Saturday, April 25, 2026

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☀️Morning Wire7:00 AM CST

The Morning Take

US Oil Drillers Add Rigs for First Time in 4 Weeks

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Oil Prices

Oil Prices Retreat from Recent Highs as Geopolitical Risk Premium Eases

Front-month WTI crude futures traded at $94.40 per barrel on Friday, April 24, a decline of $1.45 or 1.51% from the previous close. The global benchmark, Brent crude, was at $99.13, down a modest $0.22, according to live price data. The pullback follows a recent price spike driven by geopolitical tensions. The earlier surge, which pushed Brent above the $100 threshold, was triggered by U.S. airstrikes on Iran, as reported by OilPrice.com. This price environment is reviving investment discussions in struggling oil provinces globally, including Colombia. However, the slight retreat suggests some risk premium is being trimmed from the market. For Bakken operators, the local Bakken crude differential to WTI widened to -$3.42 per barrel. This discount impacts the realized price for North Dakota producers. Despite the daily dip, sustained prices near current levels remain supportive for Bakken drilling and completion budgets. The related news from Colombia highlights how high...

☀️Morning Wire·Apr 25

Rig Report

** Bakken Rig Count Holds at 23, Marking Month of Stability

BODY: The number of active drilling rigs in North Dakota's oil fields remained unchanged at 23 on Saturday, April 25, according to live rig data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since the prior day's report. This steady figure continues a pattern of remarkable stability for the Bakken formation over the past month. The current count of 23 rigs is identical to the level reported 24 days ago, on April 1. Over the most recent week, activity has seen minimal fluctuation, ticking up by one rig from 22 active rigs on April 18. A rig count in the low-to-mid 20s has become the established norm for the Williston Basin in recent years, reflecting a disciplined capital spending approach by operators focused on generating free cash flow and returning capital to shareholders rather than pursuing aggressive volume growth. This...

☀️Morning Wire·Apr 25

Daily Activity

Hess Secures Lone Permit as Devon, Enerplus Report Confidential Status Changes

North Dakota's Department of Mineral Resources approved a single new drilling permit on Friday, April 24, while seven wells from other operators emerged from confidential status, according to the agency's daily activity report. The sole permit approved was for Hess Bakken Investments II, LLC. The permit, 42860, is for the GO-DANIEL- 156-98-0322H-3 well in Williams County within the Wheelock field. The report also listed seven wells that had their confidential status terminated. This change allows their production data to become publicly reported. Enerplus Resources USA Corporation had three wells in Dunn County's Little Knife field transition from confidential status. The wells are the LIND 145-97-2-11-2H-WLL, LIND 145-97-2-11-3H, and LIND 145-97-2-11-4H, all located in Lot 4 of Section 2, Township 145N, Range 97W. Devon Energy Williston, L.L.C. reported three wells exiting confidential status across two counties. In McKenzie County's Camp field, the MARVIN 27-34 4H and MARVIN 27-34 5H wells, located...

☀️Morning Wire·Apr 25

Global Markets

Global Shocks Shape Energy Landscape with Mixed Signals for Bakken

The Electric Reliability Council of Texas (ERCOT) projects electricity demand in its region will more than quadruple to approximately 367,790 megawatts by 2032, up from a current peak of 85,508 MW, according to a release from the organization. This surge, driven by large loads from data centers, cryptocurrency mining, industrial operations, and oil and gas processes, signals massive industrial growth in a key U.S. energy hub. For Bakken operators, this represents a potential long-term source of demand for associated gas and underscores the energy-intensive development in a major competitor and customer state. However, analysts caution the extreme forecast may overstate near-term reality. In a report cited by Rigzone, EBW Energy Analyst Eli Rubin stated that tripling peak load within three years is "all but physically impossible," though it points to "the near-insatiability of AI data center demand." ERCOT President and CEO Pablo Vegas also noted the forecast is a preliminary...

☀️Morning Wire·Apr 25

Global Markets

Oil Falls to $94 as Iran Talks Hinted; US Extends Shipping Waiver

Oil prices fell Friday on renewed, though fragile, hopes for US-Iran peace talks, according to Rigzone. West Texas Intermediate futures dropped 1.5% to settle above $94 a barrel. The decline came after the White House said it was sending envoys to Pakistan with the intention of talking with Iranian officials, though Tehran sounded pessimistic about the prospects. Despite the daily drop, WTI futures are still up 13% for the week, Rigzone reported, highlighting market volatility as the Strait of Hormuz remains largely shut. The strait has been effectively closed by Iran to all other maritime traffic since the war began in late February, making Iran the only major oil exporter from the Persian Gulf. The US naval blockade of Iranian shipping, a key sticking point, continues. Satellite imagery from Monday shows Iran continues to load millions of barrels onto supertankers at Kharg Island, with 13 ships anchored nearby, according to...

☀️Morning Wire·Apr 25

Operator News

Strait of Hormuz Uncertainty, Price Risks Highlighted in Fed Survey, Analyst Notes

A majority of oil and gas executives expect future disruptions in the Strait of Hormuz are likely, according to an update to the first quarter Dallas Fed Energy Survey released Thursday. The survey, which collected responses from April 15 to April 20, showed executives are uncertain about the timeline for normalization of traffic through the critical shipping lane. According to the Dallas Fed update, 39 percent of executives from 99 responding firms expect a return to normal traffic by August. Twenty percent see a return by May, 26 percent by November, and 14 percent expect a return even later. When asked how likely geopolitical events would disrupt the Strait again within five years after it normalizes, 48 percent of executives from 112 firms said it is “very likely,” according to the survey. Executives also anticipate increased shipping costs from the Persian Gulf. The most selected response from 70 firms was...

☀️Morning Wire·Apr 25

Pipeline & Infrastructure

Hormuz Standoff Continues, EIV Raises $1.1B, Helix-Hornbeck Merger Set

Tensions in the Strait of Hormuz remained high with no peace talks in sight, according to Rigzone, helping extend a rally in oil prices. The critical waterway has been effectively shut for an eighth straight week, exacerbating global supply concerns. U.S. President Donald Trump on Thursday ordered the U.S. Navy to shoot any boat placing mines in the strait, and U.S. forces boarded a sanctioned vessel transporting Iranian oil in the Indian Ocean. About a fifth of the world's oil shipments typically pass through Hormuz. Separately, private equity firm EIV Capital LLC said Thursday it raised approximately $1.1 billion to launch two new oil and gas investment funds, according to a Rigzone report. One fund, EIV Capital Fund V LP, will focus on energy infrastructure investments, including gathering, processing, and transportation. Managing partner David Finan said the fund addresses a "growing need for last-mile solutions for natural gas and power."...

☀️Morning Wire·Apr 25

Regulatory

Infrastructure, LNG Drive Energy Investment Shift as Grid Needs Soar

A seismic shift in energy investment is underway, with 77% of new climate capital now flowing to infrastructure funds, according to a recent report from Sightline Climate cited by OilPrice.com. This move away from early-stage technology startups toward established energy infrastructure is driven by skyrocketing power demand from the AI boom and a global focus on energy security and resilience. The aging U.S. electrical grid represents both a critical risk and a massive market opportunity. JP Morgan has called the aging grid a "national security risk," vulnerable to extreme weather and cyber threats. Globally, approximately $5.8 trillion is forecast for grid upgrades by 2035, with $1 trillion of that spending slated for the United States alone, OilPrice.com reported. This investment trend aligns with strong first-quarter performance from major oilfield services firm Baker Hughes. The company reported Q1 2026 revenue of $6.59 billion, beating estimates by $260 million, according to OilPrice.com....

☀️Morning Wire·Apr 25

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

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Oil Prices

WTI Falls $1.45 to $94.40 as Bakken Differential Widens to -$3.42

West Texas Intermediate crude futures retreated sharply midday Saturday, trading at $94.40 per barrel, down $1.45 or 1.51% from the prior settlement. The decline contrasted with the global Brent benchmark, which held firmer at $99.13, down only $0.22. The Bakken crude differential to WTI widened to a discount of $3.42 per barrel, according to live market data. Natural gas prices also softened, trading at $2.68, down $0.08. The price divergence between WTI and Brent underscores the continued geopolitical risk premium supporting global prices, even as U.S. benchmarks face domestic pressures. The recent spike that pushed Brent over $100 per barrel followed U.S. airstrikes on Iran, according to a report from OilPrice.com. That high-price environment is reviving investment discussions in struggling oil provinces worldwide. OilPrice.com reported that Colombia's oil industry, with production at multi-year lows of 734,924 barrels per day in February, sees hope for a recovery as prices rise and...

🔆Midday Wire·Apr 25

Regulatory

States Retreat From 2030 Climate Goals as Costs, Federal Policy Shift

Several U.S. states, particularly in the Northeast, are scaling back or delaying ambitious climate goals established during the Biden administration, citing surging costs and fading federal support. According to a report from OilPrice.com, this marks a significant shift away from the green transition policy aims that many states adopted following the 2022 Inflation Reduction Act. The regulatory retreat is being driven by concerns over consumer affordability and the recognition that 2030 emissions targets are now seen as unattainable. New York Governor Kathy Hochul recently admitted the state's goal for significantly reducing emissions by 2030 is unattainable, requiring the legislature to revise its climate law. Massachusetts is expected to cut a program that charges utility bills to fund heat pumps and efficiency upgrades. Other states are pushing back deadlines entirely. Rhode Island Governor Dan McKee has proposed delaying a legal requirement for 100% renewable electricity from 2033 to 2050 to avoid...

🔆Midday Wire·Apr 25

Global Markets

Global Energy, Metal Shocks Raise Costs for Bakken Operators

Europe's ban on Russian liquefied natural gas (LNG) and a severe blockade in the Persian Gulf are tightening global energy and industrial markets, raising the cost environment for oil and gas producers in North Dakota's Bakken formation. These simultaneous supply shocks increase competition for fuel and critical materials while signaling higher operational expenses. The European Union began prohibiting spot-market purchases of Russian LNG on Saturday, April 25, according to a report from Rigzone. The ban could cut 2.8 million to 3.5 million tons of Russian LNG from the EU annually, roughly 3% of the bloc's total imports. This reduction coincides with a 40% jump in Europe's benchmark gas price due to conflict in the Middle East, forcing the continent to compete aggressively for alternative supplies to refill storage before winter. The situation is exacerbated by the blockade of the Strait of Hormuz, which has trapped a fifth of global LNG...

🔆Midday Wire·Apr 25

Global Markets

Oil Falls on Iran Talk Hopes; White House Extends Jones Act Waiver

Oil prices fell Friday on renewed, though fragile, hopes for US-Iran peace talks, according to Rigzone. West Texas Intermediate futures dropped 1.5% to settle above $94 a barrel after the White House said it was sending envoys to Pakistan with the intention of talking with Iranian officials. Despite the weekly decline, WTI remains up 13% for the week, its biggest jump since the war in the Middle East began in late February. The potential for talks offers a glimmer of stability for Bakken producers, as the conflict has kept the vital Strait of Hormuz largely shut. Iran has been the only major oil exporter out of the Persian Gulf since the war started, after Tehran effectively closed the strait to other traffic. Goldman Sachs Group Inc. analysts said in an April 23 note that crude oil production in the Persian Gulf will take "a few months" to mostly restore, assuming...

🔆Midday Wire·Apr 25

Operator News

Survey, Analysts See Extended Hormuz Disruption Raising Oil Prices

A majority of oil and gas executives expect traffic through the critical Strait of Hormuz to take months to normalize, with nearly half believing future disruptions are "very likely" within five years, according to an updated survey from the Federal Reserve Bank of Dallas. The survey update, reported by Rigzone, collected responses from 99 executives between April 15 and April 20. Thirty-nine percent of respondents expected a return to normal traffic by August, while 26 percent forecast November and 14 percent predicted a date even later. Only 20 percent anticipated normalization by May. The same survey found executives anticipate permanently higher shipping costs from the Persian Gulf once the military conflict ends. When asked how much costs would increase per barrel, the most selected response from 70 executives was "more than $2 but not more than $4." The second most popular response was "more than $6." One exploration and production...

🔆Midday Wire·Apr 25

Pipeline & Infrastructure

Global Tensions, Infrastructure Funds Shape Midstream Landscape

Geopolitical tensions threatening global oil flows are unfolding alongside a major influx of capital into North American energy infrastructure funds, according to industry reports from Friday. The dual developments highlight a market environment of heightened volatility and investor focus on physical assets. The standoff between the U.S. and Iran over the Strait of Hormuz intensified, according to Rigzone. U.S. President Donald Trump on Thursday ordered the U.S. Navy to shoot any boat placing mines in the strait, and U.S. forces boarded a sanctioned vessel transporting Iranian oil in the Indian Ocean. Iran attacked at least three vessels on Wednesday, helping keep the critical transit route effectively shut for an eighth consecutive week. Approximately one-fifth of the world's oil shipments typically pass through Hormuz. "The conflict has entered a new phase centered on the Strait of Hormuz," Bloomberg Economics analysts said in a note cited by Rigzone. They noted the U.S....

🔆Midday Wire·Apr 25

Regulatory

IEA Chief Warns Iran War Could Permanently Dent Long-Term Oil Demand

International Energy Agency (IEA) Executive Director Fatih Birol stated the war involving Iran has permanently changed the fossil fuel industry and will accelerate a global shift toward renewables, nuclear power, and electrification at the expense of future oil demand, according to OilPrice.com. Birol told The Guardian that the damage to confidence in fossil fuel security is permanent. He argued countries exposed to the disruption of the Strait of Hormuz will rethink the geopolitical risk embedded in their energy systems. “Their perception of risk and reliability will change. Governments will review their energy strategies. There will be a significant boost to renewables and nuclear power and a further shift towards a more electrified future,” Birol said. He concluded this shift will “cut into the main markets for oil,” resulting in “permanent consequences for the global energy markets.” The warning comes amid a severe supply crisis that has pushed Brent crude above...

🔆Midday Wire·Apr 25

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Retreat from Recent Highs

North Dakota's active drilling rig count held at 23 on Saturday, a level that suggests a cautious but stable pace of development in the Bakken formation. The steady rig activity comes as crude oil prices pulled back from recent highs in midday trading, with West Texas Intermediate (WTI) trading at $94.4 per barrel. The current rig count is a key leading indicator for future oil production in the state. Historically, the number of active drilling rigs correlates with production levels several months later, as new wells are drilled, completed, and brought online. The current count of 23 rigs is significantly lower than the boom-era peaks but represents a focused level of activity by operators in the core areas of the play. Midday price data showed WTI down $1.45 (-1.51%) to $94.4, while the global benchmark Brent crude was at $99.13, down 22 cents. The Bakken crude differential—the discount at which...

🔆Midday Wire·Apr 25

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Decline as WTI Falls Below $95, Bakken Differential Widens

Front-month West Texas Intermediate (WTI) crude futures fell sharply Saturday, trading down 1.51% to $94.40 per barrel. The drop pressured Bakken crude prices, which are already trading at a wider-than-usual discount to the U.S. benchmark. The global benchmark, Brent crude, showed more resilience, dipping only 0.22% to $99.13. The price decline was accompanied by a slump in natural gas, which fell $0.08 to $2.68 per MMBtu. The key Bakken differential—the price adjustment for Bakken crude at the Clearbrook, Minnesota, hub—was reported at a discount of $3.42 per barrel versus WTI. For Bakken operators, the combined move represents a direct hit to wellhead revenue. A barrel of Bakken-quality crude effectively priced at Clearbrook would be valued near $90.98, calculated from the WTI price minus the differential. This dual pressure from a lower benchmark and a wider local discount squeezes cash flow, potentially impacting drilling budgets and completion activity in the Williston...

🌅Afternoon Wire·Apr 25

Rig Report

Bakken Rig Count Holds at 23 for Second Straight Day

The number of active drilling rigs in North Dakota remained unchanged Saturday, holding at 23 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 latest reporting period. This steady count follows a period of minor fluctuation over the past month. One week ago, on April 18, the rig count stood at 22, meaning the fleet has added one rig over the past seven days. The current level of 23 active rigs matches the count reported 24 days ago on April 1, indicating a return to the month's starting point after a brief decline. The stability in the rig count reflects a period of cautious equilibrium for Bakken operators. Rig activity is a key leading indicator for future oil production in the Williston Basin, and a consistent count suggests operators are maintaining,...

🌅Afternoon Wire·Apr 25

Regulatory

States Retreat from 2030 Climate Goals Amid High Costs, Federal Shift

Several U.S. states are scaling back or rethinking their 2030 climate targets as costs surge and federal support for renewable energy fades, according to a report from OilPrice.com. This marks a significant shift from the Biden-era green transition policy aims that spurred ambitious state-level climate initiatives. The governor of New York, Kathy Hochul, recently admitted the state’s goal for significantly reducing emissions by 2030 is now unattainable, OilPrice.com reported. This means the legislature must revise its climate law. In Massachusetts, the state is expected to make cuts to a programme that puts charges on utility bills to invest in heat pumps and efficiency upgrades due to concerns over rising consumer costs. Other states are significantly pushing back deadlines. In Rhode Island, Governor Dan McKee has proposed delaying a legal deadline for attaining all electricity from renewable sources from 2033 to 2050, according to the report. The move aims to avoid...

🌅Afternoon Wire·Apr 25

Global Markets

EU Russian LNG Ban Begins Amid Global Supply Shock, Texas Demand Soars

The European Union began implementing a ban on spot-market purchases of Russian liquefied natural gas on Saturday, April 25, according to a report from Rigzone. This policy shift, which allows long-term contracts to continue until year-end, initiates during a period of significant global supply disruption due to conflict in the Middle East. The ban could cut off an estimated 2.8 million to 3.5 million tons per year of Russian LNG from Europe, analysts from Wood Mackenzie Ltd. and Energy Aspects Ltd. told Rigzone. This reduction comes as Europe's benchmark gas price has already jumped about 40% because of the war in Iran, which has trapped a fifth of global LNG supplies inside the Persian Gulf. The region will soon need to compete for fuel to replenish storage ahead of winter. “We don’t see much of a risk to supply just yet, but there could be a change in a couple...

🌅Afternoon Wire·Apr 25

Global Markets

Iran Tanker Loadings Continue Amid US Blockade; Oil Prices Dip on Talk Hopes

Iran continues to load millions of barrels of oil onto supertankers despite an ongoing U.S. naval blockade, according to satellite imagery analyzed by Bloomberg. A European Union satellite image from Monday, April 20, showed a very large crude carrier (VLCC) moored at Kharg Island, with 13 ships, mostly VLCCs, anchored nearby. An image from the day before the blockade began on April 13 showed about half that number, Rigzone reported. The U.S. blockade in the Sea of Oman has stopped almost three dozen Iranian vessels and intercepted at least two supertankers this week, forcing them to turn back to Iranian ports. U.S. forces also boarded the sanctioned tanker Majestic X in the Indian Ocean. Analysts note these actions are extending the blockade far beyond the Gulf of Oman. Iran has been the only major oil exporter out of the Persian Gulf since the war began in late February, after Tehran...

🌅Afternoon Wire·Apr 25

Operator News

Survey: Bakken Executives See Protracted Hormuz Disruption, Higher Costs

A majority of energy executives expect traffic through the critical Strait of Hormuz to return to normal by August, but see a high likelihood of future disruptions, according to an update to the first quarter Dallas Fed Energy Survey. The survey, which included executives from 99 oil and gas firms, found 39 percent expect normalization by August, while 20 percent see a May return and 26 percent point to November, according to Rigzone. The update, released in response to recent global oil market developments, also revealed deep concerns about lasting instability. When asked how likely it is that geopolitical events would disrupt the Strait again within five years after it reopens, 48 percent of 112 responding executives said it was "very likely," with another 38 percent calling it "somewhat likely," Rigzone reported. Executives also anticipate a lasting increase in the cost of shipping oil from the Persian Gulf. In response...

🌅Afternoon Wire·Apr 25

Pipeline & Infrastructure

Hormuz Standoff Continues, Dangote Refinery Rises, EIV Raises $1.1B

Tensions in the Strait of Hormuz continued with no sign of peace talks, exacerbating a two-month closure of the critical waterway, according to Rigzone. U.S. President Donald Trump reiterated on Thursday, April 23, that "no ship can enter or leave without the approval of the United States Navy," referring to Hormuz. The standoff has kept the route, which typically ships about a fifth of the world's oil and LNG, effectively shut for an eighth straight week. The prolonged disruption is tightening global crude supplies and forcing market adjustments. According to OilPrice.com, Nigeria's massive 650,000 barrel-per-day Dangote refinery, running at 94% capacity in March, is sourcing more crude from the Atlantic Basin. The refinery imported an average of 215,000 b/d of U.S. WTI Midland and WTI grades in February and March but is now seeking alternatives like Guyanese crude due to tighter availability as Middle Eastern flows are disrupted. In investment...

🌅Afternoon Wire·Apr 25

Regulatory

Climate, Grid Investment Shift Dominates Energy Funding Landscape

A major shift in energy investment is underway, with infrastructure funds now accounting for 77 percent of all new climate capital raised, according to a report from Sightline Climate. This movement of capital toward established energy infrastructure and away from early-stage venture capital reflects a global priority on energy security and grid resilience. The aging U.S. power grid is increasingly viewed as a national security risk, with JPMorgan noting decades-old equipment is vulnerable to failure from extreme weather and cyber threats. Globally, grid spending topped $470 billion in 2025, a 16 percent increase, with about $5.8 trillion in upgrades forecast by 2035. In the United States alone, $1 trillion of that total is earmarked for grid improvements. Alongside grid investment, enhanced geothermal systems (EGS) are gaining traction as a source of firm, clean power. EGS uses innovative drilling technologies, including techniques similar to those used in hydraulic fracturing, to create...

🌅Afternoon Wire·Apr 25