Sunday, June 28, 2026

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Oil Prices

Oil Prices Plunge Over 3% Amid Rising Gulf Supply Concerns

Oil prices fell sharply in early trading Sunday, with both major benchmarks dropping over 3% as rising crude supplies from the Persian Gulf fueled oversupply concerns. West Texas Intermediate (WTI) crude was trading at $69.23 per barrel, down $2.69 or 3.74%. Brent crude traded at $72.60, down $2.90 or 3.84%, according to live price data. The price drop was driven by reports of increased traffic through the Strait of Hormuz and rising exports from the Persian Gulf. According to Rigzone, these factors are heightening market worries about a potential oversupply of crude. The news source reported the decline on Friday, June 26, 2026, and the bearish sentiment has carried into the new trading week. For Bakken producers, the lower global price is compounded by a regional discount. The Bakken differential—the price adjustment for crude from the North Dakota formation—was at -$3.42 versus the WTI benchmark. This means Bakken crude is...

☀️Morning Wire·Jun 28

Rig Report

Bakken Rig Count Holds at 26 for Second Week

North Dakota's active drilling rig count held steady at 26 for the seventh consecutive day, according to live rig data for Sunday, June 28, 2026. The state reported no new rigs added, no rigs removed, and no rigs moving location since Saturday. This marks the second full week the Bakken formation's rig count has remained at 26, with no change reported since June 21. However, the current activity level represents a decline from earlier this spring. Compared to one month ago, on May 29, 2026, the state has seen a net reduction of four active drilling rigs. The stability in the rig count over the past week suggests a period of consolidation for operators in the Williston Basin. After a drop of four rigs during late May and early June, drilling activity has found a temporary floor. A rig count in the mid-20s is indicative of a focused, efficiency-driven drilling...

☀️Morning Wire·Jun 28

Daily Activity

North Dakota DMR Reports No New Daily Oil & Gas Activity

The North Dakota Department of Mineral Resources (DMR) reported no new daily activity filings for Saturday, June 27, 2026, according to the agency's daily activity report. No new permits to drill, well completions, spud reports, or plugging records were issued. The DMR's daily activity report is a key tracker of operational movement in the Bakken formation, providing a near-real-time snapshot of industry work. It typically lists new drilling permits approved, wells that have started drilling (spudded), wells that have finished drilling and been completed, and wells that have been permanently plugged. Days with no reported activity are normal, particularly on weekends and during holidays, when regulatory offices are closed and field operations often slow. The lack of filings indicates a routine weekend pause in new regulatory submissions from operators across the Williston Basin. The next report, expected Monday, will provide an updated view of permitting and drilling activity as the...

☀️Morning Wire·Jun 28

Global Markets

China's Clean Energy Surge, Global Volatility Reshape Bakken's Market Landscape

Global energy markets are being reshaped by China's accelerating clean energy dominance and persistent supply volatility, creating a complex strategic environment for Bakken Shale operators. According to a report from OilPrice.com, China's control over clean energy supply chains is deepening, with exports of key components like photovoltaic cells and lithium-ion batteries to the United States surging by hundreds of percent year-on-year. This trend is being fueled in part by the ongoing war in Iran, which has closed the Strait of Hormuz—a chokepoint for one-fifth of the world's crude oil. The resulting "extreme turmoil" in global oil and gas markets is pushing nations to seek energy independence through renewables, a shift that benefits Chinese manufacturers. "Energy security is becoming more important on governments’ agenda, and the shift toward clean energy is increasingly being seen as something that can reinforce energy security," China analyst Yang Biqing told the Washington Post, as cited...

☀️Morning Wire·Jun 28

Global Markets

AI Demand Strains Power Grids; Eagle Ford's Buda Depleted; NASA Eyes Lunar Energy

The explosive growth of artificial intelligence is creating a multi-trillion-dollar bottleneck centered on electricity, a dynamic with implications for energy-producing regions like the Bakken. According to a report from OilPrice.com, AI infrastructure could require $5+ trillion in investment this decade, with tech giants Amazon, Microsoft, Alphabet, and Meta projected to have a combined 2026 capital expenditure as high as $725 billion, largely for data centers. A critical challenge is securing power; more than 70% of data center interconnection requests are withdrawn, and half of announced projects may fail to be built due to power shortages. Global data center electricity demand is projected to approach 945 terawatt-hours by 2030, roughly equal to Japan's total consumption, creating an advantage for companies that control gigawatt-scale power supplies. In traditional energy news, a century-old Texas oil play is nearing depletion. OilPrice.com reported that the Buda Limestone formation, which lies beneath the prolific Eagle Ford...

☀️Morning Wire·Jun 28

Operator News

AI Data Center Boom Fuels Fuel Cell Demand, Panama Canal Revenue Rises

The explosive growth of artificial intelligence data centers is creating a massive new market for natural gas-powered fuel cells, according to a new analysis from Rystad Energy. This trend presents a potential long-term demand driver for natural gas producers, including those in the Bakken formation. Rystad Energy expects fuel cell revenues to grow from roughly $2.8 billion in 2025 to around $30 billion by 2030, driven by AI computing demand. Data center developers are increasingly turning to on-site fuel cells to bypass congested electricity grids, with US grid interconnection timelines now stretching three to six years. The research firm projects 10.4 GW of cumulative fuel cell demand from data centers between 2026 and 2030. For oil and gas operators, a key detail is that these fuel cells can run on natural gas today, with the potential to transition to biogas, renewable natural gas, or hydrogen in the future. North America...

☀️Morning Wire·Jun 28

Pipeline & Infrastructure

US Oil, Gas Employment Rises in May; DOE Commits to Nuclear Loans

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. This uptick in domestic sector employment suggests steady operational demand, a positive indicator for active basins like the Bakken, where workforce levels are closely tied to drilling and completion activity. In separate energy financing news, 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 for Westinghouse's advanced reactor, Rigzone reported. This substantial federal investment in baseload power generation highlights the broader energy transition landscape within which Bakken operators navigate, as competition for capital and policy focus intensifies across energy sectors. Internationally, Var Energi and its partners made a final investment decision to proceed with the Gjoa Subsea Projects on Norway's side of the North Sea,...

☀️Morning Wire·Jun 28

Regulatory

Oil Prices Dip as European Gas Deals Signal Global Market Pressures

Global oil prices were trading down earlier this week, according to a report from Rigzone on June 26. While the specific cause of the drop was not detailed in the provided source, such movements in the international benchmark directly influence the price Bakken producers receive for their crude, which often trades at a discount to West Texas Intermediate. In a separate development also reported by Rigzone on June 26, Ukraine's Naftogaz and Poland's Orlen signed new agreements focused on liquefied natural gas (LNG) and decarbonization. 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. For Bakken operators, these headlines underscore the interconnected and competitive nature of global energy markets. A decline in global oil prices squeezes margins for North Dakota producers, who must manage costs in a challenging price environment. Meanwhile,...

☀️Morning Wire·Jun 28

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Sharply; Bakken Differential Holds at -$3.42

Oil prices fell sharply in midday trading Sunday, with both major benchmarks down nearly 4%. West Texas Intermediate (WTI) crude was trading at $69.23 per barrel, a drop of $2.69 or 3.74%. Brent crude was at $72.60, down $2.90 or 3.84%, according to live price data. The price decline was driven by concerns over rising supplies from the Persian Gulf. According to a report from Rigzone, increasing traffic through the Strait of Hormuz and growing Persian Gulf exports have fueled market worries about oversupply. This news, published on June 26, continues to weigh on the market. For Bakken producers, the price drop is compounded by the regional discount. The Bakken differential—the price adjustment for crude oil produced in the North Dakota region compared to the U.S. benchmark—was holding at -$3.42 versus WTI. This means Bakken crude is effectively trading around $65.81 per barrel. Natural gas prices saw a more modest...

🔆Midday Wire·Jun 28

Global Markets

China's Clean Energy Export Surge Coincides with Global Market Shifts

China's dominance in clean energy manufacturing is accelerating, driven by global demand linked to artificial intelligence development and energy security concerns, according to a report from OilPrice.com. This shift, alongside projections of fluctuating U.S. energy demand and international grid instability, presents a mixed outlook for Bakken crude oil producers. Customs data from May shows a dramatic surge in Chinese clean energy exports to the United States, OilPrice.com reported. Exports of photovoltaic cells for solar panels surged 346 percent year-on-year to $39.96 million, while lithium-ion battery exports rose 20.8 percent to $780 million. The report attributes part of this demand to the ongoing war in Iran, which has caused "extreme turmoil in global oil and gas markets" following the closure of the Strait of Hormuz. This disruption has catalyzed a global push for energy independence, with countries buying Chinese solar panels and batteries "as fast as they can." "For China, the...

🔆Midday Wire·Jun 28

Global Markets

Global Energy Shift Highlights Infrastructure Demand, Basin Maturity

The global energy landscape is being reshaped by long-term transition plans and immediate infrastructure demands, according to a series of recent reports. These developments underscore the evolving pressures and opportunities facing hydrocarbon-producing regions like North Dakota's Bakken. In North Africa, Egypt is targeting a significant shift to renewable electricity, with a goal of generating 42% from renewable sources by 2030 and 60% by 2040, according to OilPrice.com. The strategy, supported by private investment, aims to leverage the country's high solar irradiance and wind potential. By 2025, the government had signed 32 Power Purchase Agreements for 1,465 MW of renewable energy. A major $1.8 billion deal signed in January 2026, involving companies like Scatec and Sungrow, includes a 1.7 GW solar plant with 4 GWh of battery storage. Concurrently, the artificial intelligence boom is creating unprecedented demand for electricity, turning power access into a critical bottleneck. OilPrice.com reports that combined 2026...

🔆Midday Wire·Jun 28

Operator News

Lunar Energy Plans, Global Fuel Flows Dominate Midday Energy News

NASA has announced a $20 billion program to develop a permanent lunar base powered by nuclear fission reactors and solar energy by 2032, according to a report from OilPrice.com. The U.S. space agency, working with companies including SpaceX and Blue Origin, aims to land astronauts back on the moon before 2029 and establish conditions for semi-permanent human habitation by the early 2030s. The planned base at the Moon's south pole would support scientific experiments and assess the feasibility of missions to Mars. The announcement comes amid a renewed space race, with China targeting a human lunar landing by 2030. Some experts, like Lunar Scientist Simeon Barber of the UK's Open University, have criticized NASA's timeline as potentially unrealistic, suggesting political drivers are behind the accelerated plans. NASA's program involves sending robotic landers and nearly 4 metric tonnes of cargo to the moon by 2029 to assess terrain and resources. Separately,...

🔆Midday Wire·Jun 28

Pipeline & Infrastructure

Global, Federal Energy Developments Hold Implications for Bakken

Traffic continued to flow in both directions through the vital Strait of Hormuz on Friday, according to Rigzone, despite a reported ship attack. The strait is a critical global oil chokepoint, and sustained operations there help maintain stability for international crude oil markets, which influence pricing for Bakken crude. Separately, the U.S. oil and gas extraction workforce saw a slight increase in employment from April to May, Rigzone reported, citing data from the U.S. Bureau of Labor Statistics. A growing national workforce can indicate broader industry health and investment, which supports activity in primary producing regions like North Dakota's Bakken formation. In a major federal energy announcement, the U.S. Department of Energy (DOE) plans a conditional loan commitment of $17.5 billion to support five nuclear power projects. According to Rigzone, the loans are intended to help procure long-lead items to deploy Westinghouse's advanced reactor technology. This move signals continued federal...

🔆Midday Wire·Jun 28

Regulatory

Var Energi Approves North Sea Project; Oil Prices Decline

Var Energi and its partners have made a final investment decision to proceed with the Gjoa Subsea Projects in Norway's North Sea, according to Rigzone. The development targets approximately 76 million barrels of oil equivalent in gross proven and probable reserves. The decision, reported on June 26, represents a significant capital commitment in a major offshore oil-producing region. Separately, Rigzone also reported that oil was trading down on June 26. The price movement highlights ongoing volatility in global crude markets, which directly influences the economic outlook for production in North Dakota's Bakken formation. For Bakken operators and royalty owners, these contrasting developments underscore the complex global environment. Major final investment decisions for international projects, like the one by Var Energi, signal long-term industry confidence in oil demand. However, short-term price declines can pressure near-term cash flows and drilling budgets in shale basins. The Bakken formation remains a key economic driver...

🔆Midday Wire·Jun 28

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Retreat

North Dakota's active drilling rig count held steady at 26 for the midday report on Sunday, June 28, 2026, as the state's oil industry contends with a sharp pullback in benchmark crude prices. The stability in rigs comes despite West Texas Intermediate (WTI) crude trading at $69.23 per barrel, down $2.69 or 3.74% on the day. The current rig count of 26 continues a trend of historically low activity in the Bakken formation. According to Bakken Wire live data, the Brent crude benchmark was also lower at $72.60, down $2.90. The Bakken crude differential, a key metric for local operator revenue, was at a discount of $3.42 per barrel versus WTI. Natural gas was priced at $3.28 per MMBtu. Historically, the rig count serves as a leading indicator for future oil production, with a typical lag of several months between drilling activity and new wells coming online. A sustained rig...

🔆Midday Wire·Jun 28

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 on Sunday, June 28, 2026, even as benchmark oil prices fell sharply, creating a mixed outlook for Bakken workforce and community stability. The current rig level, a key indicator of oilfield employment and service company demand, remains near multi-year lows, reflecting a prolonged period of moderated activity compared to previous boom cycles. West Texas Intermediate (WTI) crude oil traded at $69.23 per barrel, down $2.69 or 3.74% for the day. The international benchmark Brent crude fell to $72.60. The Bakken crude differential, the discount at which local oil trades compared to WTI, was $3.42. The combination of lower overall prices and a persistent discount directly impacts the revenue and drilling budgets of operators in the Williston Basin. Historically, the rig count serves as a leading indicator for oilfield employment, with each active rig supporting dozens of direct...

🔆Midday Wire·Jun 28

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Flat in Quiet Trading; Bakken Differential Holds at -$3.42

Front-month crude oil futures were unchanged in quiet Sunday trading, holding onto losses from earlier in the week driven by concerns over rising supplies from the Persian Gulf. West Texas Intermediate (WTI) crude for August delivery was flat at $69.23 per barrel, while Brent crude held at $72.60 per barrel. The lack of movement follows a sharp decline reported earlier this week. According to Rigzone, oil prices fell sharply as rising traffic through the Strait of Hormuz and increasing Persian Gulf exports fueled market concerns about oversupply. For Bakken producers, the local price benchmark remains under pressure from the wider market. The Bakken differential—the discount at which Bakken crude trades compared to WTI at the Cushing, Oklahoma hub—was recorded at -$3.42 per barrel. This means Bakken crude is currently priced at approximately $65.81 per barrel. The static price environment offers little immediate relief for operators in North Dakota's Williston Basin....

🌅Afternoon Wire·Jun 28

Rig Report

Bakken Rig Count Holds at 26 for Second Consecutive Week

The number of active drilling rigs in North Dakota's Bakken formation remained unchanged at 26 for the seventh consecutive day, according to live rig data monitored by Bakken Wire. The data, current as of Sunday, June 28, 2026, shows no new rigs added, none removed, and none moving location since the previous day. This flat daily activity extends a pattern of short-term stability. The rig count has now held steady at 26 rigs for over a full week, matching the total reported on June 21. Despite the recent week-long plateau, the current drilling activity level represents a decline compared to earlier in the season. The data shows the active fleet is down by four rigs from the 30 rigs reported just one month ago, on May 29, 2026. The rig count is a closely watched leading indicator for future oil production in the Williston Basin. A stable count suggests operators...

🌅Afternoon Wire·Jun 28

Global Markets

Global Shifts Pose Mixed Outlook for Bakken Crude Demand

China is positioning itself to lead reconstruction efforts in post-war Iran, a strategic move that could secure Beijing long-term access to Iranian oil reserves, according to a report from OilPrice.com. The diplomatic groundwork was laid during a recent meeting in New Delhi between Chinese Foreign Minister Wang Yi and a senior Iranian security official. Analysts suggest this expansion of China's economic footprint in the Middle East could alter long-term global crude flows, potentially introducing new competition for market share that influences the pricing environment for Bakken crude. "China will continue to provide assistance to Iran while supporting reconstruction and peacebuilding efforts in the region," Wang stated, according to the report. The outreach comes as Tehran, facing severe economic devastation and isolation from Western markets, welcomes Chinese investment as a strategic anchor. Rumi Aoyama, a professor at Japan's Waseda University, noted that China has become a "central hub where information on...

🌅Afternoon Wire·Jun 28

Global Markets

Global Energy Investment Tops $2 Trillion for Clean Tech, IEA Reports

Global investment in clean energy reached $2.155 trillion in 2025, more than double the $1.008 trillion flowing into fossil fuels, according to the International Energy Agency's World Energy Investment 2026 report. The agency notes this lead, which began around 2016, has widened every year, signaling a decisive shift in where the world's capital is being deployed. The IEA projects global oil investment will fall below $500 billion in 2026, marking a third consecutive year of decline. This massive capital migration is occurring despite ongoing geopolitical energy security crises, including tensions in the Middle East and disruptions around the Strait of Hormuz. The IEA suggests governments now view domestically built renewable energy as an energy sovereignty strategy, reducing exposure to volatile global fuel markets. Solar energy alone is expected to attract roughly $365 billion in investment next year. Concurrently, a global race is underway to develop new nuclear fuels, driven by...

🌅Afternoon Wire·Jun 28

Operator News

AI Power Demand Surges, Europe Averts Jet Fuel Crisis, Canal Revenue Up

The explosive growth of artificial intelligence is creating what investors are calling the "energy trade of the century," with trillions in capital flowing into power infrastructure, according to an analysis from OilPrice.com. This surge in demand for reliable, low-cost electricity presents both a challenge and a potential opportunity for energy-producing regions like the Bakken. Major technology firms are driving unprecedented capital expenditures. Combined 2026 capex for Amazon, Microsoft, Alphabet, and Meta could reach as high as $725 billion, largely dedicated to AI data centers, chips, and the power required to run them, OilPrice.com reported. McKinsey & Company estimates an additional $5.2 trillion will be deployed into AI infrastructure this decade. This capital is funding land, power, facilities, and substations before AI capacity can operate. A critical bottleneck is emerging in power supply. More than 70% of interconnection requests for data centers are withdrawn, and only a fraction reach operation, the...

🌅Afternoon Wire·Jun 28

Pipeline & Infrastructure

US Oil and Gas Workforce Grows; Hormuz Traffic Unaffected by Attack

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 website reported by Rigzone. The positive jobs data for the sector comes amid stable global energy transit conditions. Maritime traffic continued to flow in both directions through the vital Strait of Hormuz on Friday, June 26, despite a reported ship attack, Rigzone separately reported. The strait is a crucial chokepoint for global oil shipments, and sustained operation helps maintain stable crude oil market conditions. For Bakken producers who compete in a global market, unimpeded flow through major shipping lanes supports consistent pricing fundamentals. In other energy sector news, 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 to deploy Westinghouse's advanced reactor, Rigzone reported. While not directly related...

🌅Afternoon Wire·Jun 28

Regulatory

Var Energi Approves North Sea Project; Oil Prices Decline

Var Energi and its partners have made a final investment decision to proceed with the Gjoa Subsea Projects on the Norwegian side of the North Sea, according to Rigzone. The projects are targeting approximately 76 million barrels of oil equivalent in gross proven and probable reserves. Separately, oil prices were trading lower, Rigzone reported in a separate piece published June 26. The report did not specify a cause for the decline or provide price levels. For Bakken operators, major final investment decisions like Var Energi's underscore the ongoing global competition for capital within the upstream sector. While the Norwegian project is offshore and unrelated to North Dakota, such commitments signal continued long-term industry investment in oil and gas projects worldwide. This contrasts with the near-term price weakness also reported, which can directly impact cash flow and drilling budgets in the Williston Basin. The Bakken formation remains a key onshore oil-producing...

🌅Afternoon Wire·Jun 28

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Remain Flat

North Dakota's oil industry is showing signs of operational stability, with the active rig count holding at 26 and crude oil prices remaining unchanged. The current rig count, a key indicator of future drilling activity, suggests producers are maintaining a steady pace of operations in the Bakken formation. As of June 28, 2026, the benchmark West Texas Intermediate (WTI) crude price was $69.23 per barrel, showing no change from the previous session. The international Brent crude benchmark was also flat at $72.60 per barrel. The Bakken crude differential, which measures the discount for oil produced in the region, was -$3.42 versus WTI, a relatively narrow spread that supports local wellhead economics. The rig count is a closely watched leading indicator for oil production. Historically, a sustained increase in the number of active drilling rigs leads to growth in production several months later, as new wells are completed and brought online....

🌅Afternoon Wire·Jun 28