Friday, April 17, 2026

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Oil Prices

Oil Prices Drop Sharply on Hopes for Hormuz Breakthrough

Front-month crude oil prices fell sharply in early trading Friday, with West Texas Intermediate (WTI) dropping 3.97% to $87.55 per barrel, according to live market data. The global benchmark Brent crude fell 3.52% to $95.89. The drop comes amid growing market expectations for a diplomatic resolution to the Middle East conflict that has blocked the Strait of Hormuz. The price decline reflects "a clear unwind of the geopolitical risk premium," according to Naeem Aslam, CIO at Zaye Capital Markets, in a statement to Rigzone. Analysts cited hopes for a potential U.S.-Iran peace deal and the reopening of the critical waterway as pressuring prices. The Strait of Hormuz usually accounts for 20 percent of global crude supply, and its closure has caused a significant shortfall, Paolo Broccardo, CEO at BankPro, noted in a separate analysis. Despite the day's losses, underlying physical market conditions remain tight. "The physical market is really demanding...

☀️Morning Wire·Apr 17

Rig Report

North Dakota Rig Count Holds at 22, Down Two from Last Week

North Dakota's active drilling rig count remained steady at 22 on Friday, April 17, 2026, according to Bakken Wire live data. No rigs were added, removed, or moved locations since the prior day. The current count is down by two rigs from one week ago, when 24 rigs were active on April 10. Compared to 16 days ago on April 1, the count is down by one rig from the 23 reported at the start of the month. The steady rig activity comes as a significant infrastructure project for the region received a key federal authorization. Earlier this week, President Donald Trump approved a presidential permit for the Bakken Pipeline Company LP to construct, connect, operate, and maintain new pipeline facilities at the U.S.-Canada border in Burke County, North Dakota, according to a White House memo reported by Bing News. Bakken Pipeline Company is a subsidiary of midstream giant Enbridge....

☀️Morning Wire·Apr 17

Daily Activity

DMR Approves Two New Enerplus Permits; Eight Renewals Filed

The North Dakota Department of Mineral Resources (DMR) approved two new drilling permits in its latest daily activity report, both filed by Enerplus Resources USA Corporation. The agency also processed eight permit renewals, with the majority flagged for proposed drillbacks outside of approved spacing units. The newly approved permits, 42674 and 42675, are for the Edward Federal 4797 43-21 4B and 5B wells, respectively. Both are located in the SW SE of Section 21-147N-97W in Dunn County. The permit renewal list, which indicates operators are maintaining the option to drill at a later date, was led by Enerplus with three filings. The company renewed permits for the Quartzite 147-93-17A-20H-TF, Marble 147-93-17A-20H, and Gneiss 147-93-17A-20H-TF-LL wells, all in the NE NE of Section 17-147N-93W in Dunn County within the Moccasin Creek field. All three are noted as proposed drillbacks outside of the spacing unit. Other operators securing renewals included Continental Resources,...

☀️Morning Wire·Apr 17

Operator News

Chevron Bolsters Venezuela Heavy Oil Position in Asset Swap

Chevron Corp. has expanded its heavy oil footprint in Venezuela through a new asset swap agreement with the country's state-owned oil company, according to a report from Rigzone. The deal highlights the international scope of major Bakken operators while their core North Dakota assets continue steady production. Under the agreement signed with Petróleos de Venezuela SA (PDVSA), Chevron will grow its stake in the Petroindependencia SA joint venture to 49% and secure development rights for the Ayacucho 8 area for its Petropiar SA venture. In exchange, Venezuela will receive Chevron's interests in several offshore gas licenses and another joint venture. Javier La Rosa, president of Chevron Base Assets and Emerging Countries, stated the deal "expands Chevron’s heavy oil position in two key joint ventures in Venezuela and reflects our disciplined development of the country's significant resources." The move underscores Chevron's long-term, albeit carefully managed, presence in Venezuela. The company noted...

☀️Morning Wire·Apr 17

Pipeline & Infrastructure

DAPL Legal Battle Moves to Dutch Court as Greenpeace Fights $345M Judgment

A legal fight over the Dakota Access Pipeline (DAPL) has shifted to a courtroom in the Netherlands, where Greenpeace International is attempting to overturn a $345 million judgment levied against it by a North Dakota jury last year. The trial between the environmental group and pipeline operator Energy Transfer began on Thursday, April 16, according to a report from KFYR. Greenpeace, which is headquartered in the Netherlands, is asking the Dutch court to void the 2025 North Dakota verdict. The organization argues the U.S. trial was a Strategic Lawsuit Against Public Participation (SLAPP)—a legal action intended to silence critics through high costs and prolonged litigation—specifically targeting opponents of the Dakota Access Pipeline. Greenpeace is invoking European Union and Dutch anti-SLAPP legislation in its defense. The core legal question, as reported by KFYR, is whether a European court can protect a company from overseas litigation in the United States. Greenpeace is...

☀️Morning Wire·Apr 17

Global Markets

U.S. Refuses to Extend Sanctions Waivers for Russian, Iranian Oil

U.S. Treasury Secretary Scott Bessent confirmed the Trump administration will not renew waivers that allowed the sale of certain sanctioned Russian and Iranian crude, a move that tightens global oil supply as a key shipping chokepoint remains disrupted. According to Rigzone, Bessent stated, “We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil,” during a White House press briefing on Wednesday, April 15, 2026. The decision comes amid a near-paralysis of crude flows through the Strait of Hormuz, a critical passage for a fifth of the world’s oil. Rigzone reported that this disruption has caused oil prices to spike, with global crude prices up more than 30% since the war began. Brent crude was trading around $96 a barrel as of April 16. For Bakken operators and North Dakota royalty owners, the sustained elevation in global benchmark...

☀️Morning Wire·Apr 17

Global Markets

Global Roundup: New Funding for Australia Gas, UK Restructuring, and Russian Arctic Oil

Buru Energy Ltd. has secured a new funding commitment for a major gas project in Australia, highlighting ongoing global capital formation for long-term hydrocarbon developments. According to Rigzone, the company received a commitment for a two-tranche institutional share offering expected to raise approximately AUD 5.3 million ($3.8 million) for its Rafael Gas Project in Western Australia's Canning Basin. The onshore project, targeting a high-confidence resource of about 85 billion cubic feet of gas and 1.8 million stock tank barrels of liquids, is now slated for a 2029 production start. Buru's CEO cited recent engineering studies that "significantly enhanced the project’s economics" by identifying additional liquids streams, leading the company to push back its drilling timeline to capture the increased value in final funding deals. In the UK, Spirit Energy has proposed a significant corporate restructuring, separating its operations from its carbon capture business. Rigzone reported the company plans to split...

☀️Morning Wire·Apr 17

Operator News

Global Tensions Impact Energy Markets as US Revives Hydrogen, DAC Funding

A Pakistan-flagged oil tanker has crossed the strategic Strait of Hormuz for the first time since a U.S. naval blockade began on Monday, April 14, according to a report from Rigzone. The Aframax tanker Shalamar, carrying approximately 450,000 barrels of crude loaded in the UAE, exited into the Gulf of Oman late Thursday, April 16, signaling Karachi as its destination. The crossing is notable as transits through the vital chokepoint have been in single digits since late February, and the U.S. blockade requires clearance from both Iranian and American authorities. The U.S. Central Command reported that fourteen vessels have turned around in three days since the blockade was implemented. Separately, the Trump administration has decided to preserve nearly $5 billion in funding for regional hydrogen hubs, reversing earlier plans for cancellation, Rigzone reported. An Energy Department list provided to Congress on Wednesday, April 15, details funding awards it plans to...

☀️Morning Wire·Apr 17

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Plunge Over 10% Amid Middle East Ceasefire Talks

Oil prices fell sharply on Friday, April 17, with West Texas Intermediate (WTI) crude dropping 10.65% to $81.46 per barrel. Brent crude fell 10.3% to $89.15, according to live price data. The price collapse reflects a significant unwind of the geopolitical risk premium as hopes grow for a diplomatic resolution to tensions in the Middle East. The primary driver is optimism around a potential reopening of the Strait of Hormuz, a critical waterway accounting for 20 percent of global crude supply. Paolo Broccardo, CEO at BankPro, said in a market analysis that expectations of a resolution "could continue to fuel downward pressure on the market," according to Rigzone. Naeem Aslam, CIO at Zaye Capital Markets, highlighted that the pullback reflects "improving sentiment around Middle East stability, including ceasefire developments." However, analysts caution that prices could rebound sharply if diplomatic talks falter. The physical market remains tight with the Strait "severely...

🔆Midday Wire·Apr 17

Pipeline & Infrastructure

Trump Approves New Enbridge Pipeline Project at ND-Canada Border

U.S. President Donald Trump has approved a new pipeline project at the North Dakota-Canada border, issuing a presidential permit to Bakken Pipeline Company LP for construction and operation of facilities in Burke County. The approval, reported on April 15, is a concrete step to enhance crude oil transportation between the two nations, according to source reports. Bakken Pipeline Company is a limited partnership and subsidiary of Enbridge Inc. The permit allows for the construction, connection, operation, and maintenance of border facilities. Enbridge also received permits for the operation and maintenance of existing pipelines in Pembina County, North Dakota, and St. Clair County, Michigan, fortifying its cross-border infrastructure network. The broader strategy aligns with Enbridge’s ongoing expansion plans. Last year, the company committed US$1.4 billion to its Mainline Optimization project, targeting an additional 150,000 barrels per day of capacity on its cross-Canada system, which feeds into the U.S. Midwest. Another 100,000...

🔆Midday Wire·Apr 17

Global Markets

India's Slowing Power Demand Growth Signals Potential Headwind for Global Energy Markets

Growth in India's electricity consumption slowed to its lowest level in six years in the fiscal year ending March 2026, a development with potential downstream implications for global energy demand and pricing that Bakken operators monitor closely. According to data from India's Central Electricity Authority cited by Bloomberg and reported by OilPrice.com, the electricity supplied by state power retailers increased by less than 1% year-over-year for fiscal year 2025-26. The slowdown was attributed to a milder summer in 2025 and heavy monsoon rainfall later in the season. This resulted in the first decline in India's peak power demand for at least two decades during that fiscal year. Historically, extreme summer heat from April to June is the primary driver of Indian power demand growth, which in turn fuels demand for coal and liquefied natural gas (LNG) imports. For the current period, Indian officials are preparing for a rebound. India's Power...

🔆Midday Wire·Apr 17

Global Markets

Venture Global Secures $1.75B Loan, Buru Raises Funds, Spirit Proposes Split

Venture Global LNG Inc. announced its subsidiary has secured a $1.75 billion credit facility for the Calcasieu Pass LNG project in Louisiana, according to Rigzone. The company stated the loan reduces its cost of capital and strengthens its balance sheet. CEO Mike Sabel said the deal demonstrates the firm's ability to access capital markets efficiently. The company reported record 2025 results, with LNG sales increasing 181 percent to 1,409 trillion British thermal units. Revenue rose 177 percent to $13.8 billion, and net profit grew 53 percent to $2.3 billion. Venture Global exported 380 LNG cargoes in 2025 and expects to ship 486-527 cargoes in 2026. The Calcasieu Pass project, which began production in 2022, is authorized to export up to 12.4 million metric tons of LNG per year. Separately, Australia's Buru Energy Ltd. has received a commitment for a share offering to raise approximately AUD 5.3 million ($3.8 million) for...

🔆Midday Wire·Apr 17

Operator News

Global Energy Shifts Impact Markets as US Spares Hydrogen Hubs

Russian state-owned giant PJSC Gazprom has begun commercial oil production from a new, technically complex project in West Siberia, according to Rigzone. The company started production from the sixth block of the Achimov deposits at the Urengoyskoye field, utilizing four initial wells with plans to drill over 40. Gazprom highlighted the use of high-tech solutions like 3D modeling and multi-stage hydraulic fracturing to tap the deep, low-permeability formation, underscoring the global industry's continued push into challenging reservoirs. In the Middle East, a Pakistan-flagged oil tanker has become the first vessel to exit the Strait of Hormuz with a crude cargo since a U.S. naval blockade began on Monday, April 14, Rigzone reported. The Aframax tanker Shalamar, carrying about 450,000 barrels from the United Arab Emirates, crossed the vital chokepoint on Thursday. The blockade, announced by President Donald Trump, has drastically reduced traffic, with only a handful of vessels attempting transits....

🔆Midday Wire·Apr 17

Pipeline & Infrastructure

Strait of Hormuz Reopens, Sending Oil Prices Plunging

Iran declared the Strait of Hormuz "completely open" for commercial traffic on Friday, a major step toward ending a war with the U.S. and Israel that has driven up global energy prices, according to Rigzone. The announcement triggered an immediate and sharp decline in oil benchmarks. Following the statement from Iranian Foreign Minister Abbas Araghchi, Brent crude futures dropped more than 11% to around $88 a barrel, paring its overall gain since the conflict began in late February to just 21%. The reopening of the critical chokepoint for Middle Eastern oil exports was a key demand from U.S. President Donald Trump, who hailed the move on social media, Rigzone reported. The development follows a 10-day ceasefire between Lebanon and Israel announced by Trump on Thursday, which eased tensions with Iran. The ceasefire held into Friday afternoon. Negotiations between the U.S. and Iran, facilitated by Pakistan, are ongoing with a bilateral...

🔆Midday Wire·Apr 17

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Plunge Over 10%

The active rig count in North Dakota held steady at 22 on Friday, according to live Bakken Wire data, even as benchmark oil prices suffered a severe daily decline. West Texas Intermediate crude was trading at $81.46, down $9.71 or 10.65% for the day, while Brent crude fell 10.3% to $89.15. The sharp drop in prices, if sustained, creates immediate headwinds for Bakken operators. The Bakken differential, the discount for crude from the region, was recorded at -$3.42 versus WTI, meaning Bakken crude was priced near $78.04. A rig count of 22 represents a historically low level of drilling activity for the state. The rig count is a leading indicator of future oil production, as new wells must be drilled and completed to offset the steep natural decline rates from existing wells. With fewer rigs working, the pipeline of new wells shrinks, making it difficult to maintain, let alone grow,...

🔆Midday Wire·Apr 17

Workforce & Community

Bakken Rig Count Holds at 22 as Oil Prices Plunge Over 10%

The number of active drilling rigs in North Dakota remained unchanged at 22 on Friday, according to Bakken Wire live data, providing a measure of stability for the region's oilfield workforce amid a dramatic sell-off in crude prices. West Texas Intermediate (WTI) crude plummeted 10.65% to $81.46 per barrel, while the global Brent benchmark fell 10.3% to $89.15. The current rig count, a key indicator of drilling activity and direct employment for drilling crews, service companies, and logistics, is a fraction of the peak levels seen during previous boom cycles. Historically, rig counts in the Bakken formation, North Dakota's primary oil-producing region, have been highly correlated with oil prices. Sustained price weakness typically leads operators to curtail capital spending and slow development plans, which flows through to reduced hiring and contract work. For Bakken communities, the rig count and oil price environment are fundamental drivers of economic health. Service companies,...

🔆Midday Wire·Apr 17

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 8% Amid Ceasefire Hopes; Bakken Discount Widens

Oil prices suffered a steep selloff on Friday, with the U.S. benchmark plunging more than 8% as optimism for a diplomatic resolution in the Middle East spooked the market. West Texas Intermediate (WTI) crude for May delivery settled at $83.83, down $7.34 on the day. The international benchmark Brent crude fell to $91.40, a drop of $7.99. The dramatic decline reflects a rapid unwinding of the geopolitical risk premium that had supported prices in recent sessions. According to Rigzone, BankPro CEO Paolo Broccardo said oil prices could remain under pressure amid hopes of a diplomatic breakthrough in the Middle East. This sentiment clashed with ongoing supply constraints, including a persistent blockade of the Strait of Hormuz, a critical oil chokepoint, which had driven gains earlier in the week. For Bakken producers, the sharp drop in the headline price is compounded by a widening discount for local crude. The Bakken differential...

🌅Afternoon Wire·Apr 17

Rig Report

Bakken Rig Count Steady at 22, Down from Recent Highs

North Dakota's active drilling rig count held at 22 on Friday, April 17, 2026, with no additions, removals, or location changes reported since yesterday, according to Bakken Wire live data. The current level represents a slight decline from recent activity. One week ago, on April 10, the state reported 24 active rigs. The count has fallen by two rigs over that period. Compared to 16 days ago on April 1, when 23 rigs were active, the count is down by one. While drilling activity shows a modest pullback, a significant infrastructure development for the region received federal approval this week. According to Bing News, U.S. President Donald Trump approved a presidential permit on April 15 for Bakken Pipeline Company LP to construct, connect, operate, and maintain pipeline facilities at the U.S.-Canada border in Burke County, North Dakota. Bing News reported that Bakken Pipeline Company is a subsidiary of Enbridge. The...

🌅Afternoon Wire·Apr 17

Pipeline & Infrastructure

Energy Transfer, Greenpeace Clash in Dutch Court Over DAPL Judgment

A legal battle stemming from a North Dakota court ruling has moved to a courtroom in the Netherlands. Energy Transfer and Greenpeace International faced off in a Dutch court on Thursday, April 16, according to a KFYR report. The core of the dispute is a $345 million judgment against Greenpeace, awarded by a North Dakota jury in 2025. Greenpeace is now asking the Dutch court to void that judgment. The organization argues the North Dakota trial was a Strategic Lawsuit Against Public Participation (SLAPP), intended to silence critics of the Dakota Access Pipeline (DAPL) through costly litigation. Greenpeace is invoking European Union and Dutch anti-SLAPP legislation in its defense. The case will test whether a European court can shield an entity from litigation and judgments originating in the United States. A ruling from the Dutch court is expected in early June. For Bakken operators and infrastructure developers, the Dutch proceeding...

🌅Afternoon Wire·Apr 17

Global Markets

Global Drought Threatens Crops, Tankers Test Hormuz Reopening

A severe drought gripping the United States and a tentative reopening of a key global oil chokepoint are shaping energy and agricultural markets relevant to Bakken operators. According to OilPrice.com, 60% of the Lower 48 is currently in drought as the spring planting season begins, threatening crops like wheat and pressuring cattle herds. The drought, described as the worst in decades, is impacting the Great Plains, a key region for winter wheat, according to OilPrice.com. Farmers are being forced to decide whether to keep struggling crops or cut losses and replant. Furthermore, the U.S. cattle herd is at its lowest level since the 1950s, and further drought-driven reductions could push beef prices to new record highs. In the western U.S., shrinking mountain snowpack is threatening irrigation, with water cutbacks already imposed in areas like Washington's Yakima Basin and along the Colorado River. Simultaneously, the global oil market reacted to developments...

🌅Afternoon Wire·Apr 17

Operator News

LNG, Australia Gas Funding, UK Restructuring Top Global Operator News

Venture Global's Calcasieu Pass LNG facility secured a $1.75 billion senior secured term loan B facility, according to Rigzone. The company used part of the proceeds to redeem preferred equity interests issued to Stonepeak Bayou Holdings II. For Bakken producers, the health of the U.S. LNG export sector is a key indicator for long-term natural gas demand, which can influence associated gas production economics in the oil-rich region. Separately, Australian energy company Buru received a commitment for a two-tranche institutional share offering expected to raise approximately $3.8 million for its Rafael Gas Project in Western Australia, Rigzone reported. While a smaller financing, it highlights continued investment in global natural gas development, which competes for capital and serves similar markets as U.S. shale gas, including volumes from the Bakken. In the UK, Spirit Energy has revealed a proposal to restructure its organization, the news service noted. The company stated it is...

🌅Afternoon Wire·Apr 17

Pipeline & Infrastructure

Global Pipeline, Export News Highlights Energy Supply Dynamics

A Pakistan-flagged crude oil tanker has become the first carrier to exit the Persian Gulf through the Strait of Hormuz with a cargo since a U.S. blockade began, according to Rigzone. The vessel's transit over the weekend marks a potential shift in the volatile security situation surrounding the critical global oil chokepoint. Separately, Russian state-owned company Gazprom has started commercial oil production from a new project at the Urengoyskoye field in West Siberia, Rigzone reported. The project targets the sixth block of the Achimov deposits in the West Siberian basin. In U.S. policy news, the Trump administration plans to preserve billions of dollars in funding for hydrogen ventures, according to a separate Rigzone report. The list of saved projects spares $5 billion in funding for hydrogen hubs that were previously earmarked for termination. For Bakken operators and royalty owners, these international developments underscore the interconnected nature of global oil supply...

🌅Afternoon Wire·Apr 17

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Retreat Sharply

North Dakota's oil production outlook is caught between a persistently low level of drilling activity and a sudden sharp downturn in crude oil prices, according to live market and operational data. The state's active rig count was reported at 22 on Friday, April 17, 2026, while benchmark West Texas Intermediate crude fell sharply to $83.83 per barrel. The current rig count of 22 represents a historically low level of drilling activity for the Bakken formation. The number of active drilling rigs is a leading indicator of future oil production, as it takes months for new wells to be drilled, completed, and brought online. A sustained rig count at this level suggests that growth in North Dakota's oil output will be limited in the coming months, with production more likely to stabilize or face a gradual decline without a significant increase in activity. Compounding the operational picture is a steep weekly...

🌅Afternoon Wire·Apr 17

Workforce & Community

Bakken Rig Count Holds at 22 as Oil Prices Retreat Sharply

The active drilling rig count in North Dakota held steady at 22 on Friday, even as global oil prices experienced a severe one-day sell-off. West Texas Intermediate (WTI) crude closed at $83.83, down $7.34 or 8.05%, while Brent crude fell to $91.40, according to live Bakken Wire data. The price for Bakken crude at the wellhead was trading at a $3.42 discount to WTI. The sustained low rig count, a key indicator of future drilling and completion activity, points to a stabilized but historically muted level of operations in the formation. The current figure of 22 rigs is far below the peak boom-year counts, which exceeded 200. This level of activity directly influences employment, with fewer rigs translating to reduced demand for drilling crews, field service technicians, and related oilfield support jobs. For local communities across the Williston Basin, the combination of low activity and price volatility creates a cautious...

🌅Afternoon Wire·Apr 17