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Wednesday, June 10, 2026

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☀️Morning Wire7:00 AM CST

Oil Prices

Oil Prices Surge Past $89 Amid Supply Disruptions, Geopolitical Tensions

Front-month WTI crude futures surged 1.94% to settle at $89.91 per barrel on Wednesday, June 10, while Brent crude climbed to $93.01. The rally was driven by a significant structural supply deficit and ongoing geopolitical tensions affecting global trade flows. According to analysis from Rystad Energy, cumulative global oil supply losses due to war have now reached one billion barrels and are on track to nearly double by year-end. "Cumulative losses have now reached one billion barrels and are on track to nearly double by year-end under our base case," Rystad Energy MENA Research Director Aditya Saraswat said, as reported by Rigzone. This sustained removal of supply is providing fundamental support for higher prices. Concurrently, news of a potential U.S. fuel shipment to Cuba added to market tightness. OilPrice.com reported that Florida-based Vanguard Energy is preparing to send 250,000 barrels of diesel and gasoline to Cuba, marking the biggest such...

☀️Morning Wire·Jun 10

Rig Report

North Dakota Rig Count Holds at 27 as National Activity Climbs

North Dakota's active drilling rig count held steady at 27 on Wednesday, June 10, according to Bakken Wire's live data. The count showed no day-over-day change, with no new rigs added, none removed, and none moving location. The current figure represents a significant increase from one month ago. On May 11, 2026, the state had 21 active rigs, meaning activity has climbed by six rigs over the past four weeks. However, the count is down from the level seen just last week. On June 3, 2026, North Dakota reported 31 active rigs, indicating a net decrease of four rigs over the past seven days. The mixed local trend comes as drilling activity across North America continues to rise. According to a report from Rigzone, North America added eight rigs week on week, according to Baker Hughes' latest North America rotary rig count. The broader increase suggests sustained operator interest in...

☀️Morning Wire·Jun 10

Daily Activity

Phoenix Operating Permits Four-Well Pad in Divide County

The North Dakota Department of Mineral Resources approved four new drilling permits on Tuesday, June 9, 2026, all for a single operator and location in Divide County. Phoenix Operating LLC received approval for permits 43013 through 43016. The permits are for the AJ 30-31-6-7 2H, 3H, 4H, and 5H wells, all located at LOT 4 within the Corinth field in Divide County. This represents a four-well pad development for the operator. The concentrated activity highlights continued, targeted development in the northwestern region of the Bakken formation. Divide County, while not as active as the core counties of McKenzie and Mountrail, remains a steady area for oil and gas operations. In other administrative activity, the DMR's daily report listed a status update for an existing permit. Permit 41297, for the Devon Energy Williston, L.L.C. Barbara 31-30F 5H well in McKenzie County, was noted with a confidential status change. The specific nature...

☀️Morning Wire·Jun 10

Pipeline & Infrastructure

Alberta Advances Plan for 1 Million BPD West Coast Oil Pipeline

Alberta is moving forward with plans for a new 1 million-barrel-per-day oil pipeline to Canada's Pacific coast, a project that could reshape North American crude flows and export competition for Bakken producers. According to OilPrice.com, Alberta's government is likely to propose a "general corridor" rather than a specific route for the West Coast Oil Pipeline to the northwestern coast near Prince Rupert. The exact route will be determined after consultations with Indigenous communities and British Columbia's provincial authorities, Alberta’s Minister of Indigenous Relations, Rajan Sawhney, told Bloomberg. The province targets submitting the project to the federal Major Projects Office by July for designation as a project of national interest, with a goal of securing that designation by October 1, 2026. This push for a new export artery comes after a carbon pricing deal was reached last month between the federal government and Alberta, potentially moving the long-debated pipeline toward construction....

☀️Morning Wire·Jun 10

Global Markets

China Taps Strategic Oil Reserves Amid Global Supply Crisis

China has begun drawing crude from its massive strategic and commercial oil stockpiles, a move that could temporarily reduce demand pressure on global markets as a Middle East conflict continues to constrain supply, according to reports from energy consultants. This development, reported by OilPrice.com, comes as the world's top crude importer responds to a crisis that has wiped out about a tenth of global supply. Over the next few months, China is expected to draw an average of about 1 million barrels per day from its reserves, according to estimates by Energy Aspects, Kpler, and Vortexa cited in the report. The country had amassed an estimated 1.2 billion to 1.3 billion barrels of oil in the year before the conflict began. China's crude oil imports in May fell to their lowest since October 2017 due to high prices, and domestic gasoline consumption is also declining. Concurrently, buyers are pressuring other...

☀️Morning Wire·Jun 10

Global Markets

U.S. to Release Strategic Gas to Asia as Global LNG Demand Intensifies

The United States will release liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from its strategic reserves for sale to ASEAN member countries, Deputy Secretary of State Christopher Landau announced Wednesday. According to OilPrice.com, Landau said the move aims to help ASEAN nations diversify energy resources and support long-term security. “The United States wants to work with you to help ASEAN member states not only navigate the current situation, but also to support long-term energy security and resilience,” Landau said at an event in Vietnam, as reported by Reuters. He added that the U.S. is eager to boost energy exports to the Asian group and participate in regional energy infrastructure investments. The announcement comes as U.S. LNG exports have surged this year, particularly after the onset of war in the Middle East disrupted global flows. U.S. LNG exports hit a record 11.6 million tons in March, with most volumes...

☀️Morning Wire·Jun 10

Operator News

Oil Market Swings, Kuwait Returns to Asia, BP Restructures

Crude oil futures experienced significant volatility on Tuesday, swinging lower despite ongoing supply disruptions in the market, according to Rigzone. This return of price volatility creates a challenging planning environment for Bakken producers, who must navigate shifting revenue forecasts for their North Dakota operations. In a separate development, Kuwait is offering to sell its crude to refiners in Asia for the first time since the onset of the Iran war, Rigzone reported. The re-entry of a major Middle Eastern supplier into a key global market could incrementally increase global supply competition, potentially applying subtle downward pressure on the benchmark prices that Bakken crude is priced against. For Bakken-focused operators, these market movements underscore the region's exposure to global supply shifts and geopolitical events. North Dakota's oil production economics are directly tied to the international crude price benchmarks, meaning increased volatility or new supply sources can impact wellhead revenues and drilling...

☀️Morning Wire·Jun 10

Pipeline & Infrastructure

Gulf Crisis Uncertainty Persists as Qatar Continues LNG Shipments

Uncertainty continues to cloud the timeline for resolving ongoing tensions in the Persian Gulf, a critical region for global liquefied natural gas (LNG) transit, according to a recent industry analysis. Wood Mackenzie "found no consensus" on when the Gulf "crisis" will be "resolved," the consultancy said in a statement from its recent annual gas and LNG conference in London, according to a Rigzone report. Despite the unresolved regional tensions, LNG shipments continue to move through the key chokepoint. Ship-tracking data shows another LNG tanker from Qatar transited the Strait of Hormuz over the weekend, Rigzone reported separately. The strait is a vital maritime route for a significant portion of the world's seaborne LNG and crude oil exports. For Bakken operators and natural gas producers in North Dakota, prolonged instability in the Gulf represents a persistent factor in the global energy equation. The Bakken formation is a significant producer of associated...

☀️Morning Wire·Jun 10

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