Sunday, April 26, 2026

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The Afternoon Take

US Oil Drillers Add Rigs for First Time in 4 Weeks

☀️Morning Wire7:00 AM CST

The Morning Take

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Oil Prices

Oil Prices Retreat as WTI Drops Sharply, Bakken Differential Widens

Front-month WTI crude oil futures traded at $94.40 per barrel early Sunday, marking a significant drop of $1.45 or 1.51% from the previous settlement. The global Brent benchmark showed more resilience, declining only $0.22 to $99.13 per barrel, according to live market data. The sharper decline in the U.S. benchmark has directly impacted the value of Bakken crude at the wellhead. The Bakken differential, representing the discount for Bakken crude priced at Clearbrook, Minnesota, versus WTI at Cushing, Oklahoma, widened to -$3.42 per barrel. This means Bakken crude is effectively valued at approximately $90.98 per barrel, subtracting the differential from the WTI price. The price pressure on WTI is attributed to broader market concerns over U.S. economic signals and ample domestic supply. Concurrently, the relative strength in Brent prices reflects ongoing geopolitical tensions and production discipline among OPEC+ members, which supports the international benchmark. The widening differential suggests regional pipeline...

☀️Morning Wire·Apr 26

Rig Report

North Dakota Rig Count Holds at 23

North Dakota's active drilling rig count held steady at 23 on Sunday, April 26, 2026, according to live data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, no rigs removed, and none moving locations. The current activity level reflects a period of notable stability for the state's oil and gas sector. The rig count is unchanged from where it stood 25 days ago, on April 1, 2026. Over the past week, activity has seen minimal fluctuation, increasing by one rig from the 22 rigs reported on April 19. The Bakken formation, North Dakota's primary oil-producing region, has historically seen rig counts serve as a leading indicator of future production and operator investment. A stable count over a multi-week period suggests a consistent level of capital expenditure directed towards new well development from the basin's operators. For royalty owners and service companies, a steady rig...

☀️Morning Wire·Apr 26

Daily Activity

DMR Daily Activity Report Shows No New Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) reported no new oil and gas activity filings for Saturday, April 25, 2026, according to its daily activity report. The DMR's daily report typically lists new drilling permits approved, well completions reported, wells spudded, and well plugging activities. The absence of new filings for a given day is a normal occurrence, particularly on weekends and holidays when regulatory offices are closed and field operations often slow. The daily activity report serves as a key indicator of near-term operational planning and execution for Bakken Shale operators. Permits signal future drilling intent, while spud and completion reports provide a snapshot of current field work. A single day with no reported activity does not reflect broader trends in the Williston Basin. Operators routinely file reports in batches following weekend or holiday periods. The next report, expected Monday, will provide an updated view of permitting and...

☀️Morning Wire·Apr 26

Regulatory

States Retreat From Climate Goals, Easing Pressure on Bakken Operators

Several U.S. states are scaling back or delaying their climate goals as costs surge and federal support for renewable energy fades, according to a report from OilPrice.com. This marks a significant shift away from the ambitious green transition policies of the Biden era and could signal a more stable regulatory environment for fossil fuel producers, including those in the Bakken formation. Between 2021 and 2025, the Biden administration's policies, including the 2022 Inflation Reduction Act, spurred states to launch aggressive climate initiatives. However, the current Trump administration is deterring investment in renewables and weakening climate rules, making state targets appear unattainable. Governors are now publicly admitting their 2030 goals cannot be met and are revising laws accordingly. New York Governor Kathy Hochul recently admitted the state's goal for significantly reducing emissions by 2030 is now unattainable, forcing a legislative revision. In Massachusetts, concerns over rising consumer costs are leading to...

☀️Morning Wire·Apr 26

Global Markets

EU LNG Ban, Surging Texas Demand Signal Shifting Global Energy Flows

Europe has begun implementing a ban on spot-market purchases of Russian liquefied natural gas (LNG) as of April 25, a move that could tighten global gas supplies and has implications for U.S. energy exports, according to a report from Rigzone citing Bloomberg. The ban coincides with supply disruptions from the Middle East, pushing Europe's benchmark gas price up about 40%. The European Union's prohibition cuts off an estimated 2.8 million to 3.5 million tons per year of Russian LNG, roughly 3% of the bloc's total LNG imports last year, based on estimates from Wood Mackenzie Ltd. and Energy Aspects Ltd. While long-term contracts can continue until year-end, the policy introduces new uncertainty as Europe must replenish depleted gas inventories before winter. Analysts note a bigger test comes on January 1, 2027, when long-term contracts with major European firms like TotalEnergies SE and SEFE Securing Energy for Europe GmbH must end....

☀️Morning Wire·Apr 26

Global Markets

Global Oil Prices Dip on Iran Talk Hopes; US Utility Eyes Data Center Boom

Oil prices fell Friday on renewed, though fragile, hopes for U.S.-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 drop, WTI futures remain up 13% for the week, the biggest jump since the war in the Middle East began in late February. The potential for talks offers some relief as the Strait of Hormuz remains largely shut, blocking most Persian Gulf exports. Traders are closely tracking signals, but conflicting messaging persists. Iran Foreign Minister Abbas Araghchi plans to present a new written response to a U.S. proposal for a peace deal while in Pakistan, the New York Times reported. Meanwhile, a U.S. naval blockade of Iranian ports continues to choke off crude exports. According to Rigzone, Iran is continuing...

☀️Morning Wire·Apr 26

Operator News

Jones Act Waiver Extended, Survey Sees Hormuz Disruption Lasting

The White House has extended a key shipping waiver for 90 days, allowing foreign vessels to move energy commodities between U.S. ports through mid-August, according to Rigzone. The move is part of the Trump administration's efforts to counter supply disruptions tied to the war with Iran, which has closed the Strait of Hormuz. The waiver, initially set to expire May 17, temporarily suspends Jones Act restrictions for transporting coal, crude oil, refined products, natural gas, and fertilizer. A White House official said the extension, announced three weeks before expiration, provides certainty and allows the maritime industry to ensure sufficient vessel availability. The waiver has already been used for shipments of renewable diesel, crude oil, ammonia, ethanol, and gasoline to states including California, Florida, Pennsylvania, and South Carolina. The extension comes as a new Dallas Fed Energy Survey update reveals oil and gas executives expect the critical Strait of Hormuz disruption...

☀️Morning Wire·Apr 26

Pipeline & Infrastructure

Hormuz Blockade Enters Eighth Week, Disrupting Global Oil Flow

The U.S. and Iranian blockade of the Strait of Hormuz has entered its eighth consecutive week, creating an uneasy standoff with no peace talks in sight, according to Rigzone. The prolonged closure is exacerbating global supply fears and supporting oil prices, a dynamic with direct implications for Bakken crude pricing and operator revenues. U.S. President Donald Trump on Thursday ordered the Navy to shoot any boat placing mines in the strait, Rigzone reported. The military also intercepted two oil supertankers attempting to evade restrictions. Trump stated the waterway is "Sealed up Tight" until Iran agrees to a deal. About one-fifth of the world's oil typically transits Hormuz. Despite intermittent announcements that the strait is "open," real-time maritime traffic data shows a near-collapse, OilPrice.com reported. Traffic has at times fallen by 90% or more, with as few as three vessels per day compared to over 120 normally. The report argues the...

☀️Morning Wire·Apr 26

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

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

Front-month West Texas Intermediate (WTI) crude futures traded at $94.40 per barrel midday Sunday, down $1.45 or 1.51% from the previous settlement. The global Brent benchmark saw a smaller decline, falling 22 cents to $99.13 per barrel, according to live price data. The decline widened the key Bakken price differential to a discount of $3.42 per barrel below WTI. This discount, which reflects the cost to transport and market North Dakota's crude, directly impacts the wellhead price received by Bakken operators and royalty owners. Natural gas prices also faced downward pressure, trading at $2.68 per MMBtu, a drop of 8 cents. The midday price slump for WTI comes amid broader market concerns over demand and well-supplied physical markets. While Brent's more modest decline suggests continued geopolitical risk premiums supporting the international benchmark, the sharper fall in U.S. crude indicates domestic pressures are taking precedence for Bakken-linked pricing. For Bakken producers,...

🔆Midday Wire·Apr 26

Global Markets

EU LNG Ban, Texas Power Surge Signal Global Energy Shifts

The European Union has begun implementing a ban on spot-market purchases of Russian liquefied natural gas (LNG), a move that tightens global gas supply amid existing disruptions from the Middle East. According to a report from Rigzone, the ban commenced on April 25, 2026, and could cut 2.8 million to 3.5 million tons of Russian LNG annually from the EU market. This comes as the bloc's benchmark gas price has already jumped about 40% due to conflict in Iran, which has trapped a fifth of global LNG supplies inside the Persian Gulf. For Bakken operators, a sustained global gas supply crunch could indirectly support prices for associated natural gas produced alongside crude oil in North Dakota. While the Bakken is not a major LNG exporter, its gas production is tied to broader North American energy markets. Increased European demand for non-Russian energy, including U.S. exports, could provide a firmer floor...

🔆Midday Wire·Apr 26

Global Markets

Global Roundup: Power Demand Surges, Iran Blockade Pressures Prices

CenterPoint Energy Inc. announced plans to energize 8 gigawatts (GW) of generation projects catered to data centers by 2029, according to Rigzone. The Houston-based utility said 3.5 GW of that planned capacity are already under construction. In its quarterly report, CenterPoint reported it has 12.2 GW of firmly committed industrial load in Greater Houston. The company expects a nearly 50 percent increase in peak demand to over 30 GW in its Houston Electric territory by 2029 compared to 2024, Rigzone reported. CenterPoint president and CEO Jason Wells said the growth projects delivering customer savings of approximately $4 billion over the next decade. On February 19, 2026, the company announced a $500-million increase in its 10-year investment plan, which now totals $65.5 billion. For Q1 2026, CenterPoint reported a GAAP net profit of $316 million, or $0.48 per diluted share, up from $0.45 per share in Q1 2025, according to its...

🔆Midday Wire·Apr 26

Operator News

White House Extends Jones Act Waiver to August Amid Strait Disruption

The Trump administration has extended a key shipping waiver for 90 days, allowing foreign vessels to move oil and other energy products between U.S. ports through mid-August, according to Rigzone. The waiver, an exemption to the 1920 Jones Act, is designed to counter supply disruptions tied to the war with Iran and provides certainty for domestic energy logistics. The extension, announced on April 24, adds about three more months to an existing waiver set to expire May 17. It enables foreign-flagged ships to transport coal, crude oil, refined products, natural gas, and fertilizers between domestic ports. A White House spokeswoman said the move provides "certainty and stability" and helps ensure vital energy products reach where they are needed. For Bakken operators, the continued waiver facilitates more flexible and potentially cost-effective waterborne shipment of crude oil from North Dakota to coastal refineries. The waiver has already been used for crude oil...

🔆Midday Wire·Apr 26

Pipeline & Infrastructure

Global Pipeline Risks Rise as Hormuz Standoff Continues, Green Hydrogen Lags

Tensions in the Strait of Hormuz continue with no peace talks in sight, maintaining a key pressure point on global oil markets and export routes. According to Rigzone, the strait has been effectively shut for an eighth straight week as of April 24, with both U.S. and Iranian forces maintaining blockades. U.S. President Donald Trump stated that "no ship can enter or leave without the approval of the United States Navy," framing the closure as leverage until Iran agrees to a deal. About a fifth of the world's oil and liquefied natural gas supplies typically transit this chokepoint. The prolonged disruption exacerbates supply concerns, contributing to rising oil prices. Brent crude climbed for a fifth day to post its longest string of gains since January as the standoff worsened, Rigzone reported. For Bakken producers, sustained high global benchmarks can improve netbacks, but the instability highlights the geopolitical risks facing crude...

🔆Midday Wire·Apr 26

Regulatory

Global Shipping Crisis Deepens as Dangote Refinery Shifts Flows, Geothermal Grows

The physical reopening of the Strait of Hormuz has failed to restore vital oil shipping lanes, with maritime traffic at times falling by 90% or more compared to normal levels, according to an OilPrice.com analysis. Despite announcements that the strait is open, real-time data from April 2026 shows traffic sometimes as low as three vessels per day, compared to a typical 120-140. The report states the core issue is a breakdown in trust and risk perception, not physical access, with war-risk insurance withdrawals effectively halting commercial navigation. This protracted disruption has severely impacted hydrocarbon exports, with oil exports from core Gulf producers dropping by over 60% and millions of barrels pushed into floating storage. The situation mirrors the structurally depressed traffic in the Red Sea and Suez Canal following earlier crises, indicating a lasting rewiring of global shipping behavior. For Bakken operators, the ongoing closure of this key chokepoint continues...

🔆Midday Wire·Apr 26

Workforce & Community

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

The active drilling rig count in North Dakota held steady at 23 this week, according to Bakken Wire data, as crude oil prices saw a midday pullback on Sunday, April 26. The current activity level suggests a stabilized operational footprint for Bakken producers, directly influencing employment and economic conditions in the region's oilfield communities. West Texas Intermediate (WTI) crude was trading at $94.40 per barrel, down $1.45 for the session. The international Brent benchmark was at $99.13. The Bakken crude differential—the discount for oil produced in the region—was $3.42 below the WTI price. Natural gas traded at $2.68 per MMBtu. The rig count is a leading indicator for oilfield employment, service company demand, and housing needs in communities like Williston, Dickinson, and Watford City. A count in the low 20s, sustained over time, typically supports a core workforce but does not generate the intense demand for labor and housing seen...

🔆Midday Wire·Apr 26

Production Data

Bakken Drilling Economics Strengthen as WTI Holds Above $94

The economics of drilling new wells in North Dakota's Bakken formation remain favorable with West Texas Intermediate (WTI) crude oil holding above $94 per barrel, according to live market data. As of midday Sunday, WTI was trading at $94.40, while the global benchmark Brent crude stood at $99.13. A typical new Bakken well costs between $7 million and $8 million to drill and complete. At current price levels, these costs can support strong internal rates of return for operators. The break-even price for a new Bakken well is generally estimated in the mid-$40 to low-$50 per barrel range, making the current price environment highly profitable for new drilling. The number of active drilling rigs in the state, however, remains historically low at 23. This suggests that despite robust commodity prices, public operators continue to prioritize shareholder returns and debt reduction over aggressive production growth. Capital discipline has been a hallmark...

🔆Midday Wire·Apr 26

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady as Market Awaits OPEC+ Meeting, Bakken Discount Widens

Front-month crude oil futures were virtually unchanged in Sunday trading, with markets in a holding pattern ahead of a key OPEC+ policy meeting later this week. West Texas Intermediate (WTI) held at $94.40 per barrel, while the global benchmark Brent crude was flat at $99.13, according to live price data. The price stability comes amid balanced market fundamentals. Traders are awaiting direction from the OPEC+ alliance, which is scheduled to gather to review production policy for the second half of the year. The group's current output cuts have provided a floor under prices for much of 2026. For Bakken producers, the static headline price masks a widening discount for local crude. The Bakken differential, the price adjustment for oil shipped from the North Dakota field compared to the WTI benchmark, was reported at -$3.42 per barrel. This means Bakken crude is currently valued at approximately $90.98 per barrel at the...

🌅Afternoon Wire·Apr 26

Rig Report

North Dakota Rig Count Holds at 23 for Second Consecutive Month

North Dakota's active drilling rig count remained at 23 on Sunday, April 26, 2026, showing no daily movement for the second time this month, according to live rig data from Bakken Wire. The state reported zero new rigs added, zero rigs removed, and zero rigs that moved location since the prior day. The current figure represents a gain of one rig compared to one week ago, when the count stood at 22 on April 19. However, the broader trend indicates a plateau, as the count is unchanged from the 23 rigs active 25 days ago on April 1. This extended period of stability in the Bakken formation's drilling activity suggests operators are maintaining a disciplined capital expenditure approach amidst current commodity price environments. The rig count is a key leading indicator for future oil production in the Williston Basin. Historically, North Dakota's rig count has experienced significant volatility, often fluctuating...

🌅Afternoon Wire·Apr 26

Global Markets

EU Russian LNG Ban, Texas Demand Surge Signal Global Energy Shifts

Europe began a phased ban on spot-market purchases of Russian liquefied natural gas (LNG) on Saturday, April 25, according to a report from Rigzone citing Bloomberg. The move comes as global supply is already disrupted by conflict in the Middle East, tightening the international gas market. The European Union will prohibit short-term Russian LNG imports immediately, while supplies under long-term contracts can continue until the end of 2026. Analysts estimate the spot-market ban could cut 2.8 million to 3.5 million tons per year of Russian LNG from Europe, about 3% of the bloc's total LNG imports last year. The region's benchmark gas price has already jumped approximately 40% due to the Iran conflict, Rigzone reported. For Bakken operators, a structurally tighter global gas market could eventually provide support for U.S. LNG exports, which compete for the same gas molecules produced alongside North Dakota crude oil. However, the immediate impact may...

🌅Afternoon Wire·Apr 26

Global Markets

Global Tensions Ease Oil Prices; CenterPoint Eyes Data Center Boom

Oil prices fell Friday on renewed hopes for U.S.-Iran peace talks, according to Rigzone. West Texas Intermediate futures dropped 1.5% to settle above $94 a barrel. The decline followed news that the White House was sending envoys to Pakistan with the intention of talking with Iranian officials. Despite the drop, WTI futures were still up 13% for the week—the biggest jump since the war in the Middle East began in late February. Traders are closely tracking signals for talks that could offer relief for the Strait of Hormuz, which remains largely shut and has blocked all major oil exports from the Persian Gulf except Iran's since the conflict started. Conflicting messaging persists, with Iran sounding a pessimistic tone on talks. U.S. Defense Secretary Pete Hegseth said Friday the naval blockade choking Iranian exports would continue "as long as it takes" unless Iran abandons nuclear weapons. The U.S. blockade is having...

🌅Afternoon Wire·Apr 26

Operator News

Shipping Waiver Extended, Survey Sees Hormuz Disruption Lingering

President Donald Trump’s administration has extended a key shipping waiver by 90 days, enabling foreign vessels to move oil and other commodities between U.S. ports through mid-August, according to Rigzone. The move, announced April 24, is designed to counter supply disruptions from the Iran war and provides certainty for domestic energy logistics. The Jones Act waiver, now set to expire in August instead of May 17, temporarily removes restrictions for transporting crude oil, refined products, natural gas, and fertilizers on foreign-flagged ships. A White House spokeswoman said the extension "provides both certainty and stability for the U.S. and global economies," Rigzone reported. The waiver has already been used for shipments including crude oil and renewable diesel to states like California and Pennsylvania. The extension comes as a new Dallas Fed Energy Survey update reveals most oil and gas executives expect the critical Strait of Hormuz shipping lane to remain disrupted...

🌅Afternoon Wire·Apr 26

Pipeline & Infrastructure

Hormuz Standoff, GeoPark Output, Subsea Risks Shape Energy Landscape

Tensions in the Strait of Hormuz remain high with no peace talks in sight, according to Rigzone, creating an uneasy standoff that has kept the critical waterway effectively shut for an eighth straight week. U.S. President Donald Trump ordered the U.S. Navy to shoot any boat placing mines in the strait, while the military intercepted two oil supertankers attempting to evade restrictions. The blockade, which Trump says will only end with a deal to end the war, has contributed to a surge in fuel prices and exacerbated fears about the global economy. Approximately one-fifth of the world's oil and liquefied natural gas supplies typically transit through Hormuz. Separately, GeoPark Ltd. reported its first-quarter 2026 operational results, showing an average production of 27,249 barrels of oil equivalent per day (boed). According to Rigzone, this figure was down from 28,351 boed in Q4 2025 due to divestments in Brazil and Ecuador. The...

🌅Afternoon Wire·Apr 26

Regulatory

Global Energy Shifts Highlight Supply Risks, New North American Lithium Refinery

The protracted breakdown of shipping through the Strait of Hormuz is exposing systemic vulnerabilities in global energy trade, according to an OilPrice.com analysis. Despite announcements of reopening, real-time maritime traffic through the critical chokepoint remains near collapse, with vessel counts sometimes as low as three per day compared to a normal 120-140. The report states oil exports from core Gulf producers have dropped by over 60%, with millions of barrels pushed into floating storage, as risk perception, not just physical access, governs shipping lanes. This sustained disruption comes as oil and gas prices have skyrocketed, according to the source. The situation mirrors the long-term traffic depression seen in the Red Sea and Suez Canal following earlier crises, suggesting a rewiring of global shipping behavior that outlasts official reopenings. For Bakken operators, the ongoing volatility underscores the geopolitical premium supporting crude prices and the persistent risks to global supply chains. In...

🌅Afternoon Wire·Apr 26

Production Data

Global Refining Shift Impacts Crude Flows, Bakken Pricing Dynamics

A major shift in global refining is altering crude oil trade flows with potential implications for Bakken-linked crude benchmarks. According to a report from OilPrice.com, Nigeria's 650,000 barrel-per-day Dangote refinery is running at near full capacity and has turned the country into a net gasoline exporter for the first time. The refinery's operations are directly connected to U.S. crude grades. OilPrice.com reported that in February and March, the Dangote refinery imported an average of 215,000 b/d of WTI Midland and WTI grades. This significant demand has been a source of support for these light, sweet crudes, which compete directly with Bakken supply. However, this flow is now under pressure. The source indicates that with WTI increasingly pulled toward Asia-Pacific markets and Middle Eastern supply routes disrupted, availability for Atlantic Basin buyers like Dangote has tightened. This competition for similar crude grades could influence the differentials for Bakken crude priced against...

🌅Afternoon Wire·Apr 26