Monday, June 29, 2026

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Oil Prices

Oil Prices Edge Higher Amid Strait of Hormuz Tensions

Oil prices posted modest gains early Monday, with geopolitical tensions in a key global shipping chokepoint providing a counterweight to ongoing concerns about rising supplies. West Texas Intermediate (WTI) crude for August delivery rose $0.60, or 0.87%, to settle at $69.83 per barrel, according to live price data. The international benchmark Brent crude gained $0.42 (0.58%) to $73.02. The price increase follows a fresh military escalation between the U.S. and Iran over the weekend, according to a report from OilPrice.com. Attacks on commercial vessels in the Strait of Hormuz last Thursday and Friday, including the container ship Ever Lovely and the oil tanker Kiku, prompted retaliatory U.S. strikes. The events raised immediate concerns about the safety of tanker traffic through the strait, a conduit for about one-fifth of global oil supply. Analysts at ING noted a market tendency toward complacency, arguing participants have been overly optimistic about a quick recovery...

☀️Morning Wire·Jun 29

Rig Report

North Dakota Rig Count Holds at 26, Down Four from May

North Dakota's active drilling rig count remained unchanged on Monday, June 29, holding steady at 26, according to live data from Bakken Wire. There were no new rigs added, none removed, and no rigs moved location since the previous report. The current count represents a decline of one rig from one week ago, when 27 rigs were active on June 22. The drop is more pronounced compared to one month ago, as the state's active fleet has fallen by four rigs since May 30, when 30 rigs were active. The stability in the Bakken contrasts with rising labor tensions in another major oil-producing region. According to a report from Rigzone, the Norwegian Union of Energy Workers has sent notice that an additional 63 members will join hundreds already on strike offshore Norway. The action comes after government mediation failed to yield a new Well Service Agreement. While the Norwegian strike...

☀️Morning Wire·Jun 29

Daily Activity

North Dakota DMR Reports No New Activity for Sunday

The North Dakota Department of Mineral Resources (DMR) reported no new activity in its daily filing report for Sunday, June 28, 2026. The routine regulatory update, which tracks administrative actions for the state's oil and gas industry, contained no new records. The DMR's daily activity report typically lists newly approved drilling permits, well completions, spud notices (when drilling begins), and plugging reports. These filings are a key indicator of near-term operational plans and activity levels for Bakken shale producers. Days with no reported activity are a normal occurrence in the reporting cycle, particularly following weekends and state holidays when regulatory offices are closed. The lack of filings for Sunday aligns with this pattern. The next report, covering activity for Monday, June 29, is expected to be released on Tuesday. Bakken Wire monitors these reports to provide operators, mineral owners, and service companies with timely updates on regulatory approvals that signal...

☀️Morning Wire·Jun 29

Pipeline & Infrastructure

Williams in $5.5B Talks for Haynesville Pipeline Firm Momentum Midstream

U.S. natural gas pipeline giant Williams is in late-stage talks to acquire pipeline operator Momentum Midstream in a deal estimated to be worth about $5.5 billion, according to a report from Bloomberg cited by OilPrice.com. A deal could be announced within weeks, though no final decision has been made. The acquisition target, Momentum Midstream, is owned by private equity firm EnCap Flatrock Midstream. It owns and operates the only pure pipeline header system spanning the entire Haynesville Shale, directly connecting gas supply to multiple LNG facilities on the U.S. Gulf Coast. For Bakken operators and royalty owners, the potential deal highlights the intense industry focus and capital flowing toward infrastructure linking prolific shale basins to liquefied natural gas (LNG) export terminals. While the reported transaction centers on the Haynesville play in Louisiana and Texas, it underscores the critical importance of takeaway capacity to high-value LNG markets—a long-term strategic goal for...

☀️Morning Wire·Jun 29

Global Markets

Global Supply Shifts, LNG Demand Pose Mixed Outlook for Bakken

Global oil markets face a significant increase in supply as Middle East production rebounds amid a ceasefire, according to analysis from Rystad Energy. The consultancy reported that crude oil production in the region has recovered to between 14.6 million and 15 million barrels per day earlier this month, with a full recovery to pre-war levels expected by year-end. This surge is led by Iran, Kuwait, and Saudi Arabia, and could pressure global crude prices, a key determinant of Bakken operator economics. Rystad Energy MENA research director Aditya Saraswat noted the rapid pace of recovery, stating, “Two million barrels a day came back online in three weeks, and the recovery is spread across the region.” According to the Oilprice.com report, the volume of shut-in production is expected to fall below 2 million barrels daily by the end of September, down from an estimated 9.6 million barrels daily currently. For Bakken producers,...

☀️Morning Wire·Jun 29

Global Markets

Global Straits Disruption, UK Calls for Project Decisions

Tanker traffic through the Strait of Hormuz has eased since late last week as vessel owners and operators remain cautious amid renewed hostilities between Iran and the United States, according to OilPrice.com. The slowdown follows a series of attacks and retaliatory strikes over the weekend that continue to test a fragile ceasefire. On Thursday, June 25, an attack on the container ship Ever Lovely prompted some shipowners to pull back. The U.S. military conducted strikes on Iran in response on Friday, OilPrice.com reported. A subsequent Iranian attack on Saturday hit the Panama-flagged oil tanker Kiku, which was carrying more than 2 million barrels of crude oil while transiting the strait. This prompted additional U.S. retaliatory strikes. “After yesterday’s U.S. strikes in response to the Iranian attack on M/V Ever Lovely, Iran was given a chance to honor the ceasefire agreement but elected not to when its forces launched a one-way...

☀️Morning Wire·Jun 29

Operator News

Global Shifts in Energy Flows, Demand Outlook Highlight Bakken's Market Context

A combination of surging local production and increased imports from non-Middle East suppliers have helped Europe to avoid a jet fuel crisis, according to a report from Rigzone. The development underscores shifting global trade flows for refined products, which can indirectly influence crude oil pricing benchmarks linked to Bakken production. Separately, the Panama Canal expects its revenue to exceed a $5.2 billion forecast for fiscal 2026, Rigzone reported. The revenue beat is attributed to the closure of the Strait of Hormuz, a critical chokepoint for Middle Eastern oil shipments. This closure is forcing alternative shipping routes, increasing traffic and toll revenue at the Panama Canal. For Bakken crude exporters, such global maritime disruptions can affect freight costs and the competitiveness of U.S. oil in international markets. For the U.S. domestic market, the Energy Information Administration (EIA) projected in its latest short-term energy outlook that total U.S. energy consumption will decrease...

☀️Morning Wire·Jun 29

Pipeline & Infrastructure

Bakken Wire Roundup: Workforce Up, Strait Traffic Stable

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 reported by Rigzone. The modest rise in workforce levels is a positive indicator for domestic industry stability, including operators across the Bakken formation. For North Dakota producers, a stable or growing national workforce supports ongoing field operations, maintenance, and potential expansion projects. The Bakken's activity level is closely tied to broader industry employment trends. Separately, maritime traffic continued to flow in both directions through the Strait of Hormuz on Friday, June 26, despite a reported ship attack, Rigzone reported. The Strait is a vital thoroughfare for global oil shipments. While Bakken crude is primarily transported via pipelines and rail within North America, stability in key global shipping lanes helps maintain predictable international market conditions. Any prolonged disruption to traffic through the Strait...

☀️Morning Wire·Jun 29

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rally Over 2% as Analysts Debate Market's Path

Front-month WTI crude oil futures rallied 2.22% to trade at $70.77 per barrel in midday trading Monday, June 29, according to live price data. The global benchmark, Brent crude, followed with a 1.9% increase to $73.98. The sharp midday gains, with WTI up $1.54 and Brent up $1.38, come amid a mixed market sentiment. The rally in crude prices contrasted with a drop in natural gas, which traded at $3.19, down $0.09 for the session. The price advance for Bakken-linked crude was slightly tempered by the regional differential. The Bakken price differential to the U.S. benchmark West Texas Intermediate was -$3.42 per barrel, according to live data. The midday surge occurs alongside significant analyst commentary on the market's broader direction. According to a report from Rigzone published Monday, energy consultancy Wood Mackenzie stated that the oil price bubble has burst. The firm's analysis, as summarized by Rigzone, suggests a fundamental...

🔆Midday Wire·Jun 29

Global Markets

Global Fuel Disruptions, Pakistan's Iran Shift Signal Tightening Oil Market

Global oil market instability intensified Monday, with Russia's domestic fuel crisis deepening and Pakistan seeking discounted Iranian crude, developments that could tighten global supply and support the price floor for Bakken crude. Russian President Vladimir Putin publicly acknowledged widespread gasoline shortages on June 28, blaming Ukrainian drone strikes on oil infrastructure. According to OilPrice.com, Putin told a meeting of his ruling party that problems "persist" for drivers and businesses, with lines at gas stations. He stated a task force is working "round the clock" and that the government is considering a complete ban on diesel exports to prioritize domestic needs, including fuel for the critical harvest season. At least 17 Russian regions have imposed mandatory fuel sales restrictions. Concurrently, Pakistan's Minister of Petroleum, Ali Pervaiz Malik, said the country plans to boost imports of liquefied petroleum gas (LPG) from Iran and is "considering" buying cheaper crude oil from the sanctioned...

🔆Midday Wire·Jun 29

Global Markets

Fragile Hormuz Truce Pressures Oil Prices as Gulf Producers Race to Export

Global oil prices have slumped as a fragile truce in the Strait of Hormuz allows Gulf producers to rush exports back to market, according to reports from OilPrice.com. Brent crude has fallen more than 20% in the past month, sliding to around $72 a barrel on Monday, June 29, with West Texas Intermediate (WTI) near $70. The price decline follows the signing of an interim memorandum of understanding between the U.S. and Iran on June 17, meant to reopen the critical chokepoint and wind down a conflict that began with strikes on February 28. However, the peace remains fragile. As recently as June 25-28, the U.S. and Iran traded a fresh round of strikes, targeting commercial shipping, according to OilPrice.com. Shipping is still moving under a daily quota system run by Iran's Revolutionary Guard navy, with war-risk insurance premiums remaining elevated. Despite the tensions, Gulf producers are racing to load...

🔆Midday Wire·Jun 29

Operator News

Global LNG Demand, Rig Count Rise Amid Hormuz Tensions

Pakistan is seeking to buy liquefied natural gas for delivery this week, according to Rigzone, as a string of attacks in the Strait of Hormuz disrupts global flows of the super-chilled fuel. The urgent demand highlights ongoing volatility in global energy shipping lanes. Separately, the North America rotary rig count rose for an eighth consecutive week, adding 21 rigs week-on-week, Rigzone reported, citing data from Baker Hughes. The sustained increase signals continued upstream activity investment across the continent. Despite fresh security concerns, commercial shipping traffic continues through the critical Strait of Hormuz, a key chokepoint for global oil and LNG exports. However, Rigzone noted that the number of ships broadcasting their passage has dropped, as some companies expressed less confidence in navigation following vessel attacks over the weekend. For Bakken operators and royalty owners, these developments underscore the interconnected nature of global and regional energy markets. Heightened geopolitical tensions impacting...

🔆Midday Wire·Jun 29

Pipeline & Infrastructure

Global Energy Storage, Finance Deals Signal Shifting Landscape for Bakken

The European Commission has secured a public-private cooperation agreement to significantly expand the continent's energy storage capacity, according to Rigzone. The deal, involving 22 member states, commits to enabling the installation of 30-35 gigawatts of storage capacity over the next two years. Separately, the European Bank for Reconstruction and Development (EBRD) pledged additional financing for Ukraine's long-term energy needs, Rigzone reported. The funds are aimed at installing new power generation capacity and helping decarbonize Ukraine's energy system. In a move highlighting ongoing consolidation in the oilfield services sector, Eldorado Drilling has finalized its acquisition of Vantage Drilling, according to a separate Rigzone report. The combination brings together Eldorado's Atlantic Zonda rig with Vantage's asset base and global footprint. For Bakken operators and midstream companies, these international developments underscore a global shift toward energy security and grid modernization. The massive European storage buildout reflects a growing demand for managing intermittent power...

🔆Midday Wire·Jun 29

Regulatory

Regulatory Roundup: Offshore Strikes, Project Delays Impact Global Oil Supply

Industry body Offshore Energies UK said "urgent decisions" are needed on the UK's Rosebank and Jackdaw oil and gas projects "for national security," according to a report from Rigzone. The call for regulatory clarity on these major offshore developments underscores ongoing investment delays in key non-OPEC production regions. Separately, a labor strike affecting Norwegian offshore production is expanding. The Norwegian Union of Energy Workers sent a notice that an additional 63 members would join hundreds already on strike after government mediation failed to yield a new Well Service Agreement, Rigzone reported. The escalating industrial action threatens to tighten North Sea output. Meanwhile, Europe has averted a potential jet fuel supply crisis, according to Rigzone. A combination of surging local production and increased imports from non-Middle East suppliers helped stabilize regional supplies. For Bakken operators and royalty owners, these international developments are a reminder of the interconnected nature of global oil...

🔆Midday Wire·Jun 29

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Rise

The number of rigs actively drilling for oil and gas in North Dakota held at 26 on Monday, according to Bakken Wire live data. This count provides a key signal for near-term production trends in the Bakken formation. The current rig activity coincides with rising benchmark oil prices. West Texas Intermediate (WTI) crude was trading at $70.77 per barrel, up $1.54 or 2.22% on the day. The international Brent crude benchmark also rose, trading at $73.98. The Bakken crude price differential, a discount reflecting local market conditions and transportation costs, stood at $3.42 below the WTI price. Historically, the active rig count is a leading indicator for future oil production, as new wells must be drilled and completed before they begin contributing to output. The current level of 26 rigs represents a fraction of the peak activity seen during previous boom cycles. This sustained lower level of drilling suggests that...

🔆Midday Wire·Jun 29

Workforce & Community

Bakken Rig Count Holds at 26 as Oil Prices Rise

The number of active drilling rigs in North Dakota's Bakken formation held steady at 26 on Monday, a key indicator of stable field activity as crude oil prices posted gains. West Texas Intermediate (WTI) crude rose $1.54 to $70.77 per barrel, while the international Brent benchmark increased to $73.98. The current rig count, a primary driver of direct oilfield employment, remains near the lower end of its historical range for the prolific shale play. This level of activity typically supports a core workforce for drilling, completion, and well servicing operations, but does not generate the intense hiring surges or labor shortages seen during boom periods. For local communities across the Williston Basin, a steady rig count correlates with stabilized demand for housing and services. The extreme housing crunches and inflationary pressures that characterized the Bakken boom over a decade ago are absent at this level of operation. Municipal budgets in...

🔆Midday Wire·Jun 29

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rise Over 1.5% Despite Analyst Warning of Bubble Burst

Oil prices climbed in Monday trading, with West Texas Intermediate (WTI) crude rising 1.82% to settle at $70.49 per barrel, according to live price data. Brent crude, the international benchmark, gained 1.52% to $73.70. The rally contrasted with a stark assessment from analysts at Wood Mackenzie, who declared that the recent oil price bubble has burst, Rigzone reported. The day's gains saw WTI rise by $1.26 and Brent by $1.10. However, the price for Bakken crude at the wellhead did not keep pace, with its discount to WTI widening. The Bakken differential was reported at -$3.42 per barrel versus WTI. Meanwhile, natural gas prices moved lower, dipping $0.10 to $3.17 per MMBtu. The price increase comes amid a shifting market narrative. The analysis from Wood Mackenzie, as cited by Rigzone, suggests the period of rapidly escalating prices has ended. This indicates the market may be entering a phase of consolidation...

🌅Afternoon Wire·Jun 29

Rig Report

North Dakota Rig Count Holds at 26 as National Trend Climbs

The number of rigs actively drilling for oil and gas in North Dakota held steady at 26 on Monday, June 29, 2026, according to live data from Bakken Wire. No rigs were added, removed, or moved location since the previous day. The current count represents a slight decline from recent activity levels. It is down one rig from the total of 27 active one week ago on June 22, 2026, and down four rigs from the 30 rigs reported one month ago on May 30, 2026. This local steadiness contrasts with a rising trend across North America. According to a report from Rigzone, the North America rotary rig count added 21 rigs week-on-week, marking the eighth consecutive week of increases. The data, provided by Baker Hughes, indicates broader drilling growth across the continent even as the Bakken formation's activity plateaus. Industry consolidation among drilling contractors may also be a factor...

🌅Afternoon Wire·Jun 29

Global Markets

Global Energy Shifts Highlight Bakken's Market Position

China's continued reliance on fossil fuels, despite leading the world in renewable energy deployment, reinforces a robust global demand for energy that underpins the Bakken's oil market. According to an OilPrice.com analysis, China's annual carbon dioxide emissions are now roughly two and a half times those of the United States, driven by its massive population and industrial base. While the average American has a larger per capita carbon footprint, China's total emissions have surged this century to become the largest single-country contributor to annual global emissions. This ongoing demand, even alongside a record 45.2% growth in solar capacity and 18% growth in wind capacity in 2024, suggests a prolonged need for all energy sources, including oil. Simultaneously, Russia is maneuvering to circumvent Western sanctions on its energy exports, creating a more fragmented global market. According to a separate OilPrice.com report, Russia has added a new vessel, the Arctic Express, to...

🌅Afternoon Wire·Jun 29

Global Markets

Global Crises Accelerate Energy Shifts, From Solar to LNG

The recent military crisis around the Strait of Hormuz is accelerating a global pivot toward renewable energy and reshaping long-term demand dynamics for fossil fuels, according to an analysis from OilPrice.com. The conflict, which began with a U.S. and Israeli campaign against Iran on February 28, led to the closure of the vital oil transit chokepoint, cutting off flows of roughly 20 million barrels of oil and products per day. About 80% of that oil and 90% of the natural gas was destined for Asian markets, causing severe price volatility and energy emergencies in Southeast Asia. This shock has driven a renewable energy revolution in the region, particularly for rooftop solar in countries like the Philippines, Indonesia, Cambodia, and Malaysia. The crisis has flipped the traditional energy security script, with renewables now increasingly viewed as more dependable and less geopolitically risky than fossil fuels, according to the report. For Bakken...

🌅Afternoon Wire·Jun 29

Operator News

Global LNG Demand Rises Amid Hormuz Disruptions; EBRD Backs Ukraine Energy

Global LNG markets saw heightened demand and shipping anxiety on Monday, June 29, as geopolitical events created potential volatility for energy exporters. Pakistan is urgently seeking to buy liquefied natural gas for delivery this week, according to Rigzone, after a string of attacks in the Strait of Hormuz disrupted flows of the fuel. Maritime traffic continued through the critical waterway, Rigzone separately reported, but the number of ships broadcasting their passage dropped. Some companies stated that vessel attacks over the weekend had reduced their confidence in navigation through the strait, a chokepoint for a significant portion of the world's seaborne oil and LNG. For Bakken producers, these developments underscore the interconnected nature of global energy markets. While the Bakken formation primarily produces crude oil, associated natural gas is a growing component of output. Major disruptions to global LNG trade and shipping routes can influence broader energy prices and market sentiment....

🌅Afternoon Wire·Jun 29

Pipeline & Infrastructure

European Energy Storage Push, Project Delays Could Impact Bakken Exports

The European Union has secured an industry deal to significantly expand its energy storage capacity, a move that could influence long-term demand for imported hydrocarbons, including those from the Bakken. According to Rigzone, the European Commission executed a public-private cooperation agreement that saw 22 member states commit to enabling the installation of 30-35 gigawatts of energy storage capacity over the next two years. Separately, industry body Offshore Energies UK (OEUK) stated that "urgent decisions" are needed on the UK's Rosebank and Jackdaw offshore oil and gas projects "for national security," Rigzone reported. Delays or cancellations of such major developments in the North Sea can alter global crude supply balances, potentially affecting the competitive landscape for U.S. light sweet crude from formations like the Bakken. In related European energy security news, the continent has averted a jet fuel crisis, according to a previous Rigzone report. A combination of surging local production...

🌅Afternoon Wire·Jun 29

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Firm Above $70

North Dakota's active drilling rig count held steady at 26 on Monday, providing a key signal that Bakken production levels are likely to remain stable in the coming months. The figure is a primary indicator of future output, as new wells take several months to drill, complete, and bring online. The steady rig activity coincides with firmer oil prices. West Texas Intermediate (WTI) crude settled at $70.49 per barrel on Monday, a gain of $1.26 or 1.82%, according to live Bakken Wire data. The global benchmark, Brent crude, traded at $73.70. The Bakken crude differential, the discount at which local oil trades compared to WTI, was -$3.42 per barrel. Historically, the rig count is a leading indicator for oil production. A sustained increase in active rigs typically foreshadows rising output 6 to 12 months later, while a declining count signals an impending production drop. The current count of 26 rigs...

🌅Afternoon Wire·Jun 29

Workforce & Community

Bakken Workforce Stability Tested as Rig Count Holds at 26

The number of active drilling rigs in North Dakota held steady at 26 this week, signaling a period of stability for the Bakken region's workforce and local economies. The current count, a fraction of the boom-era highs, reflects a mature phase of development focused on efficiency and capital discipline by operators. West Texas Intermediate (WTI) crude traded at $70.49 per barrel on Monday, a gain of $1.26. The local Bakken crude price, trading at a discount of $3.42 to WTI, sits near $67.07. These price levels are generally considered supportive of maintenance activity but not aggressive expansion in the current cost environment. Historically, the active rig count is a leading indicator for oilfield employment, housing demand, and commercial activity in western North Dakota. A rig count in the mid-20s, sustained over time, suggests a stabilized jobs market for drilling crews, hydraulic fracturing teams, and related oilfield services. This plateau avoids...

🌅Afternoon Wire·Jun 29