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Monday, April 13, 2026

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Crude Surges Past $104 on Mideast LNG Shock, Strait of Hormuz Disruption - Bakken Wire
Oil Prices

Crude Surges Past $104 on Mideast LNG Shock, Strait of Hormuz Disruption

Oil prices surged past $100 a barrel on Monday, with West Texas Intermediate (WTI) crude jumping $7.51 to settle at $104.08, a gain of 7.78%. Brent crude followed, rising $7.12 to $102.32, according to live price data. The sharp rally is driven by escalating supply disruptions from the Middle East war, which have severely impacted global liquefied natural gas (LNG) markets and tightened crude oil sentiment. According to a report from OilPrice.com, the de facto closure of the Strait of Hormuz has stranded all Qatari and United Arab Emirates LNG supplies. Furthermore, Iranian missile attacks have caused severe damage to Qatar's Ras Laffan LNG complex. QatarEnergy declared force majeure and estimates the damage will cost about $20 billion per year in lost revenue, with repairs potentially taking up to five years, OilPrice.com reported. This has led Asian LNG prices to nearly double this month, with Asian buyers outbidding Europe for...

☀️Morning Wire·Apr 13
North Dakota Rig Count Holds Steady at 24 - Bakken Wire
Rig Report

North Dakota Rig Count Holds Steady at 24

The number of active drilling rigs in North Dakota's oil fields remained unchanged at 24 on Monday, April 13, 2026, according to live data from Bakken Wire. The report showed no new rigs added, no rigs removed, and no rigs that moved location since the previous day. This stability continues a period of relatively flat activity in the Bakken formation, the primary oil-producing region within the larger Williston Basin. The basin's geological structure, which extends into Canada, South Dakota, and Montana, is the source of North Dakota's prolific oil production, according to a recent report from Bing News. The current rig count of 24 provides a snapshot of the capital expenditure and operational tempo among exploration and production companies working in the state. A steady count suggests operators are maintaining, but not aggressively expanding, their drilling programs given current market conditions. Rig count is a leading indicator of future oil...

☀️Morning Wire·Apr 13
DMR Daily Activity Report Shows No New Filings for Sunday - Bakken Wire
Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, April 12, contained no new filings, according to the agency's data. The report, which is typically released each business day, showed no new permits, spud notices, completion reports, or plugging records. The DMR daily activity report is a key source of operational data for the Bakken formation and wider Williston Basin. It provides timely information on new drilling permits issued, wells that have started drilling (spud), wells that have been completed and are ready for production, and wells that have been permanently plugged. Days with no reported activity are not uncommon, particularly on weekends and holidays when regulatory filings are less frequent. The lack of new filings for Sunday follows this normal pattern. The next report, expected later today, will reflect any activity filed with the state on Monday. For Bakken operators and mineral rights owners, these...

☀️Morning Wire·Apr 13
Global Energy Shifts from Middle East War Pressure Supply Chains, Prices - Bakken Wire
Global Markets

Global Energy Shifts from Middle East War Pressure Supply Chains, Prices

Global energy markets are adjusting to supply shocks from the ongoing Middle East war, with decisions in Australia and Europe highlighting the interconnected pressures that ultimately influence the price environment for Bakken crude, according to reports from OilPrice.com. In Australia, Japanese energy firm Inpex is taking action to bolster domestic fuel security by diverting more condensate from its Ichthys LNG project to local refiners. According to OilPrice.com, Inpex announced on Monday, April 13, 2026, that it "is taking decisive action to support Australia's fuel security by making additional Ichthys condensate cargoes available to domestic refiners." A 630,000-barrel cargo is scheduled for late April delivery to an east coast refinery, with a second similar-sized cargo planned in the coming months. Condensate is a light hydrocarbon critical as a refinery feedstock for producing petrol, diesel, and jet fuel. Australia's government has already intervened in fuel markets, halving the fuel excise for three...

☀️Morning Wire·Apr 13
Global Roundup: ND Celebrates 75 Years of Oil, Petrobras Buyback, BP Exec Moves - Bakken Wire
Global Markets

Global Roundup: ND Celebrates 75 Years of Oil, Petrobras Buyback, BP Exec Moves

North Dakota is celebrating the 75th anniversary of its first commercial oil discovery, a milestone that transformed the state's economy and demographics, according to an opinion column in the Inforum. The Clarence Iverson 1 well near Tioga struck oil on April 4, 1951. Today, the state 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 annually in taxes, fees, and royalties. North Dakota Petroleum Council President Ron Ness emphasized the industry's role in providing opportunity, stating, "It’s about the ability of North Dakotans to have an opportunity to live and work in North Dakota." He noted the state has flipped from one of the oldest to one of the youngest populations in the last 20 years. The technological evolution is stark. Department of Mineral Resources Director Lynn Helms compared it to "the...

☀️Morning Wire·Apr 13
Mid-East Tensions, Med Pipeline Deal Shape Global Oil Landscape - Bakken Wire
Pipeline & Infrastructure

Mid-East Tensions, Med Pipeline Deal Shape Global Oil Landscape

Global oil markets remain under pressure as a key shipping chokepoint stays effectively closed, while a major pipeline project moves forward in the Eastern Mediterranean, according to recent reports. The Strait of Hormuz, a waterway that handled about a fifth of the world’s oil and liquefied natural gas before recent conflicts, is still largely shut despite a fragile ceasefire in the Middle East, Rigzone reported on April 10. Traffic has shown little sign of a meaningful pickup since the truce began, with only a rare Russian-flagged supertanker passage noted late on April 9. The ongoing blockage has maintained pressure on oil prices, which traded at about $95 a barrel in London on Friday, April 10. U.S. and Iranian delegations were set to meet in Islamabad on Saturday, April 11, with shipping through Hormuz a central sticking point, according to the report. U.S. President Donald Trump criticized Iran's closure of the...

☀️Morning Wire·Apr 13
Europe Faces Jet Fuel Crunch in Weeks; Saudi Pipeline Hit After Ceasefire - Bakken Wire
Regulatory

Europe Faces Jet Fuel Crunch in Weeks; Saudi Pipeline Hit After Ceasefire

Europe faces a systemic jet fuel shortage within three weeks if the Strait of Hormuz remains restricted, a major airport trade group warned on Thursday. According to ACI Europe, the crisis has exposed the EU's reduced refining capacity and acute dependence on imports, which could trigger severe airport disruptions and hurt the continent's economy during the peak summer travel season. The warning comes as global oil markets grapple with continued instability despite a declared ceasefire in the Iran war. Hours after the ceasefire, a drone attack on Wednesday damaged a Saudi Arabian pumping station on a critical cross-country pipeline, reducing its throughput by 700,000 barrels a day, the Saudi Press Agency reported. Saudi oil exports via the Red Sea terminals remain steady at about 4 million barrels a day for now, according to tanker tracking data. The kingdom had quadrupled shipments from those ports since late February to ease the...

☀️Morning Wire·Apr 13
WTI Surge Past $104 Reopens Bakken Drilling Economics Debate - Bakken Wire
Production Data

WTI Surge Past $104 Reopens Bakken Drilling Economics Debate

The spot price of West Texas Intermediate crude surged by over $7 to $104.08 per barrel, revitalizing discussions about the economic viability of drilling new wells in North Dakota's Bakken formation. With Brent crude also trading above $102, the current price environment marks a significant shift from the lower ranges seen in recent years, according to live market data. A standard, modern Bakken well typically requires a capital investment of between $7 million and $8 million to drill and complete. These wells generally target an Estimated Ultimate Recovery (EUR) in the range of 500,000 to 750,000 barrels of oil equivalent over their lifespan, with a significant portion of production occurring in the first few years. At a sustained WTI price above $100 per barrel, the internal rate of return (IRR) for a new Bakken well becomes compelling. Simple back-of-the-envelope calculations suggest that a 600,000-barrel well at $104 oil generates gross...

☀️Morning Wire·Apr 13

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Oil Prices Surge Over 6% on Supply Disruption Fears, WTI Tops $102 - Bakken Wire
Oil Prices

Oil Prices Surge Over 6% on Supply Disruption Fears, WTI Tops $102

Crude oil prices surged in midday trading Monday, with both major benchmarks posting gains exceeding 6%. The sharp rally boosts near-term revenue potential for operators across North Dakota's Bakken formation. West Texas Intermediate (WTI) crude for May delivery was trading at $102.85 per barrel, a gain of $6.28 or 6.5% from the previous settlement. The global benchmark, Brent crude, rose to $102.11 per barrel, up $6.91 or 7.26%. The rally erased recent losses and pushed prices back above the $100 threshold. The primary driver for Monday's surge appears to be heightened geopolitical risk and concerns over supply disruptions. While specific details were not provided in the source data, such sharp, concurrent gains in both benchmarks are typically triggered by events threatening immediate global oil flows. Market sentiment is reacting to the potential for significant supply outages. In contrast to the crude rally, natural gas prices showed minimal movement. The front-month...

🔆Midday Wire·Apr 13
India Increases Export Taxes on Diesel, Jet Fuel - Bakken Wire
Regulatory

India Increases Export Taxes on Diesel, Jet Fuel

India has increased export taxes on diesel and jet fuel, according to a report from Rigzone. The move was reported on Monday, April 13, 2026. For Bakken operators, changes in global refined product markets directly impact the value of the region's light sweet crude oil. The Bakken formation is a major producer of light oil, which is primarily refined into diesel and jet fuel. Taxes that discourage exports from a major refining hub like India can alter global fuel supply flows and refining margins. When major consuming nations adjust export policies, it can tighten or loosen product supplies on the international market. This, in turn, influences the crack spread—the difference between the price of crude oil and the petroleum products refined from it. A weaker global diesel margin can translate to lower price realizations for Bakken crude at the wellhead. North Dakota's oil industry is highly sensitive to shifts in...

🔆Midday Wire·Apr 13
Global Energy Shifts and a Bakken Milestone Frame Market Outlook - Bakken Wire
Global Markets

Global Energy Shifts and a Bakken Milestone Frame Market Outlook

North Dakota's oil industry this month marks the 75th anniversary of the discovery that launched the modern Bakken era, a milestone highlighting the state's transformation into a daily million-barrel producer. On April 4, 1951, the Clarence Iverson 1 well struck oil near Tioga, according to a column in the Inforum. North Dakota Petroleum Council President Ron Ness stated the legacy is "about the ability of North Dakotans to have an opportunity to live and work in North Dakota," crediting the industry with helping reverse decades of population decline. The technological evolution since that first strike is profound. Lynn Helms, director of the Department of Mineral Resources, noted that in 1951 it took 18 months for the industry to produce its first 1 million barrels of crude oil. "Today? Starting at midnight, the state of North Dakota produces a million barrels by 8 p.m. Every single day," Helms said, according to...

🔆Midday Wire·Apr 13
Operator News

BP Expands Offshore Namibia Footprint Amid Global Tension, Bakken Context

UK supermajor BP has agreed to acquire a 60% operating stake in three offshore exploration blocks in Namibia, according to a report from OilPrice.com. The company is buying the majority interest in the PEL97, PEL99, and PEL100 blocks from Canada's Eco Atlantic Oil & Gas, subject to Namibian government approvals. The move deepens BP's presence in one of the world's most sought-after exploration regions, where Shell, TotalEnergies, and Galp have also made large discoveries. BP's entry as an operator builds on exploration successes through Azule Energy, its 50/50 joint venture with Eni, which announced the Volans-1X and Capricornus-1X discoveries in Namibia's Orange Basin. This expansion aligns with BP's major strategy reset announced last year to slash renewable investments and focus on its core oil and gas business. New CEO Meg O'Neill, who took over April 1, has pledged consistency and clear direction for the supermajor. The news arrives amid heightened...

🔆Midday Wire·Apr 13
Global Energy Deals Focus on Minerals, Assets, and Leadership - Bakken Wire
Pipeline & Infrastructure

Global Energy Deals Focus on Minerals, Assets, and Leadership

Italian energy giant Eni has committed a $70 million equity investment in Canada's Nouveau Monde Graphite, according to Rigzone. The deal includes a planned order for 15,000 tonnes per annum of graphite concentrate from the second phase of NMG's Matawinie Mine project. This investment underscores a growing industry focus on securing battery feedstock materials, a trend Bakken operators are monitoring as energy transition pressures influence long-term portfolio strategies. In a separate asset consolidation move, Brazil's state-owned Petrobras will acquire the 50 percent stakes of Malaysia's Petronas in their Campos Basin co-projects, Rigzone reported. The transaction, valued at $450 million, will give Petrobras full ownership. While focused offshore Brazil, such consolidation of core basin assets reflects a global industry pattern of majors strengthening control over key production regions, similar to ongoing developments in the Williston Basin. Meanwhile, European energy company OMV's executive board has proposed a new chief executive, Rigzone reported....

🔆Midday Wire·Apr 13
Global Straits Tension, Fuel Warning Frame Bakken Market Outlook - Bakken Wire
Regulatory

Global Straits Tension, Fuel Warning Frame Bakken Market Outlook

Geopolitical tensions threatening a key global oil chokepoint and a related jet fuel warning in Europe are shaping the market landscape for Bakken crude producers. Former U.S. President Donald Trump vowed a blockade of the Strait of Hormuz after nuclear talks collapsed, according to a report from Rigzone. The strategic Strait of Hormuz is a vital passage for Middle Eastern crude oil exports. Any significant disruption to shipping there typically increases global oil price volatility and can alter trade flows. For Bakken operators, such geopolitical premiums in international benchmarks can improve the wellhead economics for their light sweet crude, though physical export logistics remain dependent on domestic pipeline and rail capacity. Separately, a European airport trade group warned the continent risks a systemic jet fuel shortage within three weeks if the Strait of Hormuz remains restricted, Rigzone reported. A crunch in refined products like jet fuel in major consuming regions...

🔆Midday Wire·Apr 13
Global Supply Risks Persist as Bakken Operators Monitor Markets - Bakken Wire
Production Data

Global Supply Risks Persist as Bakken Operators Monitor Markets

Global crude oil markets are navigating persistent supply risks and geopolitical tensions, with developments in the Middle East and diplomatic channels creating a volatile backdrop for Bakken producers. According to Rigzone, oil exports from Saudi Arabia via the Red Sea were holding steady as of April 11, despite a recent drone attack on a vital cross-country pipeline. The full impact of that disruption had yet to filter through to export flows. The broader market sentiment has been tempered by diplomatic efforts. Rigzone also reported that oil settled lower on April 10, with traders looking ahead to talks involving Iran. This indicates that potential progress on geopolitical fronts can introduce downward pressure on prices, even amid ongoing physical supply risks. For operators in North Dakota's Bakken formation, these conflicting signals underscore the region's exposure to global price swings dictated by international events. The Bakken is a key oil-producing region in the...

🔆Midday Wire·Apr 13
High Oil Prices, Low Rig Count Shape Bakken Workforce Landscape - Bakken Wire
Workforce & Community

High Oil Prices, Low Rig Count Shape Bakken Workforce Landscape

The Bakken region's workforce and local economies are operating under a dichotomy of high crude prices and restrained drilling activity, according to midday data for Monday, April 13, 2026. West Texas Intermediate (WTI) crude surged to $102.85 per barrel, a gain of $6.28 or 6.5%, while the North Dakota rig count remained steady at 24 active drilling rigs. Historically, sustained high oil prices above $100 per barrel would trigger a significant ramp-up in drilling, leading to a rapid influx of workers and strain on housing and local services. The current rig count, however, suggests a more measured approach by operators. The 24 active rigs represent a fraction of the peak activity seen during previous boom cycles, indicating a continued industry focus on capital discipline and efficiency over pure volume growth. For Bakken communities, this environment creates a stable but capped demand for oilfield labor. Employment levels are likely sustained but...

🔆Midday Wire·Apr 13

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Oil Prices Surge as Strait of Hormuz Tensions Escalate - Bakken Wire
Oil Prices

Oil Prices Surge as Strait of Hormuz Tensions Escalate

Crude oil prices surged Monday, with Brent crude leading gains, as geopolitical tensions in the Middle East intensified. According to live price data, West Texas Intermediate (WTI) crude traded at $97.87 per barrel, up $1.30 or 1.35%. Brent crude was at $97.86, posting a sharper gain of $2.66 or 2.79%. Natural gas prices saw a slight decline to $2.62. The primary driver of the rally is a renewed crisis in the Strait of Hormuz, a critical chokepoint for global oil shipments. According to a report from OilPrice.com, oil prices jumped nearly 6% earlier Monday, briefly pushing above $100 a barrel. This followed an announcement that the U.S. is moving to block ships sailing through the strait to throttle Iran's oil exports. President Donald Trump has instructed the U.S. Navy to intercept any vessel that has paid a toll or "crossing fee" to Iran, characterizing the payments as extortion. While an...

🌅Afternoon Wire·Apr 13
Bakken Rig Count Drops to 22 as Two Rigs Cease Operations - Bakken Wire
Rig Report

Bakken Rig Count Drops to 22 as Two Rigs Cease Operations

The active drilling rig count in North Dakota's Bakken formation fell to 22 on Monday, April 13, according to Bakken Wire's live rig data. The net change was zero, as two rigs were removed and no new rigs were added since yesterday's report. Two rigs ceased operations. Phoenix Operating LLC removed its PATTERSON 276 rig from location 158-91-29 in Mountrail County. HESS BAKKEN INVESTMENTS II, LLC removed the NABORS X27 rig from location 156-95-4 in Williams County, the data shows. No rigs were reported to have moved location. The Williston Basin, which contains the Bakken formation, is North Dakota's primary oil-producing region and extends into Canada, South Dakota, and Montana, according to a Bing News report published April 10. While known for oil, the basin also produces natural gas and natural gas liquids. The current rig count of 22 represents a baseline level of drilling activity in the region. The...

🌅Afternoon Wire·Apr 13
Global Policy Shifts Highlight Contrast with Bakken's Stable Investment Climate - Bakken Wire
Regulatory

Global Policy Shifts Highlight Contrast with Bakken's Stable Investment Climate

Ecuador's sharp oil production decline, driven by policy instability, serves as a cautionary tale that underscores the competitive advantage of North Dakota's relatively predictable regulatory environment for Bakken operators. According to a report from OilPrice.com, Ecuador's output fell to around 349,000 barrels per day in 2025, an 8.5% annual drop, despite significant remaining reserves. The analysis attributes the decline not to depletion but to "policy fragmentation, weak institutional execution, and a contracting investment environment." The source identifies a shift toward rigid service contracts and limited private participation as a core issue, constraining capital and discouraging exploration. This contrasts with the Bakken, where a mix of lease agreements and a established regulatory framework has supported sustained development. The report argues that restoring "legal certainty and contractual stability" is essential for attracting long-term investment, a principle that has been foundational to the Williston Basin's growth. Separately, a move by India to increase...

🌅Afternoon Wire·Apr 13
ND Marks 75 Years of Oil, Global Markets See Volatility - Bakken Wire
Global Markets

ND Marks 75 Years of Oil, Global Markets See Volatility

North Dakota marks the 75th anniversary of its first commercial oil discovery 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 over one million barrels of oil daily, supports roughly 63,000 jobs, and generates nearly $50 billion in annual economic impact, the source reported. More than $4 billion in annual taxes, fees, and royalties fund state services. "The No. 1 thing that excites me the most is the youth of our state," said geologist and Tioga native Kathy Neset, according to the commentary. North Dakota Petroleum Council President Ron Ness highlighted the industry's role in reversing population trends, stating, "We have flipped the age of North Dakotans to being one of the oldest states to being one of the youngest states." The technological leap...

🌅Afternoon Wire·Apr 13
Global Energy Tensions Rise as Iran Threatens Gulf, Majors Shift Investments - Bakken Wire
Operator News

Global Energy Tensions Rise as Iran Threatens Gulf, Majors Shift Investments

Geopolitical tensions threatening global oil shipping lanes escalated Monday as Iran said it would target all ports in and near the Persian Gulf if its own hubs are threatened, according to Rigzone. The threat comes amid a vow from former U.S. President Donald Trump to blockade the Strait of Hormuz, a critical chokepoint for seaborne crude. For Bakken producers, who rely on stable global markets and pricing, renewed volatility in the Middle East can directly impact the benchmark oil prices that determine the economics of drilling in North Dakota. In corporate investment news, Italian energy major Eni is diversifying its portfolio with a move into battery materials. Rigzone reported Eni committed $70 million in equity to Canada's Nouveau Monde Graphite and plans to order 15,000 tonnes per year of graphite concentrate from a Quebec mine project. This investment in the electric vehicle supply chain reflects a broader industry trend of...

🌅Afternoon Wire·Apr 13
Global Energy Shifts Impact Bakken as Leadership, Leasing, and Tensions Emerge - Bakken Wire
Pipeline & Infrastructure

Global Energy Shifts Impact Bakken as Leadership, Leasing, and Tensions Emerge

The international energy landscape saw significant developments Monday with implications for global oil markets and Bakken operators. OMV's executive board proposed Emma Delaney, an outgoing executive vice president from BP, to become the Austrian energy company's new chief executive, according to Rigzone. If confirmed, Delaney would succeed Alfred Stern and become OMV's first female CEO. Separately, Oman's Energy and Minerals Ministry opened bidding applications for five new oil and gas concession areas, Rigzone reported. The Gulf country is offering the leases as part of its ongoing efforts to develop hydrocarbon resources. In a statement with potential for significant market disruption, former U.S. President Donald Trump vowed a blockade of the Strait of Hormuz following collapsed negotiations, Rigzone reported. Trump stated the talks failed due to differences over the nuclear issue. For Bakken operators and royalty owners, these international developments underscore the interconnected nature of the global oil market. While the...

🌅Afternoon Wire·Apr 13
Global Supply Risks Mount as Europe Warns of Jet Fuel Crunch - Bakken Wire
Regulatory

Global Supply Risks Mount as Europe Warns of Jet Fuel Crunch

Europe faces a systemic jet-fuel shortage within three weeks if restrictions on shipping through the Strait of Hormuz persist, according to a warning from a regional airport trade association. The report, published by Rigzone on April 12, underscores the immediate supply chain risks emerging from ongoing Middle East tensions. Separately, oil exports from Saudi Arabia via the Red Sea remain steady for now following a recent drone attack on a critical cross-country pipeline. Rigzone reported on April 11 that the impact of that attack has not yet filtered through to export flows. The two developments highlight a volatile global landscape where logistical chokepoints and infrastructure security are under threat. For Bakken producers, such international supply disruptions historically create a complex price environment. While global crude benchmarks often rise on supply fears, localized fuel shortages—like the potential jet fuel crunch in Europe—can alter refinery demand patterns and product spreads. The Bakken...

🌅Afternoon Wire·Apr 13
Bakken Rig Count Holds at 22 Amid High Oil Prices - Bakken Wire
Production Data

Bakken Rig Count Holds at 22 Amid High Oil Prices

North Dakota's active drilling rig count held steady at 22 as of Monday, April 13, 2026, according to Bakken Wire data. The stability in the rig count, coupled with oil prices trading firmly above $97 per barrel, points to a continuation of measured production levels from the Bakken formation in the near term. The current West Texas Intermediate (WTI) crude price is $97.87, up $1.30 from the previous close. The international Brent crude benchmark is at $97.86, a gain of $2.66. Natural gas is priced at $2.62 per MMBtu. The sustained high price environment provides a supportive backdrop for operator economics in the Williston Basin. The rig count is a closely watched leading indicator for future oil production. Historically, a stable or increasing rig count suggests operators are maintaining or expanding drilling programs, which typically leads to sustained or growing output several months later. Conversely, a declining rig count often...

🌅Afternoon Wire·Apr 13
Oil Prices Surge on Strait of Hormuz Tensions, Trump Comments - Bakken Wire
Oil Prices

Oil Prices Surge on Strait of Hormuz Tensions, Trump Comments

Oil prices surged on Monday, driven by escalating tensions in the Strait of Hormuz and comments from U.S. President Donald Trump acknowledging that high gasoline prices may persist. West Texas Intermediate (WTI) crude was trading at $97.87 per barrel, a gain of $1.30 or 1.35%, according to live price data. The international benchmark Brent crude saw a sharper rise, trading at $97.86, up $2.66 or 2.79%. The primary catalyst for the market move was a U.S. military operation targeting Iranian oil exports. According to a report from OilPrice.com, President Trump has instructed the Navy to interdict vessels that have paid a toll to Iran for passage through the Strait of Hormuz, a critical global oil chokepoint. U.S. Central Command later clarified the operation would target all maritime traffic entering or exiting Iranian ports. This action followed a collapse in ceasefire talks between the United States and Iran, OilPrice.com reported. The...

🌅Afternoon Wire·Apr 13
Bakken Rig Count Drops to 22 After Two Rigs Released - Bakken Wire
Rig Report

Bakken Rig Count Drops to 22 After Two Rigs Released

The number of active drilling rigs in North Dakota's Bakken formation fell to 22 on Monday, down two from the previous report. According to live rig data, no new rigs were added, and two were removed from service without relocation. The rigs removed were the PATTERSON 276, operated by Phoenix Operating LLC in Mountrail County (158-91-29), and the NABORS X27, operated by HESS BAKKEN INVESTMENTS II, LLC in Williams County (156-95-4). The data indicates both rigs were released, meaning their drilling programs concluded and they were not immediately moved to new locations. This decline continues a pattern of a relatively stable but constrained drilling environment in the Williston Basin. The current count of 22 rigs represents a modest operational level for the region, which is North Dakota's primary oil-producing area. The Williston Basin, according to a recent news report, covers much of North Dakota and extends into Canada, South Dakota,...

🌅Afternoon Wire·Apr 13
India Increases Export Taxes on Diesel, Jet Fuel - Bakken Wire
Regulatory

India Increases Export Taxes on Diesel, Jet Fuel

India has increased export taxes on diesel and jet fuel, according to a report from Rigzone. The news service reported the development on Monday, April 13. The policy change by a major Asian refining and export hub has the potential to tighten global supplies of refined products. This can influence the complex price relationships between crude oil and the fuels made from it. For Bakken operators, the primary impact flows through the price of crude. The Bakken formation in North Dakota is a prolific producer of light, sweet crude oil, which is primarily processed into fuels like diesel and gasoline. When export taxes in major consuming nations reduce the flow of refined products to the global market, it can pressure the profit margins for refiners worldwide. Lower refining margins, or cracks, may in turn reduce the value refiners are willing to pay for crude oil feedstocks, including Bakken crude. This...

🌅Afternoon Wire·Apr 13
ND Marks 75 Years Since First Oil Strike; Global Market Turbulence Hits Top Trader - Bakken Wire
Global Markets

ND Marks 75 Years Since First Oil Strike; Global Market Turbulence Hits Top Trader

North Dakota's oil industry is marking the 75th anniversary of the state's first commercial oil discovery, a milestone that transformed its economy and demographics, according to a column published in the Bismarck Tribune. The Clarence Iverson 1 well near Tioga struck oil on April 4, 1951. Today, the state produces over a million barrels of oil daily, according to the column. The industry supports about 63,000 jobs and generates nearly $50 billion in annual economic impact, with more than $4 billion annually returned in taxes, fees, and royalties. North Dakota Petroleum Council President Ron Ness emphasized the industry's role in creating opportunity, stating, "It’s about the ability of North Dakotans to have an opportunity to live and work in North Dakota." He noted the state has flipped from one of the oldest to one of the youngest states in the last 20 years. The technological evolution has been dramatic. Lynn...

🌅Afternoon Wire·Apr 13
Global Tensions, Price Volatility Frame Bakken Outlook - Bakken Wire
Operator News

Global Tensions, Price Volatility Frame Bakken Outlook

Oil prices climbed Monday amid supply disruption concerns, though hopes for a diplomatic truce capped gains, according to Rigzone. Analysts warned that current prices may understate the severity of supply issues and lengthy recovery timelines. Geopolitical tensions escalated as Iran threatened to target all ports in and near the Persian Gulf if its shipping hubs are threatened, Rigzone separately reported. The threat came in response to a vow by former U.S. President Donald Trump to blockade the Strait of Hormuz, a critical global oil chokepoint. For Bakken operators, the combination of volatile prices and heightened geopolitical risk underscores the fragile balance supporting the market. Supply disruptions, whether from conflict or other factors, can provide short-term price support for North Dakota crude. However, prolonged instability threatens global demand and can lead to increased market volatility, complicating budgeting and drilling plans for Williston Basin producers. In a separate industry development, energy major...

🌅Afternoon Wire·Apr 13
Global Energy Shifts: Petrobras Buys Out Partner, OMV Proposes New CEO - Bakken Wire
Pipeline & Infrastructure

Global Energy Shifts: Petrobras Buys Out Partner, OMV Proposes New CEO

Petrobras will assume full ownership of joint venture assets in Brazil's Campos Basin by acquiring Petronas' 50 percent stakes for $450 million, according to Rigzone. The move by the state-owned Brazilian company underscores ongoing consolidation in global upstream projects, which can influence international oil supply and investment flows relevant to North Dakota producers. In a major corporate leadership shift, OMV's executive board has proposed Emma Delaney, an outgoing executive vice president at BP, to succeed Alfred Stern as CEO, Rigzone reported. If confirmed, Delaney would become the Austrian energy company's first female chief executive. Such leadership changes at integrated international firms can signal shifts in global strategy and capital allocation. Separately, Oman's Energy and Minerals Ministry has opened bidding applications for five new oil and gas concession areas, Rigzone noted. The offering of new leases in the Gulf country is part of ongoing global competition for drilling investment and rig...

🌅Afternoon Wire·Apr 13
Global Tensions Rise Over Strait of Hormuz, Fueling Supply Concerns - Bakken Wire
Regulatory

Global Tensions Rise Over Strait of Hormuz, Fueling Supply Concerns

Former President Donald Trump vowed to blockade the Strait of Hormuz after nuclear negotiations collapsed, according to a report from Rigzone on April 13. The negotiations failed due to differences over the nuclear issue, Trump said. The threat to the critical waterway, through which about a fifth of the world's oil passes, has raised immediate concerns about global fuel supplies. A European airport trade association warned on April 12 that the continent risks a systemic jet-fuel shortage within three weeks if the Strait of Hormuz remains restricted, Rigzone reported. Meanwhile, oil flows from a key Saudi port were holding steady as of April 11 despite a recent drone attack on a vital cross-country pipeline, with the impact yet to filter through to exports, according to Rigzone. For Bakken producers and royalty owners, the escalating geopolitical tensions represent a classic market dynamic of risk versus supply. Any significant disruption to Middle...

🌅Afternoon Wire·Apr 13
Bakken Rig Count Holds at 22 as Oil Prices Surge Past $97 - Bakken Wire
Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Past $97

North Dakota's active drilling rig count remained at 22 for the week, according to live Bakken Wire data, as benchmark oil prices surged to multi-month highs. The stability in the drilling fleet, coupled with significantly stronger crude prices, could signal a potential bottom for the state's recent production declines. West Texas Intermediate (WTI) crude settled at $97.87 per barrel on Monday, April 13, a gain of $1.30 or 1.35%. The international Brent benchmark saw an even stronger increase, rising $2.66 to $97.86 per barrel. Natural gas prices were reported at $2.62 per MMBtu. The current rig count of 22 is a critical indicator of future oil production, as new wells typically take several months to drill, complete, and bring online. Historically, the number of active drilling rigs in the Bakken formation and Williston Basin serves as a leading indicator for production trends. A sustained increase in the rig count generally...

🌅Afternoon Wire·Apr 13