WTI Crude$--/bbl▲ +0.00 (+0.00%)
Brent Crude$--/bbl▲ +0.00 (+0.00%)
Natural Gas$--/MMBtu▲ +0.00 (+0.00%)
ND Rig Count--▲ +0 WoW
WTI Crude$--/bbl▲ +0.00 (+0.00%)
Brent Crude$--/bbl▲ +0.00 (+0.00%)
Natural Gas$--/MMBtu▲ +0.00 (+0.00%)
ND Rig Count--▲ +0 WoW
BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·

DAILY ENERGY BRIEFING // BAKKEN WIRE Thursday, May 7, 2026 // Midday Update

1. HEADLINES

Oil prices are retreating today despite alarming inventory data. As of midday, WTI crude is down 1.47% to $93.68, with Brent falling 1.84% to $99.41. This decline comes even as multiple reports highlight a severe and accelerating global supply shock. OilPrice.com reports that global crude and fuel inventories are "crashing at a record speed," with Goldman Sachs estimating stocks are approaching an eight-year low. The physical disruption from the closed Strait of Hormuz has erased the 2026 surplus scenario. Separately, Rigzone cites the latest EIA data showing a weekly draw of over 2 million barrels from U.S. commercial crude stocks, which now stand at 457.2 million barrels.

Create a free account to continue reading

Sign up for free to get full access to Bakken Wire's daily energy market analysis, audio briefings, and more.

Create Free Account

Already have an account? Sign in

Share this article

PostShareShareEmail

Related Articles

Global Supply Shocks Tighten Gas Markets, Echo Bakken's Founding Discovery - Bakken Wire
Global Markets

Global Supply Shocks Tighten Gas Markets, Echo Bakken's Founding Discovery

Global natural gas markets are set to remain tight through the end of the decade due to supply disruptions from the war in Iran, according to a new assessment from the International Energy Agency (IEA). The conflict has resulted in the loss of about 120 billion cubic meters (bcm) of global LNG supply through 2030, OilPrice.com reported. Gergely Molnar, an IEA energy analyst, stated that global LNG supplies have shrunk by around 15% due to the conflict and the closure of the Strait of Hormuz, a key maritime chokepoint. The agency says the Qatari LNG halt and damage to key facilities will delay the previously expected LNG supply wave by at least two years, prolonging tight markets through 2026 and 2027. In Europe, the situation is acute. The EU will need an additional 10 bcm of natural gas this summer to refill inventories that dropped to multi-year lows, according to...

🔆Midday Wire·May 7
Global Oil Inventories Crash as Strait of Hormuz Closure Deepens Supply Shock - Bakken Wire
Global Markets

Global Oil Inventories Crash as Strait of Hormuz Closure Deepens Supply Shock

Global crude and fuel inventories are plummeting at a record pace as the supply disruption from the Middle East war overwhelms the market's ability to cope without drawing down stocks, according to an analysis from OilPrice.com. While futures markets speculate on a potential U.S.-Iran deal to reopen the Strait of Hormuz, the physical disruption has already erased the oversupply present at the start of the conflict and is rapidly depleting commercial stockpiles. Analysts warn the situation will worsen before it improves. "Inventory support remains finite and cannot sustainably offset prolonged disruptions," Sumit Ritolia at Kpler wrote last week. Goldman Sachs estimates global oil inventories are approaching an eight-year low, with the speed of depletion exposing the market to further shocks. Total global oil stocks have dropped to about 101 days of expected demand and could fall to 98 days by the end of May if the Strait remains closed. For...

🔆Midday Wire·May 7
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Morning Briefing Thursday, May 7, 2026 1. Headlines Oil prices are volatile and sharply lower this morning. As of this briefing, WTI crude is trading at $91.98, down 3.26% (-$3.10), while Brent sits at $98.13, down 3.1% (-$3.14). According to multiple reports from OilPrice.com and Rigzone, the sell-off follows a steep 7% drop yesterday, driven by market hopes that the U.S. and Iran could be moving toward a diplomatic agreement. Traders are reacting to signals that a deal could eventually lead to the reopening of the Strait of Hormuz, a critical global oil chokepoint that has been blocked since late February. Major corporate earnings are highlighting the financial upside of the ongoing crisis. Shell reported Q1 adjusted earnings of $6.9 billion, handily beating analyst estimates, as cited by OilPrice.com and Rigzone. The company, along with peers BP and TotalEnergies, attributed the windfall to higher realized prices and "significantly...

☀️Morning Wire·May 7
Free