Tuesday, April 14, 2026

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Oil Prices

WTI Plunges Over 7% to $92, Brent Falls Below $95

Front-month WTI crude futures plummeted 7.11% on Tuesday, April 14, 2026, closing at $92.04 per barrel, a drop of $7.04. The global benchmark, Brent crude, also fell sharply, settling at $95.08, down $4.28 or 4.31%. Natural gas prices saw a modest decline, down $0.05 to $2.58 per MMBtu. The Bakken differential to WTI was not defined in current pricing data. The dramatic drop in oil prices reflects a sudden shift in market sentiment, with traders focusing on potential headwinds for global demand. While specific catalysts from today's news flow are not detailed in the provided data, such steep declines often correlate with broader economic concerns, signs of weakening consumption, or indications of rising non-OPEC supply that could loosen the market balance. For Bakken operators in North Dakota, price movements of this magnitude directly impact cash flow and drilling economics. The Bakken formation is a key oil-producing region where breakeven prices...

☀️Morning Wire·Apr 14

Rig Report

Bakken Rig Count Holds at 22 for Second Straight Day

The number of active drilling rigs in North Dakota's Bakken formation was unchanged Tuesday, holding at 22, according to Bakken Wire's live rig data. There were no new rigs added, no rigs removed, and no rigs that moved location since Monday's report. The current level represents a decline from recent weeks. One week ago, on April 7, 2026, the state's active rig count stood at 25. Thirteen days ago, on April 1, the count was 23. The static activity in the Bakken aligns with a continued downturn in the broader North American drilling market. According to Rigzone, North America dropped 10 rigs week on week, marking the seventh consecutive weekly decline in the region's rotary rig count as reported by Baker Hughes. A rig count of 22 in the Bakken, a primary oil-producing region within the Williston Basin, reflects a cautious operational tempo among producers. The rig count is a...

☀️Morning Wire·Apr 14

Daily Activity

Enerplus Secures Four New Permits in Williams County's Lone Tree Lake

The North Dakota Department of Mineral Resources approved four new drilling permits on Monday, April 13, all filed by Enerplus Resources USA Corporation. According to the DMR Daily Activity Report, all four permits are for wells in Williams County's Lone Tree Lake field. The approved permits are for the Upssalir 5799 41-11 2B and the Opsal Federal 5799 42-11 2B, 3B, and 4B wells. All are located in Section 11 of Township 157 North, Range 99 West. This batch of permits indicates concentrated development activity by Enerplus on a specific pad in the western Bakken. In other activity, several wells previously listed as "confidential" have had their status changed. Five wells operated by Whiting Oil and Gas Corporation have moved to "permit to drill" status, according to the report. These wells are located in Williams and McKenzie counties. The Whiting wells include the P Evans 154-99-2-4-28-1H in Williams County; the...

☀️Morning Wire·Apr 14

Regulatory

UK Poll Shows Voter Priority Shift from Net Zero to Growth, Energy Costs

A new poll from the United Kingdom indicates a significant shift in public priorities toward economic growth and lower energy costs, even at the expense of environmental goals. According to a survey by Freshwater Strategy for the Institute of Economic Affairs, 77 percent of British voters believe energy costs should be reduced, and 72 percent back lower taxes for workers. The findings, reported by OilPrice.com, show that when faced with a direct choice, Britons backed economic growth even if it led to some environmental damage, while most also wanted energy to be cheaper, even if it meant slower progress to net zero. The poll of 3,000 voters comes as nearly two-thirds of people rated the UK economy as "poor." Kristian Niemietz, editorial director of the IEA, stated, "While political discourse in Britain may not always reflect it, Britain is clearly not a country that is comfortable with economic stagnation and...

☀️Morning Wire·Apr 14

Global Markets

Oil Prices Dip Below $100 as Demand Outlook Weakens, Hormuz Disruption Continues

Oil prices have dipped below $100 per barrel as weaker demand forecasts and a pause in U.S.-Iran tensions shift market focus, according to OilPrice.com. The International Energy Agency (IEA) drastically slashed its 2026 global demand growth outlook, contributing to the price pullback. The geopolitical standoff in the Middle East continues to disrupt flows through the critical Strait of Hormuz. Since the U.S. blockade on vessels calling at Iranian ports began, tanker traffic through the strait has plummeted to 8-10 transits per day in April, down from a pre-war average of 135 per day, OilPrice.com reported. This disruption has pushed freight rates higher, with Gulf-China VLCC charter rates rebounding above $80 per tonne. A second round of U.S.-Iranian talks is expected this weekend in Islamabad after an initial round on April 11-12 yielded no results. The market direction for crude oil futures will likely be shaped by these negotiations and whether...

☀️Morning Wire·Apr 14

Global Markets

Global Energy Shift Intensifies: Majors Prioritize Capital, China's Green Tech Exports Soar

Equinor is scaling back its direct investment in renewables, selling a significant stake in solar developer Scatec ASA in a move highlighting a sharper industry focus on capital discipline and shareholder returns. According to OilPrice.com, the Norwegian major sold an 8.07% stake in Scatec on Tuesday, generating approximately $150 million in gross proceeds and reducing its holding to 8.05%. The company cited a "more selective and financially driven approach" to its renewables portfolio, choosing to trim non-core equity while maintaining strategic project partnerships in Brazil. The divestment coincides with a separate capital action by Equinor, which proposed a formal reduction in its share capital on Monday, canceling 166.1 million repurchased shares. OilPrice.com reports this reinforces a strategic focus on shareholder returns amid heightened energy market volatility, driven by geopolitical tensions. For Bakken operators, this signals a continued emphasis from global majors on financial flexibility and prioritizing core hydrocarbon assets over...

☀️Morning Wire·Apr 14

Operator News

Global Energy Developments Impact Oil Markets, Battery Storage Advances

Iran is weighing a pause on shipping through the strategic Strait of Hormuz, according to a report from Rigzone. The strait is a critical global oil transit chokepoint, and any disruption there can influence international crude oil prices and market sentiment. For Bakken producers, such geopolitical developments underscore the interconnected nature of global oil markets, where supply concerns in one region can affect the price benchmarks tied to North Dakota crude. In corporate news, Italian energy giant Eni has completed its acquisitions of power and gas utility assets from Acea, Rigzone reported. The deals add approximately 1.2 million customers to Eni's Plenitude division. This move continues a trend of major integrated oil companies expanding their downstream and retail energy portfolios, a strategy that diversifies revenue streams beyond upstream production. While not a direct Bakken play, Eni's activity reflects the evolving strategies of global firms that also operate in shale basins....

☀️Morning Wire·Apr 14

Pipeline & Infrastructure

Global Disruptions Mount as Hormuz Closes, EU Weighs Response

The critical Strait of Hormuz oil transit chokepoint is now essentially fully closed, according to SEB Chief Commodities Analyst Bjarne Schieldrop, in a development reported by Rigzone on Tuesday. The closure represents a significant escalation of Middle East tensions, immediately removing a key conduit for global seaborne oil trade. In response to market turmoil from the conflict, the European Commission is consulting member states on a draft proposal to relax state aid limits. Rigzone reported this measure is aimed at protecting market competition amid spikes in energy prices caused by the Middle East war. The potential for EU intervention highlights the broad economic impact of the supply disruption. Separately, BP has acquired its first operated stakes in Namibia, a region Rigzone noted is "attracting growing industry interest and has a number of exciting frontier basins." While this is a long-term international exploration move, it underscores major operators' continued search for...

☀️Morning Wire·Apr 14

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Amid Ceasefire Hopes as IEA Warns of Severe Supply Squeeze

Front-month WTI crude futures fell sharply Tuesday, trading at $91.72 per barrel, down $7.36 or 7.43%, according to midday data. Brent crude was down $4.36 to $95 per barrel. The immediate price decline follows hopes that a ceasefire in the Middle East conflict, agreed to last week, will hold despite recent escalations, according to analyst commentary cited by OilPrice.com. Prices had topped $100 per barrel earlier in the week after former President Donald Trump announced a stated full blockade on vessel traffic to and from Iranian ports. However, the head of the International Energy Agency issued a stark warning that prices are set to move significantly higher. "Prices are already high, but they are not reflecting the severity of the problem," IEA Executive Director Fatih Birol said this week, according to OilPrice.com. He expects futures prices to soon converge with the reality of a severe supply squeeze. The conflict has...

🔆Midday Wire·Apr 14

Regulatory

UK Economic Anxiety Spotlights Global Energy Cost, Growth Priorities

A new poll of British voters reveals a strong public preference for lower energy costs and economic growth, even at the expense of environmental goals, highlighting global energy demand fundamentals that underpin markets for Bakken crude. According to research by Freshwater Strategy for the Institute of Economic Affairs, 77% of respondents believed energy costs should be reduced, and 72% backed lower taxes for workers. The survey of 3,000 voters, published by OilPrice.com, found that when given a direct choice, Britons backed economic growth even if it led to some environmental damage. Most also wanted energy to be cheaper, even if it meant slower progress towards net-zero emissions. This sentiment aligns with a separate Deloitte survey of 79 UK chief financial officers, which found that rising energy prices were among the top risks cited by business leaders, alongside geopolitical instability. Kristian Niemietz, editorial director of the IEA, stated that the lack...

🔆Midday Wire·Apr 14

Global Markets

Global Supply Crisis, New Trade Routes Shape Bakken Outlook

Extreme volatility in crude futures has eased, but the physical oil market is tightening significantly due to the ongoing U.S. naval blockade of the Strait of Hormuz, according to an OilPrice.com report. The blockade, which began this week, exacerbates a seven-week-long de facto closure of the key chokepoint that handled about 20% of daily global oil and gas flows. While traders may be moving past "peak fear," analysts note the physical constraints are severe and pushing energy prices higher globally. U.S. gasoline prices are now more than $1 per gallon more expensive than they were seven weeks ago. For Bakken producers, the sustained global supply disruption supports stronger price fundamentals for crude, even as market volatility persists. Separately, a major U.S.-backed trade corridor project is advancing, which could influence long-term export routes for commodities. Armenia is actively courting additional international investors, including Middle Eastern states and Kazakhstan, for the TRIPP...

🔆Midday Wire·Apr 14

Global Markets

Global Energy Roundup: Equinor Sells Stake, Eni Finds Gas, Iran Tensions Simmer

Norwegian energy major Equinor ASA sold a significant stake in renewables firm Scatec ASA on Tuesday, generating approximately $150 million, according to OilPrice.com. The sale of an 8.07% stake at NOK 125 per share highlights a sharper corporate focus on capital discipline and shareholder returns over passive equity exposure in the renewable sector. Equinor retains an 8.05% stake in Scatec. The move underscores a more selective financial approach by European majors to the energy transition. Equinor's transaction, which follows a series of purchases between 2019 and 2023, represents a substantial uplift from its average entry price of around NOK 80 per share. The company separately announced a board proposal to reduce its share capital by NOK 415 million, aligning with a broader focus on returns. For Bakken operators, Equinor's heightened capital discipline amid market volatility reinforces a global industry trend of prioritizing balance sheet strength. This financial tightening by a...

🔆Midday Wire·Apr 14

Operator News

North American Rig Count Falls for Seventh Consecutive Week

The number of active drilling rigs in North America fell for the seventh straight week, according to the latest data from service company Baker Hughes. The North America rotary rig count dropped by 10 units week-on-week, Rigzone reported on April 14. A sustained decline in rig activity can signal a pullback in capital spending and drilling plans across shale basins, including North Dakota's Bakken. Separately, European energy majors announced developments in transition projects and customer growth. Uniper, in partnership with NGEN, has begun construction on a 50-megawatt battery energy storage project in Wilhelmshaven, Germany, Rigzone reported. The project is located on the site of a former Uniper coal power plant. Meanwhile, Italian energy group Eni has completed its acquisition of power and gas utility assets from Acea, adding approximately 1.2 million customers to its Plenitude business segment, according to a separate Rigzone report. For Bakken operators, the continued drop in...

🔆Midday Wire·Apr 14

Pipeline & Infrastructure

Strait of Hormuz Closed; EU Plans Aid; BP Moves to Namibia

The Strait of Hormuz, a critical global oil transit channel, is now essentially fully closed, according to SEB Chief Commodities Analyst Bjarne Schieldrop as reported by Rigzone. This closure, stemming from conflict in the Middle East, is a primary driver of current spikes in energy prices. In response to the market disruption, the European Commission is consulting member states on a draft proposal to relax state aid limits. This temporary measure, reported by Rigzone, aims to protect market competition amid the price spikes brought about by the war. Such interventions could influence the global crude trading environment where Bakken oil competes. Separately, BP has acquired its first operated stakes in Namibia, Rigzone reported. The company noted Namibia is "a region attracting growing industry interest and has a number of exciting frontier basins." This move represents a strategic investment by a major international player into a new offshore region, diverting capital...

🔆Midday Wire·Apr 14

Regulatory

Geopolitical Tensions, Truce Talks Keep Oil Markets Volatile

Oil markets are balancing between escalating geopolitical tensions and potential diplomatic resolutions, creating a volatile price environment for Bakken producers. The United States and Iran are weighing further negotiations to extend a two-week ceasefire, according to Rigzone. This comes as President Donald Trump presses ahead with a naval blockade aimed at curbing Iran's oil exports. The conflicting signals of military action and diplomacy are capping significant price gains despite underlying supply risks. Rigzone reported that oil prices climbed but hopes for a truce limited the upward movement. Analysts cited in the report warn that current prices may understate the actual severity of supply disruptions and the extended timelines required for market recovery. For operators in North Dakota's Bakken formation, this volatility underscores the continued influence of global geopolitical events on local breakeven economics and drilling plans. While the region's light sweet crude is not directly involved in the Middle East...

🔆Midday Wire·Apr 14

Production Data

North Dakota Rig Count Holds at 22 as Oil Prices Retreat Sharply

North Dakota's active drilling rig count held steady at 22 on Tuesday, even as a sharp sell-off in oil markets raised questions about the sustainability of current activity levels. According to live data from Bakken Wire, the benchmark West Texas Intermediate (WTI) crude price fell $7.36 to $91.72 per barrel, a drop of 7.43%. The international Brent benchmark also declined, down $4.36 to $95.00. The stability of the rig count, a key leading indicator for future oil production, suggests operators in the Bakken formation are maintaining their current drilling programs in the near term. However, the dramatic single-day price plunge introduces significant uncertainty for capital expenditure plans if lower prices persist. Natural gas prices, a secondary revenue stream for many Bakken wells, were recorded at $2.60 per MMBtu. Historically, the number of active drilling rigs in North Dakota has been a strong predictor of oil production levels approximately six to...

🔆Midday Wire·Apr 14

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 7% as US Stockpiles Rise, Ceasefire Hopes Persist

Crude oil futures tumbled sharply on Tuesday, with West Texas Intermediate (WTI) shedding over 7% despite stark warnings from the International Energy Agency (IEA) about an impending supply crisis. As of the afternoon of April 14, 2026, WTI crude was trading at $91.82, down $7.26 or 7.33% on the day, according to live price data. Brent crude fell 4.48% to $94.91. The day's steep decline comes amid a complex backdrop of surging U.S. inventories and fragile geopolitical hopes. The American Petroleum Institute (API) estimated U.S. crude oil inventories rose by 6.10 million barrels for the week ending April 10, a significant surprise against analyst expectations for a 1.3 million barrel draw, according to OilPrice.com. This builds on a prior-week increase of 3.719 million barrels. Concurrently, U.S. production slipped to 13.596 million barrels per day for the week ending April 3. The price drop also reflects lingering market optimism that a...

🌅Afternoon Wire·Apr 14

Rig Report

Bakken Rig Count Falls to 20 After Two Units Released

The number of active drilling rigs in North Dakota's Bakken formation fell to 20 on Tuesday, April 14, as two contractors released units. According to live data from Bakken Wire, no new rigs were added and none moved locations, resulting in a net daily decrease of two. The rigs removed were both operating in McKenzie County. Burlington Resources Oil & Gas Company LP released the NABORS X8 rig from location 148-98-24, while Devon Energy Williston, L.L.C. released the NABORS B17 rig from location 152-101-25. The current count of 20 rigs represents a significant drop from recent levels. The active fleet is down five rigs from one week ago, when 25 rigs were operating on April 7, and down three rigs from the 23 rigs active on April 1. The decline in the Bakken mirrors a broader contraction in North American drilling activity. According to a report from Rigzone published Tuesday,...

🌅Afternoon Wire·Apr 14

Global Markets

Global Energy Shift: U.S. Uranium Push, France Electrifies, Eni Finds Gas

The United States is advancing efforts to secure domestic nuclear fuel supplies, a move with long-term implications for energy independence and power markets. According to a report from OilPrice.com, the U.S. nuclear sector currently faces supply chain vulnerabilities due to reliance on imported uranium, largely from Kazakhstan and Russia. The World Nuclear Association projects global uranium demand will grow 28 percent by 2030. To counter this, the U.S. is working to cultivate a homegrown nuclear fuel sector. Uranium production recently began at the Burke Hollow in-situ recovery site in South Texas, described as the largest such U.S. site in over a decade. The Uranium Energy Corporation project on a 20,000-acre site has an estimated resource of 6,155,000 pounds of U3O8, according to an Interesting Engineering report cited by OilPrice.com. In Europe, France is shifting its energy policy focus from short-term fuel subsidies to long-term electrification. Prime Minister Sébastien Lecornu stated...

🌅Afternoon Wire·Apr 14

Operator News

Global Energy Developments Signal Market Volatility, Strategic Shifts

Iran is weighing a temporary pause on shipping through the strategic Strait of Hormuz, according to a report from Rigzone. The potential disruption to one of the world's most critical oil chokepoints, a transit route for about a fifth of global oil supply, is a primary driver of geopolitical risk premiums in crude markets. For Bakken producers, such developments directly impact the global benchmark prices against which their crude is sold, underscoring the region's exposure to international supply shocks. In European energy infrastructure, Uniper has broken ground with partner NGEN on a 50-megawatt battery energy storage project in Wilhelmshaven, Germany, Rigzone reported. The project is located on the site of a former Uniper coal power plant. Large-scale battery storage investments are part of a broader energy transition trend that influences long-term global demand projections for hydrocarbons, including light sweet crude from formations like the Bakken. Meanwhile, Italian energy major Eni...

🌅Afternoon Wire·Apr 14

Pipeline & Infrastructure

Global Chokepoints Tighten as EU Considers Market Response

The critical Strait of Hormuz oil transit chokepoint is now essentially fully closed, according to SEB Chief Commodities Analyst Bjarne Schieldrop, as reported by Rigzone. The closure, linked to ongoing Middle East conflict, immediately disrupts a major artery for global seaborne crude oil shipments. In response to energy price spikes from the war, the European Commission is consulting member states on a draft proposal to relax state aid limits, Rigzone reported. The temporary measure aims to protect market competition amidst the volatility. Separately, Rigzone reported that BP has acquired its first operated stakes in Namibia, a region described as attracting growing industry interest with "a number of exciting frontier basins." For Bakken producers and royalty owners, these international developments underscore the value of North America's internal pipeline network. While global disruptions can bolster benchmark oil prices, they also create logistical and pricing uncertainties for landlocked crudes. Secure access to markets...

🌅Afternoon Wire·Apr 14

Regulatory

Iran Talks, Blockade Create Volatile Backdrop for Bakken Crude

The United States and Iran are weighing further negotiations to extend a two-week ceasefire as President Donald Trump presses ahead with a naval blockade to curb the Islamic Republic's oil exports, according to Rigzone. This development, reported Tuesday, introduces a new layer of geopolitical uncertainty to global crude markets. While oil prices climbed in Monday's trading, hopes for a sustained truce between the two nations capped those gains, Rigzone separately reported. Analysts cited in the report warn that current price levels may understate the severity of actual supply disruptions and the timelines for market recovery. For Bakken shale operators and royalty owners, such international tensions directly influence the price received for crude at the wellhead. North Dakota's oil production is heavily exposed to global benchmark prices, which are sensitive to supply shocks and geopolitical risk premiums. A sustained blockade that significantly restricts Iranian oil exports could provide upward support for...

🌅Afternoon Wire·Apr 14

Production Data

Bakken Rig Count Holds at 20 as Oil Prices Retreat Sharply

North Dakota's active drilling rig count held firm at 20 on Tuesday, April 14, even as crude oil prices experienced a sharp one-day decline. According to live data from Bakken Wire, West Texas Intermediate (WTI) crude traded at $91.82 per barrel, down $7.26 or 7.33% for the session. The global Brent benchmark was at $94.91, a drop of $4.45. The current rig count of 20 represents a critical metric for gauging future oil production from the Bakken formation. Rig activity is a leading indicator, as new wells drilled today will not contribute to the state's output for several months. The stability of the count suggests operators have not yet reacted to the day's price volatility with immediate cuts to drilling programs. Historically, the number of active rigs in North Dakota has shown a strong correlation with both crude prices and subsequent production trends. When prices sustain higher levels for extended...

🌅Afternoon Wire·Apr 14

Workforce & Community

Bakken Rig Count Holds at 20 as Oil Prices Retreat Sharply

The number of active drilling rigs in North Dakota held steady at 20 on Tuesday, even as oil prices fell sharply, presenting a mixed signal for workforce and community stability in the Bakken region. West Texas Intermediate (WTI) crude closed at $91.82, down $7.26 or 7.33% for the day, while Brent crude fell 4.48% to $94.91, according to live market data. The current rig count, a key indicator of oilfield employment and service company demand, remains at a level consistent with cautious, capital-disciplined operations by producers. Historically, rig counts in the Bakken formation, North Dakota's primary oil-producing region, have been highly correlated with crude oil prices. Sustained periods of lower prices typically lead to reduced drilling budgets and a contraction in field activity. For local communities in western North Dakota, the direct link between rig activity and economic health is well-established. A stable rig count supports jobs for drillers, field...

🌅Afternoon Wire·Apr 14