Wednesday, April 22, 2026

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Oil Prices

Oil Prices Edge Higher as North Dakota Production Set to Rise

Front-month oil prices gained ground early Wednesday, with West Texas Intermediate (WTI) crude trading at $90.02 per barrel, a rise of $0.35, according to live price data. Brent crude traded at $93.92, up $0.68. The price for Bakken crude at the Clearbrook, Minnesota hub was at a discount of $3.42 per barrel versus WTI. The price strength comes as analysts forecast a build in U.S. crude inventories. Strategists at Macquarie project U.S. crude stocks rose by 2.2 million barrels for the week ending April 17, according to a report cited by Rigzone. This follows a draw of 0.9 million barrels the prior week. The strategists attributed the expected build to a sharp increase in imports and a slight reduction in crude runs by refineries. They also forecast significant draws in gasoline and distillate inventories. For Bakken operators, the sustained high price environment is translating into increased activity focused on existing...

☀️Morning Wire·Apr 22

Rig Report

North Dakota Rig Count Holds at 22 for Wednesday Morning

The number of active drilling rigs in North Dakota remained at 22 on Wednesday, April 22, showing no daily movement, according to live data from Bakken Wire. The count saw no new additions, no removals, and no rigs changing location since the previous day. The current activity level represents a net increase of three rigs compared to one week ago, when the state reported 19 active rigs on April 15. However, the count is down by one rig from the level seen at the start of the month, which stood at 23 on April 1. A stable rig count is a key indicator of near-term drilling and completion activity in the Bakken formation, North Dakota's primary oil-producing region. The current figure of 22 rigs sits within a narrow range observed over the past three weeks, suggesting a period of consolidation among operators after recent adjustments. The rig count is closely...

☀️Morning Wire·Apr 22

Daily Activity

Daily DMR Report: Three New Permits Approved, Seven Renewed

The North Dakota Department of Mineral Resources approved three new drilling permits and renewed seven others in its latest daily activity report. The new permits were filed by Hess Bakken Investments II and Burlington Resources Oil & Gas Company LP. Hess Bakken Investments II received permit 42852 for the RS-PIEPKORN-155-92-1208H-3 well in Mountrail County's Stanley field. Burlington Resources secured two permits, 42853 for the CLEMENS 2E-TFH and 42854 for the DEMICKS LAKE 2D-TFH, both located in the same section (SE SW 07-151N-96W) in McKenzie County. According to the DMR report, both Burlington permits are listed for a 'CONFIDENTIAL' field. The activity highlights continued, though modest, new permitting in the core Bakken counties of McKenzie and Mountrail. All three new permits are for horizontal wells, indicating planned development drilling. Foundation Energy Management, LLC was the most active operator in the report, accounting for all seven permit renewals. The renewals, numbered 28010,...

☀️Morning Wire·Apr 22

Pipeline & Infrastructure

Midcontinent Pipeline Project Advances as Global Refinery Fire Impacts Supply

Phillips 66 and Kinder Morgan Inc. have secured enough long-term customer commitments to proceed with the proposed Western Gateway refined products pipeline from Texas to Arizona, according to a joint statement reported Monday. For Bakken operators, the project represents a potential new outlet for Midcontinent refinery output, which processes crude from regions like the Bakken. The Western Gateway project would move refined products like gasoline and diesel. It includes a newbuild pipeline from Borger, Texas, to Phoenix, Arizona, with a planned capacity of 200,000 barrels per day and a target completion date of 2029, according to Rigzone. To supply the line, the Phillips 66-operated Gold Pipeline, which currently flows from Borger to St. Louis, would be reversed to carry refined products from Mid-Continent refineries to Borger. "Customer response during the open season underscores the importance of Western Gateway in addressing long-term refined products logistics needs in the region," Phillips 66...

☀️Morning Wire·Apr 22

Global Markets

Global Volatility, Truce Extension Shape Bakken Oil Price Outlook

North Dakota crude oil shipped on the Dakota Access Pipeline is fetching a premium of nearly $7 per barrel over a key U.S. benchmark amid extreme volatility caused by the ongoing conflict involving Iran, according to state officials. Justin Kringstad, director of the North Dakota Pipeline Authority, and Nathan Anderson, director of the North Dakota Department of Mineral Resources, provided the update during a monthly briefing on April 21, 2026. The officials stated they are unsure why Bakken crude at its Illinois destination is commanding higher prices, but one possibility is its light, sweet quality makes it suitable for refining into high-demand products like jet fuel and diesel in markets such as Europe. "Royalty owners, the producers, the state, all share that uplift," Kringstad said, according to the North Dakota Monitor. Anderson added that while not all the premium may filter back, he suspects some portion does. The market chaos...

☀️Morning Wire·Apr 22

Operator News

Halliburton Sees Bakken Recovery Signs Amid Iran War Uncertainty

Halliburton Co., the world's largest provider of fracking services, sees early signs of a recovery in North American oilfields, according to its first-quarter earnings statement released Tuesday. The company has a nearly-full second-quarter schedule in North America as demand heats up from small and mid-sized oil firms, Halliburton Chief Operating Officer Shannon Slocum said during an analyst call. “In North America, I see clear signs that we are in the early innings of a recovery,” Halliburton Chief Executive Officer Jeff Miller said in the statement. The comments are the latest indication that shale drillers are responding to rising prices, which have teetered above $90 a barrel amid Middle East disruptions, according to the Rigzone report. This potential rebound comes as upstream employment in Texas, a key shale region, continues to decline. According to the Texas Independent Producers and Royalty Owners Association (TIPRO), Texas upstream sector employment declined by 900 jobs...

☀️Morning Wire·Apr 22

Pipeline & Infrastructure

Hormuz Closure, Ceasefire Extension Create Global Oil Market Volatility

The ongoing closure of the Strait of Hormuz is increasing the risk of a global recession as it destroys fuel demand, the world's top oil traders warned Tuesday. The vital channel has been largely closed to non-Iranian shipping since war began in late February, choking off hundreds of millions of barrels of supply, according to Rigzone. At the FT Commodities Global Summit, Vitol Group CEO Russell Hardy stated the war has so far eliminated about 4 million barrels a day of demand, a figure that will rise if Hormuz stays shut. He warned of "recessionary consequences" from continued rationing of demand. Gunvor's head of research, Frederic Lasserre, said a three-month closure of the waterway could trigger a worldwide recession. On Wednesday, US President Donald Trump unilaterally extended a cease-fire with Iran to allow its leadership time to formulate a unified peace proposal, OilPrice.com reported. However, Trump stated a US naval...

☀️Morning Wire·Apr 22

Regulatory

Oil Prices Volatile as Iran Ceasefire Extended, Hormuz Blockade Continues

Oil markets experienced significant volatility Tuesday as geopolitical tensions in the Middle East continued to dictate price movements, according to a report from Rigzone. The instability stems from the ongoing conflict involving Iran and a U.S. naval blockade of the Strait of Hormuz, a critical chokepoint for global seaborne oil trade. U.S. President Donald Trump announced Tuesday that the United States would hold off on fresh attacks on Iran but would continue the naval blockade of the Strait of Hormuz until discussions are concluded, Rigzone reported. The blockade aims to cripple Iran's economy by halting its oil and gas exports, while Iran has maintained a tight grip on traffic through the strait. Prices whipsawed amid rapidly shifting expectations around the trajectory of the now seven-week-old conflict. The uncertainty was compounded by the collapse of planned peace talks. The Associated Press reported that U.S. Vice President JD Vance scrapped a trip...

☀️Morning Wire·Apr 22

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over $3 as EIA Reports Mixed Inventory Data

Front-month crude oil futures surged more than $3 per barrel on Wednesday, with West Texas Intermediate (WTI) closing in on $93 and Brent crude breaking above $101. The rally occurred despite U.S. government data showing a build in nationwide crude inventories. According to live price data, WTI Crude traded at $92.96 per barrel as of midday, a gain of $3.29 or 3.67%. Brent Crude traded at $101.67, up $3.19 or 3.24%. The Bakken differential, the discount at which North Dakota crude trades versus WTI, was $3.42 per barrel. Natural gas prices saw a modest increase to $2.75, up $0.05. The price rally defied a reported increase in U.S. commercial crude stocks. Data from the U.S. Energy Information Administration (EIA) released Wednesday showed inventories increased by 1.9 million barrels for the week ending April 17, bringing total stockpiles to 465.7 million barrels, according to OilPrice.com. This build aligned with earlier projections...

🔆Midday Wire·Apr 22

Pipeline & Infrastructure

Australia's Geelong Refinery Recovery Could Stabilize Global Fuel Supply

Viva Energy expects to restore production of transportation fuels at its fire-damaged Geelong Refinery in Victoria, Australia, to over 90 percent of capacity within a "few weeks," according to a report from Rigzone. The refinery, a significant fuel supplier in the region, was recently impacted by a fire. For Bakken crude oil producers, the swift recovery of a major international refining facility is a positive signal for global market stability. Disruptions at refineries can create localized gluts of crude oil if processing capacity is suddenly removed, potentially weighing on the price benchmarks to which Bakken crude is linked. A faster return to normal operations helps maintain steady demand for crude feedstocks worldwide. The Bakken formation in North Dakota is a prolific oil-producing region, and its light sweet crude is traded on a global market. While the Geelong Refinery does not directly process Bakken crude, its operational status influences the broader...

🔆Midday Wire·Apr 22

Global Markets

Sanctioned Crypto Exchange Hack Highlights Risks for Energy Payments

A major hack of a sanctioned cryptocurrency exchange used to evade Russian sanctions underscores the volatility and risks inherent in alternative financial systems, a concern for Bakken operators engaged in global energy markets. According to a report from OilPrice.com, the Kyrgyz-registered exchange Grinex lost over $13 million and suspended operations after an attack on April 16. Grinex was a key platform for facilitating transactions using a ruble-pegged cryptocurrency, A7A5, which was widely used to bypass international financial restrictions. The exchange representative alleged the hack was conducted by "foreign special services," OilPrice.com reported. The U.S. Treasury Department had already sanctioned Grinex last August for "enabling sanctions evasion and cyber criminals." The incident highlights the broader challenge of sanctions enforcement in global commodity markets. While North Dakota's Bakken crude is primarily sold within established, regulated financial channels, the global energy trade is interconnected. The use of cryptocurrencies and alternative payment rails by...

🔆Midday Wire·Apr 22

Global Markets

Global Oil Market Churns on Ceasefire, Blockade, and Suspect Trading

Europe's jet fuel crisis, driven by the prolonged closure of the Strait of Hormuz, is forcing major operational cuts as global military and diplomatic efforts continue. The Lufthansa Group announced it will cancel 20,000 short-haul European flights through October to save approximately 40,000 metric tons of jet fuel, according to OilPrice.com. The airline cited prices that have more than doubled since the outbreak of the Iran conflict, with current prices spiking over $200 per barrel. The war has severed most of Europe's jet fuel imports, with dwindling local refinery capacity compounding the shortage. OilPrice.com reports that the only alternative supply is from the United States, but these cargoes are insufficient and face fierce competition from Asia. This sustained disruption in global fuel logistics underscores the ongoing pressure on refined product markets worldwide. On the geopolitical front, a 30-nation military conference led by the UK and France began Wednesday to advance...

🔆Midday Wire·Apr 22

Operator News

Iran Truce Extended, Saipem Profits Stable, COP31 Focus Set

A ceasefire between the United States and Iran has been indefinitely extended as peace talks remain deadlocked, according to Rigzone. The report, published Wednesday, states the war has developed into a game of brinkmanship over the critical Strait of Hormuz. This ongoing geopolitical tension in a key oil transit region continues to inject volatility into global crude markets, which directly influences pricing for Bakken crude. Italian energy services contractor Saipem reported stable first-quarter profits, Rigzone reported. The company posted net income of around $92 million for Q1 2026, up 1.3 percent from the same period last year. Saipem cited improvements in both onshore and offshore engineering and construction works. The financial health of major international service providers can signal broader industry investment and activity levels, which indirectly affect the service sector supporting Bakken drilling and completion operations. Turkey, the host of this year's COP31 climate summit, stated the event will...

🔆Midday Wire·Apr 22

Pipeline & Infrastructure

Global Energy Developments Impact Market Sentiment, Bakken Exports

The extension of a ceasefire involving Iran has reduced the immediate risk of escalation in a key oil-producing region, according to market analysts. Naeem Aslam, CIO at Zaye Capital Markets, made the statement in a report cited by Rigzone. While not directly affecting North Dakota infrastructure, such geopolitical developments can influence the global oil price benchmarks against which Bakken crude is priced, impacting local producer revenues. In legal news, Woodside Energy and Greenpeace Australia Pacific have reached a settlement in a "greenwashing" case, Rigzone reported. The Federal Court of Australia ended proceedings after the agreement was reached. The case had accused Woodside of inaccurate climate reporting. Such legal actions highlight the increasing scrutiny on environmental claims by energy companies worldwide, a factor Bakken operators also navigate in their communications and reporting. Separately, preliminary figures show Norway's natural gas production fell in March. The country produced about 12 billion cubic feet...

🔆Midday Wire·Apr 22

Regulatory

Global Events Ripple Through Markets as UK Regulator Seeks CFO

Oil markets experienced significant volatility on Tuesday amid uncertainty surrounding the Iran conflict, a dynamic that directly impacts pricing for Bakken crude. According to Rigzone, markets were whipsawed by ceasefire uncertainty and disruptions related to a blockade of the Strait of Hormuz, a critical global oil chokepoint. This geopolitical tension typically creates a risk premium in global oil prices, which can benefit Bakken producers by lifting the wellhead price of their crude, though it also introduces greater instability for planning and hedging. Separately, a key regulatory body in another major oil-producing region is undergoing a leadership change. The UK's North Sea Transition Authority (NSTA) is searching for a new Chief Financial Officer, Rigzone reported on Wednesday. The position carries an annual salary of GBP 172,644, or approximately $233,318. While this is a development specific to the UK regulator, it underscores the ongoing executive and regulatory movements within the global oil...

🔆Midday Wire·Apr 22

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Past $90

North Dakota's active drilling rig count held steady at 22 on Wednesday, a level that historically signals a plateau for the state's oil production. The count comes amid a significant rally in crude oil prices, with West Texas Intermediate (WTI) trading at $92.96 per barrel, a gain of $3.29 for the day. The current rig count is a critical indicator for future Bakken production. Historically, a rig count in the low 20s has been associated with maintaining, but not significantly growing, North Dakota's output. Production trends typically lag changes in the rig count by several months. The price environment for Bakken crude is currently favorable. The Bakken differential—the discount at which Bakken crude trades versus the WTI benchmark—was recorded at -$3.42. This relatively narrow discount improves the netback for producers in the region. The global Brent crude benchmark also saw strong gains, trading above $101 per barrel. Analysts watch the...

🔆Midday Wire·Apr 22

🌅Afternoon Wire4:00 PM CST

Oil Prices

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

Oil prices posted significant gains on Wednesday, with West Texas Intermediate (WTI) crude climbing 3.43% to settle at $92.75 per barrel. Brent crude, the international benchmark, rose 3.29% to $101.72. The price for Bakken crude at the Clearbrook, Minnesota, hub traded at a differential of $3.42 below WTI. Natural gas saw a modest increase of two cents to $2.71 per MMBtu. The price surge comes as the market anticipates the latest U.S. inventory data. According to a report from Macquarie strategists sent to Rigzone on Tuesday, U.S. commercial crude inventories are forecast to have built by 2.2 million barrels for the week ending April 17. This follows a draw of 0.9 million barrels the prior week. The strategists noted the prior week's balance was "significantly tighter" than expected, potentially due to export timing. The Macquarie team also projected draws in key refined products, forecasting a 3.5 million-barrel decline in gasoline...

🌅Afternoon Wire·Apr 22

Rig Report

North Dakota Rig Count Holds at 22 for Second Straight Day

The number of active drilling rigs in North Dakota was unchanged Wednesday, holding at 22 for the second consecutive day, according to live rig data from Bakken Wire. No new rigs were added, none were removed, and no rigs moved locations in the last 24 hours. The current count represents a net increase of three rigs compared to one week ago, when 19 rigs were active on April 15. However, the fleet is slightly smaller than it was at the start of the month, down by one rig from the 23 rigs reported on April 1. A stable rig count is a key indicator of near-term drilling activity and capital expenditure discipline among operators in the Bakken formation. The current level, while modest by historical standards, suggests a period of consolidation following recent fluctuations. The three-rig gain over the past week indicates some operators may be selectively adding drilling capacity,...

🌅Afternoon Wire·Apr 22

Pipeline & Infrastructure

Australian Refinery Fire Recovery May Impact Global Fuel Dynamics

Viva Energy Group Ltd. expects to restore production of transportation fuels at its fire-damaged Geelong Refinery in Australia to over 90 percent of capacity within a "few weeks," according to a company statement reported by Rigzone. The incident, which began on the evening of April 15, was extinguished by the afternoon of April 16 with no casualties reported. The refinery, one of only two active in Australia, currently expects to produce diesel and jet fuel at approximately 80 percent of capacity and petrol at 60 percent. Viva Energy stated it has sufficient fuel stocks to cover the reduced production and does not anticipate disruptions to supply or price increases for its customers as a result of the fire. Most major processing units were unaffected. The Geelong Refinery has a processing capacity of 120,000 barrels of oil per day and supplies over 50 percent of the fuel for the state of...

🌅Afternoon Wire·Apr 22

Global Markets

Global Strait Standoff Boosts Bakken Oil Price, Stalls Rig Growth

The price of North Dakota crude oil shipped on the Dakota Access Pipeline is currently fetching nearly $7 more per barrel than a key U.S. benchmark, a rare premium driven by global market volatility from the ongoing conflict involving Iran, according to state regulators. Nathan Anderson, director of the North Dakota Department of Mineral Resources, and Justin Kringstad, director of the North Dakota Pipeline Authority, discussed the dynamic in a monthly briefing. Regulators are not certain why Bakken crude at its Illinois destination is outperforming benchmarks, but one possibility is its light, sweet quality makes it ideal for refining into jet fuel and diesel, products in high demand in Europe. "Royalty owners, the producers, the state, all share that uplift," Kringstad said, according to the North Dakota Monitor. Anderson noted that while not all the premium may filter back, "I would suspect that some portion of it, probably not all...

🌅Afternoon Wire·Apr 22

Operator News

Ceasefire Extended, COP Agenda Set, Greenwashing Case Settled

The extension of a ceasefire in the Iran conflict has reduced immediate risks of escalation, according to financial analysts, while global climate talks are set to focus on transitioning away from fossil fuels. These developments, alongside a settlement in a major "greenwashing" case against an energy producer, frame the operational and strategic environment for Bakken operators. In a statement to Rigzone, Naeem Aslam, CIO at Zaye Capital Markets, noted that the extension of the Iran ceasefire has "reduced immediate escalation risk, supporting a rebound in U.S. equity futures". Aslam added that "oil holding near elevated levels as supply risks persist despite partial geopolitical relief". The ceasefire extension was announced by U.S. President Donald Trump on April 21, following a request from Pakistani leadership, according to Rigzone. Meanwhile, Turkey's environment minister, Murat Kurum, stated that COP31, the climate summit to be held in Antalya in November 2026, will focus on boosting...

🌅Afternoon Wire·Apr 22

Pipeline & Infrastructure

North Dakota Oil Output Steady, Global Pipeline Impacts Unclear Amid Conflict

North Dakota oil production held near state budget forecasts in February, but the full impact of the ongoing U.S. and Iran conflict on prices and future output remains unknown, according to state officials. The North Dakota Department of Mineral Resources reported February production at 1.129 million barrels per day (bpd), slightly below the state's budget forecast of 1.15 million bpd. Director Nathan Anderson presented the data at the April 21 "Director's Cut" briefing, noting the figures do not yet reflect the price volatility triggered by the war that began February 28. West Texas Intermediate crude was at $87 a barrel during the briefing, far above the state's budgeted price of $59. The February average price was $57.54, putting revenue 2.1% below forecast. "I will note that the next month when we get together and talk through this, that number should increase substantially," Anderson said, according to the Bing News source....

🌅Afternoon Wire·Apr 22

Regulatory

Iran Conflict Drives Volatility, DAPL Premium for Bakken Crude

Oil markets experienced significant volatility Tuesday as geopolitical tensions surrounding Iran continued to disrupt global trade, according to Rigzone. Post-settlement trading saw prices whipsaw after U.S. President Donald Trump extended a ceasefire but maintained a naval blockade of the Strait of Hormuz. The blockade aims to cripple Iran's economy by halting its oil and gas exports, Rigzone reported. Iran has maintained a tight grip on traffic through the strait, a chokepoint for about a quarter of the world's seaborne oil trade. The impact of the conflict is expected to continue for months even after any deal, with some traders warning flows through the waterway may never return to normal. Prices surged briefly Tuesday after reports that U.S. Vice President JD Vance scrapped a trip to Islamabad for peace talks and Iran refused to attend, Rigzone stated. The now seven-week-old conflict has left oil traders bullish but without conviction that a...

🌅Afternoon Wire·Apr 22

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Above $90

Oil prices surged Wednesday, providing a favorable pricing environment for North Dakota producers, but the state's active rig count remained at a low level, according to Bakken Wire live data. West Texas Intermediate crude closed at $92.75 per barrel, a gain of $3.08, while Brent crude surpassed $101. The number of active drilling rigs in the state was unchanged at 22. The current rig count is a critical indicator for future Bakken oil production, as it reflects operator investment in new wells. Historically, a sustained increase in the rig count leads to increased production several months later, while a low or declining count typically precedes a production plateau or decline. The current count of 22 rigs is far below the boom-era highs of over 200 and is also low compared to pre-pandemic levels. The strong crude prices, with Bakken crude priced at a $3.42 discount to WTI, offer healthy operating...

🌅Afternoon Wire·Apr 22