Tuesday, June 30, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 5:06

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 6:04

Oil Prices

WTI Edges Higher Amid Supply Shifts, Political Pressure

Front-month WTI crude oil futures rose 0.3% to trade at $70.96 per barrel on Tuesday, June 30, while Brent crude gained 0.43% to $74.23. The price for Bakken crude at the Clearbrook, Minnesota, hub held at a discount of $3.42 per barrel versus WTI. Natural gas futures also climbed, adding $0.06 to $3.24 per MMBtu. The modest gains come amid a significant shift in global crude flows. According to a report from OilPrice.com, some Asian refiners are now offering Middle Eastern cargoes to the U.S. West Coast. This reversal comes as supply from the Persian Gulf rises with the reopening of the Strait of Hormuz, and Asian buyers are well-supplied for the next two months. Ironically, these same refiners had been major buyers of U.S. crude between March and May to offset earlier Middle East disruptions. The return of Middle Eastern supply is beginning to affect U.S. export dynamics. OilPrice.com...

☀️Morning Wire·Jun 30

Rig Report

North Dakota Rig Count Holds Steady at 26

North Dakota's active drilling rig count held at 26 on Tuesday, June 30, according to live data from Bakken Wire. The total showed no daily change, with no new rigs added, none removed, and none moving location since the previous report. The current count represents a decline from recent weeks. One week ago, on June 23, the state reported 28 active rigs, meaning the fleet has contracted by two rigs over the past seven days. The longer-term trend shows a more pronounced slowdown; the count is down by four rigs from the 30 active at the end of May. The stability in North Dakota contrasts with a broader uptick in drilling activity across the continent. According to Rigzone, the North America rotary rig count, as reported by Baker Hughes, rose for the eighth consecutive week. The report, published June 29, stated that North America added 21 rigs week-on-week. The Bakken...

☀️Morning Wire·Jun 30

Daily Activity

DMR Reports Five New Permits, Hess Well Released from Confidential Status

The North Dakota Department of Mineral Resources' daily activity report for Monday, June 29, showed five permit renewals filed by major operators, along with several wells moving out of confidential status. Four of the five new permits involve proposed drillbacks or locations outside of approved spacing units. Devon Energy Williston, L.L.C. filed for a drillback (39055) at its Clear Creek Federal well in McKenzie County's Westberg field. Zavanna Energy Operating, LLC was active in Williams County, filing for three permits. Two (41980, 41981) are for locations outside the spacing unit at its Stockyard Creek field Sigurd wells, and one (41982) is for a proposed drillback at its Crazy Man Creek field. The report also included a notable well completion. XTO Energy Inc. reported its HBU Marmon 24X-13D well in Williams County is now producing, with an initial rate of 1,304 barrels of oil per day and 331 barrels of water...

☀️Morning Wire·Jun 30

Global Markets

Global Emissions Rise Fueled by U.S. Coal, Oil Demand Hits Record

A new international report has criticized the United States for leading global carbon dioxide emissions growth in 2025, accounting for around 30% of the worldwide increase. According to the report from the Energy Institute, net-zero outlet Ember, the Kearney Institute, and KPMG, as quoted by Reuters and reported by OilPrice.com, the rise came from a 10% jump in U.S. coal power generation last year. This surge in coal-fired electricity reversed a decade-long trend, prompting global energy sector emissions to grow by 1.1% in 2025 after an average annual decline of 0.7%. The report notes that President Trump has named the energy industry critical for national security, reversing prior efforts to phase out coal. The Energy Information Administration has also indicated power plants scheduled for shutdown may be kept online longer due to Department of Energy warnings of potential power shortages. For Bakken operators, the report underscores a global energy market...

☀️Morning Wire·Jun 30

Global Markets

Global Tanker Traffic Inches Up at Hormuz; Pakistan Pays LNG Premium

Tanker traffic through the critical Strait of Hormuz showed tentative signs of recovery Monday, rising for the first time since attacks on commercial vessels late last week spooked the market, according to ship-tracking data reviewed by Bloomberg and reported by OilPrice.com. A total of 24 commodity vessels transited the strait, though traffic remains 90% lower than the pre-war average of over 130 vessels daily. The movement included several supertankers entering the Persian Gulf to load, a signal that some producers and shipowners are growing more optimistic that vessels will later exit fully laden with crude. The traffic had stalled over the weekend following U.S. retaliatory strikes on Iran in response to the vessel attacks, testing both a fragile ceasefire and shipping industry resolve. Despite the tensions, Gulf producers including Saudi Arabia, the United Arab Emirates, and Qatar continued loading oil and LNG at their ports. In a related sign of...

☀️Morning Wire·Jun 30

Operator News

Global Energy Firms Secure Offshore Contracts, Add Gas Capacity

TechnipFMC has secured a large contract to deliver new projects for Var Energi, according to Rigzone. The direct award follows a five-year collaboration agreement signed in 2025 to deliver subsea projects using an integrated model. Separately, German energy company Uniper has signed its first offshore wind power purchase agreement, Rigzone reported. The company agreed to buy 100 megawatts from the future Gennaker offshore wind farm in the Baltic Sea for an extendable 10-year term. In North Africa, Italy's Eni and Libya's National Oil Corporation (NOC) have started up a gas compression project, according to Rigzone. The project improves natural gas recovery in the offshore Bahr Essalam field in the Mediterranean. These international developments highlight ongoing investment in both traditional and renewable energy infrastructure globally. For Bakken operators and service companies, such contracts demonstrate the continued flow of capital into major energy projects worldwide, which can influence overall service sector capacity...

☀️Morning Wire·Jun 30

Pipeline & Infrastructure

Global Pipeline Turmoil Highlights Bakken's Export Reliance

A top Iranian official reiterated the country's determination to maintain control over maritime traffic moving through the Strait of Hormuz, raising the stakes ahead of fresh negotiations with the U.S., according to Rigzone. The strategic waterway is a critical chokepoint for global oil and LNG shipments. The renewed diplomatic activity comes as crude oil prices climbed after the US and Iran signaled renewed diplomacy, with investors simultaneously monitoring shipping through the strait, Rigzone reported. The dual forces of geopolitical tension and peace talks are creating volatility in global benchmark prices, which directly influence the value of Bakken crude. The tangible impact of the Strait's instability is shown by Pakistan urgently seeking to buy liquefied natural gas for delivery this week, as a string of attacks disrupts flows of the super-chilled fuel, according to a separate Rigzone report. This highlights how regional security incidents can cause immediate scrambles for alternative energy...

☀️Morning Wire·Jun 30

Production Data

North Dakota Rig Count Holds at 26 as Prices Offer Modest Support

North Dakota's active drilling rig count held steady at 26 on Tuesday, a level that suggests operators in the Bakken formation are maintaining a cautious but consistent pace of activity amid supportive, if unspectacular, crude prices. The current count, a key indicator of future production, remains near historic lows for the basin but has shown resilience in recent months. West Texas Intermediate (WTI) crude traded at $70.96 per barrel, up 30 cents, while the international Brent benchmark was at $74.23. The Bakken crude differential, the discount at which local oil trades versus WTI, was $3.42, according to live market data. Natural gas was priced at $3.24 per MMBtu. The rig count is a leading indicator for oil production, typically preceding changes in output by several months. A sustained rig count in the mid-20s, as seen currently, generally points to a maintenance level of activity rather than significant growth. This steady...

☀️Morning Wire·Jun 30

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 3:40

Oil Prices

Oil Prices Slide Amid Volatility, Head for Steepest Quarterly Drop Since 2020

Oil prices fell in midday trading Tuesday, with West Texas Intermediate (WTI) crude dropping 1.23 percent to $69.88 per barrel, as markets continued to unwind geopolitical risk premiums despite ongoing volatility in the Middle East. Brent crude declined 0.62 percent to $73.45, while natural gas prices rose to $3.31. Bakken crude traded at a discount of $3.42 versus the WTI benchmark. The downward pressure comes as oil is on track for its largest quarterly decline since the pandemic-driven market crash of early 2020. According to OilPrice.com, Brent crude is set to post a 30.4 percent quarterly plunge and a 22 percent monthly drop for June. This return to near pre-war price levels follows a U.S.-Iran memorandum of understanding signed in mid-June to continue negotiations. However, the market's assumption of a stable reopening of the Strait of Hormuz is being tested. OilPrice.com reported that renewed missile attacks over the weekend have...

🔆Midday Wire·Jun 30

Global Markets

Global LNG Demand Surge, Supply Diversification Drive Long-Term U.S. Energy Interest

Global energy security shifts following Middle East supply disruptions are accelerating international interest in U.S. oil and gas exports, a trend with long-term implications for Bakken producers. Thailand's state-owned PTT is in early-stage talks to invest in U.S. LNG export projects and secure long-term supply, according to a Bloomberg report published Tuesday and cited by OilPrice.com. This move aims to avoid costly spot purchases after the sudden halt of LNG flows from the Middle East. The discussions have accelerated since the Iran war and the closure of the Strait of Hormuz disrupted shipments from Qatar, a top global LNG exporter. Thailand has already committed to buying U.S. energy products, including LNG, crude oil, and ethane, under a $5.4 billion per year trade framework agreed with the U.S. in October 2025, OilPrice.com reported. PTT has also signed a cooperation agreement for the future $44-billion Alaska LNG project. Concurrently, India's state oil...

🔆Midday Wire·Jun 30

Global Markets

Global Roundup: ESG Platform Sale, LNG Debt Offering, Production Stats

A major UK-based ESG reporting platform has been put up for sale after entering administration, signaling a continued slowdown in corporate sustainability spending. According to a report from OilPrice.com, World Wide Generation, operator of the G17 Eco platform, has opened bidding to interested parties. The company, once valued at over £90 million and with clients including HSBC and Unilever, is trading in administration with shareholder support. Its financial challenges coincide with major firms like Shell and BP abandoning Covid-era emissions targets for slower transition timelines. The sale highlights a broader trend of companies paring back ESG commitments to focus on profitability. The platform's struggles add to the difficulties faced by startups backed by the British Business Bank, with nearly a third of its Future Fund investments resulting in insolvency, leading to £320 million in losses. For Bakken operators, this reflects the evolving and often retreating sustainability pressures from global financial...

🔆Midday Wire·Jun 30

Operator News

Analyst Says Oil Price "Not Fair," Operators Secure Projects, Sign Wind PPA

An analyst stated Tuesday that current oil prices in the low $70s per barrel do not reflect a fair market value. According to Rigzone, SEB Chief Commodities Analyst Bjarne Schieldrop said, "One would assume that a fair price today would be more like $80-90 per barrel than low $70s." For Bakken operators, sustained prices below this perceived fair value can pressure drilling budgets and slow development in the play, which requires robust economics to justify ongoing activity. In related industry news, TechnipFMC has secured a large contract for new projects with Var Energi, Rigzone reported. The award follows a five-year collaboration agreement signed in 2025 aimed at accelerating subsea project development through an integrated model. While this contract is for offshore projects, it underscores a broader industry trend toward integrated project execution and cost efficiency, principles that are also critical for onshore shale development in the Bakken. Separately, energy company...

🔆Midday Wire·Jun 30

Pipeline & Infrastructure

Global Pipeline, Geopolitical Developments May Impact Bakken Outlook

Italy's Eni and Libya's National Oil Corporation have started up a compression project to improve natural gas recovery from the Bahr Essalam field off Libya's coast, according to a Rigzone report. The project adds new production capacity in the Mediterranean. Separately, a top Iranian official reiterated the country's determination to maintain control over maritime traffic moving through the Strait of Hormuz, Rigzone reported. The comments raise stakes ahead of fresh U.S.-Iran negotiations. In Russia, President Vladimir Putin acknowledged that fuel supply problems persist for motorists and businesses, a separate Rigzone report from June 29 stated. For Bakken operators and royalty owners, developments in key global energy corridors and producing regions can influence the market dynamics for North Dakota crude. The Strait of Hormuz is a critical maritime chokepoint for global oil shipments, and heightened tensions there have historically contributed to volatility in international crude prices. Increased natural gas production capacity...

🔆Midday Wire·Jun 30

Production Data

Bakken Rig Count Holds at 26 as Oil Prices Retreat

North Dakota's oil drilling activity remained unchanged in late June, with the active rig count holding at 26, according to live Bakken Wire data. The figure continues to reflect a historically subdued level of investment in new well drilling across the Williston Basin. The current rig count is a critical indicator for future production. Historically, the number of active drilling rigs in North Dakota has been a leading indicator, with changes in the count typically affecting oil output volumes several months later. A stable, low rig count like the current one suggests that operators are maintaining, but not aggressively expanding, production capacity. The backdrop for this operational steadiness is a softer crude market. As of midday Tuesday, West Texas Intermediate (WTI) crude was trading at $69.88 per barrel, down $0.87 on the day. The international benchmark Brent crude was at $73.45. The Bakken crude differential—the discount at which Bakken barrels...

🔆Midday Wire·Jun 30

Workforce & Community

Bakken Workforce and Communities Navigate Low Rig Count Environment

The North Dakota oil and gas workforce continues to operate in a period of restrained activity, with the state's active rig count holding at 26 as of Tuesday, June 30, 2026. This level, while stable, represents a fraction of the historic highs seen during previous Bakken booms and directly influences employment, housing, and local economic vitality across the region. The current price environment provides a mixed signal for potential expansion. West Texas Intermediate (WTI) crude was trading at $69.88 per barrel midday Tuesday, down $0.87 on the day. Bakken crude trades at a discount, with a differential of $-3.42 versus WTI, putting the local price near $66.46. According to general industry analysis, prices in this range can support existing operations but often do not incentivize the significant capital investment required for a major ramp-up in drilling. The sustained lower rig count has a cascading effect on the region's workforce. Direct...

🔆Midday Wire·Jun 30

Regulatory

Bakken Activity at 26 Rigs Amid Shifting Regulatory Focus

North Dakota's oil and gas regulatory framework is a constant backdrop for operators as the state's active rig count holds at 26, according to midday data from Tuesday, June 30, 2026. This level of activity underscores the ongoing need for clear state policies governing development in the Bakken formation. The North Dakota Industrial Commission's Oil and Gas Division sets rules that directly shape how operators conduct business. A perennial focus is the state's gas capture goals, which target the reduction of routine flaring of associated natural gas. The current rules mandate high capture percentages, pushing operators to build out gas gathering infrastructure and processing capacity to comply. Well spacing and unitization are other critical regulatory areas. The state establishes guidelines for the density and placement of wells within a drilling unit, which directly impacts development strategies and resource recovery. These regulations aim to prevent waste and protect correlative rights while...

🔆Midday Wire·Jun 30

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slip as Crude Inventories Fall, Bakken Differential Widens

Front-month WTI crude oil settled at $70.05 per barrel on Tuesday, down 0.99% for the day, according to live price data. Brent crude fell 0.66% to $73.42. The price for Bakken crude at the wellhead, reflecting a key discount to the US benchmark, widened to -$3.42 versus WTI. The day's losses come amid mixed signals from fundamental data. According to an American Petroleum Institute (API) estimate reported by OilPrice.com, U.S. commercial crude oil inventories fell by 6.072 million barrels in the week ending June 26. This continues a trend of significant draws, with stocks shedding 59.4 million barrels over the prior eleven weeks. The Strategic Petroleum Reserve (SPR) also declined by 5.5 million barrels last week to 325.7 million barrels—the lowest level in over four decades, according to the same source. Despite the inventory draws, prices faced downward pressure. OilPrice.com reported that flows from the Strait of Hormuz have partially...

🌅Afternoon Wire·Jun 30

Rig Report

Bakken Rig Count Falls to 25; Two Rigs Released, Three Relocate

The number of active drilling rigs in North Dakota's Bakken formation fell to 25 on Tuesday, June 30, a net decline of two from the previous day. The drop continues a broader trend of decreasing rig activity in the state over the past month. According to live data from Bakken Wire, two rigs were released from service on Tuesday. Ballard Petroleum Holdings, LLC released the T&S Drilling 2 rig from its location in Bottineau County. Oasis Petroleum North America LLC released the Nabors B26 rig from Mountrail County. Offsetting some of that decrease, three rigs were reported to have moved to new locations. Oasis Petroleum North America LLC moved the Nabors B27 rig to the location in Mountrail County (157-93-13) previously occupied by the released Nabors B26. Continental Resources, Inc. moved the Noble 4 rig to a new site in Mountrail County (152-93-3). Enerplus Resources USA Corporation moved the Patterson...

🌅Afternoon Wire·Jun 30

Global Markets

Global Supply Shifts, China's Dual Path Pressure Bakken Oil Outlook

Global oil markets faced downward pressure Tuesday as rising supply and shifting trade flows created headwinds for crude prices, factors that directly influence the economics of North Dakota's Bakken formation. According to Rigzone, oil prices fell as shipping through the Strait of Hormuz increased and traders anticipated a growing global supply surplus. The supply landscape is being reshaped by major importers. India's state oil refiners are planning to reduce their reliance on Middle East crude following the supply shock of the Iran war, Rigzone reported. This strategic pivot by a key growth market could alter global trade routes and competition for barrels, potentially opening or closing opportunities for Atlantic Basin crudes like those from the Bakken. Meanwhile, China, the world's largest energy consumer, is charting a dual-path energy future that sustains long-term demand for hydrocarbons while dominating alternatives. According to a report from OilPrice.com, China's latest five-year plan confirms it...

🌅Afternoon Wire·Jun 30

Global Markets

Global Roundup: Nigeria's Mineral Boom, Oil Glut Warning, and Market Volatility

Morgan Stanley has cut its oil price forecasts for the second time in about two weeks, warning of a potential oil glut, according to Rigzone. The repeated downgrade signals growing analyst concern over global supply and demand fundamentals, a key consideration for Bakken producers managing their 2026 drilling budgets. Separately, the latest Dallas Fed Energy Survey highlighted ongoing market volatility, with one exploration and production company executive warning, "Markets can price risk, but they can't price a tweet," Rigzone reported. The comment underscores the persistent challenge for operators in the Williston Basin, where prices can swing on geopolitical rhetoric and social media sentiment unrelated to physical fundamentals. On the global stage, Nigeria is making a major push to diversify away from its oil-dependent economy through critical minerals. The country announced a world-class, polymetallic deposit discovery in Kaduna State, containing nickel, copper, gold, platinum group metals, and rare earth elements, OilPrice.com...

🌅Afternoon Wire·Jun 30

Operator News

NextDecade Seeks $3.5B for LNG, Analyst Says Oil Price Too Low

NextDecade is seeking to raise $3.5 billion through a sale of senior secured notes to fund its under-construction Rio Grande LNG project in Brownsville, Texas, according to a report from Rigzone. The debt instrument sale highlights continued capital investment in U.S. energy infrastructure, which supports long-term natural gas demand. Separately, Rigzone examined the latest statistical review of world energy from the Energy Institute. The report details global oil production rankings, a key metric for Bakken operators gauging their position in the worldwide market. North Dakota's Bakken formation is a major contributor to U.S. output, which consistently ranks among the world's top producers. In commentary on current markets, an analyst stated that current oil prices are too low. SEB Chief Commodities Analyst Bjarne Schieldrop said, "One would assume that a fair price today would be more like $80-90 per barrel than low $70s," according to Rigzone. Prices in the low $70s...

🌅Afternoon Wire·Jun 30

Pipeline & Infrastructure

Global Energy Project Roundup Highlights Industry Diversification

Major energy companies announced new project developments and contracts on Tuesday, highlighting ongoing global investment in energy infrastructure and diversification. TechnipFMC secured a large contract to deliver new subsea projects for Var Energi, according to Rigzone. The direct award follows a five-year collaboration agreement signed in 2025 to utilize TechnipFMC's integrated model and accelerate project development. While this is an offshore project, the focus on efficient, integrated project execution mirrors the continuous drive for cost efficiency and technological application in shale basins like the Bakken. Separately, German energy firm Uniper signed its first offshore wind power purchase agreement, Rigzone reported. The company agreed to buy 100 megawatts from the future Gennaker offshore wind farm in the Baltic Sea for an extendable 10-year term. This move toward securing long-term renewable power is part of a broader energy transition that influences the investment landscape and emissions strategies for all hydrocarbon producers, including...

🌅Afternoon Wire·Jun 30

Production Data

North Dakota Rig Count Holds at 25 Amid Subdued Oil Prices

North Dakota's active drilling rig count held steady at 25 on Tuesday, June 30, 2026, as oil prices retreated slightly from recent levels. The current activity level suggests a stabilized, though historically low, pace of new well development in the Bakken formation. West Texas Intermediate (WTI) crude was trading at $70.05 per barrel, down 0.99% on the day. The international benchmark Brent crude traded at $73.42. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential was reported at -$3.42. Natural gas prices were at $3.26 per MMBtu. The rig count is a closely watched leading indicator for future oil production, as it reflects the number of drilling crews actively working to bring new wells online. The current count of 25 rigs is significantly lower than the boom-era highs of over 200 but represents a consolidation after the severe downturn following the 2020 price...

🌅Afternoon Wire·Jun 30

Workforce & Community

Bakken Rig Count Holds at 25 Amid Sub-$70 Oil Pressure

The number of active drilling rigs in North Dakota remained unchanged at 25 this week, according to live Bakken Wire data. This count, paired with West Texas Intermediate crude trading at $70.05 per barrel, indicates a sustained period of moderated oilfield activity in the Bakken formation. A rig count in the mid-20s represents a fraction of the peak Bakken boom years, when more than 200 rigs were operational. This level of drilling typically correlates with stable but reduced direct oilfield employment compared to high-growth periods. The current price environment, with WTI down nearly 1% on the day and the Bakken crude differential at a discount of $3.42 per barrel, provides limited economic incentive for operators to significantly accelerate drilling programs. The relationship between rig count, oil prices, and community impact in western North Dakota is well-established. Higher rig counts drive demand for a wide range of oilfield services, from drilling...

🌅Afternoon Wire·Jun 30