WTI Crude--
Brent Crude--
Natural Gas--
ND Rig Count--
WTI Crude--
Brent Crude--
Natural Gas--
ND Rig Count--
BAKKEN WIRE
Global Volatility Boosts Majors' Trading; ND Launches $157M Recovery Push - Bakken Wire
Global Markets

Global Volatility Boosts Majors' Trading; ND Launches $157M Recovery Push

European oil giants reap billions in Q1 trading profits from Iran war volatility as North Dakota secures federal funds to boost Bakken recovery rates and North American rig count edges up.

Bakken Wire Staff·🔆Midday Wire·

BP, Shell, and TotalEnergies earned between $3.3 billion and $4.75 billion more in first-quarter 2025 trading compared to the fourth quarter of 2025, according to a report by OilPrice.com citing Financial Times estimates. The surge was driven by extreme market volatility from the war in Iran.

The European majors outperformed U.S. rivals Chevron and ExxonMobil in trading, with the American firms more directly exposed to production losses in the Middle East, OilPrice.com reported. All three European companies posted "exceptional" trading results: BP more than doubled profits year-over-year, TotalEnergies raised its interim dividend by 6%, and Shell beat consensus estimates.

Separately, North Dakota has launched a $157 million initiative aimed at improving Bakken oil recovery, according to Bing News. The Department of Energy is providing $36 million toward the effort. State officials aim to double output recovery rates from the formation.

In drilling activity, North America added two rigs week-on-week, according to the latest Baker Hughes North America rotary rig count reported by Rigzone. The count is a key indicator of upstream oil and gas activity.

The juxtaposition of global trading windfalls and local investment highlights different strategic focuses. The European majors' massive trading gains, described as offsetting lost Middle Eastern production, underscore how price volatility can benefit firms with large trading desks. For Bakken operators, the state's new recovery push represents a direct investment in extending the life and output of the local play, which is less exposed to geopolitical production disruptions but faces its own technical recovery challenges.

The modest weekly increase in the North American rig count suggests a steady but cautious operational environment for shale basins, including the Bakken.

Source

OilPrice.com, Bing News, Rigzone

global marketsbakkenoil pricesdrillingdepartment of energyproductionnorth dakota

Share this article

PostShareShareEmail

Related Articles

The Afternoon Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Date: Wednesday, October 7, 2026 1. Headlines Oil prices are mixed today, with WTI crude dipping 0.53% to $88.97 while Brent gained 0.4% to $100.98, according to price data. Natural gas rose to $3.21. Rigzone reports the dip in WTI is attributed to recovering Middle East oil exports, even as threats to shipping in the Strait of Hormuz persist. Brent remains anchored near $100 as traders weigh these competing factors. In corporate news, Cenovus Energy announced a definitive agreement to acquire Athabasca Oil Corporation in a deal worth $4 billion, as reported by Rigzone. Meanwhile, the financialization of the market continues, with Kalshi Inc. filing a proposal with the CFTC for an oil-linked futures contract that never expires. Shell expects strong Q3 trading results due to record refining margins, a sign of the ongoing global fuel crunch. Geopolitical and weather risks are prominent. Iraq devalued its currency by 13% as...

🌅Afternoon Wire·Oct 7
Global Markets

Global Diesel Crisis Spurs Export Talk, Impacts Bakken Economics

A global diesel supply crunch is fueling a new wave of energy nationalism, creating a complex price environment for Bakken crude oil producers. According to OilPrice.com, governments worldwide are prioritizing domestic fuel supply, with China imposing a fuel export ban this month and Russia maintaining a diesel export ban. The United States recently threatened Europe with a similar diesel export ban to pressure the release of fuel from strategic reserves. The crisis, analysts warn, stems from the ongoing war involving the United States, Israel, and Iran, which has hurt fuel supplies more than crude oil. Diesel crack spreads—the profit margin for refining crude into diesel—hit an all-time high exceeding $100 per barrel in September. While the U.S. eventually dropped the idea of a ban after securing a commitment from the EU to release 100 million barrels of crude and fuel, diesel prices remain elevated. The U.S. national average was $6.3151...

🌅Afternoon Wire·Oct 7
US Arctic Security Push Signals Geopolitical Risks for Global Oil Trade - Bakken Wire
Global Markets

US Arctic Security Push Signals Geopolitical Risks for Global Oil Trade

U.S. Secretary of State Marco Rubio warned that American adversaries are accelerating their activities in the Arctic, signaling a renewed U.S. focus on a region of growing strategic importance for global energy security and trade. According to OilPrice.com, Rubio made the comments during a visit to Iceland, the first stop on a three-nation tour of NATO allies. Standing alongside Iceland's foreign minister, Thorgerour Katrin Gunnarsdottir, Rubio cast Iceland as a critical link in the defense of North America and Europe. “Iceland sits at the center of many of the questions surrounding the security and defense of our shared region,” Rubio said. “Those threats are growing, which is why this focus on the Arctic in general and Iceland, in particular, is so critical.” The trip comes as Russia's military and covert capabilities and China's expanding Arctic ambitions drive greater attention to the north, OilPrice.com reported. For Bakken operators and North Dakota's...

🔆Midday Wire·Oct 7