Saturday, June 27, 2026

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Oil Prices

Oil Prices Drop Sharply on Oversupply Concerns

Oil prices fell sharply in Friday trading, with both major benchmarks dropping nearly 4% on renewed oversupply concerns. West Texas Intermediate crude closed at $69.23 per barrel, down $2.69 or 3.74%. Brent crude settled at $72.60, a decline of $2.90 or 3.84%, according to live price data. The price drop was attributed to rising supply from the Persian Gulf. According to Rigzone, increasing Strait of Hormuz traffic and growing Persian Gulf exports fueled market fears of an oversupply. This surge in available crude is putting downward pressure on global benchmarks. For Bakken producers, the lower prices are compounded by a widening location differential. The Bakken crude differential was priced at $3.42 per barrel below WTI. This means Bakken wellhead prices are effectively in the mid-$65 range, significantly squeezing cash flow for operators across North Dakota. Natural gas prices saw a more modest decline, settling at $3.28 per MMBtu, down just...

☀️Morning Wire·Jun 27

Daily Activity

Murfin Drilling Secures Three Permits in Stark County as Cancellations Climb

The North Dakota Department of Mineral Resources approved three new drilling permits on Friday, June 26, all filed by Murfin Drilling Company, Inc., according to the daily activity report. The permits, numbered 43072 through 43074, are for the Jilek 1-10H, 2-10H, and 3-10H wells in Stark County's New Hradec field. Separately, two permits previously filed by major operators were listed as moving forward in the confidential status changes section. Hess Bakken Investments II, LLC's permit 41608 for the BL-Mortenson-156-95-2234H-4 well in Williams County's Beaver Lodge field was listed, as were Devon Energy Williston, L.L.C.'s permits 41680 and 41681 for the Johnson 27-34 6H and 7H wells in McKenzie County's South Tobacco Garden field. The report lists these as "confidential status changes," indicating progression beyond the initial permit filing stage. The report also detailed a significant list of permit cancellations, affecting seven previously approved wells. Phoenix Operating LLC canceled a four-well...

☀️Morning Wire·Jun 27

Global Markets

Global Energy Crisis Accelerates Shift to Nuclear, Storage

Global energy markets are in turmoil as crises related to artificial intelligence demand, war, and climate pressures create a "polycrisis" for the sector, according to an OilPrice.com report. In response, an "all-of-the-above" energy security strategy is gaining global favor, with significant implications for fossil fuel-dependent regions like the Bakken. One of the biggest beneficiaries of this shift is the nuclear energy sector, which is undergoing a worldwide renaissance as a zero-carbon, baseload power source, OilPrice.com reported. This week, the United States and Canada each unveiled plans to build ten new nuclear reactors. The Trump administration announced a plan to funnel billions in federal loans to kickstart a nuclear plant buildout across the U.S., aiming for "lasting American dominance in the global nuclear energy market." Concurrently, the demand for energy storage is skyrocketing, driven by the AI boom and the need for grid stability. China's Contemporary Amperex Technology Co. Ltd. (CATL)...

☀️Morning Wire·Jun 27

Global Markets

Sonangol Funding Spree Highlights Upstream Cost Pressures; EIA Sees 2026 Dip

Angola's state-owned oil company, Sonangol, is on a multi-billion dollar fundraising spree, a series of deals that reveals significant profitability pressures within upstream operations, according to a report from OilPrice.com. Last week, the company secured a $2.65-billion financing deal from international and local banks. This follows a $1.75 billion facility from the African Export-Import Bank in January and a $750 million bond issuance. Sonangol is reportedly still seeking an additional $4.8 billion for a major refinery project. Despite reporting a net profit of $940 million for 2025, a deeper financial analysis exposes weaknesses. According to OilPrice.com, Sonangol's core exploration and production segment generated only $105 million in profit from $4.36 billion in revenue due to high costs, depreciation, and taxes. Its downstream refining segment posted a $895 million loss. Fully 53% of the company's 2025 profits came from external dividends, including stakes in the Angola LNG project, a joint venture...

☀️Morning Wire·Jun 27

Operator News

Global Shipping, U.S. Jobs Stable; DOE Announces Major Nuclear Loan

Oil and gas traffic continued to move through the critical Strait of Hormuz on Friday despite a reported ship attack, according to a report from Rigzone. The strait is a vital global oil shipping chokepoint, and sustained flows help maintain stability for international crude markets, which influence pricing for Bakken crude. Separate data from the U.S. Bureau of Labor Statistics showed a slight increase in the number of employees in the U.S. oil and gas extraction industry from April to May, Rigzone reported. A stable or growing domestic workforce is a positive indicator for industry activity levels, including in the Bakken formation. In other energy news, the U.S. Department of Energy announced a conditional loan commitment of $17.5 billion to help finance five nuclear power projects, according to Rigzone. The loans are intended to support the deployment of Westinghouse's advanced reactor technology. While not directly related to oil and gas...

☀️Morning Wire·Jun 27

Pipeline & Infrastructure

Global Pipeline, LNG Deals Highlight Infrastructure's Role

A final investment decision for a major subsea project in the North Sea highlights continued infrastructure investment targeting oil and natural gas reserves. Var Energi and its partners greenlit the Gjoa Subsea Projects on June 26, which target about 76 million barrels of oil equivalent in gross proven and probable reserves, according to a report from Rigzone. Separately, new agreements in Europe focus on enhancing gas transport and regasification capabilities. Ukraine's Naftogaz and Poland's Orlen signed deals that include assessing opportunities to increase gas supply volumes and jointly use regasification terminals and gas transmission infrastructure across the Baltic region, Central and Eastern Europe, Rigzone reported. These developments abroad underscore the critical role that pipeline and export infrastructure plays in bringing hydrocarbon resources to market. For Bakken operators and royalty owners, the efficiency and capacity of takeaway pipelines from the Williston Basin directly influence the netback price received for crude oil...

☀️Morning Wire·Jun 27

Regulatory

Norway Strike Averted for Onshore Support Workers

A planned strike by approximately 875 onshore support workers in Norway was averted after a new labor agreement was reached, according to Rigzone. The Offshore Norge oil and gas association and the union Styrke agreed to pay increases and other changes in the Supply Base Agreement, the source reported on June 26. While the event is geographically distant, labor stability in major oil-producing regions like Norway is closely monitored by global markets. Any significant supply disruption in key exporting nations can influence international crude oil benchmarks. Bakken crude prices are often benchmarked against these global prices. For Bakken operators and royalty owners, sustained and predictable global oil supply helps maintain a stable pricing environment for North Dakota's light sweet crude. The Bakken formation is a significant contributor to U.S. oil exports, and volatility in other producing regions can indirectly affect the economics of Williston Basin production. This development underscores the...

☀️Morning Wire·Jun 27

Production Data

Bakken New Well Economics Under Pressure as WTI Falls Below $70

Drilling a new well in the Bakken formation has become a tighter economic proposition as West Texas Intermediate crude prices fell to $69.23 on Saturday, according to live market data. The drop of $2.69 puts the benchmark price below a key psychological threshold for many operators. A typical new Bakken well costs between $7 million and $8 million to drill and complete, according to industry estimates. These wells are generally expected to have an Estimated Ultimate Recovery (EUR) in the range of 500,000 to 750,000 barrels of oil equivalent over their lifetime. At a WTI price of approximately $69 per barrel, the unhedged revenue from a new well's production faces significant headwinds. After accounting for production taxes, operating expenses, transportation costs, and royalty payments, the net revenue available to the operator is substantially reduced. This squeezes the internal rate of return (IRR) on new capital investments. The current active rig...

☀️Morning Wire·Jun 27

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Sharply, Bakken Differential Widens to -$3.42

Oil prices fell sharply in midday trading Saturday, June 27, 2026, with West Texas Intermediate (WTI) crude trading at $69.23 per barrel, a drop of $2.69 (-3.74%). The international benchmark Brent crude traded at $72.60, down $2.90 (-3.84%). Natural gas prices saw a modest decline to $3.28. The price drop was driven by concerns over rising crude supplies from the Persian Gulf. According to a report from Rigzone, increasing traffic through the Strait of Hormuz and higher exports from the Gulf region fueled oversupply concerns in the market. This surge in available supply is putting downward pressure on global benchmark prices. For operators in North Dakota's Bakken formation, the decline is compounded by a widening price differential. The Bakken crude differential to WTI was recorded at -$3.42 per barrel. This means Bakken crude is currently priced approximately at $65.81 per barrel ($69.23 - $3.42). A lower realized price directly impacts...

🔆Midday Wire·Jun 27

Global Markets

Global Energy Shifts Signal Long-Term Pressure on Fossil Fuel Demand

Global energy and climate policy movements are accelerating shifts that could reshape long-term demand for fossil fuels, according to reports from OilPrice.com. For Bakken operators and North Dakota's oil-dependent economy, these trends underscore the mounting pressure to diversify beyond crude oil. Turkey, hosting the UN’s COP31 climate summit this November, is pushing a global target to electrify 35% of energy use by 2035, up from 20% today. Murat Kurum, Turkey’s environment minister, stated that electrifying sectors like transport and industry would "protect families and businesses from volatile energy markets," according to OilPrice.com. Australia’s climate change minister, Chris Bowen, said COP31 will focus on electrifying the global economy, calling renewable energy "the cheapest form of power available to us." This international policy momentum directly targets the oil sector, which still supplies about 80% of global energy. Concurrently, a "worldwide renaissance" in nuclear power is underway, driven by energy security concerns, the...

🔆Midday Wire·Jun 27

Global Markets

Global Roundup: AI Power Demand, Angola's Debt, Panama Canal Revenue

The global energy landscape is being reshaped by surging power demand from artificial intelligence, with new markets emerging for natural gas-fueled technologies, according to a roundup of international reports. For Bakken operators, these trends underscore the interconnected nature of global energy demand, finance, and logistics. A burgeoning power crisis at AI data centers is creating a massive new market for on-site fuel cells, according to research from Rystad Energy reported by OilPrice.com. Data center developers are increasingly bypassing congested electricity grids, with Rystad projecting fuel cell revenues to grow tenfold from roughly $2.8 billion in 2025 to around $30 billion by 2030. The firm projects 10.4 gigawatts of cumulative fuel cell demand from data centers between 2026 and 2030. Crucially for natural gas producers, these fuel cells can be deployed quickly and run on natural gas today, with the potential to transition to biogas, renewable natural gas, or hydrogen later....

🔆Midday Wire·Jun 27

Operator News

Global Energy Supply, Demand Signals Mixed for Bakken

Global energy markets presented a mixed picture Friday, with developments in power supply, demand forecasts, and key shipping lanes offering competing signals for Bakken crude oil producers. In the UK, the national grid operator issued its second power supply warning for Friday evening, according to a report from Rigzone. Such warnings highlight ongoing strain on energy infrastructure, which can influence global natural gas and power prices and indirectly affect oil market sentiment. Meanwhile, the U.S. Energy Information Administration (EIA) projected in its latest Short-Term Energy Outlook that total U.S. energy consumption will decrease in 2026 before rising again in 2027, Rigzone reported. A near-term dip in domestic energy demand could weigh on prices for Bakken crude, which is primarily refined in the Midwest and Gulf Coast. However, the anticipated rebound in 2027 may support longer-term planning for operators in the Williston Basin. In a positive sign for global oil supply...

🔆Midday Wire·Jun 27

Pipeline & Infrastructure

National Workforce Grows, DOE Backs Nuclear, Norway Project Advances

The number of employees in the U.S. oil and gas extraction industry increased slightly from April to May, according to data from the U.S. Bureau of Labor Statistics cited by Rigzone. The report, published June 26, indicates a continuing, if modest, stabilization in industry employment. In a separate development, the United States Department of Energy announced a conditional loan commitment of $17.5 billion to help five nuclear power projects procure long-lead items, Rigzone reported on June 26. The funding is intended to support the deployment of Westinghouse's advanced reactor technology. Internationally, Var Energi and its partners have made a final investment decision to proceed with the Gjoa Subsea Projects on Norway's side of the North Sea, Rigzone reported June 26. The projects target approximately 76 million barrels of oil equivalent in gross proven and probable reserves. For Bakken operators and service companies, the national workforce trend could signal a broader...

🔆Midday Wire·Jun 27

Regulatory

Oil Prices Fall as European Gas Deal Highlights Market Shifts

Oil prices were trading down on Friday, according to a report from Rigzone. The broader market movement comes amid ongoing global supply and demand assessments that directly impact Bakken crude pricing. Separately, European energy firms Naftogaz and Orlen have inked new agreements focused on LNG and decarbonization, Rigzone reported. The first agreement 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 these developments are centered overseas, they underscore the interconnected nature of the global energy market that Bakken producers operate within. Shifts in European gas infrastructure and supply deals can influence broader natural gas liquidity and, by extension, associated energy commodities. For North Dakota's oil and gas sector, external market sentiment and international supply agreements serve as key indicators for long-term planning. Fluctuations in the global oil price remain a primary factor for...

🔆Midday Wire·Jun 27

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Retreat Sharply

North Dakota's active drilling rig count held steady at 26 on Saturday, according to live Bakken Wire data, even as crude oil prices fell sharply in midday trading. The stability in the rig count, a key indicator of future production activity, suggests operators are maintaining a cautious but consistent drilling program. West Texas Intermediate (WTI) crude was trading at $69.23 per barrel, down $2.69 or 3.74% for the day. The international benchmark Brent crude fell to $72.60, a drop of $2.90 or 3.84%. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42 per barrel, according to the live data. Natural gas was priced at $3.28 per MMBtu. Historically, the number of active drilling rigs in the Bakken formation and the broader Williston Basin is a leading indicator for oil production levels, with changes in the fleet typically preceding changes in output...

🔆Midday Wire·Jun 27

Workforce & Community

Bakken Rig Count Holds at 26 Amid Oil Price Retreat

The Bakken oil region's workforce and communities are navigating a period of sustained, moderate activity as the North Dakota rig count holds steady at 26. This level, while a fraction of the historic highs seen during previous booms, represents a stable base of operations that supports core employment in the region's oilfields and service sectors. The stability comes despite a midday downturn in oil markets. West Texas Intermediate (WTI) crude was trading at $69.23, down $2.69 or 3.74%, while Brent crude fell to $72.60. The price for Bakken crude at the wellhead is effectively discounted, with a differential of $-3.42 versus WTI. Natural gas held at $3.28 per MMBtu. Historically, the rig count is a leading indicator for oilfield employment, with each active rig supporting dozens of direct and indirect jobs. The current count of 26 suggests a workforce that is significantly leaner than in peak years but is likely...

🔆Midday Wire·Jun 27

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply as Gulf Supply Concerns Weigh on Market

Oil prices closed sharply lower on Friday, June 26, with both major benchmarks falling nearly 4% as concerns over rising supply from the Persian Gulf weighed on the market. West Texas Intermediate (WTI) crude settled at $69.23 per barrel, a drop of $2.69 or 3.74%. Brent crude fell $2.90 to $72.60 per barrel, a decline of 3.84%, according to live price data. The day's steep decline was driven by reports of increasing crude exports and shipping traffic from the Persian Gulf region. According to a report from Rigzone, rising Strait of Hormuz traffic and increasing Persian Gulf exports fueled oversupply concerns, pushing prices lower. For Bakken producers, the drop in the global benchmarks directly impacts the price received for their crude. The Bakken differential, which represents the discount or premium for Bakken crude priced at Clearbrook, Minnesota, compared to WTI at Cushing, Oklahoma, was reported at -$3.42 on Friday. This...

🌅Afternoon Wire·Jun 27

Rig Report

North Dakota Rig Count Holds at 26 for Seventh Straight Day

The number of active drilling rigs in North Dakota remained unchanged at 26 on Saturday, June 27, according to live data from Bakken Wire. This marks the seventh consecutive day the count has held at this level, with no new rigs added, removed, or relocated since the previous day. The current rig activity shows short-term stability but a slight contraction over the past month. The count is unchanged from one week ago, on June 20, when it also stood at 26 rigs. However, it is down by two rigs from the 28 active rigs reported on May 28. A rig count in the mid-20s has been typical for the Bakken formation in recent years, reflecting a disciplined, efficiency-focused approach by operators after the boom-and-bust cycles of the previous decade. The current level is sufficient to maintain production but indicates limited growth in near-term drilling activity. The stability over the past...

🌅Afternoon Wire·Jun 27

Global Markets

Global Energy Shifts Toward Electrification, Bolstering China's Clean Energy Dominance

China is tightening its grip on the global clean energy supply chain, a trend accelerated by geopolitical instability and the pursuit of energy security, according to reports from OilPrice.com. This shift presents a complex long-term landscape for Bakken crude oil producers, who operate in a market increasingly influenced by electrification targets and alternative energy competition. China's clean energy exports to the United States are surging, according to customs data from May cited by OilPrice.com. Exports of photovoltaic cells for solar panels jumped 346% year-on-year to $39.96 million, while lithium-ion battery exports rose 20.8% to $780 million. This growth is partly fueled by the ongoing war in Iran, which has closed the Strait of Hormuz—a chokepoint for one-fifth of the world's crude oil—creating extreme turmoil in global oil and gas markets. Analysts note this precarity is catalyzing a global clean energy transition as countries rush to build energy independence, with China...

🌅Afternoon Wire·Jun 27

Global Markets

Global Energy Roundup: AI Power Demand, Angola's Debt, and Lunar Ambitions

The global push for reliable power to fuel artificial intelligence is creating a massive new market for natural gas-fueled technology, according to Rystad Energy. The research firm projects fuel cell revenues will grow tenfold, from roughly $2.8 billion in 2025 to around $30 billion by 2030, driven by data centers bypassing congested electricity grids. Rystad expects 10.4 GW of cumulative fuel cell demand from data centers between 2026 and 2030, with North America accounting for 91% of installed global on-site power generation capacity. These fuel cells can run on natural gas today, potentially transitioning to biogas or hydrogen later. Meanwhile, the financial pressures facing major oil producers were underscored by a series of debt deals by Angola's state oil company, Sonangol. According to OilPrice.com, Sonangol secured a $2.65-billion financing deal last week with a consortium of international banks to fund operating expenses and capital investments. This follows a $1.75 billion...

🌅Afternoon Wire·Jun 27

Operator News

Global Shipping, Demand Trends Highlight Energy Market Context

The Panama Canal Authority expects its revenue to surpass a $5.2 billion forecast for fiscal 2026, a development linked to the recent closure of the Strait of Hormuz, according to Rigzone. The report, published June 27, highlights how geopolitical disruptions in one key global chokepoint can benefit another, potentially altering crude oil and refined product shipping routes and costs. Separately, the U.S. Energy Information Administration (EIA) projected in its latest short-term energy outlook that total U.S. energy consumption will decrease in 2026 before rising again in 2027, Rigzone reported on June 26. While the outlook did not provide specific figures for oil or the Bakken region, a projected drop in overall national demand can influence the price environment for domestic producers. Meanwhile, maritime traffic continued to move in both directions through the Strait of Hormuz on Friday, June 26, despite a reported ship attack, Rigzone noted. The strait remains a...

🌅Afternoon Wire·Jun 27

Pipeline & Infrastructure

National Energy Workforce Grows; DOE, Norway Announce Major Projects

The U.S. oil and gas extraction workforce saw a slight increase from April to May, according to federal data. The figures, reported by Rigzone, show a rise in industry employment during the period, signaling steady operational demand that can influence labor availability for Bakken shale operations. In a separate major energy financing move, the U.S. Department of Energy announced a conditional loan commitment of $17.5 billion. Rigzone reported the funds are intended to help five nuclear power projects procure long-lead items for Westinghouse's advanced reactor technology. While not a direct hydrocarbon play, large-scale federal investment in baseline power generation can have long-term implications for the energy sector's competitive landscape. Internationally, Norwegian operator Var Energi and its partners have greenlit a significant offshore development. The company made a final investment decision to proceed with the Gjoa Subsea Projects in the North Sea, Rigzone reported. The projects target approximately 76 million barrels...

🌅Afternoon Wire·Jun 27

Regulatory

Oil Prices Fall Amid Market Pressures; European Gas Deal Inked

Oil prices were trading down on Friday, June 26, according to a report from Rigzone. The decline presents a headwind for Bakken producers, as lower crude prices directly impact wellhead economics and drilling budgets across the Williston Basin. While specific reasons for the drop were not detailed in the source, Bakken operators are sensitive to global price movements. The North Dakota oil industry, which relies on favorable crude differentials to remain competitive, faces immediate pressure on cash flows when benchmark prices fall. In separate energy sector news, Ukraine's Naftogaz and Poland's Orlen signed new agreements focused on liquefied natural gas (LNG) and decarbonization, Rigzone reported. The first agreement 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. This European gas infrastructure deal underscores the continued global shift toward natural gas and LNG as transitional...

🌅Afternoon Wire·Jun 27

Production Data

Bakken Rig Count Holds at 26 Amid Sharp Oil Price Decline

North Dakota's Bakken formation held 26 active drilling rigs on Saturday, June 27, 2026, a key metric that suggests operators are maintaining a baseline level of activity despite a significant drop in oil prices. According to live Bakken data, West Texas Intermediate (WTI) crude closed at $69.23, down $2.69 or 3.74% for the day. Brent crude fell to $72.60, a decline of $2.90 or 3.84%. The current rig count provides a snapshot of near-term investment and future production potential. Historically, the number of active rigs in North Dakota has been a leading indicator for oil output in the Bakken formation, as new wells drilled today translate into production volumes in the coming months. The stability of the rig count, even amid price volatility, often reflects long-term planning and the economic breakeven points of core Bakken acreage. The price of Bakken crude at the wellhead is further discounted by a differential....

🌅Afternoon Wire·Jun 27