Saturday, April 18, 2026

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Oil Prices

Oil Prices Plunge Over 9% on Eased Hormuz Supply Fears

Oil prices suffered a sharp sell-off on Friday, with West Texas Intermediate crude plunging 9.4% to close at $82.59 per barrel. The dramatic drop, which saw Brent crude fall 9.1% to $90.38, was triggered by news that eased immediate supply concerns from a key global chokepoint. The price collapse was driven by Iran signaling a temporary reopening of the Strait of Hormuz, according to Rigzone. The potential diplomatic breakthrough in the Middle East alleviated fears of a major supply disruption, leading to a broad market retreat. BankPro CEO Paolo Broccardo noted oil prices could remain under pressure amid hopes for such a diplomatic resolution. For Bakken producers, the steep decline in the benchmark WTI price is compounded by a regional discount. Bakken crude traded at a differential of $3.42 below WTI, implying a wellhead price near $79.17 per barrel based on Friday's settlement. This sudden contraction in realizations could pressure...

☀️Morning Wire·Apr 18

Rig Report

Bakken Rig Count Holds at 22 as Pipeline Expansion Moves Forward

The number of active drilling rigs in North Dakota's Bakken formation held steady at 22 on Saturday, April 18, 2026, according to live data from Bakken Wire. There were no new rigs added, removed, or moved from the previous day. The current count represents a slight decline from recent activity levels. One week ago, on April 11, the state reported 24 active rigs. Seventeen days ago, on April 1, the count was 23. This places the current rig activity slightly below the levels seen at the start of the month. This steady but lower rig activity unfolds alongside significant midstream developments that could impact future production and transportation. According to a report from Bing News, U.S. President Donald Trump approved a presidential permit on April 15 for the Bakken Pipeline Company LP to construct and operate a new pipeline project at the Canada-U.S. border in Burke County, North Dakota. Bakken...

☀️Morning Wire·Apr 18

Daily Activity

Enerplus Secures New Dunn County Permits; Continental Renews Nine

The North Dakota Department of Mineral Resources approved three new drilling permits and renewed nine others in its latest daily activity report, with Enerplus Resources USA Corporation and Continental Resources, Inc. accounting for all the activity. Enerplus was approved for three new permits in Dunn County, according to the report. The permits are for the Little Chase Creek 4797 43-21 2BHP well and the Edward Federal 4797 43-21 2B and 3B wells. All three locations are in the same section, SW SE 21-147N-97W. Separately, Continental Resources renewed nine confidential drilling permits. Seven of the renewals are for wells in the Plano Federal Indian Unit (FIU) in Williams County, specifically in section 28-154N-101W. The wells are named Plano FIU 5-28H, 4-28H, 3-28H, 2-28HSL, 6-28H, 7-28H, and 8-28HSL. The remaining two Continental renewals are for the Frisco 4-31H and 5-31H wells in McKenzie County. The report notes these permits, located in SW...

☀️Morning Wire·Apr 18

Global Markets

Hormuz Closure Reversed, Global Oil Markets in Turmoil

Iran re-closed the Strait of Hormuz to most commercial traffic on Saturday, April 18, just hours after a brief opening, reigniting uncertainty for global oil markets. According to OilPrice.com, Iran's Islamic Revolutionary Guard Corps declared the strait is now under the "strict management and control of the armed forces," directly contradicting a claim from U.S. President Donald Trump that the chokepoint was open. The reversal came after Trump stated the American naval blockade of Iranian ports "will remain in full force." Iran has conditioned the strait's opening on the lifting of that blockade, which the U.S. imposed on April 13. The Strait of Hormuz handles roughly 20% of global oil supply, or about 20 million barrels per day. Oil markets had sharply priced in the opening on Friday, with Brent crude falling roughly 9.5% to around $89.89 and WTI sliding more than 10% to $84.89. OilPrice.com reports those moves are...

☀️Morning Wire·Apr 18

Operator News

Hormuz Reopening Tests Begin, EagleRock Files for IPO

The first oil tankers began advancing toward the Strait of Hormuz on Friday, testing a potential reopening of the world's most critical oil transit chokepoint. According to OilPrice.com, at least eight crude carriers started moving toward the Strait within hours of Iran declaring it open under a ceasefire framework. The development, if sustained, could begin to ease global supply constraints that have supported oil prices in recent months. Iran announced that the Strait of Hormuz is now "completely open" for commercial traffic, Rigzone reported. However, the initial movements represent a cautious test rather than a full reopening. Hundreds of tankers remain stranded across the Persian Gulf, and several ship owners are taking a wait-and-see approach, according to OilPrice.com. The potential for resumed flows through the strait, which typically carries about a fifth of global oil and gas, had an immediate market impact. Brent crude prices fell over 10% on Friday...

☀️Morning Wire·Apr 18

Pipeline & Infrastructure

LNG, Gas Project Funding Highlights Global Midstream Activity

Financing activity for major liquefied natural gas (LNG) and international gas projects advanced this week, highlighting the continued capital flow into energy infrastructure that supports global demand, according to reports from Rigzone. Venture Global secured a $1.75 billion senior secured term loan for its Calcasieu Pass LNG facility, according to Rigzone. The company used part of the proceeds to redeem preferred equity interests issued to Stonepeak Bayou Holdings II, the report stated. Separately, Australian company Buru received a commitment for a two-tranche institutional share offering expected to raise approximately $3.8 million to fund its Rafael Gas Project in Western Australia, Rigzone reported. In organizational news, UK-based Spirit Energy revealed a proposal to restructure its UK organization, Rigzone reported. The company stated it is "committed to supporting all our colleagues throughout the consultation process," according to the source. While these developments are located outside the Williston Basin, they reflect broader industry...

☀️Morning Wire·Apr 18

Regulatory

Global Oil Supply, Trade Flows See Key Developments

Russian state-owned energy giant Gazprom has commenced commercial oil production from a new project at the Urengoyskoye field in West Siberia, according to Rigzone. The company started up the sixth block of the Achimov deposits, adding new supply from a major producing basin. Separately, a key global oil trade chokepoint has seen movement. 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 of the waterway began, Rigzone reported. The tanker entered the Gulf over the weekend and successfully transited the strait. For Bakken producers and royalty owners in North Dakota, these international developments recalibrate the global supply and transportation landscape against which local crude is priced. The startup of new production in Russia, a major non-OPEC producer, contributes to global supply. Incremental barrels from regions like West Siberia can influence the international...

☀️Morning Wire·Apr 18

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Retreat Sharply

North Dakota's oil and gas activity showed signs of stability this week, with the active rig count holding at 22 despite a dramatic sell-off in crude oil prices. As of Saturday, April 18, the state's primary drilling activity indicator remained unchanged from recent reports, even as West Texas Intermediate (WTI) crude fell to $82.59, a drop of $8.58 or 9.41% for the day. The sharp price decline affected global benchmarks, with Brent crude settling at $90.38, down $9.01. The Bakken crude differential, the discount at which local crude trades versus the WTI benchmark, was reported at -$3.42. Natural gas prices were recorded at $2.67 per MMBtu. The steady rig count in the face of significant price volatility suggests operators may be maintaining current development plans in the near term. The rig count is a closely watched leading indicator for future oil production, as it reflects the number of drilling crews...

☀️Morning Wire·Apr 18

🔆Midday Wire11:00 AM CST

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Oil Prices

Crude Prices Plunge on Strait of Hormuz Ceasefire News

Oil prices collapsed in Friday trading following Iran's announcement that it would reopen the Strait of Hormuz, a critical chokepoint for global crude shipments, according to live market data and reports from Rigzone. West Texas Intermediate (WTI) crude settled at approximately $84, a drop of 9.1% for the session. As of midday Saturday, WTI is trading at $82.59, down $8.58 or 9.41% from its prior settlement. Brent crude is at $90.38. The sharp decline was triggered by a statement from Iran's Foreign Minister Abbas Araghchi on Friday that the strait is "completely open" for commercial shipping during a 10-day ceasefire between Israel and Hezbollah, Rigzone reported. The Strait of Hormuz typically handles about a fifth of the world's oil supply, and its closure over a seven-week US-Iran conflict had caused severe global supply disruptions. "The market is now pricing that the war and the closure of the Strait is over,"...

🔆Midday Wire·Apr 18

Pipeline & Infrastructure

Trump Approves Enbridge Pipeline Permit at ND-Canada Border

U.S. President Donald Trump has approved a presidential permit for a new Bakken pipeline project at the North Dakota-Canada border, according to a report from The Deep Dive. The permit, issued to Bakken Pipeline Company LP, authorizes the construction, connection, operation, and maintenance of facilities in Burke County, North Dakota. Bakken Pipeline Company is a limited partnership and subsidiary of Canadian pipeline giant Enbridge. The same report states Enbridge also received permits for the operation and maintenance of existing pipelines in Pembina County, North Dakota, and St. Clair County, Michigan. The approval marks a concrete step to enhance crude oil transportation between the U.S. and Canada. The development aligns with Enbridge's broader expansion strategy. The Deep Dive reported that last year, the company committed US$1.4 billion to its Mainline Optimization project, aiming to add 150,000 barrels per day of capacity on its cross-Canada system feeding into the U.S. Midwest. A...

🔆Midday Wire·Apr 18

Global Markets

Global Energy Roundup: LNG Finance, Project Funding, and Corporate Restructuring

Venture Global Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass LNG project in Louisiana, according to Rigzone. The company stated the loan reduces its overall cost of capital and strengthens its balance sheet. Venture Global reported record 2025 results, with LNG sales increasing 181 percent to 1,409 trillion British thermal units and revenue rising 177 percent to $13.8 billion. The company exported 380 cargoes last year and expects to ship 486-527 cargoes in 2026, with 145-156 coming from Calcasieu Pass. The Calcasieu Pass project, which began production in 2022, holds a Department of Energy permit to export up to 12.4 million metric tons per annum of LNG. Venture Global is also targeting a commercial operation date in Q4 2026 for Phase I of its larger Plaquemines LNG project, which received DOE authorization in March 2026 to export 27.2 MMtpa. The expansion of U.S. LNG export capacity...

🔆Midday Wire·Apr 18

Operator News

Global Energy Shifts Impact Markets as Bakken Operators Watch Volatility

A major Russian oil project has started production while a critical Middle East oil chokepoint has closed again, creating competing forces for global crude markets watched by Bakken operators. Meanwhile, the U.S. government is pushing a new long-term energy frontier with plans for a nuclear reactor in lunar orbit. PJSC Gazprom has achieved commercial oil production from the sixth block of the Achimov deposits at the Urengoyskoye field in West Siberia, according to Rigzone. The state-owned company started four wells in Block 6A using mobile treatment units and plans to drill more than 40 wells for full-scale development. Gazprom described the Achimov deposits as geologically complex, lying at depths of 11,150 to 12,140 feet with low permeability and high pressure. The project employs high-tech solutions like 3D modeling for drilling long horizontal wells and multi-stage hydraulic fracturing, techniques also foundational to Bakken shale development. "The first-ever production of oil from...

🔆Midday Wire·Apr 18

Pipeline & Infrastructure

Hormuz Strait Reopens Then Faces New Shutdown, Roiling Oil Prices

Oil markets experienced extreme volatility Friday and into Saturday after Iran declared the Strait of Hormuz "completely open" before reportedly moving to shut it down again, according to separate wire reports. The price swings have direct implications for Bakken crude pricing and operator revenues. On Friday, April 17, Iranian Foreign Minister Abbas Araghchi announced the critical waterway was open for commercial traffic, a move tied to a ceasefire between Lebanon and Israel, according to Rigzone. The announcement sent oil prices plunging, with Brent crude falling more than 11% to around $88 a barrel. However, by Saturday, April 18, the situation appeared to reverse sharply. OilPrice.com reported that Iran has turned back at least 20 vessels and declared the strait closed, citing a failure by the U.S. to uphold ceasefire commitments. The report states total disruptions now involve more than 20 tankers, with merchant vessels receiving radio warnings from Iranian naval...

🔆Midday Wire·Apr 18

Regulatory

Druzhba Pipeline Flows May Resume, Affecting Global Oil Dynamics

Flows of Russian oil to Hungary via the Druzhba pipeline could resume next week, according to incoming Hungarian Prime Minister Peter Magyar. The development could influence global crude supply balances watched by Bakken producers. Magyar cited the head of Hungarian refiner MOL, Zsolt Hernadi, as the source of the information, according to a report from Rigzone. Magyar told reporters on Friday that Hernadi would visit Russia next week to discuss oil supplies. The pipeline, which transports Russian oil via Ukraine to central Europe, has been offline since January when it was damaged by a Russian drone strike. The outage has been a factor in global oil market dynamics, contributing to supply uncertainties that have provided a floor under international benchmark prices. A restoration of flows from the Druzhba line would incrementally add supply back to the European market. The pipeline's status also became entangled in European politics. During Hungary's election...

🔆Midday Wire·Apr 18

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Plunge

North Dakota's active drilling rig count held at 22 on Saturday, April 18, 2026, according to midday data from Bakken Wire. The steady rig activity comes amid a significant downturn in crude oil prices during the trading session. West Texas Intermediate (WTI) crude was trading at $82.59 per barrel, down $8.58 or 9.41% from the previous close. The international Brent benchmark fell to $90.38, a drop of $9.01 or 9.07%. The price for Bakken crude at the wellhead is typically discounted against WTI, with the differential currently at -$3.42. Natural gas was priced at $2.67 per MMBtu. The current rig count of 22 provides a snapshot of near-term drilling investment by operators in the Williston Basin. Historically, the number of active rigs is a leading indicator for future oil production, as it takes several months for new wells to be drilled, completed, and brought online. A stable rig count suggests...

🔆Midday Wire·Apr 18

Workforce & Community

Bakken Rig Count Holds at 22 Amid Sharp Oil Price Decline

The active rig count in North Dakota's Bakken formation held steady at 22 on Saturday, even as a sharp sell-off in crude oil markets introduced new uncertainty for regional employment and community economies. West Texas Intermediate (WTI) crude was trading at $82.59 per barrel, down $8.58 or 9.41% for the day, according to live Bakken data. The international benchmark Brent crude fell a similar 9.07% to $90.38. The current rig count reflects a stabilized, but historically moderate, level of drilling activity in the state's primary oil-producing region. General industry context shows a direct correlation between the number of active drilling rigs and employment levels for field personnel, including rig crews, truck drivers, and well service companies. A sustained low rig count typically leads to reduced hiring and can increase competition for existing jobs. For local communities in western North Dakota, the rig count and oil price are leading indicators for...

🔆Midday Wire·Apr 18

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Nearly 10% on Strait of Hormuz Opening

Crude oil prices collapsed by nearly 10 percent on Friday, April 17, following Iran's announcement that it would reopen the Strait of Hormuz during a ceasefire, according to Rigzone. West Texas Intermediate (WTI) crude settled at $82.59, down $8.58 for the day. Brent crude fell to $90.38, a drop of $9.01. The sharp decline was triggered by news that Iran's Foreign Minister declared the vital waterway "completely open" for commercial shipping during a 10-day ceasefire between Israel and Hezbollah, Rigzone reported. The Strait of Hormuz is a chokepoint for about a fifth of the world's oil. The market reaction was immediate, with trend-following commodity trading advisers liquidating long positions aggressively. For Bakken operators, the price drop directly impacts the local benchmark. The Bakken crude differential to WTI was $-3.42, meaning Bakken oil is priced at a discount. With the precipitous fall in the underlying WTI price, Bakken wellhead economics have...

🌅Afternoon Wire·Apr 18

Rig Report

Bakken Rig Count Steady at 22 Amid Gradual Decline

North Dakota's active drilling rig count remained unchanged at 22 on Saturday, April 18, 2026, according to live Bakken Wire data. There were no new rigs added, no rigs removed, and no rigs that moved location since Friday's report. The current figure represents a continuation of a gradual decline in drilling activity over the past month. Compared to one week ago, on April 11, the active rig count has decreased by two, from 24 to 22. Looking back over a slightly longer period, the count is down by one rig from the 23 active rigs reported 17 days ago on April 1. A steady rig count, particularly on a weekend, is not unusual as major operational changes are typically scheduled during weekdays. The lack of day-over-day movement suggests a period of stability for active drilling programs. The Bakken formation is North Dakota's primary oil-producing region, and the rig count is...

🌅Afternoon Wire·Apr 18

Global Markets

Global Energy Shifts Highlight Long-Term Pressures for Bakken Oil

Global energy diversification efforts and the race for critical minerals are accelerating, according to recent industry reports, highlighting long-term market dynamics that could influence the outlook for Bakken crude oil. As geopolitical conflict pushes fossil fuel prices higher, governments worldwide are assessing energy security and looking to develop various energy sources, OilPrice.com reported. Hydropower, described by International Energy Agency Executive Director Fatih Birol as "the forgotten giant of electricity," is seeing renewed attention as a flexible and reliable renewable source. Hydropower is the world’s third-largest power generation source after coal and natural gas, contributing around 4,500 terawatt-hours of electricity, or 14 percent of the global total. This equates to roughly the same electricity production as solar and wind power combined. Its ability to rapidly adjust generation makes it a key candidate for filling gaps in solar and wind output. For North Dakota, a state whose economy is heavily tied to...

🌅Afternoon Wire·Apr 18

Global Markets

Global LNG, Gas Projects Advance as Spirit Energy Proposes Restructure

Venture Global LNG Inc. has secured a $1.75 billion credit facility for its Calcasieu Pass export project in Louisiana, according to a company statement reported by Rigzone. The senior secured term loan was used in part to redeem preferred equity and will lower the company's cost of capital, CEO Mike Sabel said. The financing was arranged by Goldman Sachs, Barclays, Natixis, and Wells Fargo. The company reported record performance for 2025, with LNG sales rising 181 percent to 1,409 trillion British thermal units and revenue increasing 177 percent to $13.8 billion. Venture Global exported 380 LNG cargoes last year and expects to ship between 486 and 527 cargoes in 2026, with 145-156 coming from Calcasieu Pass. Its Plaquemines LNG project recently received Department of Energy authorization to export up to 27.2 million metric tons per annum and is targeting a commercial operation date for its first phase in the fourth...

🌅Afternoon Wire·Apr 18

Operator News

Europe’s Energy Problem Isn’t the Transition—It’s That Europe Never Finished It

HEADLINE: Europe’s Energy Problem Isn’t the Transition—It’s That Europe Never Finished It SOURCE: OilPrice.com PUBLISHED: 2026-04-18T21:00:00.000Z URL: https://oilprice.com/Alternative-Energy/Renewable-Energy/Europes-Energy-Problem-Isnt-the-TransitionIts-That-Europe-Never-Finished-It.html ARTICLE TEXT: By now, a familiar narrative has returned to Europe’s energy debate. The transition, we are told, went too far, too fast, and too blindly. Politicians chased climate headlines, imposed unrealistic targets, burdened households with costs, and pushed industry toward the exit.It is a compelling story. It is also the wrong one.Europe’s real mistake was not moving too quickly on clean energy. It was moving halfway. We invested in renewable generation, but underinvested in the grids, storage, flexibility, and electrification required to make the system work efficiently at scale. In short: Europe built the engine, then forgot the gearbox.The Fossil Fuel Model Was Always More Fragile Than It LookedFor decades, Europe benefited from an energy model based on imported fossil fuels, domestic legacy assets, and relatively stable global trade. Cheap pipeline...

🌅Afternoon Wire·Apr 18

Pipeline & Infrastructure

Geopolitical Whiplash Hits Oil Prices as Hormuz Reopens, Then Shuts

Oil markets experienced extreme volatility Friday and into Saturday as the status of the Strait of Hormuz shifted from open to effectively closed, according to conflicting reports from the region. The price swings have direct implications for Bakken crude pricing and operator revenues. On Friday, Iran's Foreign Minister Abbas Araghchi declared the Strait of Hormuz "completely open" for commercial traffic, according to a report from Rigzone. The announcement, tied to a ceasefire in Lebanon, sent Brent crude prices plunging more than 11% to around $88 a barrel. U.S. President Donald Trump hailed the move in a social media post. However, by Saturday, the situation had sharply reversed. According to a report from OilPrice.com, Iran has moved to restrict vessel traffic, turning back at least 20 vessels and declaring the waterway closed. The report states U.S. enforcement actions have redirected additional ships, bringing total disruptions to more than 20 tankers. Iranian...

🌅Afternoon Wire·Apr 18

Regulatory

Druzhba Pipeline Restart Could Ease Global Oil Flow, Impact Bakken Pricing

The Druzhba pipeline, a key conduit for Russian crude into central Europe, could resume operations as soon as next week, according to a report from Rigzone citing Hungarian officials. This development may have downstream effects on global crude oil flows and pricing benchmarks that influence Bakken crude. Incoming Hungarian Prime Minister Peter Magyar stated on Friday that flows could restart, citing information from Zsolt Hernadi, the head of Hungarian refiner MOL. Magyar noted that Hernadi would visit Russia next week to discuss oil supplies, adding, “It’s not enough just to restart Druzhba. It needs to get oil too.” The pipeline has been inoperative since January when it was damaged by a Russian drone strike. The pipeline's outage has been entangled in political disputes. Outgoing Premier Viktor Orban had accused Ukraine of deliberately delaying repairs, a charge denied by Ukrainian President Volodymyr Zelenskiy. Orban linked the restoration of flows to lifting...

🌅Afternoon Wire·Apr 18

Production Data

Bakken Rig Count Steady at 22 Amid Sharp Oil Price Decline

North Dakota's active drilling rig count held at 22 on Saturday, April 18, 2026, according to live Bakken Wire data. This level of activity persists alongside a significant downturn in crude oil prices, with WTI falling $8.58 to $82.59 per barrel, a drop of 9.41%. The current rig count is a key indicator of near-term drilling investment and future production trends in the Bakken formation. Historically, the number of active rigs has a direct correlation with subsequent oil output, as new wells drilled today will begin contributing to production months later. A stable count suggests operators are maintaining core development programs despite market volatility. The sharp price decline saw Brent crude fall to $90.38, down 9.07%. The Bakken crude differential, the discount at which local oil trades compared to WTI, was reported at -$3.42. Natural gas prices were recorded at $2.67. The steady rig count amid a price shock may...

🌅Afternoon Wire·Apr 18