Monday, July 6, 2026

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Oil Prices

Bakken Oil Prices Steady Amid OPEC+ Production Increase

Front-month WTI crude oil futures traded at $68.44 per barrel in early Monday trading, down 25 cents or 0.36 percent, according to live price data. The global Brent benchmark was essentially flat at $71.84. The price for Bakken crude at the wellhead was approximately $3.42 per barrel below the WTI price. The modest pressure on U.S. benchmarks follows an official decision from the OPEC+ alliance to increase production. According to a statement from Rigzone, seven OPEC+ countries met virtually on July 5, 2026, to review market conditions and decided to boost production further starting in August. This planned supply increase from the influential cartel is a key factor capping price gains. The announcement confirms a continued flow of additional barrels into the global market, which typically weighs on prices. For Bakken producers, the immediate pricing environment remains stable but constrained. A Bakken differential of -$3.42 versus WTI is within a...

☀️Morning Wire·Jul 6

Rig Report

North Dakota Rig Count Holds at 25, Extends Steady Decline from June

North Dakota's active drilling rig count held steady at 25 on Monday, July 6, according to live rig data from Bakken Wire. No rigs were added, removed, or moved locations since the previous day. The current count represents a continued, gradual decline in drilling activity. The state's rig fleet is down one rig from the 26 active one week ago on June 29, and down two rigs from the 27 active one month ago on June 6. The steady rig count comes amid ongoing development of midstream infrastructure designed to support and potentially stimulate long-term activity in the Bakken. According to a report from the Grand Forks Herald, the proposed Bakken East natural gas pipeline has been redesigned with larger pipe diameters to meet higher-than-anticipated demand. WBI Energy Transmission Inc. is planning the approximately 400-mile line from near Watford City to Mapleton. Justin Kringstad, director of the North Dakota Pipeline...

☀️Morning Wire·Jul 6

Daily Activity

North Dakota DMR Reports No New Activity Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) reported no new activity filings in its daily update for Sunday, July 5, 2026, according to the agency's data. The DMR daily activity report typically lists new drilling permits approved, wells spudded, wells completed, and wells plugged. The absence of new filings indicates no regulatory applications or operational notices were processed by the state for that day. No-activity days are a normal occurrence in the state's reporting cycle, particularly on weekends and during holidays. The Bakken Wire will continue to monitor the DMR's reports for the latest permitting and drilling activity across the Williston Basin.

☀️Morning Wire·Jul 6

Regulatory

Texas Regulator Directs DOGE to Enhance Railroad Commission Efficiency

The Texas Railroad Commission (RRC) has directed its Division of Oil, Gas, and Geothermal Resources (DOGE) to enhance the agency's efficiency, according to a report from Rigzone. The directive was issued by RRC Commissioner Wayne Christian, who stated, "Our goal is simple," though the specific efficiency targets were not detailed in the summary. For Bakken operators with assets or business interests in Texas, such as corporate offices, midstream investments, or operations in the Permian Basin, streamlined processes at the RRC could lead to faster permit reviews and reduced administrative delays. The Texas agency is a key regulator for the nation's largest oil-producing state, and its operational tempo often sets a benchmark for industry expectations. While the directive is specific to Texas, its implementation could have indirect effects on the competitive landscape. Bakken producers competing for capital and market share with operators in the Permian may benefit from a more predictable...

☀️Morning Wire·Jul 6

Global Markets

Global Gas Squeeze Tightens as Pakistan Pays Premium for Spot LNG

Global liquefied natural gas (LNG) markets remain under strain, as evidenced by Pakistan's purchase of a second spot cargo at a premium price, according to a report from OilPrice.com. The country bought the cargo from TotalEnergies at $17.37 per million British thermal units for delivery in early July, a higher price than the $16.74 per mmBtu it paid for a spot cargo from BP just a week prior. The premium purchases are a direct result of a severe supply crunch. Qatar's LNG exports to Pakistan have collapsed due to the ongoing war in the Middle East, falling from nearly 800,000 tons in January to less than 50,000 tons by April, OilPrice.com reported. While cargoes from Mozambique, Oman, and the United States have helped fill the gap, they have not restored previous supply levels. A U.S. LNG cargo delivered to Pakistan in May carried a price of $18.40 per mmBtu. These...

☀️Morning Wire·Jul 6

Global Markets

U.S. LNG Exports Surge as Storms Disrupt Power Grids

Germany has increased its reliance on American liquefied natural gas (LNG) as a key energy source, with LNG now comprising 12% of its total gas supply in the first half of 2026, up from 10% a year earlier, according to data from the German regulator Bundesnetzagentur. The Federal Network Agency noted that LNG supply from U.S. sources increased even during the Iran war, as supply from Qatar and the UAE was choked off by the closed Strait of Hormuz for most of the past four months. Despite these global disruptions, global LNG liquefaction volumes had slightly exceeded the previous year's level by May 2026, with production at about 1.59 billion cubic meters per day, up from 1.56 billion cubic meters per day in May 2025. The German regulator stated that Germany’s gas supply is stable and currently assesses the risk to gas supply as low. However, it noted that Germany’s...

☀️Morning Wire·Jul 6

Operator News

Global Operator Moves on Finance, LNG, and Shipping

Major international operators made strategic moves in finance, marketing, and logistics on Monday, developments that underscore the global market dynamics affecting Bakken crude oil. Shell PLC, alongside nine Nigerian banks, launched a $3-billion Contract Finance Facility for local companies executing projects for the energy giant in Nigeria, according to Rigzone. The credit scheme aims to support Shell's supply chain operations in the West African nation. Separately, Abu Dhabi National Oil Company (ADNOC) is consolidating its liquefied natural gas (LNG) sales activities into a new marketing and trading platform, Rigzone reported. The company is targeting 47 million metric tons per annum in marketed LNG volumes by 2035, a move that strengthens its position in the global gas market. In the Strait of Hormuz, a critical chokepoint for global oil shipments, tanker traffic showed signs of recovering along a U.S.-protected corridor, Rigzone noted. The report stated a batch of vessels had performed...

☀️Morning Wire·Jul 6

Pipeline & Infrastructure

Global Straits, Refining Margins in Focus for Bakken Oil Flow

Global developments affecting crude oil shipping and refining are in focus for Bakken producers this week, with implications for the basin's export-dependent barrels. China has called for the "unimpeded passage" of shipping through the strategic Strait of Hormuz, according to a report from Rigzone. The strait is a critical chokepoint for global oil shipments, including crude exports from the United States. Any disruption to traffic there can impact global oil prices and the economics of sending Bakken crude to international markets. Concurrently, U.S. crude refiners are enjoying some of their best profit margins in years, Rigzone separately reported. Strong refining margins typically indicate healthy demand for gasoline and other fuels, which can support the price refiners are willing to pay for crude feedstocks like Bakken light oil. For the Bakken formation, these two factors underscore the basin's connection to broader global energy flows. North Dakota's oil production, which exceeded 1.3...

☀️Morning Wire·Jul 6

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Holds Near $69 as OPEC+ Announces August Output Increase

Front-month WTI crude futures were trading at $68.77 per barrel at midday Monday, up a modest $0.08 (0.12%), according to live price data. The global Brent benchmark saw a larger gain, rising $0.38 to $72.18 per barrel. Natural gas prices increased by $0.05 to $3.24 per MMBtu. The price for Bakken crude at the wellhead, a key metric for North Dakota producers, was reported at a discount of $3.42 per barrel below the WTI benchmark. The modest price action follows an announcement from the OPEC+ alliance. According to a statement posted on OPEC's site, seven member countries "met virtually on 5 July 2026, to review global market conditions and outlook," Rigzone reported. The group decided to boost its collective production further starting in August. The incremental supply increase from the producer cartel is applying a ceiling to any significant price rally. The news provides a bearish counterweight to other potential...

🔆Midday Wire·Jul 6

Global Markets

New Trade Routes, India's Power Boom Signal Shifting Global Energy Flows

Pakistan has officially operationalized new land trade corridors through Iran and China, bypassing Afghanistan entirely to connect Central Asia to global markets. According to OilPrice.com, this shift was solidified in April 2026 and follows the indefinite closure of key Afghan border crossings in October 2025 due to security risks. The new Pakistan-Iran and China-linked corridors position Pakistan as a critical bridge for landlocked Eurasian nations to reach warm-water ports, circumventing regional instability and maritime chokepoints like the Strait of Hormuz. For Bakken operators, the development of secure, multi-modal trade routes in Central and South Asia underscores the long-term importance of global demand centers. While not a direct, near-term market for North Dakota's light sweet crude, the region's growing connectivity supports broader energy trade flows and highlights the strategic value of stable export pathways for hydrocarbons worldwide. Simultaneously, power demand in India is projected to grow by about 6% annually over...

🔆Midday Wire·Jul 6

Global Markets

Global Straits Tensions Shape Long-Term Oil Outlook; Bakken Pipeline Gains Capacity

Global oil market analysts warn that a lasting peace between the U.S. and Iran is unlikely, suggesting continued price volatility for crude producers despite the recent reopening of a key chokepoint. According to OilPrice.com, Fereidun Fesharaki, chairman emeritus of consultancy FGE NexantECA, said it is "impossible to imagine" a scenario where the two nations reach a lasting deal, predicting "more conflict" and "more trouble." This outlook comes as up to 75% of previous oil flows through the Strait of Hormuz are expected to return by year's end. However, Fesharaki notes that significantly lower oil prices for 2027 are not guaranteed, with his firm's pre-conflict forecast of prices in the upper $50s to low $60s per barrel still possible only if lasting peace is achieved. Other banks, like Citigroup and Morgan Stanley, predict a supply glut and lower prices, with Citi forecasting Brent Crude could plunge to $60 per barrel by...

🔆Midday Wire·Jul 6

Operator News

BP Wind Venture Expands; Enverus Lists Top Private Producers

BP, through its offshore wind joint venture with Japan's JERA, has increased its stake in two Belgian offshore wind farms, according to a report from Rigzone. JERA Nex bp completed the purchase of Sumitomo's stakes in the facilities, which have a combined capacity of 384 megawatts. For Bakken operators and royalty owners, this move underscores the continuing diversification of major oil companies into renewable energy, a strategic shift that can influence long-term capital allocation across their portfolios, including traditional oil and gas basins. Separately, data firm Enverus has published its annual list of the 100 most prolific private oil and gas producers in the United States, Rigzone reported. This ranking is a key industry benchmark for identifying the leading privately-held operators driving production outside of the public majors. In the Bakken formation, private operators have historically played a significant role in activity and development, making this list relevant for tracking...

🔆Midday Wire·Jul 6

Pipeline & Infrastructure

Global Energy Moves Highlight LNG, Shipping, and Financing

Global energy developments reported Monday highlight activity in LNG marketing, strategic shipping lanes, and project financing, providing market context for North Dakota's Bakken producers. Shell and a consortium of nine Nigerian banks have launched a $3-billion credit facility for local contractors working on the energy giant's projects in the West African nation, according to Rigzone. The Contract Finance Facility aims to support companies executing work for Shell in Nigeria. Separately, the Abu Dhabi National Oil Company (ADNOC) has consolidated its liquefied natural gas sales activities into a new marketing and trading platform, Rigzone reported. The company is targeting marketed volumes of 47 million metric tons per annum by 2035 through the new entity. In shipping news, vessel traffic in the Strait of Hormuz showed signs of recovery Monday after a series of unexplained U-turns and detours in the vital waterway, according to a Rigzone wire report. Oil and gas tankers...

🔆Midday Wire·Jul 6

Regulatory

Global Refining Margins Soar Amid Russian Subsidy Hike

U.S. crude refiners are currently enjoying some of the best profit margins in years, according to a report from Rigzone. This surge in refining profitability comes as the global market sees significant state intervention elsewhere. Separately, Rigzone reported that Russia's subsidy payouts to oil refiners that supply its domestic markets jumped more than six-fold in June compared to the same month a year earlier. This substantial increase in government support aims to keep Russian fuel flowing internally. For Bakken producers, strong refining margins in the U.S. are generally a positive signal. Healthy refinery economics can support demand for crude oil, including light sweet crude produced in the Williston Basin. This demand can underpin local oil prices and provide a stable revenue environment for operators and royalty owners. The simultaneous move by Russia to heavily subsidize its domestic refining sector represents a contrasting market force. Such subsidies can alter global trade...

🔆Midday Wire·Jul 6

Production Data

Bakken Rig Count Holds at 25 as Oil Prices Show Modest Gains

North Dakota's active drilling rig count remained unchanged at 25 on Monday, a level that suggests Bakken operators are maintaining a measured pace of development amid stable commodity prices. The count, a key leading indicator for future oil production, has hovered in the mid-20s for an extended period, reflecting a disciplined capital environment. West Texas Intermediate crude traded at $68.77 per barrel, posting a minor gain of 12 cents. The international Brent benchmark saw a slightly larger increase, settling at $72.18. The price for Bakken crude at the wellhead is effectively discounted, with the Bakken differential reported at -$3.42 versus WTI. Natural gas prices were listed at $3.24 per MMBtu. Historically, the rig count is a primary driver of production changes in the Bakken formation, North Dakota's premier oil-producing region. A sustained increase in active rigs typically precedes a rise in output several months later, as new wells are drilled,...

🔆Midday Wire·Jul 6

Workforce & Community

Bakken Rig Count Holds at 25 as Oil Prices Show Modest Gains

The number of active drilling rigs in North Dakota's Bakken formation held steady at 25 on Monday, July 6, 2026, according to live Bakken Wire data. This rig count, a key indicator of oilfield employment and industrial activity, has remained in a narrow range for months, pointing to a period of stability for regional workforce and communities. Supporting the current activity level, oil prices posted modest gains in midday trading. West Texas Intermediate (WTI) crude was at $68.77 per barrel, up $0.08, while the international benchmark Brent crude traded at $72.18, up $0.38. The price for Bakken crude at the wellhead is effectively discounted, with a differential of $-3.42 versus WTI. A stable rig count at this level suggests a corresponding stability in direct oilfield employment for roles like drillers, roustabouts, and completion crews. The Bakken formation is North Dakota's primary oil-producing region, and its workforce is highly sensitive to...

🔆Midday Wire·Jul 6

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Mixed Amid Supply Surge, Bakken Differential Steady at -$3.42

Oil prices were mixed on Monday, with global benchmark Brent crude edging higher while U.S. benchmark West Texas Intermediate held flat, as significant new supply from the Middle East weighed on the market. WTI crude settled at $68.68 per barrel, down a cent, according to live price data. Brent crude rose 0.39% to $72.08. The discount for Bakken crude at the wellhead was steady at $3.42 below WTI. The market is contending with a rapid increase in supply from producers no longer bound by OPEC+ agreements. According to a report from OilPrice.com, the United Arab Emirates has pushed crude production above 3.8 million barrels per day in June, its highest level in over six years. The surge follows the UAE's formal exit from OPEC and OPEC+ on May 1, allowing it to capitalize on billions in prior capacity investments. "The UAE’s investments in upstream capacity meant the country needed to...

🌅Afternoon Wire·Jul 6

Rig Report

Bakken Rig Count Drops to 23 as Three Rigs Depart

North Dakota's active drilling rig count fell to 23 on Monday, July 6, representing a net decrease of two from the previous day. According to live rig data, one new rig commenced operations while three were released. The sole new rig spudded for Petro-Hunt, L.L.C. in Billings County. Three rigs were removed from service: the Patterson 806 rig, working for Enerplus Resources USA Corporation in Dunn County; the Nabors B 13 rig, working for Devon Energy Williston, L.L.C. in McKenzie County; and the Noble 2 rig, working for Whiting Oil and Gas Corporation, also in McKenzie County. No rigs were reported to have moved locations. The current count of 23 active rigs continues a gradual downward trend. The tally is down three rigs from one week ago, on June 29, 2026, when 26 rigs were active. It is also down four rigs from one month ago, on June 6, 2026,...

🌅Afternoon Wire·Jul 6

Operator News

Shell, Exxon Mobil Deepwater Nigeria Bets Highlight Global Capital Competition

International oil majors Shell and ExxonMobil are making multibillion-dollar investment decisions in Nigeria's deepwater oil sector, highlighting a global competition for capital that may influence spending in mature basins like the Bakken. According to a report from OilPrice.com, Shell has taken a final investment decision on the Bonga North deepwater project and is pursuing Bonga South West. The Bonga North project is expected to deliver peak production of 110,000 barrels per day, with first oil targeted by the end of the decade. ExxonMobil is also advancing plans for the Usan, Owowo, and Bosi developments, with potential investments running into the tens of billions of dollars, OilPrice.com reported. This strategic pivot to deepwater projects follows a decade where majors reduced exposure to onshore Nigerian assets due to theft, sabotage, and regulatory uncertainty. The report notes that offshore projects now offer lower security risks, larger project scales, and more attractive fiscal terms...

🌅Afternoon Wire·Jul 6

Global Markets

Global Energy Demand, OPEC+ Move, and Geopolitics Shape Bakken Outlook

Global energy demand continued to outpace the growth of renewables in 2025, leading to increased consumption of oil and gas, according to a major industry report released Monday. The data underscores the persistent global reliance on fossil fuels that underpins demand for Bakken crude. The Energy Institute's 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney, found that total global energy supply rose from 592.2 to 600.3 exajoules last year, an increase of about 1.4%. While renewable energy rose nearly 10%, fossil fuel supply rose by about 4.6 exajoules, accounting for more than half of the total increase. Combined, oil, natural gas, and coal supplied about 518 exajoules, or roughly 86% of global total energy supply in 2025. "This arithmetic explains much of the global emissions picture," OilPrice.com reported in its analysis of the review. "Renewables grew quickly, but not quickly...

🌅Afternoon Wire·Jul 6

Global Markets

Global Energy Shifts Post-Iran War Pose Long-Term Questions for Bakken

The conclusion of the Iran war is strengthening the long-term investment case for renewable energy and storage, according to an analysis from OilPrice.com, posing strategic questions for hydrocarbon-producing regions like the Bakken. While the immediate winners are firms involved in reconstruction and munitions, the oil and gas industry faces a more complex outlook. According to the analysis, oil prices have already retreated from war-induced highs, with the potential for Iran to rejoin the global market adding to supply. The price shocks and delivery disruptions experienced by consumers, similar to the 1970s oil embargo but with modern alternatives, could dampen long-term demand. Consumers may increasingly turn to renewables or seek supplies from non-Persian Gulf sources like Guyana and Venezuela, creating a scenario of more supply fighting for the same demand. For U.S. producers, including those in the Bakken, the analysis notes that domestic consumers faced price shocks because oil sells at...

🌅Afternoon Wire·Jul 6

Operator News

Global Energy Report, Private Producer Rankings, Shell Nigeria Deal Highlight Industry News

The Energy Institute's latest statistical review of world energy has been released, examining which country is the world's biggest energy supplier, according to Rigzone. The report provides a key benchmark for global oil and gas markets that influence pricing and investment decisions for Bakken producers. Separately, data firm Enverus has published its annual list of the 100 most prolific private oil and gas producers in the United States, Rigzone reported. This ranking is closely watched in the Bakken, where numerous private operators are major players in the Williston Basin. The list highlights the significant contribution of private capital to U.S. production. In international operator news, Shell and nine Nigerian banks have launched a $3-billion Contract Finance Facility for local companies executing projects for the energy giant in Nigeria, according to Rigzone. While not directly related to North Dakota, such major financing schemes underscore the global scale of capital deployment by...

🌅Afternoon Wire·Jul 6

Pipeline & Infrastructure

ADNOC Consolidates LNG Strategy Amidst Global Market Shifts

Abu Dhabi National Oil Company (ADNOC) is consolidating its liquefied natural gas (LNG) sales activities into a new marketing and trading platform, according to a report from Rigzone. The company aims to reach marketed volumes of 47 million metric tons per annum by 2035 through this new structure. The move by the major Middle Eastern producer underscores the intensifying global competition and strategic positioning within the LNG sector. While the Bakken formation is primarily an oil play, its associated natural gas production is a significant byproduct that requires market access. For North Dakota operators, developments in the global LNG trade highlight the long-term importance of gas capture and infrastructure. Increased global LNG capacity and marketing efforts can influence broader natural gas price benchmarks and demand outlooks. The consolidation of marketing activities by major international players like ADNOC represents a trend toward efficiency and scale in the commoditized gas market. Bakken...

🌅Afternoon Wire·Jul 6

Production Data

Bakken Rig Count Holds at 23 Amid Stable, Sub-$70 Oil Prices

North Dakota's oil industry showed little sign of accelerating drilling activity in early July, with the state's active rig count holding steady at 23, according to live Bakken Wire data. The count remains near the lowest levels seen in the past decade, reflecting a sustained period of capital discipline by operators in the face of stable but modest crude prices. West Texas Intermediate (WTI) crude traded at $68.68 per barrel on Monday, showing minimal change from the previous session. The international Brent benchmark was slightly stronger at $72.08. Bakken crude at the wellhead continues to trade at a discount, with a differential of $3.42 below WTI, putting the local price near $65.26. Natural gas prices were recorded at $3.25 per MMBtu. The current rig count is a critical leading indicator for future production. Historically, a sustained increase in the rig count precedes a rise in oil output by several months,...

🌅Afternoon Wire·Jul 6