Sunday, April 12, 2026

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Oil Prices

Oil Prices Dip as 'Dark Fleet' Sustains Flows Despite Hormuz Tensions

Front-month WTI crude oil futures traded at $96.57 per barrel on Sunday, down $1.30 or 1.33% from the previous close. The global benchmark, Brent crude, was at $95.20, a decrease of $0.72. Natural gas prices also saw a slight decline, trading at $2.65. The price retreat comes amid a complex global supply picture centered on the Strait of Hormuz. While visible metrics indicate extreme stress and a near-total collapse of conventional tanker traffic, a parallel shipping system is keeping significant volumes of oil moving, according to a report from OilPrice.com. The critical chokepoint has not been completely closed but transformed into a "selectively controlled corridor," the report states. Conventional, Western-linked shipping has declined by over 90%, but a shadow network known as Iran's "dark fleet" continues to operate. This system, which evolved as a sanctions workaround, is now facilitating resilient export levels from Iran itself. Current estimates indicate Iranian exports...

☀️Morning Wire·Apr 12

Rig Report

Bakken Rig Count Holds Steady at 24

North Dakota's active drilling rig count remained unchanged at 24 on Sunday, April 12, 2026, according to live rig data from Bakken Wire. The data showed no new rigs added, none removed, and no rigs that moved location since the previous day. The steady count indicates a period of stability for drilling operations in the Williston Basin, North Dakota's primary oil-producing region. The current level of activity is closely watched by operators and royalty owners as a leading indicator of future oil production. While the daily rig data shows no movement, broader energy sector developments continue to shape the investment landscape. According to a report from OilPrice.com published on April 11, breakthroughs in energy technology, such as perovskite solar cells, could eventually disrupt traditional electricity markets if durability challenges are solved. Such long-term shifts in energy generation may influence future investment strategies across the energy complex. The immediate focus for...

☀️Morning Wire·Apr 12

Daily Activity

No New Permits or Spuds Filed in North Dakota on Saturday

The North Dakota Department of Mineral Resources (DMR) reported no new regulatory filings in its daily activity report for Saturday, April 11, 2026. The daily report, which tracks new drilling permits issued, well completions reported, spud notices, and plugging records, contained no entries for the day. According to the DMR, the report reflected no new activity. Days with no new filings are a normal part of the regulatory cycle, particularly on weekends and around holidays when administrative offices are typically closed and field operations slow. The report serves as a key daily snapshot of permitting and drilling activity for the state's oil and gas industry, with data provided by the DMR's Oil and Gas Division. The next report, covering activity for Sunday, April 12, is expected to be released on Monday morning.

☀️Morning Wire·Apr 12

Regulatory

Geopolitical Talks, Mideast Tensions Hold Market Attention for Bakken

International diplomatic moves and persistent Middle East conflict are key factors for Bakken crude pricing as the new week begins. According to Rigzone, the U.S. and Iran are preparing for peace talks in Pakistan, with a fragile ceasefire largely holding. The same report notes that unresolved issues include Israel's ongoing offensive in Lebanon and the status of the Strait of Hormuz. For operators in the Williston Basin, these developments represent a classic mix of market pressures. Potential de-escalation between the U.S. and Iran could ease global supply concerns, applying downward pressure on the benchmark oil prices that Bakken crude follows. Conversely, the continued Israeli operations in Lebanon and any uncertainty around the vital Strait of Hormuz—a chokepoint for global seaborne oil trade—remain upside risk factors for volatility. The Bakken formation's economic viability is directly tied to the prevailing price of West Texas Intermediate (WTI) crude. While North Dakota's production is...

☀️Morning Wire·Apr 12

Global Markets

Iran Conflict Spurs EV Interest, Potentially Impacting Long-Term Bakken Demand

The war in Iran and broader Middle East conflict are highlighting vulnerabilities in the global energy market, with rising fossil fuel prices and supply chain disruptions spurring oil shortages worldwide. According to a report from OilPrice.com, this environment is making consumers and policymakers more aware of energy security, leading many to increasingly consider electric vehicles (EVs) to reduce reliance on petrol. Data from vehicle marketplaces shows a significant rise in consumer interest for EVs since the conflict began in late February. The online marketplace Autotrader reported on March 26 that inquiries into buying a new EV had risen by 28 percent, with used EV inquiries up 15 percent. The leasing specialist Octopus Electric Vehicles said inquiries into EV leasing had risen by 36 percent over a similar period. The primary driver is the severe disruption to oil trade through the Strait of Hormuz, where around a fifth of the world’s...

☀️Morning Wire·Apr 12

Global Markets

ND Marks 75 Years of Oil as Global Supply Risks Mount

North Dakota's oil industry marks its 75th anniversary this month, a milestone highlighting the state's transformation into a daily million-barrel producer amid ongoing global supply disruptions. The first commercial well, Clarence Iverson 1 near Tioga, struck oil on April 4, 1951, according to a column in the Inforum. The industry's growth has fundamentally reshaped the state. North Dakota now produces over one million barrels of oil daily, supports roughly 63,000 jobs, and generates nearly $50 billion in annual economic impact, with more than $4 billion returned yearly in taxes, fees, and royalties, the column reported. North Dakota Petroleum Council President Ron Ness emphasized the industry's role in reversing demographic trends. "We have flipped the age of North Dakotans to being one of the oldest states to being one of the youngest states," he was quoted as saying. Technological advances have driven the boom. Lynn Helms, director of the Department of...

☀️Morning Wire·Apr 12

Operator News

Oil Volatile as Geopolitical Talks Continue; Aphrodite Gas Deal Advances

Crude oil markets settled lower on Thursday amid ongoing volatility as the U.S. and Iran prepared for direct talks, according to Rigzone. The negotiations come with key supply risks unresolved, including the effective closure of the Strait of Hormuz. Geopolitical tensions remain high, with the Strait of Hormuz still shut and Israel and Hezbollah exchanging fire, Rigzone reported separately. These factors are contributing to market uncertainty, which directly impacts the pricing environment for Bakken crude. For North Dakota producers, sustained volatility can complicate near-term drilling and completion budgets. In other operator news, the Chevron-led Aphrodite Group has initiated preliminary agreements to sell Cypriot natural gas to Egypt. The consortium secured commitments to execute a term sheet and a host government agreement to enable the piped export of 100 percent of production from the Aphrodite field, Rigzone reported. While this development is specific to the Eastern Mediterranean, it highlights the continued...

☀️Morning Wire·Apr 12

Pipeline & Infrastructure

Pipeline Roundup: Offshore Discovery, Utility M&A, and Asset 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 for subsea tie-backs to adjacent Occidental-operated facilities. For Bakken operators, such cost-efficient developments offshore can influence broader corporate capital allocation strategies and overall U.S. production levels, potentially affecting midstream capacity demand. In a major utility transaction, Spanish power and gas utility Iberdrola is nearing a full takeover of Brazil's Neoenergia. Rigzone reported on April 10 that Iberdrola has raised its stake in the Brazilian company to 98 percent. This consolidation in a key international power market reflects the ongoing global integration of energy and utility sectors, a trend that shapes the investment landscape for energy producers worldwide, including those in the Williston Basin. Separately, the sale of Petrofac's Asset Solutions business to CB&I has been completed, Rigzone reported. The transaction,...

☀️Morning Wire·Apr 12

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Dip as "Dark Fleet" Sustains Flows Amid Hormuz Strain

Global oil benchmarks declined in midday trading Sunday, with West Texas Intermediate crude falling 1.33% to $96.57 per barrel. Brent crude was down 0.75% to $95.20, according to live price data. The price drop comes despite ongoing geopolitical tensions in the Middle East and a reported collapse of over 90% in conventional commercial traffic through the Strait of Hormuz. The decline is being attributed to market recognition of a resilient, parallel shipping system that is preventing a total supply disruption. According to a report from OilPrice.com, Iran's so-called "dark fleet" of sanctioned tankers and vessels operating under opaque ownership structures is continuing to move oil through the strategic chokepoint. While major Gulf exporters like Saudi Arabia and the UAE face constrained exports, Iranian-linked shipping is sustaining flows with tacit tolerance from Iranian naval forces. Current estimates indicate Iranian exports have remained at a surprisingly resilient 1.5 to 1.7 million barrels...

🔆Midday Wire·Apr 12

Regulatory

Global Geopolitical Tensions Persist as U.S., Iran Set for Talks

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 between the parties largely holds. However, significant issues remain unresolved, including Israel's ongoing offensive in Lebanon and the status of the Strait of Hormuz. The Strait is a critical maritime chokepoint for global oil shipments. For Bakken operators and royalty owners, sustained stability in the Middle East is a key factor for global oil price benchmarks. The Bakken formation in North Dakota is a price-taker in the international market, with local crude prices closely tied to West Texas Intermediate (WTI). Geopolitical events that threaten supply routes or production in key regions like the Middle East typically create upward pressure on global prices. Conversely, diplomatic progress and sustained ceasefires can reduce the geopolitical risk premium baked into crude markets. The specific mention of the Strait of...

🔆Midday Wire·Apr 12

Global Markets

Hormuz Crisis Accelerates Global Shift, Reshaping Bakken's Market Landscape

The fragile ceasefire following a blockade of the Strait of Hormuz is reshaping global energy priorities, with profound long-term implications for producers in North Dakota's Bakken formation. According to a report from OilPrice.com, the disruption that began over a month ago halted the flow of approximately 20 million barrels per day of oil and gas, causing prices to skyrocket globally. The crisis has exposed the fragility of concentrated global fossil fuel supply chains that rely on militarized maritime chokepoints. A Forbes report cited by the source states the conflict has "once again exposed the fragility of the global fossil fuel system." In response, nations are urgently prioritizing energy security and resilience, even if it means difficult transitions away from established trade relationships. This strategic shift is "about to kick the global clean energy transition – and, by association, the global energy storage sector – into overdrive," OilPrice.com reports. The clean...

🔆Midday Wire·Apr 12

Global Markets

North Dakota Marks 75 Years Since Oil Discovery, Industry Faces Global Tech Shifts

The North Dakota oil industry this month marks the 75th anniversary of the discovery that launched it, even as operators worldwide navigate significant technological and economic shifts in the energy sector. The milestone traces back to April 4, 1951, when the Clarence Iverson 1 well struck oil near Tioga, according to a column in the Inforum. That discovery sparked a transformation for the state. Today, North Dakota produces more than a million barrels of oil every day, a milestone it reaches daily by 8 p.m., according to Lynn Helms, director of the Department of Mineral Resources. Helms contrasted this with 1951, when it took the industry 18 months to produce its first 1 million barrels, calling the technological leap the difference "between a Model T and the space shuttle." The industry's economic impact is substantial, supporting roughly 63,000 jobs and generating nearly $50 billion in annual economic impact for North...

🔆Midday Wire·Apr 12

Operator News

Global Supply Risks Mount as Bakken Watches Europe Fuel Warning

A European airport trade association warned the region faces a systemic jet-fuel shortage within three weeks if the Strait of Hormuz remains restricted, according to Rigzone. The critical chokepoint for global oil shipments has seen heightened tensions, directly threatening refined product supplies to Europe. Separately, Rigzone reported that Saudi Arabia's oil exports via the Red Sea are holding steady for now, despite a recent drone attack on the kingdom's vital East-West Pipeline. The full impact of that attack on flows has yet to filter through to export terminals. These developments underscore the persistent volatility in global crude markets, where supply risks and geopolitical tensions remain unresolved. Oil prices recently settled lower ahead of anticipated diplomatic talks concerning Iran, a key actor in the region, Rigzone noted. For Bakken operators and royalty owners, these international disruptions highlight the interconnected nature of the global oil market. While North Dakota's production is largely...

🔆Midday Wire·Apr 12

Pipeline & Infrastructure

Global Pipeline Developments Highlight Geopolitical, Export Dynamics

Ongoing geopolitical tensions affecting a major global oil shipping chokepoint and a new natural gas pipeline agreement highlight the shifting landscape for energy flows and prices, according to recent industry reports. For Bakken operators, global disruptions and new supply routes can influence the competitive position of North Dakota's crude. The Strait of Hormuz remains effectively shut as the U.S. and Iran prepare for direct truce talks in Pakistan, with Israel and Hezbollah also exchanging fire, Rigzone reported on April 10. The strait is a critical passage for seaborne oil exports from the Middle East. Any prolonged closure typically supports global benchmark oil prices, which can benefit Bakken producers by improving margins, though it also raises global market volatility. In the Eastern Mediterranean, the Chevron-led Aphrodite Group has initiated preliminary deals to enable the piped export of Cypriot gas to Egypt, Rigzone reported. The consortium secured commitments to execute agreements for...

🔆Midday Wire·Apr 12

Regulatory

Global Energy M&A, Mid East De-escalation Headline Regulatory Roundup

Spanish utility Iberdrola has raised its stake in Brazil's Neoenergia to 98 percent, nearing a full takeover under a bid launched late last year, according to a report from Rigzone. The move represents continued consolidation and international investment in the global power and gas sector. In oilfield services, Petrofac has completed the sale of its Asset Solutions business to CB&I, Rigzone reported. The transaction preserves approximately 3,000 jobs. Such corporate restructuring within the service industry can impact the cost and availability of specialized contractors for upstream producers, including those in the Bakken. Separately, signals of de-escalation between Israel and Hezbollah in Lebanon have been noted by both Israeli and U.S. officials, as reported by Rigzone. A reduction in geopolitical tensions in key oil-producing regions typically supports global price stability by mitigating supply disruption risks. For Bakken operators and royalty owners, these developments collectively contribute to the broader operating environment. Stable...

🔆Midday Wire·Apr 12

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Retreat from Recent Highs

North Dakota's active drilling rig count held steady at 24 this week, according to live Bakken Wire data, as crude oil prices pulled back from recent peaks. The stability in the rig count, a key indicator of future production, comes alongside a midday trading price for West Texas Intermediate (WTI) crude of $96.57 per barrel, down $1.33 for the session. The current rig count of 24 represents a baseline level of activity for the Bakken formation in recent years, typically associated with maintaining production from core acreage rather than significant growth. Historically, the number of active drilling rigs is a leading indicator for oil production, with changes in the count foreshadowing shifts in output several months later. The current tally suggests operators are proceeding with disciplined development plans. Brent crude, the international benchmark, was also lower, trading at $95.20 per barrel. Natural gas prices were recorded at $2.65 per MMBtu....

🔆Midday Wire·Apr 12

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady Near $96 Amid Market Pause

Front-month West Texas Intermediate (WTI) crude oil futures held flat in quiet Sunday trading, settling at $96.57 per barrel, according to live price data. The global benchmark, Brent crude, was also unchanged at $95.20 per barrel. Natural gas prices were steady at $2.65 per MMBtu. The lack of price movement reflects typical weekend trading liquidity and a market in a holding pattern ahead of key weekly data. The Bakken differential to WTI was not quoted in the Sunday session. The stability at near-$96 WTI provides a continued favorable price environment for producers in the Williston Basin. For Bakken operators, sustained prices above $90 per barrel support robust drilling and completion economics. The current price level is well above the breakeven costs for most core Bakken shale wells, encouraging steady production and cash flow generation. However, the absence of a quoted differential highlights the need for midweek trading to establish local...

🌅Afternoon Wire·Apr 12

Rig Report

Bakken Rig Count Holds Steady at 24

The number of active drilling rigs in North Dakota was unchanged on Sunday, holding at 24, according to live data from Bakken Wire. There were no new rigs added, no rigs released, and no rigs that moved location. The flat activity continues a period of stability for drilling operations in the state's core oil-producing region. The Williston Basin, which covers much of North Dakota and extends into Canada, South Dakota, and Montana, is the geological formation responsible for Bakken shale production, according to a recent report from Bing News. A rig count of 24 represents a relatively low level of drilling activity compared to historical peaks seen in the basin. This plateau suggests operators are maintaining a disciplined capital spending approach, focusing on efficiency and returns from existing wells rather than aggressive expansion. The steady count indicates that current oil prices and market conditions are sufficient to support a baseline...

🌅Afternoon Wire·Apr 12

Regulatory

Global Energy Crisis Looms as Strait of Hormuz Remains Shut, Talks Begin

International efforts to secure a lasting Middle East ceasefire are underway as a prolonged shutdown of the Strait of Hormuz continues to threaten global oil supplies, according to reports from Rigzone and OilPrice.com. For Bakken producers, the situation creates a backdrop of extreme market volatility and shifting long-term demand dynamics. U.S. Vice President JD Vance is expected to lead an American delegation in peace talks with Iran scheduled for Saturday in Islamabad, Pakistan, Rigzone reported. The talks follow a fragile ceasefire announced by President Donald Trump after nearly six weeks of fighting. A major unresolved issue is the status of the Strait of Hormuz, which Iran effectively shut down after U.S. and Israeli airstrikes began on February 28. The strait typically handles roughly a fifth of the world’s oil and liquefied natural gas. President Trump vowed to keep troops in the Persian Gulf ahead of the talks, "until such time...

🌅Afternoon Wire·Apr 12

Global Markets

China's Energy Resilience May Dampen Long-Term Bakken Export Demand

China's extensive preparation for global energy shocks is positioning it to weather current crises, a development with potential long-term implications for crude oil exporters like the Bakken. According to a report from OilPrice.com, China has built a 1.3-billion-barrel strategic crude reserve—enough for several months—and has seen its refined oil, diesel, and gasoline demand fall for two consecutive years. Experts now believe China's oil and gas demand may have peaked. This shift is driven by a rapid build-out of renewable energy and China's dominance in electric vehicles and batteries, allowing it to power more cars and trains with electricity. While China still imports three-quarters of its oil, its increasing self-sufficiency and strategic stockpiling could soften future demand for imported crude. For Bakken producers, China's evolving energy profile represents a key variable in long-term export market calculations. The current global energy crisis, triggered by conflict in the Middle East that has limited...

🌅Afternoon Wire·Apr 12

Global Markets

Global Oil Volatility Continues as ND Marks 75 Years Since First Bakken Strike

Global oil prices edged lower Friday as markets awaited high-stakes talks between the U.S. and Iran, according to Rigzone. West Texas Intermediate fell 1.3% to settle below $97 a barrel, with Brent crude ending near $95. The decline comes amid a fragile ceasefire in the Middle East, with the strategically vital Strait of Hormuz still largely closed to traffic. The talks, set to begin Saturday in Islamabad, will focus on reopening the Strait of Hormuz and a ceasefire in Lebanon, Rigzone reported. U.S. Vice President JD Vance is leading the American delegation. The ongoing blockade has kept crude prices more than 30% above pre-conflict levels despite the recent sell-off, which marked the biggest weekly retreat in six years. Traffic through the strait showed little sign of a meaningful pickup as shipowners awaited clarity. Against this backdrop of global uncertainty, North Dakota this month marks the 75th anniversary of the discovery...

🌅Afternoon Wire·Apr 12

Operator News

Chevron Advances Major Gas Export Deal, Partners on Gulf Discovery

Chevron Corp., a major operator in the Williston Basin, is leading a consortium that has secured commitments to pipe gas from the Aphrodite field off Cyprus to Egypt for at least 15 years, according to Rigzone. The deal, initiated by the Aphrodite Group, involves executing a term sheet and a host government agreement to enable the export of 100% of the field's production to state-owned Egyptian Natural Gas Holding Co (EGAS). An assessment last month increased the best estimate of contingent natural gas resources on Cyprus' side of the field to 3.67 trillion cubic feet. Export volumes are planned to increase to 700 million cubic feet per day after at least six years from the start of commercial supply, co-owner NewMed Energy LP said. The parties have agreed to build a pipeline to carry the gas, with a final delivery point at Port Said, Egypt. NewMed expects the term sheet...

🌅Afternoon Wire·Apr 12

Pipeline & Infrastructure

Global Pipeline, Security Shifts Impact Bakken Market Dynamics

The completion of Petrofac Ltd's Asset Solutions business sale to CB&I provides new stability for a major global contractor, according to a company statement. The Woodlands, Texas-based CB&I, which designs and builds bulk liquid storage facilities, tanks and terminals, finalized the acquisition on April 10, 2026, saving jobs for about 3,000 workers. CB&I President and CEO Mark Butts stated the deal strengthens the company's portfolio with a complementary reimbursable contracting business, delivering predictable cash flow and enhancing service capabilities. Petrofac, under administration since last year, completed the divestment following a creditor vote and a resolved legal challenge. Proceeds from the sale, agreed on a "debt-free, cash-free" basis in December 2025, will be used to settle creditor claims through an allocation plan that prioritizes secured creditors, according to a March 25 court ruling. The acquisition provides the Asset Solutions business access to CB&I's strong, debt-free balance sheet, ensuring continuity for customers,...

🌅Afternoon Wire·Apr 12

Regulatory

Global Supply Shocks, Regulatory Warnings Follow Hormuz Closure

Global energy markets face continued strain from the Iran conflict's aftermath, with new regulatory and supply warnings emerging as Bakken operators monitor price implications. The closure of the Strait of Hormuz is creating downstream fuel crises and highlighting the critical role of stable, non-OPEC production. Colombia's hydrocarbon sector is in steep decline, according to regulatory data for February 2026 cited by OilPrice.com. The Andean country pumped an average of 734,924 barrels of crude oil per day that month, a multi-year low not seen since July 2021 and a 23% drop from a decade ago. Natural gas output averaged 695 million cubic feet per day, down 16% year-over-year and 35% from ten years prior. The report attributes the declines to adverse regulatory reforms and tax hikes under the current administration, forcing the country to import a fifth of its natural gas. This serves as a stark case study for energy-producing regions...

🌅Afternoon Wire·Apr 12