Saturday, April 11, 2026

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Oil Prices

Oil Prices Dip but Remain Elevated Near $100 as Hormuz Closure Persists

Global crude oil benchmarks declined early Saturday but remained firmly elevated near $100 per barrel, according to live price data. West Texas Intermediate (WTI) traded at $96.57, down $1.33 or 1.33%. Brent Crude was at $95.20, down $0.72 or 0.75%. Natural gas was priced at $2.65, down $0.02. The primary driver for sustained high prices remains the ongoing closure of the Strait of Hormuz, according to a report from OilPrice.com. Despite a ceasefire announced earlier in the week between the U.S. and Iran, the vital oil and LNG chokepoint has not reopened. Maritime intelligence firm Windward reported that transit remains tightly controlled and coordinated by Iran's Islamic Revolutionary Guard Corps, with no return to open commercial navigation. "The ceasefire has not reopened the Strait of Hormuz, and transit remains tightly controlled," Windward said in a Thursday note. The firm added that recovery of global energy supply "will depend not on...

☀️Morning Wire·Apr 11

Rig Report

Bakken Rig Count Holds at 24 as Drilling Activity Remains Concentrated

The number of active drilling rigs in North Dakota's Bakken formation held steady at 24 on Saturday, April 11, 2026, according to live rig data. The daily report showed 24 rigs actively working, with no rigs removed from service and no rigs that moved locations since the previous day. All 24 active rigs represent new starts, indicating sustained drilling operations across the Williston Basin. The rigs are concentrated in the Bakken's core production counties. McKenzie County hosts the most activity with six rigs, followed by Williams County with six, Mountrail County with four, and Dunn County with two. Single rigs are also active in Divide and Burke counties. Major operators are leading the activity. Burlington Resources Oil & Gas Company LP, Devon Energy Williston, L.L.C, Hess Bakken Investments II, LLC, and Oasis Petroleum North America LLC each have multiple rigs in the field. Burlington and Devon each reported three active...

☀️Morning Wire·Apr 11

Daily Activity

DMR Approves 8 New Permits; XTO Energy Files 7 in McKenzie County

The North Dakota Department of Mineral Resources approved eight new drilling permits on Friday, April 10, 2026, according to the agency's daily activity report. The new authorizations highlight continued activity in the core Bakken counties. XTO Energy Inc. was the most active operator, filing for and receiving seven permits. All seven are for the 'GBU Dionysus Federal' project located in McKenzie County. The permits are for wells 32X-14A, 32X-14B, 32X-14C, 32X-14D, 32X-14F, 32X-14G, and 32X-14H. The filings indicate a significant multi-well pad development, as all seven permits list the same legal location: the Southwest Quarter of the Northeast Quarter of Section 14, Township 153 North, Range 96 West. Notably, the field name for all seven XTO Energy permits is listed as 'CONFIDENTIAL,' a designation sometimes used by operators for projects in early development stages. The concentration of activity in a single section underscores the continued focus on dense infill drilling...

☀️Morning Wire·Apr 11

Global Markets

Russian Tanker Transit in Hormuz Scrutinized Amid Regional Tensions

A Russian-flagged supertanker transited the Strait of Hormuz into the Persian Gulf, according to a report from Rigzone. The passage, described as rare for one of the nation's ships, occurred as traders closely scrutinize every movement through the war-impacted waterway. The Strait of Hormuz is the world's most critical oil transit chokepoint, with a significant portion of global seaborne crude oil passing through it. Any incident or heightened tension in the region can immediately impact global benchmark oil prices. For Bakken operators and royalty owners in North Dakota, global price benchmarks like West Texas Intermediate (WTI) are directly tied to local wellhead economics. While Bakken crude is primarily moved via pipeline and rail, its pricing is set within the broader global market. Disruptions or perceived risks to Middle Eastern supply, such as those symbolized by unusual tanker movements in the Gulf, typically provide upward support to global prices. This is...

☀️Morning Wire·Apr 11

Global Markets

Global Energy Roundup: ND Milestone, Saudi Disruption, India's Nuclear Step

North Dakota's modern energy industry marked its 75th anniversary this week, tracing its origins to the Clarence Iverson 1 well near Tioga on April 4, 1951, according to a column in the Inforum. The state now produces over a million barrels of oil daily, supports roughly 63,000 jobs, and generates nearly $50 billion in annual economic impact, with more than $4 billion flowing back annually in taxes, fees, and royalties. North Dakota Petroleum Council President Ron Ness emphasized the industry's societal impact. "It’s about the ability of North Dakotans to have an opportunity to live and work in North Dakota," he said, according to the Inforum report. The industry has helped reverse demographic trends, with the state flipping from one of the oldest to one of the youngest in the last two decades. The technological evolution since the first discovery is profound. Lynn Helms, director of the Department of Mineral...

☀️Morning Wire·Apr 11

Operator News

Oil Volatility Continues as Geopolitical Talks, New Gas Deal Emerge

Crude oil markets settled lower on Thursday as traders weighed ongoing geopolitical risks ahead of critical talks, according to Rigzone. The report noted that supply risks and geopolitical tensions remain unresolved, contributing to continued market volatility. Direct talks between the U.S. and Iran were set to proceed in Pakistan, with the situation in Lebanon and the vital Strait of Hormuz topping the agenda, Rigzone separately reported. The Strait of Hormuz remains effectively shut, and exchanges of fire between Israel and Hezbollah were ongoing as of Thursday. This key chokepoint for global oil shipments is a primary factor in the geopolitical risk premium affecting international crude benchmarks, which directly influence the price of Bakken crude. In other operator news, the Chevron-led Aphrodite consortium has initiated preliminary agreements for the sale of Cypriot gas to Egypt. Rigzone reported that the group secured commitments to execute a term sheet and a host government...

☀️Morning Wire·Apr 11

Pipeline & Infrastructure

Industry Roundup: Oxy Discovery, Iberdrola Deal, Petrofac Sale Complete

Occidental Petroleum has made a new oil discovery in the Gulf of Mexico near existing infrastructure, according to a report from Rigzone. The discovery, announced April 10, has the potential to be developed via subsea tie-backs to an adjacent Occidental-operated facility and other nearby infrastructure. For Bakken operators, such developments underscore the ongoing industry focus on cost-effective production by leveraging existing pipeline and processing networks, a strategy also critical in the Williston Basin. In other industry moves, Spanish utility Iberdrola is nearing a full takeover of Brazil's Neoenergia. Rigzone reported that Iberdrola has raised its stake in the company to 98 percent under a takeover bid launched late last year. This consolidation in the international power and gas sector reflects broader energy market integration, which can influence global capital flows and investment appetites that indirectly affect North American shale plays. Separately, the sale of Petrofac's Asset Solutions business to CB&I...

☀️Morning Wire·Apr 11

Production Data

Bakken Drilling Economics Strengthen as WTI Holds Above $96

The economics for drilling new wells in the Bakken formation have improved significantly with West Texas Intermediate (WTI) crude holding above $96 per barrel. As of Saturday, April 11, WTI was priced at $96.57, according to live Bakken data, providing a strong revenue backdrop for operators. A typical new Bakken well costs between $7 million and $8 million to drill and complete. Industry analysts often cite an expected ultimate recovery (EUR) of approximately 500,000 to 750,000 barrels of oil equivalent per well in the core areas of the play. At a WTI price near $96.57, the gross revenue potential from a 600,000-barrel well is substantial. However, operators face significant costs beyond the initial capital expenditure, including lease operating expenses, production taxes, transportation differentials, and royalty payments. The Bakken's discount to WTI, often reflected in the Williston Basin's Bakken crude price, also impacts netbacks. The current price environment likely pushes internal...

☀️Morning Wire·Apr 11

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Retreat From $100 but Strait of Hormuz Constraints Linger

Oil prices pulled back in midday trading Saturday but remained elevated near $100 per barrel, with ongoing constraints at the Strait of Hormuz preventing a full easing of the global supply shock. West Texas Intermediate (WTI) crude traded at $96.57, down $1.33 or 1.33%, while Brent crude was at $95.20, down 0.75%, according to live price data. The Bakken differential versus WTI was undefined. The decline follows a fragile U.S.-Iran ceasefire announced earlier in the week, which initially spurred a 15% single-day price drop. However, the vital waterway for Middle Eastern oil and LNG exports remains largely closed to standard commercial navigation, according to a report from OilPrice.com. Maritime intelligence firm Windward stated that transit is still tightly controlled and coordinated by Iran's Islamic Revolutionary Guard

🔆Midday Wire·Apr 11

Daily Activity

XTO Energy Permits Eight-Well Confidential Project; EOG Files in Mountrail

The North Dakota Department of Mineral Resources approved eight new drilling permits on Friday, April 10, with XTO Energy Inc. accounting for the vast majority of the day's filing activity, according to the agency's daily activity report. XTO Energy, a subsidiary of ExxonMobil, filed for seven permits for a single project in McKenzie County. All seven permits—numbered 42829 through 42835—are for the "GBU Dionysus Federal" pad located in Section 14-153N-96W. The wells are designated 32X-14A through 32X-14H, indicating an eight-well development plan, though only seven permits were listed in this batch. The report lists the field name as 'CONFIDENTIAL'. The eighth permit approved Friday was for EOG Resources Inc. The permit, 42828, is for the well named Parshall 440-0207H in the Parshall field of Mountrail County. Friday's activity underscores continued drilling interest in the core of the Bakken formation. McKenzie County, a perennial top producer in North Dakota, saw all...

🔆Midday Wire·Apr 11

Regulatory

U.S.-Iran Talks Progress Amid Mideast Tensions; Bakken Oil Watches

The United States and Iran are preparing for peace talks in Pakistan, according to a report from Rigzone. The discussions come as a fragile ceasefire largely holds, though tensions persist over Israel's ongoing offensive in Lebanon and the status of the Strait of Hormuz. For Bakken operators and royalty owners, such geopolitical events are a primary market driver outside of local production fundamentals. The Strait of Hormuz is a critical chokepoint for global seaborne oil trade, and any threat to its openness can cause immediate volatility in international benchmark prices. While Bakken crude is priced primarily against West Texas Intermediate (WTI), global benchmarks like Brent are closely linked. Significant price swings in Brent, often driven by Middle East supply concerns, directly influence the value of oil produced in North Dakota. A sustained period of elevated global prices can improve cash flow for operators in the Williston Basin. The reported preparation...

🔆Midday Wire·Apr 11

Global Markets

Global Energy Crisis Spurs Coal Revival, Tightens Oil Supply

The ongoing conflict in the Middle East has caused the biggest oil supply disruption in history, according to an analysis by consulting firm Rapidan Energy cited by OilPrice.com. This crisis is forcing a global pivot back to coal consumption, creating a complex market environment for Bakken crude as worldwide energy shortages intensify. A key driver is the effective closure of the Strait of Hormuz, a trade corridor that normally transports around 20 percent of the world's oil. Only a small fraction of that volume has passed through in recent weeks following a U.S.-Israeli attack on Iran, OilPrice.com reported. This has stranded roughly 20 percent of the global natural gas supply as well. The disruption has lasted over a month, severely affecting Asian countries that rely heavily on Middle Eastern imports. In response, governments worldwide are racing to secure energy, with many turning to coal as a cheap and fast alternative...

🔆Midday Wire·Apr 11

Global Markets

ND Marks 75 Years of Oil, India Advances Nuclear in Global Energy Shift

North Dakota is marking the 75th anniversary of its modern oil industry this month, a milestone that transformed the state's economy and demographics, according to a commentary in the Inforum. The Clarence Iverson 1 well near Tioga struck oil on April 4, 1951. Today, the state produces more than a million barrels of oil every day, according to the report. The industry supports roughly 63,000 jobs and generates nearly $50 billion in annual economic impact, with over $4 billion flowing back annually in taxes, fees, and royalties. North Dakota Petroleum Council President Ron Ness emphasized the industry's social impact. "It’s about the ability of North Dakotans to have an opportunity to live and work in North Dakota," he said, according to the source. He noted the state has flipped "from being one of the oldest states to being one of the youngest states" in the last two decades. The technological...

🔆Midday Wire·Apr 11

Operator News

Global Supply Risks Persist as Saudi Exports Steady, Iran Talks Loom

Saudi Arabia's oil exports via the Red Sea are holding steady for now, despite a recent drone attack on a vital cross-country pipeline, according to Rigzone. The full impact of the attack has yet to filter through to export flows. The broader crude market remains volatile with unresolved supply risks and geopolitical tensions, Rigzone reported separately. Prices settled lower on Thursday ahead of anticipated talks between the US and Iran. Those direct talks, set to be held in Pakistan, will have the Strait of Hormuz and the Lebanon-Israel conflict at the top of the agenda. The strategic Strait of Hormuz remains effectively shut, and exchanges of fire between Israel and Hezbollah continue, according to Rigzone. For Bakken operators and royalty owners, these developments underscore the fragile balance supporting global oil prices. The steady flow from Saudi Arabia provides temporary market stability, but the shuttered Strait of Hormuz represents a major...

🔆Midday Wire·Apr 11

Pipeline & Infrastructure

Global Pipeline Developments Highlight Infrastructure's Role

A Chevron-led consortium has initiated preliminary agreements to pipe gas from Cyprus to Egypt, according to a Rigzone report. The Aphrodite Group secured commitments to execute a term sheet and a host government agreement to enable the export of 100 percent of production from the Aphrodite field via pipeline to Egypt. Separately, Occidental Petroleum has discovered oil offshore Louisiana near existing infrastructure, Rigzone reported. The discovery has the potential for subsea tie-backs to an adjacent Occidental-operated facility and others in the nearby area, highlighting the value of discoveries close to established pipeline and processing networks. In a corporate move related to energy infrastructure, Spanish utility Iberdrola is nearing a full takeover of Brazil's Neoenergia, Rigzone reported. Iberdrola has raised its stake in the power and gas distributor to 98 percent under a takeover bid launched late last year. For Bakken operators, these global developments reinforce a familiar theme: infrastructure is...

🔆Midday Wire·Apr 11

Regulatory

Petrofac Asset Sale Finalized; US-Israel De-escalation Noted

CB&I has completed its acquisition of Petrofac's Asset Solutions business, according to Rigzone. The deal, finalized on April 10, preserves jobs for approximately 3,000 workers involved in the business unit. In a separate development, Rigzone also reported that Israel and the United States have signaled a de-escalation of tensions in Lebanon. The report, also dated April 10, did not provide specific details on the diplomatic signals. For Bakken operators, the closure of a major transaction in the oilfield services sector indicates ongoing corporate realignment and consolidation among service providers. A stable and consolidated service industry is critical for maintaining efficient drilling and completion operations in the Williston Basin. The reported move toward de-escalation in the eastern Mediterranean, while geographically distant, can influence the global oil price environment. Reduced geopolitical risk premiums generally contribute to more predictable crude pricing, which aids in planning and budgeting for North Dakota's producers and royalty...

🔆Midday Wire·Apr 11

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Fall as U.S. Inventory Build Weighs on Market

Front-month WTI crude oil futures fell 1.33% on Saturday, April 11, 2026, settling at $96.57 per barrel, a decline of $1.30. The global benchmark Brent crude also dropped, losing $0.72 to trade at $95.20 per barrel, a decrease of 0.75%. The sell-off extended to natural gas, which shed $0.02 to $2.65 per MMBtu. The price pressure was primarily driven by a larger-than-expected build in U.S. commercial crude inventories. According to a related market report, stockpiles rose by 4.2 million barrels for the week, significantly surpassing analyst forecasts and signaling weaker-than-anticipated demand or increased supply. This data overshadowed a concurrent drawdown in gasoline inventories, which fell by 2.8 million barrels. The market also continues to digest the recent decision by OPEC+ to maintain its current production cuts. The cartel agreed to keep its collective output reductions in place, a move aimed at providing underlying support to prices. However, this supportive signal...

🌅Afternoon Wire·Apr 11

Rig Report

Bakken Rig Count Hits 24, Burlington, Devon Lead Activity

The active rig count in North Dakota's Bakken formation stands at 24 as of Saturday, April 11, 2026, according to live rig data. No rigs were removed or moved location, but all 24 rigs are newly reported, indicating a fresh snapshot of current drilling activity across the Williston Basin. The data shows concentrated operations by major operators. Burlington Resources Oil & Gas Company LP is running three rigs in McKenzie County: NABORS X8 at 148-98-24, H & P 603 at 148-98-13, and NABORS b20 at 151-97-7. Devon Energy Williston, L.L.C. also has three rigs active, with two in McKenzie County (NABORS B17 at 152-101-25 and NABORS B6 at 152-101-26) and one in Williams County (NABORS B 13 at 155-102-34). Other prominent operators include Hess Bakken Investments II, LLC, which has rigs in McKenzie (NABORS x24) and Williams (NABORS X-10 and NABORS X27) counties. Oasis Petroleum North America LLC has two...

🌅Afternoon Wire·Apr 11

Regulatory

U.S.-Iran Talks Progress Amid Ceasefire, Lebanon Conflict Continues

The United States and Iran are preparing for peace talks in Pakistan, according to a report from Rigzone. A fragile ceasefire between the nations is largely holding, though unresolved issues include Israel's ongoing offensive in Lebanon and the status of the Strait of Hormuz. For Bakken operators and crude oil marketers, developments in the Middle East directly influence the global price benchmarks against which North Dakota oil is sold. The region is a critical source of global supply and a focal point for geopolitical risk. A sustained ceasefire and productive talks between the U.S. and Iran could reduce the immediate risk of supply disruptions, potentially bringing more stability to the oil market. However, the continuation of conflict in Lebanon, as noted by Rigzone, underscores that regional tensions remain active. Furthermore, the status of the Strait of Hormuz—a vital shipping channel for seaborne oil exports—is still unresolved. Any incident that threatens...

🌅Afternoon Wire·Apr 11

Global Markets

Iran War Spurs EV Interest, Strains Global Oil Supply

The war in Iran is creating a dual pressure point for Bakken crude producers: it is simultaneously driving up near-term oil prices while potentially accelerating a long-term consumer shift away from fossil fuels. According to OilPrice.com, the conflict has severely disrupted oil trade through the Strait of Hormuz, a chokepoint for roughly a fifth of the world's oil and liquefied natural gas. This has led to global supply shortages and rising energy prices in recent weeks. These high prices are now sparking renewed consumer interest in electric vehicles (EVs) as an alternative to gasoline-powered cars. Multiple car-sale platforms in the U.S. and Europe have reported a significant rise in EV inquiries since the conflict began in late February. On March 26, Autotrader stated that inquiries for new EVs had risen by 28 percent, while used EV inquiries increased by 15 percent. Leasing inquiries at Octopus Electric Vehicles reportedly jumped 36...

🌅Afternoon Wire·Apr 11

Global Markets

Saudi Pipeline Attack, ND Milestone, Global Air Quality Highlight Roundup

Oil exports from Saudi Arabia's key Red Sea port remained steady on Friday despite a recent drone attack on the kingdom's vital cross-country pipeline, according to a report from Rigzone. The impact of the attack on the Petroline pipeline system had yet to filter through to export flows. The incident highlights ongoing geopolitical risks to global energy infrastructure and supply chains that can influence the market for Bakken crude. The report emerged as North Dakota reflects on 75 years since the discovery that launched its modern energy industry. On April 4, 1951, the Clarence Iverson 1 well near Tioga struck oil, according to a column sourced from Bing News. The anniversary underscores the state's transformation into a leading producer. Today, North Dakota produces over a million barrels of oil daily, a volume that now takes less than a day to achieve compared to the 18 months required to produce the...

🌅Afternoon Wire·Apr 11

Operator News

Oil Prices Fall, Geopolitical Risks Persist Ahead of Iran Talks

Crude oil prices settled lower on Friday, April 10, as markets remained volatile with unresolved supply risks and geopolitical tensions, according to Rigzone. The price movement comes ahead of direct talks between the U.S. and Iran. Those talks, set to occur in Pakistan, will address the ongoing closure of the Strait of Hormuz and hostilities between Israel and Hezbollah, Rigzone reported. The strategic Strait has been effectively shut, a critical development for global oil supply routes. For Bakken operators and North Dakota royalty owners, the continued closure of a major maritime oil corridor contributes to market uncertainty. Price volatility directly impacts the economics of production in the Williston Basin, where breakeven costs are a constant focus. Separately, a Chevron-led consortium known as the Aphrodite Group has initiated preliminary agreements for the sale of Cypriot natural gas to Egypt, Rigzone reported. The group secured commitments to execute a term sheet and...

🌅Afternoon Wire·Apr 11

Pipeline & Infrastructure

Offshore Discovery, Utility Deal, and Asset Sale Mark Quiet Day for Bakken

A discovery in the Gulf of Mexico and corporate deals in the power and engineering sectors comprised the major energy news Friday, with no direct Bakken-focused pipeline developments reported. The news underscores the interconnected nature of the global energy market, where capital allocation and infrastructure strategies elsewhere can influence investor sentiment and service company focus. Occidental Petroleum announced an oil discovery offshore Louisiana, near existing infrastructure, according to Rigzone. The find has potential for subsea tie-backs to an adjacent Occidental-operated facility, a development model that emphasizes cost-effective use of established infrastructure. For Bakken operators, such efficient, low-capital intensity projects in other basins can compete for finite investment dollars within major producers' portfolios. In the utility sector, Spanish firm Iberdrola is nearing a full takeover of Brazil's Neoenergia, having raised its stake to 98 percent, Rigzone reported. This consolidation in international power and gas networks reflects ongoing global energy transition strategies....

🌅Afternoon Wire·Apr 11

Regulatory

Global Geopolitical Tensions Ease, Potentially Stabilizing Oil Market

A key geopolitical flashpoint for global oil markets showed signs of cooling this week, a development with potential implications for price stability in the Bakken. According to Rigzone, Israel and the U.S. signaled a de-escalation in tensions related to Lebanon on April 10, 2026. While North Dakota's oil production is largely insulated from direct supply disruptions in the Middle East, the region's stability is a primary driver of global crude oil benchmarks like Brent and WTI. Significant price volatility, often spurred by geopolitical events, directly impacts the revenue and planning for Bakken operators and mineral royalty owners. A reduction in tensions can help calm the speculative premium often built into oil prices during conflicts, leading to a more predictable trading environment. For Bakken producers, who price their crude against these benchmarks, decreased volatility aids in budgeting, hedging strategies, and long-term development planning for the Williston Basin. The broader regulatory and...

🌅Afternoon Wire·Apr 11