Friday, April 24, 2026

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Oil Prices

Oil Prices Retreat Friday as Supply Concerns Offset Geopolitical Risk

Oil prices declined in early trading Friday, April 24, pulling back from recent gains driven by geopolitical tensions. West Texas Intermediate (WTI) crude was trading at $94.87 per barrel, down $0.98 or 1.02%, according to live price data. The international benchmark Brent crude fell $0.59 to $98.76 per barrel. The retreat comes despite a sharp price increase earlier in the week. According to Rigzone, oil prices rose sharply on Wednesday, April 23, as escalating conflict risks involving Iran threatened flows through the critical Strait of Hormuz chokepoint. Downward pressure on prices Friday stemmed from a reported build in U.S. crude inventories. Rigzone reported that U.S. crude oil stocks, excluding the Strategic Petroleum Reserve, rose by almost 2 million barrels week-on-week to stand at 465.7 million barrels as of April 17, according to the Energy Information Administration. In North Dakota, the Bakken crude differential to WTI was $-3.42 per barrel. The...

☀️Morning Wire·Apr 24

Rig Report

North Dakota Rig Count Holds at 24 for Second Consecutive Day

North Dakota's active drilling rig count was unchanged at 24 on Friday, April 24, according to live data from Bakken Wire. No rigs were added, removed, or moved locations in the last 24 hours. The current count represents a holding pattern in the Williston Basin's drilling activity. The stability follows a period of modest growth earlier in the month. Compared to recent benchmarks, the rig fleet has seen slight expansion. The count is up by two rigs from one week ago, when 22 rigs were active on April 17. It is also up by one rig from the 23 rigs reported on April 1, 2026. A rig count in the mid-20s has been typical for the Bakken formation in recent years, as operators focus on capital discipline and efficiency gains from premium drilling in core areas. The current level suggests a steady, measured pace of development. The rig count is...

☀️Morning Wire·Apr 24

Daily Activity

Single New Permit Issued as Renewals, Cancellations Dominate DMR Report

North Dakota's Department of Mineral Resources approved one new drilling permit on Thursday, April 23, according to the agency's daily activity report. The single approval was for Continental Resources Inc. for the Langved 3-2H well in Williams County, which was filed under a 'Confidential' status. The report showed a significantly higher volume of activity in other regulatory categories, including nine permit renewals and seven permit cancellations. Whiting Oil and Gas Corporation renewed two permits for the Roggenbuck 43-24-3H and 43-24-2TFH wells in Mountrail County's Sanish field. Oasis Petroleum North America LLC was responsible for five of the seven cancelled permits. All five were for wells named "Domalakes 6092" in the same section of Burke County (SE NE 16-160N-92W). The company also cancelled a permit for the Owan 5402 43-26 4B well in Williams County. Empire North Dakota LLC cancelled its permit for the Merganser 29 1H well in Bottineau County....

☀️Morning Wire·Apr 24

Global Markets

Bakken Crude Price Rises Amid Global Volatility; Drilling Steady

North Dakota crude oil shipped on the Dakota Access Pipeline is currently fetching nearly $7 more per barrel than a key U.S. benchmark price due to global market volatility from the Iran war, according to state regulators. Officials from the North Dakota Department of Mineral Resources and the North Dakota Pipeline Authority provided the update during a monthly briefing on April 21, 2026. The reason for the premium for North Dakota's light, sweet crude is not entirely clear, but one possibility is its suitability for refining into products like jet fuel and diesel, which are in high demand in Europe amid the supply disruption. Justin Kringstad, director of the North Dakota Pipeline Authority, stated that royalty owners, producers, and the state all share in the price uplift, though how much value filters back to North Dakota will become clearer in the coming months. The global oil market has been thrown...

☀️Morning Wire·Apr 24

Operator News

Bakken Oil Commands $7 Premium Amid Iran Conflict; Analyst Warns Against Shorts

North Dakota light sweet crude is fetching a significant price premium due to geopolitical tensions impacting global oil flows. According to Bing News, Bakken crude delivered via the Dakota Access Pipeline (DAPL) commanded a $7 per barrel premium on April 22, a direct result of the ongoing conflict involving Iran. This price strength underscores the Bakken formation's integration into global markets and the value of its export-oriented pipeline infrastructure. The premium provides a direct financial benefit to operators and royalty owners in the state. The market risk surrounding such geopolitical events remains elevated. In a note published April 24, SEB Commodities Analyst Ole R. Hvalbye warned there is a high risk in being short energy and betting on any immediate political resolution in the Iran conflict, according to Rigzone. This analyst perspective suggests that the current volatility supporting prices may persist, cautioning against market positions that assume a swift de-escalation....

☀️Morning Wire·Apr 24

Pipeline & Infrastructure

Global Tensions, Capital Raise Headline Morning Oil News

Heightened tensions in a key global oil transit chokepoint and a major capital raise for oil and gas investment topped energy news early Friday. Analysts watch such developments for their impact on the broader crude market, which sets the price for Bakken crude. According to Rigzone, former President Donald Trump ordered the U.S. Navy to shoot any boat putting mines in the Strait of Hormuz. The strait is a critical passage for Middle Eastern oil exports, and any disruption there can cause immediate volatility in global benchmark oil prices. Bakken crude prices are closely tied to these international benchmarks. In financial news, Houston-based private equity firm EIV Capital has raised approximately $1.1 billion to launch two new oil and gas investment funds, Rigzone reported. While the firm's focus is not specified in the report, such significant capital inflows into the energy sector signal continued investor appetite. For the Bakken, this...

☀️Morning Wire·Apr 24

Regulatory

BP Faces Shareholder Revolt; Refinery Ramps Jet Fuel Output

BP Plc faced a shareholder backlash at its annual general meeting, according to Rigzone. The report, published April 23, 2026, indicates discontent among investors with the company's new leadership. Separately, Europe's biggest oil refinery is working flat out to produce jet fuel, Rigzone reported on April 23. The ramp-up in jet fuel production signals a potential shift in refinery output to meet specific demand patterns. In another development, Martin MLP walked back its profit guidance as losses deepened, Rigzone reported April 23. The company cited "two primary headwinds": meaningful margin pressure in its fertilizer business and a lower than anticipated contribution by its transportation business. For Bakken operators and royalty owners, these external corporate events underscore the broader financial and market pressures facing the energy sector. Shareholder actions at major international firms like BP can influence investment sentiment across the industry, including for companies active in the Williston Basin. The...

☀️Morning Wire·Apr 24

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Retreat from Recent Highs

North Dakota's active drilling rig count held steady at 24 on Friday, April 24, 2026, even as crude oil prices retreated from recent highs. The stability in the rig count, a leading indicator of future production, suggests operators are maintaining a consistent level of activity in the Bakken formation. The price for West Texas Intermediate (WTI) crude was $94.87 per barrel, down $0.98 or 1.02% for the day. The international benchmark Brent crude traded at $98.76, down $0.59. The Bakken crude differential—the discount at which Bakken barrels trade compared to WTI at the Cushing, Oklahoma hub—was -$3.42. Natural gas prices were $2.69 per MMBtu. Historically, the number of active rigs in North Dakota has been a strong predictor of oil production levels approximately 4-6 months later. A stable rig count typically indicates that production will remain on a plateau, absent significant changes in well productivity or completion activity. The current...

☀️Morning Wire·Apr 24

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Slide Despite Geopolitical Heat as Diplomacy Hope Caps Rally

Oil prices retreated Friday afternoon despite ongoing tensions in the Strait of Hormuz, as hopes for renewed diplomacy between the U.S. and Iran provided a counterweight to the conflict's supply risks. West Texas Intermediate crude settled at $93.54, down $2.31 (-2.41%), while Brent crude traded at $98.49, down $0.86 (-0.87%), according to live market data. The decline comes after a volatile week where prices jumped sharply on Thursday. According to a Rigzone report, oil "jumped amid fresh signs of escalation" related to the Iran war, with WTI rising 3.1% to settle near $96 a barrel. The report cited Iranian media reporting air defense activations in Tehran and increased military rhetoric, which injected a geopolitical premium into prices. The situation in the Strait of Hormuz, a critical waterway for global energy transit, remains tense with evidence mounting that transit is unsafe despite U.S. assurances. However, a Friday report from OilPrice.com noted...

🔆Midday Wire·Apr 24

Global Markets

ERCOT Projects Massive Power Demand Surge, Highlighting Energy-Intensive Future

The Electric Reliability Council of Texas (ERCOT) projects electricity demand in its region will more than quadruple its current peak to approximately 367,790 megawatts (MW) by 2032, according to a release from the organization. This forecast, driven by explosive growth from data centers, cryptocurrency mining, and industrial processes, has significant implications for Bakken operators who rely on stable, affordable power and natural gas for their drilling and completion operations. ERCOT's preliminary long-term load forecast, filed with the Public Utility Commission of Texas, indicates demand could reach 278,000 MW by 2029. For context, ERCOT's all-time peak demand is 85,508 MW, recorded on August 10, 2023. In the release, ERCOT President and CEO Pablo Vegas stated, "Texas is experiencing exceptional growth and development, which is reshaping how large load demand is identified, verified, and incorporated into long-term planning." He added that the forecast is believed to be "higher than expected future load...

🔆Midday Wire·Apr 24

Global Markets

White House Extends Jones Act Waiver as Executives See Prolonged Hormuz Disruption

The Trump administration has extended a key shipping waiver for 90 days, allowing foreign-flagged vessels to transport energy commodities between U.S. ports through mid-August, according to Rigzone. The move is a direct effort to counter supply disruptions tied to the ongoing war with Iran, which has blocked the Strait of Hormuz. The waiver temporarily suspends requirements of the 1920 Jones Act, enabling ships to move coal, crude oil, refined products, natural gas, and fertilizers domestically. A White House spokeswoman said the extension "provides both certainty and stability for the U.S. and global economies," Rigzone reported. The extra time is expected to immediately help U.S. refiners seeking waterborne crude shipments. The extension comes as oil market stability hinges on the reopening of the Strait of Hormuz, a critical chokepoint currently closed by the conflict. According to an updated Dallas Fed Energy Survey, most oil and gas executives expect a prolonged disruption....

🔆Midday Wire·Apr 24

Operator News

GeoPark Output Mixed, Hormuz Tensions Persist, $1.1B Funds Raised

GeoPark Ltd. reported mixed first-quarter 2026 production results, averaging 27,249 barrels of oil equivalent per day (boed), according to a Thursday operational update. The figure was down from 28,351 boed in Q4 2025 due to divestments in Brazil and Ecuador. Production in its active countries, Colombia and Argentina, increased quarter-over-quarter. In Colombia, production before royalties totaled 25,819 boed in Q1, up slightly from 25,629 boed in Q4. More than half of GeoPark's net production, 15,734 boed, came from the Llanos 34 block, though net output there fell 2.5 percent due to natural decline, temporary disruptions, and delayed drilling. Net production from the CPO-5 block dropped 7.7 percent to 6,109 boed due to February blockades, which GeoPark said have since been resolved. Development and exploration drilling in CPO-5 is set to start at the end of April. GeoPark's net production from the Llanos 123 block grew 13 percent to 3,118 boed,...

🔆Midday Wire·Apr 24

Pipeline & Infrastructure

Hornbeck, Helix Merge; Central Asia Seeks Power; BP Faces Shareholder Rebuke

Two offshore service companies, Hornbeck Offshore Services and Helix Energy Solutions, have agreed to merge in an all-stock transaction, according to a joint statement. The combined company, with Hornbeck surviving, is expected to create a leader in offshore operations with a diversified fleet and subsea capabilities including trenching subsea pipelines and cables. The deal is anticipated to close in the second half of 2026. Shareholders of Covington, Louisiana-based Hornbeck will own about 55 percent of the new entity, while shareholders of Houston-based Helix will own approximately 45 percent, Rigzone reported. The companies project the merger will generate $75 million or more in annual revenue and cost synergies within three years of closing. Todd M. Hornbeck is set to become president and CEO of the combined company. Separately, a new report states that Central Asian nations must shift their energy strategy to meet growing power demands, according to OilPrice.com. The report...

🔆Midday Wire·Apr 24

Regulatory

Canada Approves Enbridge's $4B Sunrise Gas Pipeline Expansion

Canada has approved Enbridge's C$4 billion Sunrise Expansion project, a major natural gas pipeline buildout in British Columbia, according to a Friday press release from the company reported by OilPrice.com. The project will add 300 million cubic feet per day of capacity to the Westcoast pipeline system, which currently moves up to 3.6 billion cubic feet per day. Construction on the expansion is scheduled to begin in July, with a target to enter service in late 2028. The project includes approximately 139 kilometers of new pipeline through 11 looping segments, additional compression, and upgrades to existing facilities. Ottawa tied the approval to energy security and supply reliability as policymakers push infrastructure projects faster. For Bakken operators, the approval underscores a continent-wide focus on energy infrastructure and export capacity, though the project is focused on natural gas from Western Canada. The expansion strengthens feedgas positioning for Canada's LNG ambitions on the...

🔆Midday Wire·Apr 24

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Retreat from Highs

North Dakota's active drilling rig count held steady at 24 on Friday, April 24, 2026, as benchmark oil prices retreated from recent highs. The stability in the rig count suggests a measured pace of near-term development in the Bakken formation. The price of West Texas Intermediate crude settled at $93.54 per barrel, down $2.31 or 2.41% for the day. Brent crude also declined, trading at $98.49. The Bakken crude differential was $-3.42 versus WTI, putting local wellhead prices near $90.12. Natural gas traded at $2.65 per MMBtu. The current rig count of 24 is a key indicator of future production. Historically, the number of active drilling rigs in North Dakota has served as a leading indicator for oil output, with changes in the fleet typically preceding changes in production volumes by several months. The current level represents a fraction of the peak activity seen in previous boom cycles but has...

🔆Midday Wire·Apr 24

Workforce & Community

Bakken Rig Count Holds at 24 as Oil Prices Retreat from Highs

The North Dakota oil and gas industry is operating with 24 active drilling rigs as of midday Friday, April 24, according to live Bakken Wire data. This count, a key indicator of field activity and employment, has remained in the mid-20s range in recent months, pointing to a stabilized operational tempo in the Bakken formation. The current activity level is a fraction of the boom-era highs but represents a consistent baseline for the region's core operators. A steady rig count typically correlates with stable demand for field workers, from drilling crews to completion and production personnel, providing predictability for the local workforce after years of volatility. Midday price action showed West Texas Intermediate (WTI) crude trading at $93.54 per barrel, down $2.31 or 2.41% on the day. The global benchmark Brent crude was at $98.49, down 0.87%. The Bakken crude differential—the discount at which local crude trades against WTI—was $3.42....

🔆Midday Wire·Apr 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Brent Tops $100 as Geopolitical Tension Supports Crude; Bakken Discount Widens

Global benchmark Brent crude traded above $100 per barrel Friday, gaining $0.67 to close at $100.02, while U.S. benchmark West Texas Intermediate (WTI) fell $0.85 to $95.00. The gains for Brent reflect ongoing geopolitical risk premiums, while the Bakken oil price differential weakened. The price divergence is largely driven by escalating tensions in the Middle East threatening global supply routes. According to Rigzone, oil prices rose sharply as escalating Iran conflict risks threatened flows through the Strait of Hormuz. This key chokepoint is a vital conduit for seaborne crude, and supply disruptions there disproportionately impact the Brent-linked global market. The $100-plus price for Brent is reviving investment discussions in struggling oil regions worldwide. OilPrice.com reported that the price spike, following U.S. airstrikes on Iran, is giving hope for a recovery in Colombia's beleaguered oil industry. The country's production has fallen to multi-year lows of 734,924 barrels per day in February...

🌅Afternoon Wire·Apr 24

Rig Report

North Dakota Rig Count Holds at 23 as Devon Removes One Drilling Unit

North Dakota's active drilling rig count held steady at 23 on Friday, April 24, 2026, according to live data from Bakken Wire. The tally showed no net change from the previous day, despite one rig being released from service. The only change in the fleet was the removal of the NABORS B17 rig, which had been operating for Devon Energy Williston, L.L.C. in McKenzie County at location 152-101-25. No new rigs were added and none were reported as moving to new locations on Friday. The current count of 23 rigs is up by one compared to the level seen one week prior, on April 17, 2026. It is identical to the count reported 23 days ago, on April 1, indicating a period of notable stability for the state's drilling activity over the past month. The stability in the rig count comes as operators in the Bakken formation and wider Williston...

🌅Afternoon Wire·Apr 24

Global Markets

Global Supply Shocks, Energy Shift Forecast Reshape Bakken Context

Analysts from major financial institutions are warning of historic supply shocks in global commodity markets, creating a complex new backdrop for Bakken oil and gas operations. According to a report from OilPrice.com, the global aluminum market is facing its largest single supply shock since 2000 due to severe disruptions in the Gulf region. Nick Snowdon, a commodities analyst at Swiss trading firm Mercuria, told Reuters the situation is a "black swan" event. He noted the Gulf region accounts for 9% of world aluminum supply, with major smelters declaring force majeure and the Hormuz chokepoint blocked. Mercuria estimates the market could face at least a 2 million-ton deficit by year-end. Snowdon warned the most exposed supply chains are in the U.S. and Europe, which rely heavily on Middle Eastern imports and have low stockpiles. This shock could curtail production of cars, planes, and power infrastructure, potentially impacting demand for industrial fuels...

🌅Afternoon Wire·Apr 24

Global Markets

Baker Hughes Beats Q1 Estimates on LNG, Shipping Waiver Extended

Baker Hughes reported first-quarter revenue that beat analyst estimates by $260 million, driven by surging orders for LNG and gas technology equipment. According to OilPrice.com, the oilfield services company posted Q1 2026 revenue of $6.59 billion, a 2.5% year-over-year increase, with adjusted net income rising 12% to $573 million. The company's Industrial & Energy Technology (IET) segment was the primary growth driver, with revenue jumping 14% year-over-year to $3.35 billion. Orders for the segment soared 54% to $4.89 billion, fueled by major contracts for LNG projects like QatarEnergy's North Field West and a five-year services award from Petrobras. This growth helped offset a 7% decline in its traditional Oilfield Services and Equipment segment, which was impacted by disruptions in the Middle East. For Bakken operators, the report highlights a global services pivot towards gas and decarbonization technologies. Baker Hughes stated its IET segment is heavily involved in decarbonization, with New...

🌅Afternoon Wire·Apr 24

Operator News

Dallas Fed Survey Updated, Analyst Warns Against Shorting Energy

The Dallas Federal Reserve has updated its first quarter Energy Survey in response to recent developments in the global oil market, according to a statement reported by Rigzone. The survey is a key barometer of activity and sentiment among oil producers in the region, which includes many Bakken operators. An analyst from SEB Commodities, Ole R. Hvalbye, warned there is a high risk being short energy and betting on any immediate political resolution in the Iran conflict, Rigzone reported. This market view suggests sustained volatility and potential upward pressure on prices, factors that directly influence drilling budgets and hedging strategies for North Dakota producers. In operator news, GeoPark reported its production continued to increase quarter-over-quarter in its active countries of operation, Colombia and Argentina, despite reductions from divestments in Ecuador and Brazil, Rigzone reported. While GeoPark is not a Bakken operator, its performance reflects the broader industry focus on core,...

🌅Afternoon Wire·Apr 24

Pipeline & Infrastructure

Global Tensions, Capital Raise Headline Industry Roundup

Heightened tensions in a key global oil transit chokepoint and a major private equity capital raise headlined energy industry news Friday, developments that influence the price and investment environment for North Dakota's Bakken formation. According to Rigzone, former President Donald Trump ordered the U.S. Navy to shoot any boat placing mines in the Strait of Hormuz. This major maritime route is a critical passage for global seaborne oil trade, and escalating geopolitical risks there typically put upward pressure on international crude benchmarks. Bakken crude prices are closely linked to these global benchmarks, meaning regional producers could see heightened price volatility tied to overseas supply concerns. In financial markets, Houston-based private equity firm EIV Capital raised approximately $1.1 billion to launch two new oil and gas investment funds, Rigzone reported. While the firm's focus is not specified in the report, such a significant capital influx into the energy sector signals continued...

🌅Afternoon Wire·Apr 24

Regulatory

BP Faces Shareholder Backlash at Annual Meeting

BP Plc, a significant operator in North Dakota's Bakken formation, faced a shareholder backlash at its annual general meeting on Thursday, according to a report from Rigzone. The nature of the specific grievances was not detailed in the summary, but such revolts typically involve votes on executive pay, climate strategy, or board appointments. For Bakken-focused stakeholders, the development highlights the ongoing pressure facing international oil majors with assets in the region. Shareholder activism can influence corporate strategy, capital allocation, and operational priorities. While the immediate impact on BP's Bakken operations is unclear, sustained investor pressure could potentially affect long-term investment decisions in specific basins. The news comes as the broader energy sector navigates a complex landscape of regulatory demands, price volatility, and transition strategies. Bakken operators, from majors to independents, must balance these shareholder expectations with the technical and economic realities of developing the unconventional play. North Dakota's oil production...

🌅Afternoon Wire·Apr 24

Production Data

North Dakota Rig Count Holds at 23 Amid High Oil Prices

North Dakota's active rig count remained at 23 on Friday, April 24, 2026, according to Bakken Wire live data. The stability in drilling activity comes as benchmark oil prices hold at elevated levels, with West Texas Intermediate crude trading at $95 per barrel. The current rig count is a key leading indicator for future oil production in the Bakken formation, North Dakota's primary oil-producing region. Historically, the number of active drilling rigs has correlated with production trends, with a sustained increase in rigs typically leading to production growth after a several-month lag. The current price environment appears supportive for continued operation. While WTI dipped slightly by $0.85 on the day, Brent crude traded above $100 per barrel. The Bakken differential—the discount at which Bakken crude trades compared to WTI—was recorded at -$3.42, according to the live data. Analysts often view a rig count in the low-to-mid 20s as indicative of...

🌅Afternoon Wire·Apr 24