Thursday, April 23, 2026

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Oil Prices

Oil Prices Rise as Bakken Output Set to Increase

Oil prices climbed higher Thursday morning, with West Texas Intermediate (WTI) crude trading at $93.55 per barrel, a gain of $0.59, according to live market data. The global benchmark Brent crude rose to $97.08, up $0.90. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a discount of $3.42 per barrel below WTI. The price strength follows a session where crude rose on geopolitical risk and falling U.S. inventories, Rigzone reported Wednesday. Traders are reacting to the ongoing standoff between Iran and the U.S., a factor that has introduced significant volatility into the market since late February. For Bakken operators, current prices are spurring action, but primarily on existing assets rather than new drilling campaigns. According to a report from Bing News, North Dakota's crude output is set to climb in the coming months as operators respond to higher prices. Nathan Anderson, director of the North...

☀️Morning Wire·Apr 23

Rig Report

Bakken Rig Count Holds at 22 for Second Straight Week

The active rotary rig count in North Dakota's oil fields was unchanged on Thursday, April 23, holding at 22 operational units. According to Bakken Wire's live data, there were no new rigs added, no rigs removed, and no rigs that moved location in the past day. This marks the second consecutive week of stability in the state's drilling activity. The rig count has now been static at 22 since at least April 16, showing no week-over-week movement. However, when viewed on a slightly longer timeline, the current activity level reflects a modest contraction. The count is down by one rig from the 23 active rigs reported on April 1, 2026. The steady rig count suggests a period of equilibrium for Bakken operators, who may be carefully calibrating capital spending and drilling programs in response to prevailing commodity prices and service costs. A stable rig fleet often indicates that major producers...

☀️Morning Wire·Apr 23

Daily Activity

DMR Approves Four New Permits; Hess, Hunt File in Mountrail, Burke

The North Dakota Department of Mineral Resources approved four new drilling permits on Wednesday, April 22, 2026, according to the agency's daily activity report. Hunt Oil Company was the most active filer, securing three of the four new permits. Hunt Oil's new permits are concentrated in Burke County. Permit 42856 is for the DIMOND 160-91-36-24H-4 well in the Dimond field, located in SE SW Section 31-160N-90W. The company also received permits 42857 and 42858 for the KANDIYOHI 159-90-6-13H 1 and KANDIYOHI 159-90-6-18H 2 wells, both in the Thompson Lake field at the same legal location: SE SW Section 31-160N-90W. The fourth permit, 42855, was approved for Hess Bakken Investments II, LLC. The permit is for the RS-JONES- 156-92-3532H-1 well in Mountrail County's Ross field. The report also listed seven previously permitted wells that had changes to their confidential status. Three operators had wells move off confidential status, indicating drilling or...

☀️Morning Wire·Apr 23

Operator News

QatarEnergy, ExxonMobil Ship First LNG Cargo from Texas Export Terminal

The Golden Pass LNG export terminal in Texas, a joint venture between QatarEnergy and ExxonMobil, has shipped its first cargo, according to a report from Rigzone. The project represents a major new outlet for U.S. natural gas to reach global markets. For Bakken operators, the expansion of U.S. LNG export capacity creates a more robust demand landscape for natural gas, a key byproduct of oil drilling in the region. While the Bakken formation is primarily an oil play, its production yields significant volumes of associated natural gas. Increased LNG exports can help support natural gas prices over the long term by absorbing domestic supply. The Rigzone report noted that QatarEnergy's LNG trading arm will offtake 70 percent of the production from the Golden Pass facility. This long-term offtake agreement underscores the project's role as a stable, large-scale consumer of U.S. gas feedstock. More demand for gas on the Gulf Coast...

☀️Morning Wire·Apr 23

Global Markets

Bakken Crude Commands $7 Premium as Iran War Roils Markets

North Dakota crude oil shipped on the Dakota Access Pipeline (DAPL) is fetching nearly $7 more per barrel than a key U.S. benchmark price, according to state officials briefing on April 21. The premium, attributed to global market volatility from the Iran war, represents a potential uplift for royalty owners, producers, and state tax revenues. Justin Kringstad, director of the North Dakota Pipeline Authority, and Nathan Anderson, director of the Department of Mineral Resources, presented the monthly "Director's Cut" update. They noted Bakken crude at its Illinois destination is trading well above traditional benchmarks, a reversal of the typical discount for transportation costs. One theory is the region's light, sweet crude is in higher demand for refining into jet fuel and diesel in markets like Europe. "How much of that higher price benefits North Dakota will be more clear in the coming months," Kringstad said, according to the North Dakota...

☀️Morning Wire·Apr 23

Operator News

Global Energy Shifts Impact Bakken Outlook as Hormuz Optimism Fades

Optimism for a swift reopening of the Strait of Hormuz, a critical global oil transit route, is "sliding fast," according to SEB Chief Commodities Analyst Bjarne Schieldrop. The analyst's warning, reported by Rigzone, highlights renewed geopolitical uncertainty that can influence global crude oil benchmarks, to which Bakken crude prices are closely tied. Any prolonged disruption in the Strait typically supports higher international oil prices, which benefits Bakken producers' revenue. In corporate earnings, Australian energy company Santos reported a 3 percent increase in sales revenue for the first quarter, reaching $1.27 billion. Rigzone attributed the rise to higher LNG and crude oil volumes. While Santos does not operate in the Bakken, its performance reflects the broader global demand for hydrocarbons that underpins the market for U.S. shale oil, including production from North Dakota. Meanwhile, in a statement on energy policy, UK Energy Secretary Ed Miliband emphasized the continued importance of domestic...

☀️Morning Wire·Apr 23

Pipeline & Infrastructure

Hormuz Traffic Halted After Iran Seizes Ships, Extends Ceasefire

Traffic through the critical Strait of Hormuz ground to a halt after Iran fired on commercial ships and said it had seized at least two vessels, according to Rigzone. The reported incidents on April  22-23 mark a first in nearly eight weeks of war and represent a significant escalation in the strategic waterway. The developments follow the indefinite extension of a U.S.-Iran ceasefire, as peace talks remain deadlocked, Rigzone reported. The war has developed into a "game of brinkmanship" over the strait, which serves as a transit point for about one-fifth of the world's seaborne oil. For Bakken producers, instability in the Strait of Hormuz underscores the global nature of the oil market and the importance of stable export corridors. While North Dakota crude is primarily moved via pipeline and rail to U.S. refineries and the Gulf Coast, sustained disruptions at major global chokepoints can influence benchmark prices and market...

☀️Morning Wire·Apr 23

Regulatory

Global Energy, Climate Policy News Highlights Broader Industry Context

Italian energy services firm Saipem reported stable first-quarter earnings, according to a report from Rigzone. The company posted a net income of around $92 million for Q1 2026, a slight increase of 1.3 percent compared to the same period last year. Rigzone reported that the results were driven by improvements in both onshore and offshore engineering and construction work. In a separate development with implications for long-term energy policy, Turkey has announced the focus for the upcoming COP31 climate summit. According to Rigzone, the event's incoming president stated that Turkey will use its role as host to boost global clean energy adoption. For Bakken operators, these developments represent the dual realities of the current energy landscape. Stable financial performance from major international service companies like Saipem can indicate sustained global industry activity, which supports a stable environment for capital investment and project execution. The health of large contractors is often...

☀️Morning Wire·Apr 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over $94 Amid Iran Tensions, Bakken Differential Narrows

Oil prices rose sharply on Thursday, with West Texas Intermediate (WTI) crude trading at $94.65 per barrel, a gain of $1.69 or 1.82%, according to live market data. Brent crude, the international benchmark, climbed to $103.81, up $1.90. The price move extends gains from the prior session, driven by escalating tensions in the Middle East. The primary catalyst is a stalled standoff between the U.S. and Iran, which has severely disrupted crude flows through the Strait of Hormuz. According to Rigzone, peace talks have failed to materialize, and Iranian gunboats fired on commercial vessels in the vital waterway on Wednesday. The U.S. has maintained a naval blockade, with President Donald Trump stating on Truth Social that lifting it would preclude a deal. Traffic through the strait, which normally carries one-fifth of global crude, remains at a near-halt. The Pentagon has reportedly informed Congress it could take six months to clear...

🔆Midday Wire·Apr 23

Operator News

Golden Pass LNG Ships First Cargo as Global Demand Grows

Golden Pass LNG, a Texas export project majority-owned by QatarEnergy with ExxonMobil holding a 30 percent stake, has dispatched its inaugural cargo of liquefied natural gas. According to Rigzone, the cargo was loaded onto the Al-Qaiyyah LNG carrier on Thursday, April 23, marking a step toward full commercial operations for the facility, which is designed to export about 18 million metric tons per annum. The project's start-up comes as global LNG demand remains robust. "The operational phase and market entry of Golden Pass LNG will come at an important time when global energy security ranks very high on energy agendas worldwide," QatarEnergy's president and CEO, Saad Sherida Al-Kaabi, stated last month. The company's trading arm will offtake 70 percent of the facility's production. For Bakken operators, the launch of new U.S. LNG export capacity reinforces long-term demand fundamentals for natural gas, a key byproduct of oil production in the Williston...

🔆Midday Wire·Apr 23

Global Markets

Hormuz Reopening Optimism Fades, Prolonging Bakken Price Volatility

Optimism for a near-term reopening of the Strait of Hormuz is "sliding fast," according to a leading analyst, signaling continued volatility and potential for higher prices that directly impact the value of North Dakota crude. Skandinaviska Enskilda Banken AB (SEB) Chief Commodities Analyst Bjarne Schieldrop warned Thursday that the market may be on the verge of a shift from expecting an imminent deal to accepting a prolonged closure, which would force a "knee-jerk" oil price adjustment higher. The pricing of Brent crude for the rest of 2026 is highly sensitive to the strait's status, with Schieldrop estimating that for every week beyond May 1 it remains closed, the implied average price should rise by roughly $5 per barrel. A mid-May reopening would point to a rest-of-year price closer to $100 per barrel, SEB's current forecast. This global chaos is already being felt in North Dakota, where oil shipped on the...

🔆Midday Wire·Apr 23

Operator News

Global Tensions, LNG Gains Shape Energy Landscape for Bakken

Heightened tensions in a key global oil transit chokepoint underscore the volatile geopolitical landscape facing energy producers, including those in the Bakken. According to Rigzone, Iranian gunboats fired on commercial ships in the Strait of Hormuz on Wednesday, April 22, 2026, targeting a cargo ship and a container vessel. Separately, Iranian forces reportedly seized two other ships. These incidents follow the U.S. imposition of a naval blockade on Iranian shipping on April 13, which has led to the interception of tankers and the turning back of at least 29 vessels. The ongoing conflict has already removed significant volumes from the market, with top traders citing a loss of a billion barrels of oil supply, according to Rigzone. UK Energy Secretary Ed Miliband, in a speech this week, alluded to the "second fossil fuel shock of this decade" stemming from the ongoing Middle East conflict, noting its damaging impact on global...

🔆Midday Wire·Apr 23

Pipeline & Infrastructure

Hormuz Closure Disrupts Global Flow, ND Impact Still Unclear

Traffic through the Strait of Hormuz ground to a halt on Thursday, April 23, after Iranian forces fired on commercial ships and seized at least two vessels, according to Rigzone. This marks a new stage in Tehran's efforts to control the vital waterway, with only one ship, the bulk carrier LB Energy, seen moving through early Thursday. The closure has choked off millions of barrels of supply since late February, forcing global refiners to adapt. Europe's biggest oil refinery, Shell Plc's Pernis plant in Rotterdam, is running on "max jet mode" to produce jet fuel as concerns mount over shortages, Rigzone reported. The plant is looking for alternative crude sources after the Strait's closure cut off Middle East supply. For North Dakota operators and state budget planners, the full impact of the U.S. and Israel's war with Iran remains unclear due to data lag, according to a state briefing covered...

🔆Midday Wire·Apr 23

Production Data

Bakken Rig Count Holds at 22 as Crude Prices Surge Past $94

North Dakota's oil and gas activity appears steady at current levels, with the active rig count holding at 22 as of Thursday, April 23, according to live Bakken Wire data. This stability comes alongside a significant midday rally in oil prices, with West Texas Intermediate (WTI) crude trading at $94.65 per barrel, a gain of $1.69. The current rig figure, a direct indicator of near-term drilling activity, remains near multi-year lows for the Bakken formation. Historically, the rig count is a leading indicator for production, with a lag of several months between new wells being drilled and their contribution to overall output. The current count suggests operators are maintaining a disciplined capital approach focused on efficiency rather than aggressive expansion. The price environment is notably supportive. Brent Crude, the international benchmark, was trading at $103.81, up $1.90. Bakken crude traded at a differential of $3.42 below WTI, putting its local...

🔆Midday Wire·Apr 23

Workforce & Community

Bakken Rig Count Holds at 22 as Oil Prices Rally Above $94

North Dakota's Bakken oil region continues to operate with a stable level of drilling activity, with the state's active rig count holding at 22 on Thursday, April 23, 2026. This operational tempo, coupled with a significant rally in oil prices, provides a consistent backdrop for local employment and community economies in western North Dakota. The benchmark WTI crude price rose $1.69 to $94.65 per barrel, a gain of 1.82%, while Brent crude climbed to $103.81. The Bakken crude differential stood at -$3.42 against WTI. Historically, the number of active drilling rigs is a direct indicator of oilfield employment levels, encompassing jobs for drillers, service crews, transportation, and support staff. A steady rig count suggests a corresponding stability in the oilfield workforce. The relationship between oil activity and community impact in the Bakken is well-established. When drilling activity is high and sustained, it drives demand for housing, supports local businesses from...

🔆Midday Wire·Apr 23

Regulatory

North Dakota's Gas Capture Rate Holds Steady Amid High Oil Prices

North Dakota's oil and gas industry continues to operate under stringent gas capture requirements, with the state's long-standing regulatory framework shaping standard operator behavior in the Bakken formation. The Industrial Commission's targets mandate that operators capture 91% of natural gas produced, a goal that has driven significant infrastructure investment over the past decade. According to the North Dakota Department of Mineral Resources, the statewide gas capture rate has consistently met or exceeded the 91% target for several quarters. This high level of compliance represents a major shift from earlier years when flaring was more prevalent, driven by the rapid pace of oil drilling outpacing gas gathering and processing capacity. The regulatory policy, which can restrict oil production allowances for operators who fail to meet capture goals, has been a primary driver in reducing flared volumes. The current active rig count of 22, as of midday data for April 23, 2026,...

🔆Midday Wire·Apr 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over $97 on Strait of Hormuz Tensions

Oil prices surged sharply higher Thursday, with West Texas Intermediate crude closing above $97 per barrel, as escalating tensions in the Iran conflict renewed fears over the security of Middle Eastern oil shipments. According to live price data, WTI settled at $97.12, a gain of $4.16 or 4.48%. The global benchmark Brent crude rose to $106.51, up $4.60. The price for Bakken crude at the Clearbrook, Minnesota, hub traded at a discount of $3.42 per barrel versus WTI. The immediate catalyst for the jump was rising geopolitical risk, as reported by Rigzone. Threats to flows through the Strait of Hormuz, a critical chokepoint for global seaborne oil trade, spurred the buying. The conflict in Iran has been a primary driver of volatility in crude markets since late February. The high-price environment is already shaping activity in the Bakken. According to a report from Bing News citing the North Dakota Department...

🌅Afternoon Wire·Apr 23

Rig Report

North Dakota Rig Count Rises to 24 with Two New Additions

The number of active drilling rigs in North Dakota increased by two on Thursday, April 23, 2026, bringing the statewide total to 24, according to live Bakken Wire data. This marks a net gain of two rigs from the previous day, with no rigs removed or relocated. The new activity was driven by two operators. SOGC, LLC spud a well using the NOBLE 2 rig at a location in McKenzie County (Section 3, Township 147N, Range 98W). Separately, Hess Bakken Investments II, LLC began operations with the NABORS X-10 rig in Williams County (Section 22, Township 153N, Range 98W). The current rig count of 24 represents a continuation of a gradual upward trend in the Bakken formation over recent weeks. The count is up two rigs from the 22 active rigs reported one week ago on April 16, 2026. Compared to 22 days ago on April 1, 2026, when the...

🌅Afternoon Wire·Apr 23

Operator News

Golden Pass LNG Ships First Cargo, QatarEnergy to Offtake 70%

The Golden Pass LNG export terminal in Texas, a joint venture between QatarEnergy and ExxonMobil, has shipped its first cargo of liquefied natural gas, according to Rigzone. The project, which began construction in 2019, represents a major new outlet for U.S. natural gas to reach global markets. Rigzone reported that QatarEnergy's LNG trading arm will be the primary offtaker for the facility's production, securing 70 percent of its LNG output. This long-term commitment from a global LNG leader provides stable demand for the natural gas that will feed the terminal. For Bakken operators, the startup of new U.S. LNG export capacity is a positive signal for natural gas demand. While the Bakken formation in North Dakota is primarily an oil play, it produces significant volumes of associated natural gas as a byproduct. Increased LNG export capacity on the Gulf Coast helps create a broader, more liquid market for this gas....

🌅Afternoon Wire·Apr 23

Global Markets

Bakken Crude Commands $7 Premium as Iran War Sparks Market Volatility

North Dakota crude oil shipped on the Dakota Access Pipeline is fetching nearly $7 more per barrel than a key U.S. benchmark price amid market chaos caused by the war with Iran, state regulators reported this week. The premium for light, sweet Bakken crude at its destination in Illinois is a reversal of the typical discount applied for transportation costs, according to officials from the North Dakota Department of Mineral Resources (DMR) and the North Dakota Pipeline Authority. Justin Kringstad, director of the Pipeline Authority, stated that the price uplift is shared by "royalty owners, the producers, the state." However, regulators said the exact reason for the premium and how much value is returning to North Dakota remains unclear. One possibility cited is that Bakken crude can be more easily refined into high-demand products like jet fuel and diesel in markets such as Europe. The volatile pricing is a direct...

🌅Afternoon Wire·Apr 23

Operator News

U.S. Crude Stocks Build, Refinery Shifts Focus, MLP Cuts Outlook

U.S. commercial crude oil inventories rose by nearly 2 million barrels last week, according to government data. The Energy Information Administration reported stocks, excluding the Strategic Petroleum Reserve, stood at 465.7 million barrels as of April 17. The inventory build comes as refining activity shows a focus on specific fuels. Europe's largest oil refinery is currently operating at maximum capacity to produce jet fuel, Rigzone reported. This shift underscores changing demand patterns in the global fuel market. Separately, Martin MLP revised its profit guidance downward as losses widened. The company cited two primary challenges: significant margin pressure in its fertilizer business and a lower-than-expected contribution from its transportation segment, according to a Rigzone report. For Bakken operators, the weekly stock build is a key market indicator watched for signs of supply-demand balance. While a domestic inventory increase can pressure crude pricing benchmarks like WTI, strong refinery runs for products like...

🌅Afternoon Wire·Apr 23

Pipeline & Infrastructure

Midstream Gains, Global Tensions Highlight Pipeline Roundup

Pipeline and midstream giant Kinder Morgan reported strong first-quarter earnings and raised its dividend, according to Rigzone. The company posted a 39 percent year-on-year increase in adjusted net profit to $1.06 billion and declared a dividend of $0.2975 per share, up 2 percent from the same period last year. For Bakken operators, stable and profitable midstream partners like Kinder Morgan are critical for ensuring takeaway capacity for the region's crude oil and natural gas. A healthy dividend signals financial strength, which can support infrastructure investment and reliability in key transportation networks serving the Williston Basin. Meanwhile, global oil shipping chokepoints are facing renewed uncertainty. Rigzone reported that 'reopening optimism' for the Strait of Hormuz is 'sliding fast,' according to SEB Chief Commodities Analyst Bjarne Schieldrop. The Strait is a vital passage for global seaborne oil trade. Tensions in key global transit routes can influence international crude oil benchmarks, which in...

🌅Afternoon Wire·Apr 23

Regulatory

Global Strait Seizures, UK Policy Shift Highlight Geopolitical Tensions

Traffic through the Strait of Hormuz ground to a halt after Iran fired on commercial ships and said it had seized at least two vessels, according to a Rigzone report. The report notes this marks a first in nearly eight weeks of war, causing immediate disruption to a critical global oil transit chokepoint. Separately, UK Energy Secretary Ed Miliband affirmed the ongoing importance of the North Sea, stating, "I do not agree with those who say we should 'turn off the taps' overnight," Rigzone reported. The comment signals a continued role for mature Western oil basins in national energy strategies. For Bakken operators and North Dakota royalty owners, these international developments underscore the volatile geopolitical landscape that influences global crude oil prices and market access. Disruptions in the Strait of Hormuz, a conduit for roughly one-fifth of the world's oil, historically contribute to price volatility and risk premiums. A sustained...

🌅Afternoon Wire·Apr 23

Production Data

Bakken Rig Count Holds at 24 Amid Surging Oil Prices

North Dakota's active drilling rig count held steady at 24 this week as global crude oil prices surged, presenting a complex outlook for future Bakken production. West Texas Intermediate crude settled at $97.12 per barrel, a significant gain of $4.16 for the day, while the global Brent benchmark surpassed $106, according to live Bakken Wire data. The sustained high-price environment, with WTI up approximately 4.5%, contrasts with the relatively static level of drilling activity in the state. The current rig count of 24 has remained in a narrow range for several months, well below the pre-pandemic peaks that regularly exceeded 50 rigs. This disconnect suggests operators are prioritizing capital discipline and maximizing output from existing wells over aggressive new drilling campaigns. Historically, the rig count is a leading indicator for oil production, with a typical six-to-nine-month lag between a sustained increase in drilling and a corresponding rise in statewide output....

🌅Afternoon Wire·Apr 23