Tuesday, April 21, 2026

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Oil Prices

Oil Prices Hold Steady as Hormuz Ceasefire Deadline Looms

Global oil prices showed little change in early Tuesday trading, with market attention fixed on the imminent expiration of a U.S.-Iran ceasefire and its implications for the critical Strait of Hormuz. West Texas Intermediate (WTI) crude was virtually flat at $87.43 per barrel, up just one cent. Brent crude, the international benchmark, saw a slight increase of 14 cents to $90.57. Natural gas prices dipped two cents to $2.67. The price stability belies significant market tension, according to analysts. "Don't mistake easing oil prices for calm," SEB Commodities Analyst Ole R. Hvalbye warned in a note summarized by Rigzone. The primary focus is the two-week ceasefire, set to expire Wednesday evening Washington time. According to OilPrice.com, U.S. President Donald Trump stated it is "highly unlikely" he would extend the truce without a deal. He affirmed the U.S. would maintain its naval blockade outside the Strait of Hormuz, a chokepoint for...

☀️Morning Wire·Apr 21

Rig Report

North Dakota Rig Count Holds at 21, Bucking Continent-Wide Decline

North Dakota's active drilling rig count held steady at 21 on Tuesday, April 21, according to live data from Bakken Wire. The state reported no new rigs added, no rigs removed, and no rigs that moved location since the prior day. The current count represents a slight increase from one week ago, when the state reported 20 active rigs. However, activity remains below levels seen earlier in the month; the count is down by two rigs from the 23 reported on April 1. The stability in North Dakota contrasts with a broader downturn across the continent. According to a report from Rigzone, North America's overall rig count fell for the eighth consecutive week. Baker Hughes' latest North America rotary rig count showed a week-on-week decline of seven rigs, Rigzone reported on April 20. The Bakken formation, a primary driver of North Dakota's oil production, has seen drilling activity fluctuate within...

☀️Morning Wire·Apr 21

Daily Activity

Oasis Permits Three Williams County Wells; Hess, Silver Hill Release Confidential Status

The North Dakota Department of Mineral Resources (DMR) approved three new drilling permits on Monday, April 20, 2026, all filed by Oasis Petroleum North America LLC in Williams County. The agency also released nine wells from confidential status, revealing new activity from operators including Hess, Silver Hill Energy, and Hunt Oil. All three newly permitted wells are located in the Lake Trenton field in Williams County, according to the DMR Daily Activity Report. The permits are for the JAFFA 5303 14-1 3B, JAFFA 5303 14-1 4B, and JAFFA FEDERAL 5303 14-1 5BX, all sited at LOT 1. This concentrated permitting activity highlights continued operator interest in the core areas of the Bakken formation. The report also listed nine wells released from confidential status, providing the first public details on their production. Hess Bakken Investments II, LLC had four wells released across McKenzie, Williams, and Mountrail counties. These include the BW-SHAREN...

☀️Morning Wire·Apr 21

Operator News

Former Goldman Sachs Commodities Head Co-Founds New U.S. Oil & Gas Company

Jeff Currie, the former global head of commodities research at Goldman Sachs, has co-founded a new oil and gas company focused on U.S. operations, according to a report from Rigzone. The news, published Tuesday, brings a high-profile market analyst directly into the operator space. Currie's decades of experience analyzing global commodity markets, including oil price trends and investment flows, is seen as a significant background for a company founder. While the specific operational strategy or asset acquisition targets were not detailed in the report, the company's stated U.S. focus immediately places shale basins like the Bakken in its potential scope. For Bakken operators, the entry of a well-capitalized new player with deep market intelligence could signal future competition for prime drilling locations or asset acquisitions. The move also reflects continued investor interest in the U.S. onshore sector, particularly from entities with sophisticated market perspectives. A new company founded by a...

☀️Morning Wire·Apr 21

Global Markets

Global Energy Shifts Drive Record U.S. Exports, Supply Pain

The United States is poised to set a monthly record for crude oil exports, with shipments projected to hit 5.44 million barrels per day in April, according to data from Kpler cited by Reuters. Exports are forecast to climb further to 5.48 million bpd in May, driven by soaring demand from Asia following the disruption of Middle Eastern supplies due to the war in Iran. Most U.S. export tankers are heading to Asia, with flows to the continent surging to 2.27 million bpd in April and an expected 3.29 million bpd in May, the Kpler data shows. This marks a dramatic increase from the 1.11 million bpd shipped in January. The surge comes as Asia's total crude imports have collapsed, falling to an estimated 14.8 million bpd in April from 24.87 million bpd in February before the conflict, highlighting a supply gap that U.S. producers are helping to fill. Meanwhile,...

☀️Morning Wire·Apr 21

Operator News

Global Geopolitical Tensions Rise as Bakken Operators Watch

Geopolitical developments impacting global energy security and oil prices are unfolding as Bakken operators monitor for potential market volatility. According to Rigzone, U.S. President Trump has signaled he is unlikely to extend a two-week ceasefire with Iran that is set to expire in two days, while Iran has yet to confirm it will participate in talks to end the war. This uncertainty introduces risk into an already tense market. Further adding to the complexity, China's President Xi Jinping broke his silence on the standoff over the Strait of Hormuz, urging a ceasefire and full Hormuz transit in a call with Saudi leaders, Rigzone reported on April 20. The Strait of Hormuz is a critical global oil transit route, and any disruption there can significantly impact crude prices, which directly affect the economics of production in North Dakota's Bakken formation. In a separate industry development, Austrian state-backed energy company OMV has...

☀️Morning Wire·Apr 21

Pipeline & Infrastructure

Crude Prices Surge on Geopolitical Tensions, SAF Deal Announced

Crude oil prices surged on Monday amid renewed fears of supply disruptions in the Middle East's Strait of Hormuz, according to Rigzone. The market reaction was tied to doubts over a ceasefire and reports of blocked flows. The price volatility underscores the continued sensitivity of global oil markets, and by extension Bakken crude differentials, to geopolitical risk. While Bakken crude is primarily transported via pipelines and rail to domestic markets, a sustained global price spike can improve netbacks for North Dakota producers. In a separate development, Phillips 66, United Airlines, and logistics firm DSV entered a partnership for 42 million liters of sustainable aviation fuel (SAF), Rigzone reported. United Airlines will use the fuel, with DSV and Microsoft participating through a book-and-claim methodology to allocate emissions reductions independently of physical fuel use. The large-scale SAF agreement highlights the growing market for renewable fuels, which could present long-term opportunities for agricultural...

☀️Morning Wire·Apr 21

Regulatory

Woodside Awards $215M Tugboat Contract for Louisiana LNG Project

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 contract was reported on April 20, 2026. The investment in specialized marine vessels for LNG export terminal operations underscores the continued development of U.S. Gulf Coast liquefaction and export capacity. While the contract is for a specific project in Louisiana, it reflects the broader expansion of North American natural gas infrastructure aimed at global markets. For Bakken operators and royalty owners, the growth of LNG export terminals creates a long-term demand pull for natural gas produced in the Williston Basin. Although the Bakken is primarily an oil play, significant associated natural gas is produced alongside crude. Increased export capacity can help support natural gas prices and provide more market options for this production, reducing flaring incentives....

☀️Morning Wire·Apr 21

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 2.5% as Iran Ceasefire Deadline Nears

Crude oil prices surged more than 2.5% in midday trading Tuesday, April 21, 2026, as geopolitical tensions surrounding Iran escalated ahead of a critical ceasefire deadline. West Texas Intermediate (WTI) crude was trading at $89.74, a gain of $2.32, while the international benchmark Brent crude climbed to $93.00, up $2.57. The sharp price increase is directly tied to heightened uncertainty in the Middle East. According to OilPrice.com, the lack of progress in U.S.-Iran talks and their continuous postponement to Wednesday are keeping the market on edge. Former President Donald Trump's comments about "not wanting to extend the truce further" added to market anxiety. His two-week ceasefire deadline expires Wednesday evening, with analysts noting a potential spike in ICE Brent toward $100 per barrel is "firmly on the cards." For Bakken operators, the price of Bakken crude at the wellhead is closely tied to the WTI benchmark. The live price data...

🔆Midday Wire·Apr 21

Operator News

Former Goldman Sachs Commodities Head Co-Founds New US Oil & Gas Company

Jeff Currie, the former global head of commodities research at Goldman Sachs, has co-founded a new oil and gas company focused on the United States, according to a report from Rigzone. The news was published on Tuesday, April 21, 2026. While specific operational plans or geographic targets were not detailed in the report, the founding of a new U.S.-focused energy company by a figure of Currie's stature signals continued institutional interest in the domestic oil and gas sector. Currie was a leading voice on commodity markets during his tenure at Goldman Sachs, influencing global investment views on energy. For operators in the Bakken formation, the entry of new, well-backed companies can represent both potential partnership opportunities and increased competition for prime drilling locations and assets. The Williston Basin remains a core area for U.S. tight oil production, and new ventures often seek established, prolific plays. The move underscores a broader...

🔆Midday Wire·Apr 21

Pipeline & Infrastructure

Phillips 66, Kinder Morgan Advance Texas-Arizona Pipeline Project

Pipeline giants Phillips 66 and Kinder Morgan are advancing a major pipeline project from Texas to Arizona, according to a report from Rigzone. The development, reported Tuesday, is based on what the companies describe as "strong market interest." The project is positioned to improve supply flexibility and reliability for West Coast markets, Rigzone reported. This is a significant development for Bakken producers, as California refineries are a traditional destination for crude shipped from North Dakota via rail and existing pipeline networks. A new, large-scale pipeline heading toward the West Coast could potentially offer Bakken operators another avenue to reach those premium markets. Increased pipeline capacity to the region could enhance market competition and provide more stable pricing options for North Dakota's light sweet crude. The advancement of this project by two major midstream players signals continued investment in long-haul infrastructure. For Bakken operators, any expansion of pipeline routes to coastal...

🔆Midday Wire·Apr 21

Regulatory

Sable Pursues Federal Funding, Legal Support for California Oil Operations

Sable is seeking federal funding to increase oil production at its Santa Ynez facility in California, according to a report from Rigzone. The company is also coordinating with the federal government on legal matters to defend its operational rights, the report stated. The developments occur amid ongoing compliance disputes with local and state authorities over the California facility. While not directly involving the Bakken formation, the case underscores the broader regulatory and legal challenges facing U.S. oil producers. For Bakken operators in North Dakota, Sable's strategy highlights a potential path for navigating complex regulatory environments. Seeking federal support and legal coordination represents a significant move when state and local policies are restrictive. The Williston Basin has historically operated under a different, more industry-friendly state regulatory framework than California. The pursuit of federal funding for oil production is a notable development in the current energy policy landscape. It suggests some producers...

🔆Midday Wire·Apr 21

Global Markets

Global Price Surge, Demand Fears Create Crosswinds for Bakken

A sustained high-price oil environment driven by Middle East conflict is poised to unlock a massive new wave of supply from South America, potentially reshaping long-term competition for the Bakken, according to new analysis. Rystad Energy has sharply revised its 2026 average Brent crude price forecast from $60 per barrel in January to $89 per barrel today, citing the effective closure of the Strait of Hormuz. The firm estimates that a $100-per-barrel price could unlock up to 2.1 million barrels per day (bpd) of additional crude supply across South America by the mid-2030s. "South America is now positioned as the world’s most consequential source of incremental supply," said Radhika Bansal, Senior Vice President of Oil and Gas Research at Rystad Energy, according to the OilPrice.com report. She noted the region offers "scale, geologic quality and relative political stability." This projected surge is centered on offshore developments in Brazil, Guyana, and...

🔆Midday Wire·Apr 21

Global Markets

Global Tensions, Legal Pressure Shape Oil Landscape as Bakken Watches

Venezuela's oil production is rebounding sharply following U.S. intervention, with its vast Orinoco Belt heavy oil resource at the center of the recovery, according to OilPrice.com. OPEC data cited by the source shows the country's output climbed to 988,000 barrels per day by March 2026, an 8.5% increase year-over-year. Production specifically from the Orinoco Belt reached just over 500,000 barrels per day in February 2026, a 100,000-barrel increase from early January. Despite this growth, the report notes that Venezuela's "heavily corroded oil infrastructure" and widespread environmental damage from chronic spills will require tens of billions in remediation, tempering investor enthusiasm even as companies like Chevron sign new agreements to expand operations there. In Europe, the war in Iran has triggered a severe jet fuel crisis, sending airfare prices soaring and exposing supply vulnerabilities, OilPrice.com reported separately. The climate group Transport & Environment estimates long-haul flight fares from Europe have increased...

🔆Midday Wire·Apr 21

Operator News

Geopolitical, Employment, and Climate News Impact Energy Sector

Geopolitical tensions affecting global oil markets are at an impasse, with U.S.-Iran talks deadlocked as a ceasefire nears expiration. According to Rigzone, the sides are stuck on issues including access to the Strait of Hormuz, a critical global oil chokepoint, with uncertainty on whether Iran will join fresh talks before a Wednesday deadline. For Bakken operators, renewed tensions or a disruption in the Strait could contribute to oil price volatility, impacting the economics of production in North Dakota. Separately, upstream employment in a key U.S. oil state continues to decline. Rigzone reported that Texas upstream employment has extended its downward trend, according to industry body TIPRO. While the data is specific to Texas, sustained job losses in a major producing region can reflect broader industry caution or efficiency trends that also influence operations and investment in the Bakken formation. In corporate strategy news, Malaysia's national oil company Petronas is moving...

🔆Midday Wire·Apr 21

Pipeline & Infrastructure

OMV Names New CEO; Xi Calls for Hormuz Stability

OMV, the Austrian state-backed energy company, has appointed Emma Delaney as its new Chief Executive Officer, replacing Alfred Stern. Delaney was previously the customers and products executive vice president at BP, according to Rigzone. The appointment marks the first time a woman will lead the company. Separately, geopolitical tensions around a major global oil shipping route were highlighted in a call between Chinese President Xi Jinping and Saudi leaders. President Xi broke his silence on the standoff over the Strait of Hormuz, urging a ceasefire and full transit through the strategic waterway, Rigzone reported Monday. While OMV is not a major operator in the Bakken formation, leadership changes at large, integrated international energy companies can signal shifts in global strategy and investment appetites. The company's focus on traditional and new energies under new leadership will be watched for its impact on the broader market. The Strait of Hormuz is a...

🔆Midday Wire·Apr 21

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 3% Amid Inventory Draw, Bakken Output Set to Rise

Oil prices posted sharp gains on Tuesday, with both major benchmarks climbing more than 3% as a large draw in U.S. inventories and persistent geopolitical risk supported the market. West Texas Intermediate (WTI) crude settled at $90.38 per barrel, up $2.96, while Brent crude reached $93.91, a gain of $3.48, according to live price data. Bakken crude traded at a discount of $3.42 per barrel to WTI. The rally followed data from the American Petroleum Institute showing U.S. crude oil inventories fell by an estimated 4.4 million barrels for the week ending April 17, far surpassing analyst expectations for a 1 million barrel draw. Product inventories saw even larger declines, with gasoline stocks down 5.165 million barrels and distillates down 4.59 million barrels, according to OilPrice.com. The inventory draw coincides with ongoing releases from the U.S. Strategic Petroleum Reserve (SPR), which saw 4.2 million barrels withdrawn last week, bringing total...

🌅Afternoon Wire·Apr 21

Rig Report

North Dakota Rig Count Rises to 22, Led by Hess Addition

North Dakota's active drilling rig count climbed to 22 on Tuesday, April 21, 2026, according to live rig data from Bakken Wire. The count represents a net gain of one rig from the previous day. The sole new rig reported was operated by Hess Bakken Investments II, LLC. The company spudded the Noble 4 rig at a location in McKenzie County (Section 11, Township 152N, Range 95W). No rigs were removed from service or moved locations on Tuesday. The latest increase continues a recent pattern of fluctuation in the Williston Basin's drilling activity. One week ago, on April 14, the state's rig count stood at 20 active units, meaning the fleet has grown by two rigs over the past seven days. However, the current level of 22 rigs remains one unit below the count of 23 active rigs recorded just 20 days ago on April 1. The rig count is...

🌅Afternoon Wire·Apr 21

Operator News

Former Goldman Sachs Commodities Chief Co-Founds U.S. Oil & Gas Firm

Jeff Currie, the former global head of commodities research at Goldman Sachs, has co-founded a new oil and gas company focused on U.S. assets, according to a report from Rigzone. The development was reported on Tuesday, April 21, 2026. While specific operational plans or target basins were not detailed in the report, the launch of a new U.S.-focused entity by a high-profile market analyst signals continued investment interest in the domestic energy sector. Currie's deep expertise in global commodity markets, pricing, and macro trends brings a significant analytical perspective to company formation and strategy. For operators in the Bakken formation, the entry of a new player founded by a seasoned market veteran underscores the ongoing attractiveness of U.S. onshore basins to experienced capital. Although it is unknown if the new company will immediately acquire positions in North Dakota, such ventures often seek established, prolific regions with scalable operations. The move...

🌅Afternoon Wire·Apr 21

Pipeline & Infrastructure

Phillips 66, Kinder Morgan Advance Texas-to-Arizona Pipeline Plan

Pipeline giants Phillips 66 and Kinder Morgan are advancing a proposed pipeline project from Texas to Arizona, according to a report from Rigzone. The development, published Tuesday, indicates the project is moving forward based on strong market interest. The proposed pipeline is designed to improve supply flexibility and reliability for West Coast markets, Rigzone reported. While the source material does not specify the exact origin in Texas or the pipeline's capacity, such infrastructure projects are critical for connecting major production basins to downstream demand centers. For Bakken operators in North Dakota, new pipeline capacity to the West Coast represents a potential long-term outlet for crude oil. The Bakken formation is a major oil-producing region, but its landlocked geography makes it reliant on pipeline and rail networks to reach refining markets. Additional pipeline routes to the West could provide more optionality for Bakken shippers, potentially supporting local crude pricing benchmarks. The...

🌅Afternoon Wire·Apr 21

Regulatory

Sable Pursues Federal Funding for California Project Amid Disputes

Sable is pursuing federal funding to increase oil production at its Santa Ynez facility in California, according to a report from Rigzone. The company also stated it is coordinating with the federal government on legal matters to defend its rights amid compliance disputes with local and state authorities. The development, reported Tuesday, underscores the ongoing tension between energy producers and regulatory bodies. For Bakken operators, such disputes serve as a reminder of the potential for similar challenges even in more industry-friendly states like North Dakota. While the Bakken formation operates under different state regulations, federal legal precedents and funding decisions can have national implications. The pursuit of federal support indicates a strategy by some producers to leverage national energy priorities against regional opposition. This approach could be monitored by Bakken operators who may face their own regulatory hurdles, particularly concerning federal land leases or environmental permitting. The industry often navigates...

🌅Afternoon Wire·Apr 21

Global Markets

Oil Traders Warn Deepening Demand Hit from Iran War Looms

The world's leading oil traders warned Tuesday that the demand destruction caused by the ongoing conflict involving Iran is set to deepen, according to a report from Rigzone. This outlook suggests continued pressure on global crude prices and market instability. For Bakken operators in North Dakota, this forecast points to a prolonged period of demand uncertainty. The region's oil production, which is heavily influenced by the price of West Texas Intermediate crude, remains vulnerable to global demand shocks. When major traders signal further consumption declines, it typically translates to weaker pricing and increased volatility. The warning underscores the fragile state of the post-pandemic oil market, where geopolitical events can swiftly undermine demand. The Bakken formation, as a key swing producer in the United States, is particularly sensitive to these global shifts. Operators may face tougher decisions regarding drilling budgets and well completion schedules if the predicted demand erosion materializes. While...

🌅Afternoon Wire·Apr 21

Global Markets

Bakken Production Steady in Feb; Iran War's Price, Budget Impacts Unclear

BISMARCK — More than 50 days into the U.S. and Israel’s war with Iran, the full impact on North Dakota oil production and the state’s budget remains to be seen, state oil experts said Tuesday, according to the Grand Forks Herald. The North Dakota Department of Mineral Resources held its monthly Director’s Cut briefing on April 21. Director Nathan Anderson noted the state's oil and gas data lags by two months, so the most recent figures from February do not yet reflect the wild price swings caused by the war and the closure of the Strait of Hormuz, which began on Feb. 28. “This is largely dominated by the word volatility. That's the way I would describe pricing over the last 50 days,” Anderson said, according to the report. In February, North Dakota wells produced 31.6 million barrels of oil, averaging 1.129 million barrels per day. This was slightly above...

🌅Afternoon Wire·Apr 21

Operator News

Industry News Roundup: Employment Down, Prices Eased, Carbon Projects Advance

Texas upstream oil and gas employment has continued its downward trend, according to industry body TIPRO, as reported by Rigzone. While specific to Texas, this trend is a key indicator of broader industry sentiment and operational tempo that can influence hiring and investment decisions across major producing regions, including North Dakota's Bakken. Separately, an analyst is warning against complacency despite recent price moves. Oil prices are easing, but don't mistake that for calm, SEB Commodities Analyst Ole R. Hvalbye warned in a Rigzone report. This caution highlights the volatile and geopolitical-sensitive nature of the crude market, which directly dictates the economic viability of Bakken shale production and drilling plans. In international corporate news, Malaysia's national oil and gas company Petronas has signed a memorandum of understanding with the state of Terengganu to enable the state's natural ecosystems to generate carbon credits, Rigzone reported. This move reflects a growing industry focus...

🌅Afternoon Wire·Apr 21