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 BRIEFING | MIDDAY, TUESDAY, MAY 12, 2026

1. Headlines

Oil prices are surging sharply today. As of midday, WTI is up over 3.4% to trade above $101 per barrel, with Brent nearing $108. The immediate catalyst, widely cited by OilPrice.com and Rigzone, is a statement from President Trump declaring the U.S.-Iran ceasefire is on "massive life support." This has reignited fears that the Strait of Hormuz—already largely closed since February—will remain blocked indefinitely. Major shipping firm Norden is reportedly planning for the strait to stay shut for the rest of the year.

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 LNG Shock, Suriname Progress Hit as US Oil Workforce Shrinks - Bakken Wire
Global Markets

Global LNG Shock, Suriname Progress Hit as US Oil Workforce Shrinks

A supply shock in global liquefied natural gas (LNG) markets is triggering a major fuel shift in Asia, according to industry reports on Tuesday. Spiking LNG prices and reduced supply from the Middle East have prompted Japan and South Korea to significantly raise coal power generation and coal imports in recent weeks. Gas-fired power generation in Japan and South Korea slumped to multi-month lows in April and early May, according to OilPrice.com. This is due to a crash in supply from the Middle East, with no Qatari LNG shipment passing through the Strait of Hormuz between February 28 and this past weekend. LNG prices in north Asia have spiked by more than 60% since the war began, while international seaborne coal prices have increased by a much more modest 13%. As a result, both nations have ramped up coal-fired power generation. In Japan, coal power generation rose by 11.1% in...

🔆Midday Wire·May 12
China LNG Import Rebound Could Signal Global Demand Support - Bakken Wire
Global Markets

China LNG Import Rebound Could Signal Global Demand Support

A recovery in China's liquefied natural gas imports may signal strengthening global energy demand, a potential positive indicator for Bakken operators, according to data reported Tuesday. The 30-day moving average for China's LNG imports has increased to its highest level since late February, according to ship-tracking data compiled by Bloomberg and reported by Rigzone. While the Bakken formation is primarily an oil play, its production yields significant associated natural gas. Increased global LNG demand, particularly from major importers like China, can tighten the overall natural gas market. This can provide broader support for North American gas prices. For Bakken producers, stronger gas prices improve the economics of wells and can make gas capture and processing infrastructure investments more viable, reducing flaring. The development is seen as a signal of recovering industrial activity in a major global economy. China is the world's largest importer of LNG, and its demand trends are...

🔆Midday Wire·May 12
The Morning Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Energy Market Briefing Tuesday, May 12, 2026 1. Headlines Oil prices surged over 3% today, with WTI closing above $101 and Brent above $107. According to reports from Rigzone, the rally is driven by deepening fears that the U.S.-Iran ceasefire is collapsing, which would prolong the closure of the Strait of Hormuz. President Trump was quoted by Rigzone stating the ceasefire is on "massive life support." The physical supply disruption is quantified by ADNOC Gas, which reported that its massive Habshan gas processing complex in the UAE, damaged by Iranian strikes in April, will only reach 80% of its 6.1 bscfd capacity by the end of 2026. The company also warned the Hormuz closure could hit Q2 net income by up to $600 million. In corporate news, OilPrice.com reports, citing the French newspaper Les Echos, that Shell plans to sell its French retail fuel station network as part of a...

☀️Morning Wire·May 12
Free