Monday, April 20, 2026

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Oil Prices

Oil Prices Surge Over 5% on Monday Amid Geopolitical Tensions

Front-month crude oil futures posted sharp gains to start the trading week, with West Texas Intermediate (WTI) climbing nearly 6% to settle at $87.48 per barrel on Monday, April 20, according to live price data. The global benchmark, Brent crude, rose 5.07% to $94.96. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a differential of -$3.42 versus WTI. The dramatic price surge follows a period of extreme volatility linked to the Iran conflict and its impact on critical Middle Eastern shipping lanes. According to a summary from Rigzone, energy prices had plunged just days prior, on April 17, after Iran signaled a temporary reopening of the Strait of Hormuz, easing immediate supply fears. The swift rebound indicates market sensitivity to any developments that could threaten the flow of oil from the Persian Gulf. Higher crude prices are translating directly to increased fuel costs for consumers....

☀️Morning Wire·Apr 20

Rig Report

Bakken Rig Count Remains at 22, Showing Stability

The number of active drilling rigs in North Dakota's Bakken formation remained unchanged at 22 over the weekend, according to live rig data monitored by Bakken Wire. The count showed no day-over-day movement on Monday, April 20, 2026, with no new rigs added, no rigs removed, and no rigs that moved location. This level of activity represents a period of stability for Bakken operators. The rig count has held at 22 for the past week, unchanged from the count reported on April 13, 2026. However, compared to the beginning of the month, drilling activity has seen a slight reduction. The state's active rig count is down by one from the 23 rigs reported on April 1, 2026. A rig count of 22 continues to reflect a cautious, capital-disciplined operating environment in the Williston Basin. Following the boom periods of the past decade, operators have prioritized efficiency and returns on invested...

☀️Morning Wire·Apr 20

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 19, 2026, contained no new drilling or completion filings, according to the agency's data release. The daily report typically lists new drilling permits approved, wells spudded (drilling begun), wells completed, and wells plugged. The absence of new filings for a single day is a normal occurrence in state reporting, especially following a weekend when regulatory offices are closed and operator paperwork may be delayed. The Bakken formation in western North Dakota remains one of the nation's most active oil-producing regions. Daily activity reports provide a near-real-time snapshot of operational tempo for producers working in the state. Industry analysts and royalty owners monitor these reports to track permitting trends and well-level activity. The next report, covering activity for Monday, April 20, is expected to be released by the DMR on Tuesday.

☀️Morning Wire·Apr 20

Global Markets

China Revives Coal-to-Gas Project, Signaling Long-Term Shift from LNG Imports

China is reviving a massive $3.7 billion coal-to-gas conversion project, a strategic shift prompted by war-driven disruptions to global natural gas supplies that could reshape long-term import demand, according to a report from OilPrice.com. The revival of the Fuxin project, suspended since 2014 due to environmental and cost problems, signals a changed market environment where securing domestic alternatives to imported gas has become a priority. The report, citing Bloomberg, links the project's revival directly to the war between the U.S., Israel, and Iran, which has disrupted the global gas supply balance. With infrastructure damage in the Gulf compromising gas supplies, China is turning to its vast coal reserves. The country currently has more coal than it can use and is pursuing as many as 13 coal-to-gas projects, which could boost its synthetic gas production capacity sevenfold to over 52 billion cubic meters annually. For Bakken operators, China's pivot toward coal-based...

☀️Morning Wire·Apr 20

Global Markets

Iran Issues Stark Warning Over U.S. Naval Blockade

HEADLINE: Iran Issues Stark Warning Over U.S. Naval Blockade SOURCE: OilPrice.com PUBLISHED: 2026-04-20T10:30:00.000Z URL: https://oilprice.com/Latest-Energy-News/World-News/Iran-Issues-Stark-Warning-Over-US-Naval-Blockade.html ARTICLE TEXT: Iran has warned the world that it cannot and would not guarantee safe passage through the Strait of Hormuz if the United States continues to attempt to restrict Tehran’s oil exports.Following a weekend of twists and turns and escalating tensions, Iran’s First Vice President, Mohammad-Reza Aref, early on Monday said that security at the Strait of Hormuz comes at a cost. “The security of the Strait of Hormuz is not free. One cannot restrict Iran’s oil exports while expecting free security for others,” Aref wrote in a post on X. “The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” the senior Iranian official said.“Stability in global fuel prices depends on a guaranteed and lasting end to the economic and military pressure against Iran...

☀️Morning Wire·Apr 20

Operator News

Global Energy Roundup: Prices Up, New Gas Giant Found, Iberdrola Grows

Oil prices moved higher on Monday, April 20, after a decline on Friday, according to Rigzone. The report noted that SEB Chief Commodities Analyst Bjarne Schieldrop warned the U.S.-Iran ceasefire is set to expire on Tuesday, a factor contributing to market volatility. For Bakken operators, short-term price swings around geopolitical events can impact near-term cash flow and hedging decisions. The broader price trend remains a critical factor for drilling economics in the Williston Basin. In international exploration news, Italian energy major Eni has declared a "giant" gas discovery offshore Indonesia, Rigzone reported. Preliminary estimates indicate in-place resources of approximately 5 trillion cubic feet of gas and 300 million barrels of condensate. While not a direct competitor to Bakken crude, major global gas discoveries can influence long-term LNG supply forecasts and international energy investment flows, potentially affecting global capital allocation. In the power sector, Spanish utility Iberdrola raised its total generation...

☀️Morning Wire·Apr 20

Pipeline & Infrastructure

Global Pipeline Disruptions, Deals Reshape Oil Flows

Global pipeline and maritime chokepoint developments are creating a mixed outlook for oil supply, with direct implications for the competitive position of Bakken crude in international markets. Commercial traffic through the Strait of Hormuz is at a virtual standstill after a brief reopening ended with the first U.S. seizure of an Iranian vessel, according to Rigzone. The strait is a critical conduit for seaborne oil exports from the Middle East. Any prolonged disruption there typically increases demand for non-Middle Eastern crudes, including those from the U.S. interior like the Bakken, which are priced against global benchmarks. Separately, Spanish energy company Repsol and Venezuela have agreed to terms for a significant production increase, Rigzone reported. Under the new agreement with the government and state-owned PdVSA, Repsol would grow its Venezuelan gross production by 50 percent within 12 months and triple it over the next three years. Increased production from Venezuela, if...

☀️Morning Wire·Apr 20

Regulatory

EagleRock Land Files for IPO; Iran Reopens Key Oil Shipping Lane

EagleRock Land LLC has filed for an initial public offering, according to a report from Rigzone published on April 17, 2026. The filing marks a significant step for a company operating in the land and mineral rights sector critical to oil and gas development. Separately, Iran announced that the Strait of Hormuz is now "completely open" for commercial traffic, Rigzone reported on the same day. The strait is a vital global oil chokepoint through which a significant portion of the world's seaborne crude oil passes. For Bakken operators and royalty owners, these developments represent contrasting fronts of opportunity and market influence. EagleRock Land's IPO filing indicates sustained investor interest in the infrastructure and service companies that support the Williston Basin's energy sector. A successful public offering could provide the company with capital to expand its land and mineral management services in the region. The reopening of the Strait of Hormuz,...

☀️Morning Wire·Apr 20

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Jump 6% as Hormuz Closure, Iran Tensions Renew Supply Fear

Oil prices rallied sharply Monday, with West Texas Intermediate (WTI) crude climbing $4.99 to $87.58 per barrel, a gain of 6.04%, according to live price data. Brent crude rose $5.18 to $95.56. The rally was driven by renewed escalation in U.S.-Iran tensions and a sustained closure of the Strait of Hormuz, a critical global oil transit route. According to OilPrice.com, shipping in the Strait of Hormuz has ground to a halt again after a brief opening Friday, with Iran warning the closure will remain until a U.S. blockade is lifted. The report states over 600 million barrels of oil are now estimated to be stranded behind the strait. U.S. President Donald Trump escalated rhetoric on Sunday, posting on Truth Social that if Iran does not accept a deal, the U.S. would "knock out every single Power Plant, and every single Bridge" in Iran. A current suspension of hostilities is set...

🔆Midday Wire·Apr 20

Global Markets

Global Sanctions Shifts, Feedstock Demand Reshape Bakken Market Dynamics

Global energy sanctions enforcement and Middle East conflict are creating a dual impact on markets crucial to Bakken operators, with U.S. policy waivers bolstering Russian oil revenues while simultaneously driving record Asian demand for American hydrocarbons. Ukrainian President Volodymyr Zelenskyy criticized an easing of sanctions on Russian energy on April 19, stating that "every dollar paid for Russian oil is money for the war," according to OilPrice.com. His comments follow a U.S. Treasury Department waiver extension for Russian oil through May 16, issued on April 17. Figures show Russia's oil export revenues jumped to $19 billion in March, up from $9.7 billion in February, aided by a "shadow fleet" of over 110 tankers carrying Russian oil, Zelenskyy claimed. Concurrently, India is capitalizing on the U.S. waiver, increasing imports of Russian crude. India's Directorate General of Shipping recently raised the number of approved Russian insurers for ships docking at its ports...

🔆Midday Wire·Apr 20

Global Markets

North American Rig Count Falls; SAF Deal, War Impact Profits

North America's active rig count fell for the eighth consecutive week, dropping seven rigs week-on-week, according to Baker Hughes' latest rotary rig count reported by Rigzone. The sustained decline in drilling activity is a key indicator of near-term operational tempo across the continent, including in the Bakken formation. In a separate development, Phillips 66, United Airlines, and logistics firm DSV have entered a partnership for 42 million liters of sustainable aviation fuel (SAF), Rigzone reported. United Airlines will use the fuel, while DSV and Microsoft participate through a book and claim methodology, allowing verified emissions reductions to be allocated independently of physical fuel use. Such large-scale SAF agreements signal growing demand for low-carbon fuel products, which could influence long-term feedstock markets connected to refining. Analysts have been cutting per-share profit forecasts for the three largest oilfield service companies since shortly after a conflict erupted in late February, Rigzone reported. This...

🔆Midday Wire·Apr 20

Operator News

Industry Roundup: LNG, Power Demand, and Capacity Growth

Global energy operator news on Monday highlighted major infrastructure investment and growing electricity demand, factors that influence the broader market for Bakken hydrocarbons. Australian energy company Woodside has awarded a contract worth over AUD 300 million (approximately USD 215 million) to Green Tug Towing to build four tugboats for a Louisiana LNG project, according to Rigzone. The investment in LNG export infrastructure underscores the ongoing global demand for natural gas, which supports the market for associated gas produced in the Bakken formation. Separately, the International Energy Agency reported that global data center electricity use surged in 2025, Rigzone noted. This rising demand for reliable, baseload power has significant implications for energy-producing regions like the Williston Basin, potentially supporting the argument for diverse power generation sources including natural gas. In capacity news, Spanish utility Iberdrola raised its total generation capacity to nearly 59 gigawatts. Rigzone reported that the company's U.S. portfolio...

🔆Midday Wire·Apr 20

Pipeline & Infrastructure

Global Tensions, Price Volatility Frame Bakken Market Outlook

Global oil markets opened the week with volatility and geopolitical tension, factors that directly influence the price environment for Bakken crude. According to Rigzone, commercial traffic through the critical Strait of Hormuz is at a "virtual standstill" following a brief reopening, after the U.S. seized an Iranian vessel. Any prolonged disruption to this key chokepoint for global seaborne oil trade can contribute to price volatility, impacting the realized price for North Dakota producers. Adding to the market uncertainty, SEB Chief Commodities Analyst Bjarne Schieldrop warned that the U.S.-Iran ceasefire is set to expire on Tuesday, April 21, Rigzone reported. The expiration of this diplomatic agreement introduces a fresh layer of geopolitical risk premium into oil markets. For Bakken operators, such external shocks underscore the interconnected nature of local production and global events, where instability in key regions can swiftly alter the revenue landscape. Separately, Italian energy major Eni announced a...

🔆Midday Wire·Apr 20

Regulatory

Repsol, Venezuela Agree to Major Production Growth Terms

Repsol has agreed to terms with the Venezuelan government and state-owned PdVSA to significantly increase its oil production in the country, according to a report from Rigzone. Under the new agreement, the Spanish energy company would grow its gross production in Venezuela by 50 percent within the next 12 months and triple it over the next three years. The deal, reported on April 19, represents a notable commitment in a country that has seen significant production declines and geopolitical challenges in recent years. For global operators, including those active in the Bakken, such international agreements signal where major oil companies are directing capital and operational focus. For North Dakota's Bakken formation, this type of international production growth agreement underscores the global competition for finite capital and technical resources. While the Bakken remains a core, stable onshore play in the United States, major investments and production targets in other parts of...

🔆Midday Wire·Apr 20

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Past $87

North Dakota's active drilling rig count held steady at 22 as oil prices surged on Monday, according to live data from Bakken Wire. The stability in rigs suggests operators are maintaining a measured pace of activity despite strong price signals. The U.S. benchmark West Texas Intermediate (WTI) crude settled at $87.58 per barrel at midday, a substantial daily gain of $4.99. The international benchmark Brent crude rose to $95.56. The price for Bakken crude at the wellhead remains competitive, with the differential to WTI at -$3.42. The current rig count of 22 is a critical indicator for future oil production in the state. Rig counts are a leading indicator, as new wells drilled today will typically begin producing oil several months later. The current level, while stable, is far below the boom-time peaks of over 200 rigs seen in the early 2010s and even below the more recent pre-pandemic average....

🔆Midday Wire·Apr 20

Workforce & Community

Bakken Rig Count Holds at 22 as Surging Oil Prices Boost Economic Outlook

The active rig count in North Dakota's Bakken formation held steady at 22 for the week, according to live Bakken Wire data. This level of drilling activity, combined with a sharp rally in crude oil prices, points to continued stability for the region's workforce and local economies. West Texas Intermediate (WTI) crude surged to $87.58 per barrel on Monday, a gain of $4.99 or 6.04%. The international Brent benchmark rose to $95.56. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42 per barrel. Natural gas prices were recorded at $2.71 per MMBtu. The rig count is a primary indicator of oilfield employment, directly driving demand for drilling crews, completions teams, and associated service company jobs. A count in the low 20s represents a moderate, sustained level of activity for the modern Bakken, which has seen counts over 200 during previous boom...

🔆Midday Wire·Apr 20

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge 5% on Middle East Tensions, Bakken Discount Holds

Crude oil prices surged nearly 5% on Monday, with renewed supply fears from the Middle East driving sharp gains for benchmark grades. West Texas Intermediate (WTI) crude settled at $86.53 per barrel, a gain of $3.94 or 4.77%. The international benchmark Brent crude rose $4.33 to $94.71 per barrel, according to live price data. The primary catalyst for the jump was renewed concern over the security of oil transit through the critical Strait of Hormuz, a vital chokepoint for global seaborne crude. Rigzone reported the surge was tied to "ceasefire doubts and blocked flows" in the region, referencing the ongoing conflict between Iran and the United States that began in late February. This geopolitical risk premium has been a persistent feature of the market for weeks. The price spike is having immediate knock-on effects across energy-intensive industries. According to OilPrice.com, Air Canada is suspending several key U.S. routes, including flights...

🌅Afternoon Wire·Apr 20

Rig Report

Bakken Rig Count Dips to 21 Amid Broad North American Decline

The number of active drilling rigs in North Dakota fell to 21 on Monday, April 20, 2026, according to live Bakken Wire data. The net loss of one rig from the previous day resulted from two rigs being released and one new rig starting operations. One new rig commenced drilling. Devon Energy Williston, L.L.C. spud a well using the NABORS B17 rig at a location in McKenzie County (152-101-25). Two rigs were removed from service. Hess Bakken Investments II, LLC released the NABORS X-10 rig from a Williams County location (153-98-22), and XTO Energy Inc. released the NOBLE 2 rig, also in Williams County (154-96-10). No rigs moved between locations. The current count of 21 rigs represents a slight decline from recent activity levels. One week ago, on April 13, 2026, the state reported 22 active rigs. The count is down two rigs from the 23 active rigs reported on...

🌅Afternoon Wire·Apr 20

Global Markets

Global Strains Mount as Oil Market Dynamics Fracture, Inflation Rises

The fundamental mechanisms governing global oil markets are breaking down amid the sustained closure of the Strait of Hormuz, creating an unprecedented structural crisis rather than a typical supply disruption, according to an analysis from OilPrice.com. The report states the market has moved past a point where price signals alone can balance the system, with the loss of over 13 million barrels per day (bpd) from the critical chokepoint being a volume the market cannot absorb through price alone. While financial markets have shown muted price reactions, the physical market is experiencing severe strain, with European and Asian refinery runs being cut due to a lack of available feedstock and global storage being drawn down at an accelerating rate. Separately, the economic fallout from the Iran conflict is hitting consumer prices. UK inflation is expected to jump to 3.3% for the year to March, up from 3% in February, driven...

🌅Afternoon Wire·Apr 20

Operator News

Global Tensions, SAF Deal, Profit Concerns Highlight Monday's Energy News

Chinese President Xi Jinping called for an immediate ceasefire and the restoration of normal transit through the Strait of Hormuz, a critical global oil chokepoint, during a call with Saudi leadership, according to Rigzone. Any disruption in the Strait, which handles about a fifth of the world's oil supply, can cause immediate price volatility that affects Bakken crude pricing and operator margins. Separately, analysts have been cutting per-share profit forecasts for the world's three largest oilfield service companies since shortly after a conflict erupted in late February, Rigzone reported. While the report did not name specific firms, the largest global service providers also operate extensively in the Williston Basin. Reduced profitability forecasts can signal potential cost pressures or slowing activity that may eventually impact service costs and availability for Bakken producers. In other news, Phillips 66, United Airlines, and logistics firm DSV have entered a partnership for 42 million liters...

🌅Afternoon Wire·Apr 20

Pipeline & Infrastructure

Woodside Tug Contract, Data Center Power, Iberdrola Growth Round Up Energy News

Australian energy company Woodside has awarded a contract worth over AUD 300 million (approximately $215 million) to Green Tug Towing to build four tugboats for its Louisiana LNG project, according to Rigzone. While this is a Gulf Coast infrastructure investment, it underscores the global demand for liquefied natural gas export capacity, a market that can influence pricing and development plans for associated gas produced in the Bakken formation. Separately, the International Energy Agency reported that global data center electricity use surged in 2025, Rigzone noted. This rising demand for reliable, always-on power is a key driver for natural gas generation, which provides critical grid stability. For Bakken operators, increased power demand supports the argument for natural gas as a essential partner to renewable energy growth, potentially bolstering the value of gas capture and pipeline projects in North Dakota. In power generation news, Spanish utility Iberdrola raised its total generation capacity...

🌅Afternoon Wire·Apr 20

Regulatory

World Events Push Oil Prices, Global Discoveries Contrast Bakken Focus

Oil markets opened the week with volatility as geopolitical attention turns to a key Middle East agreement. According to Rigzone, SEB Chief Commodities Analyst Bjarne Schieldrop warned that the U.S.-Iran ceasefire is set to expire on Tuesday, April 21, 2026. This impending deadline introduces fresh uncertainty into global crude markets, which can directly impact the price benchmarks used to value Bakken crude. Separately, international exploration news underscores the global nature of the energy sector. Rigzone also reported that Italian energy giant Eni declared a 'giant' gas discovery offshore Indonesia. Preliminary estimates indicate in-place resources of approximately 5 trillion cubic feet of gas and 300 million barrels of condensate. For Bakken operators and royalty owners, these developments are a reminder of the basin's position within a wider energy landscape. While the Williston Basin remains a critical onshore oil-producing region in the United States, its economics are not isolated. Price movements driven...

🌅Afternoon Wire·Apr 20

Production Data

Bakken Rig Count Holds at 21 as Oil Prices Surge Over $86

North Dakota's active drilling rig count held steady at 21 on Monday, according to live Bakken Wire data, as the state's oil industry benefited from a major rally in crude prices. The price of West Texas Intermediate (WTI) crude surged to $86.53 per barrel, a gain of $3.94 or 4.77% on the day. The favorable pricing environment for Bakken crude was underscored by a relatively narrow differential. Bakken crude was priced at a discount of $3.42 per barrel compared to WTI, translating to a wellhead price of approximately $83.11. The international Brent benchmark also saw strong gains, closing at $94.71. The current rig count of 21 is a critical indicator of future production activity in the Bakken formation. Historically, the number of active drilling rigs is a leading indicator for oil production, with a lag of several months between new drilling and sustained output from completed wells. The current level,...

🌅Afternoon Wire·Apr 20

Workforce & Community

Bakken Rig Count Holds at 21 as Crude Rally Boosts Revenue

The number of active drilling rigs in North Dakota remained unchanged at 21 for the week, according to live Bakken Wire data. This count represents a sustained period of low activity that continues to define the operational landscape in the Bakken formation. The stability in rig activity comes alongside a significant rally in oil markets. West Texas Intermediate crude surged $3.94 to settle at $86.53 per barrel on Monday, April 20, a gain of 4.77%. The global Brent benchmark also rose sharply, adding $4.33 to reach $94.71. The price for Bakken crude, priced at a discount of $3.42 to WTI, would be approximately $83.11 per barrel. In the Bakken, the rig count is a primary leading indicator for direct oilfield employment, including drilling crews, roustabouts, and field service personnel. A count of 21 rigs suggests a stabilized but historically low level of drilling activity. This plateau, after a period of...

🌅Afternoon Wire·Apr 20