not directly impacting oil and gas,...

🌅Afternoon Wire·Jun 26

Pipeline & Infrastructure

Global Energy Deals Advance as Bakken Eyes Market Impacts

European energy firms moved forward with major infrastructure projects and supply deals on Friday, developments that underscore the global connectivity of oil and gas markets relevant to Bakken producers. While these projects are overseas, they influence the broader supply and demand landscape that sets the price for North Dakota's crude. Var Energi and its partners have made a final investment decision to proceed with the Gjoa Subsea Projects in the Norwegian North Sea, according to Rigzone. The projects target approximately 76 million barrels of oil equivalent in gross proven and probable reserves. This sanctioning of new offshore production highlights continued long-term investment in fossil fuel infrastructure by international majors. Separately, Ukraine's Naftogaz and Poland's Orlen have signed new agreements concerning liquefied natural gas (LNG) and decarbonization, Rigzone reported. The first pact involves assessing opportunities to increase gas supply volumes and jointly use regasification terminals and gas transmission infrastructure across the...

🌅Afternoon Wire·Jun 26

Regulatory

Norway Onshore Labor Strike Averted After Agreement Reached

A strike that would have impacted Norway's onshore oil and gas support operations was averted on Friday after a new labor agreement was reached. According to Rigzone, the Offshore Norge oil and gas association and the Styrke union agreed to pay increases and other changes in the Supply Base Agreement. The deal prevents a planned strike by approximately 875 onshore support workers in Norway. Rigzone reported the news on Friday, June 26, 2026. While the event is geographically distant, labor negotiations and potential work stoppages in major oil-producing regions are closely watched by the global industry, including operators in the Bakken formation. Stable labor relations are a key component for maintaining consistent production and supply chain operations worldwide. Events in international energy markets and other producing basins can influence investor sentiment and the operating environment for North Dakota producers. The resolution of this potential disruption helps maintain stability in the...

🌅Afternoon Wire·Jun 26

Production Data

Bakken Rig Count Holds at 26 Amid Broader Oil Price Decline

North Dakota's active drilling rig count held steady at 26 on Friday, providing a stable signal for near-term production in the Bakken formation even as crude oil prices fell sharply. The state's key benchmark, West Texas Intermediate crude, traded at $70.03, down $1.89 or 2.63% for the day. The Brent Crude benchmark also fell, settling at $73.37, a drop of $2.13 or 2.82%. The price for Bakken crude at the wellhead is effectively discounted, with a differential of $-3.42 versus WTI, according to live data. Natural gas prices were reported at $3.29 per MMBtu. The current rig count is a critical leading indicator for future oil production in the state. Historically, the number of active drilling rigs correlates with production levels approximately 4-6 months later, as new wells are drilled, completed, and brought online. A stable rig count suggests operators are maintaining a consistent, though subdued, level of development activity....

🌅Afternoon Wire·Jun 26