Tuesday, April 28, 2026

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Oil Prices

Oil Prices Surge Past $100 as Hormuz Blockage Enters Ninth Week

Oil prices surged on Tuesday, with the U.S. benchmark West Texas Intermediate (WTI) crude crossing the $100 per barrel threshold as a prolonged blockage of the Strait of Hormuz forced analysts to reassess market tightness. WTI crude was trading at $101.79, a gain of $5.42 or 5.62%, according to live price data. The international benchmark Brent crude was at $105.79, up $4.10. The primary driver remains the geopolitical stalemate at the critical Middle Eastern chokepoint. According to a report from OilPrice.com, the Strait of Hormuz has now been inaccessible for more than eight weeks, disrupting 20% of daily global oil and LNG flows. Initial market expectations for a quick resolution in April have faded, with no signs of a reopening as U.S.-Iran talks remain stalled. With the disruption extending into its ninth week, financial institutions are raising their price forecasts. ING revised its base case on Tuesday, now projecting ICE...

☀️Morning Wire·Apr 28

Rig Report

Bakken Rig Count Holds at 23, Mirroring Month-Long Stability

The number of active drilling rigs in North Dakota held steady at 23 on Tuesday, April 28, 2026, according to live data from Bakken Wire. There were no new rigs added, removed, or relocated since the previous day. The current count represents a period of notable stability for the Williston Basin. The state's rig count has been unchanged for one week, matching the total of 23 rigs recorded 27 days ago on April 1. Activity is up by one rig compared to the count of 22 seen one week ago on April 21. This local steadiness comes as the broader North American drilling market broke a streak of weekly declines. According to Baker Hughes' latest North America rotary rig count published April 24, the continent added one rig week-on-week, bringing the total to 674. This comprises 544 rigs in the U.S. and 130 in Canada, Rigzone reported. The U.S. total...

☀️Morning Wire·Apr 28

Daily Activity

XTO Energy Secures 10 New Permits for Dunn County Development

XTO Energy Inc., a subsidiary of ExxonMobil, was the sole operator to secure new drilling permits from the North Dakota Department of Mineral Resources on Monday, April 27, according to the daily activity report. The regulator approved 10 permits, all for wells in Dunn County. The permits are for development within three specific units. Five wells are permitted for the Harrier Federal pad in Section 15-148N-97W, and five are permitted for the Nautilus Federal and Predator Federal pads in Section 19-148N-96W. All ten permits are for wells in fields listed as 'CONFIDENTIAL' by the state. Monday's permitting activity highlights continued operator focus on the core areas of the Bakken. Dunn County is a central part of the Williston Basin's oil-producing region. Beyond new permits, the DMR report listed numerous filings for confidential status changes and well name updates for existing locations. Hess Bakken Investments II and Hunt Oil Company filed...

☀️Morning Wire·Apr 28

Global Markets

Strait of Hormuz Disruption Fuels Bullish Oil Outlook, China Export Ban Looms

Brent crude prices are holding strong as the market correctly prices in ongoing supply risks from the heavily restricted Strait of Hormuz, according to a market analysis from Zaye Capital Markets. For Bakken producers, the sustained risk premium underscores a price environment driven by physical scarcity rather than demand strength, potentially insulating North Dakota's oil revenues from short-term economic data. In the analysis sent to Rigzone on Tuesday, Naeem Aslam, CIO at Zaye Capital Markets, stated the firm is "firmly bullish" as oil rises on "physical scarcity and limited barrel access, not demand strength." He warned that diplomatic progress to reopen the strait "stays painfully slow" and that meaningful flows of oil won't return quickly, a sentiment underscored by the U.S. President's reported dissatisfaction over Iran's reopening proposals. Aslam advised traders to ignore short-term demand noise and stay positioned for higher prices, concluding that "until tankers move freely again, the...

☀️Morning Wire·Apr 28

Global Markets

Shell's $16B Montney Buy, Meta's Energy Deals, Iran Talks Impact Markets

Shell plc announced a definitive agreement to acquire ARC Resources Ltd in a deal worth approximately $16.4 billion, according to a company statement. The all-share and cash transaction, expected to close in the second half of 2026, will significantly expand Shell's position in the Montney formation, combining over 1.5 million net acres from ARC with Shell's existing ~440,000 net acres. For Bakken operators, the deal underscores the continued attractiveness of large-scale, low-cost shale assets in North America. Shell stated the acquisition adds 370,000 barrels of oil equivalent per day immediately and increases its production growth target to four percent. Separately, major energy offtake agreements were announced by Meta Platforms Inc. The tech giant reserved up to 1 gigawatt of potential capacity from Overview Energy Inc's space-based solar power project, which aims for commercial delivery by 2030, according to Rigzone. In a second deal, Meta agreed to reserve up to 1...

☀️Morning Wire·Apr 28

Operator News

Oil Prices Surge as Hormuz Crisis Drags; Majors Show Uneven War Impact

Oil prices rose Monday as diplomatic efforts to end the Iran conflict stalled, prolonging a severe supply disruption centered on the Strait of Hormuz. West Texas Intermediate futures gained 2.1% to settle above $96 a barrel, while Brent closed near $108, according to Rigzone. The White House indicated talks with Iran had made little progress, with the strait's daily transits near zero for weeks. Analysts note the closure is causing the biggest supply shock in history, with a loss of 1 billion barrels "all but guaranteed." The sustained high-price environment is flowing through to major operator financials. Italy's Eni SpA raised its 2026 share buyback program by 90% to $3.29 billion, citing stronger cash flow projections driven by higher oil prices, Rigzone reported. The company increased its full-year adjusted cash flow from operations forecast by 20% to EUR 13.8 billion, based on a revised Brent price scenario of $83 per...

☀️Morning Wire·Apr 28

Pipeline & Infrastructure

Executives See Modest US Output Rise from War, BP Profits Surge

Most U.S. oil executives expect domestic production to increase in response to the war in Iran, according to an update to the Dallas Fed Energy Survey released last week. The most selected response for 2026 was an increase of "more than 0 but not more than 0.25 million barrels per day," Rigzone reported. Executives from 115 oil and gas firms responded to the survey update between April 15 and April 20. For 2027, the most selected response was a larger increase of "more than 0.25 million barrels per day but not more than 0.50 million barrels per day." The second most selected response for 2026 was "no change," according to the survey data. In comments included in the survey, one exploration and production executive cited extreme price volatility, stating, "Even after nearly a month of oil above $90 per barrel, rig counts declined, signaling little confidence that prices will hold."...

☀️Morning Wire·Apr 28

Regulatory

Iran Tanker Interdictions Add Geopolitical Uncertainty for Oil Markets

Two Iran-linked oil tankers interdicted by U.S. forces last week are now sailing west across the Indian Ocean, according to a report from Rigzone. The movement adds to market uncertainty as the U.S. maintains a maritime cordon around Iranian shipping. U.S. forces carried out “maritime interdiction and right-of-visit boarding” of the supertankers Tifani and Phonix (also known as Majestic X) on April 21 and April 23, respectively, the Pentagon stated. Digital signals show both vessels proceeding westbound in close proximity, but their ultimate destination remains unclear, Rigzone reported. The U.S. has given no formal indication of its plans for the vessels. They continue to signal Asian destinations, the same as when interdicted, creating confusion about their current routing. A potential waypoint is Cape Town, South Africa, a standard stop for ships heading to the U.S., or the UK-controlled Chagos archipelago, home to a U.S. military base at Diego Garcia. This...

☀️Morning Wire·Apr 28

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Surges Above $100 as UAE Exits OPEC, War Fears Persist

Oil prices surged sharply higher on Tuesday, with West Texas Intermediate (WTI) crude topping $99 per barrel, driven by escalating geopolitical tensions and a major shock to the OPEC+ alliance. According to Bakken Wire's live price data, WTI was trading at $99.83, a gain of $3.46 or 3.59%. The international benchmark Brent crude was at $104.20, up $2.51. The price spike follows the United Arab Emirates' announcement that it will leave OPEC and the OPEC+ oil group effective May 1, a move that throws the producer alliance into disarray, according to an OilPrice.com report. The UAE cited a review of its production capacity and national interests for the decision. This development overshadowed ongoing fears that the U.S.-Iran conflict could become a prolonged war, a sentiment that had already pushed Brent futures above $110 per barrel earlier in the day, OilPrice.com reported. For Bakken producers, the rising global price is tempered...

🔆Midday Wire·Apr 28

Global Markets

Strait Closure Spurs Global Supply Shock, Supports Bakken Prices

The ongoing blockade of the Strait of Hormuz is creating a "broad and deep supply shock" that is underpinning oil prices with a "clear upward bias," according to market analysts. For Bakken producers, this translates to a market environment where "physical scarcity and limited barrel access" are the primary price drivers, not demand strength. In an analysis sent to Rigzone on Tuesday, Naeem Aslam, CIO at Zaye Capital Markets, stated that Brent crude was holding strong as the market correctly prices in ongoing supply risks from the disrupted strait. He warned that vessel traffic remains heavily restricted and diplomatic progress is painfully slow. "Until tankers move freely again, the risk premium will dominate, keeping oil volatile with a clear upward bias," Aslam said, advising traders to ignore short-term demand noise and stay positioned for higher prices. The supply shock is having immediate global consequences. According to OilPrice.com, Southeast Asian economies...

🔆Midday Wire·Apr 28

Global Markets

Trump Admin Cancels Wind Leases, Redirects Funds to Fossil Fuels

The Trump administration has secured agreements with two offshore wind developers to cancel federal leases and redirect hundreds of millions of dollars into U.S. fossil fuel projects, the Interior Department announced Monday. According to Rigzone, Bluepoint Wind and Golden State Wind will relinquish their offshore leases in exchange for committing funds to liquefied natural gas facilities and oil and gas assets. Bluepoint Wind, partially owned by BlackRock, Inc., has committed to invest up to $765 million—equivalent to the value of its lease—into an unspecified U.S. LNG facility. Golden State Wind, which was developing a project off Morro Bay, California, will be eligible to recover about $120 million in fees after investing an equal amount in U.S. oil and gas assets or Gulf Coast LNG projects. The Interior Department said the deals mark the administration's latest push to "stymie the nascent US offshore wind industry" and boost fossil fuel investment. Michael...

🔆Midday Wire·Apr 28

Operator News

Shell Strikes $16B Montney Deal; BP Posts Strong Q1 on Trading

Shell plc has entered a definitive agreement to acquire Canadian Montney shale producer ARC Resources Ltd. in a deal with an enterprise value of approximately $16.4 billion, according to Rigzone. The transaction, announced Monday, will be funded with $3.4 billion in cash and $10.2 billion in Shell shares. It is expected to close in the second half of 2026, pending approvals. The acquisition combines ARC's more than 1.5 million net acres with Shell's existing ~440,000 net acres in the Montney formation, adding ~2 billion barrels of oil equivalent in proved plus probable reserves. The deal immediately adds 370,000 barrels of oil equivalent per day of production, with roughly 40 percent being liquids. Shell stated the move increases its exposure to low-cost, low-carbon intensity shale gas and liquids in Canada and supports its aim to sustain material liquids production of around 1.4 million barrels per day towards 2030. Separately, BP PLC...

🔆Midday Wire·Apr 28

Pipeline & Infrastructure

Global Tensions, Refinery Deal Shape Midday Energy Landscape

The White House maintained its "red lines" on any deal with Iran, including preventing a nuclear weapon, as officials reviewed Tehran's latest proposal, according to Rigzone. The proposal, reported Monday, seeks to reopen the Strait of Hormuz in exchange for Washington ending its naval blockade of Iranian ports, while deferring complex nuclear negotiations. President Donald Trump convened national security officials to review the proposal, with Press Secretary Karoline Leavitt stating his red lines "have been made very, very clear," Rigzone reported. The ongoing eight-week conflict has kept the key oil chokepoint largely closed, creating a supply crunch that has supported prices. Brent crude traded near $108 a barrel Tuesday. In a related development, two Iran-linked oil tankers interdicted by US forces last week reversed course in the Indian Ocean late Monday, Rigzone reported. The vessels, the Tifani and the Phonix (also known as Majestic X), had been boarded on April...

🔆Midday Wire·Apr 28

Regulatory

Regulatory Landscape Quiet Amid Focus on Charm of ND Waterfront Town

The regulatory environment for oil and gas operators in the Bakken remains stable, with no major policy announcements or enforcement actions reported in recent headlines. A review of recent news cycles shows attention shifting toward local community features rather than industry regulations. One prominent story highlighted a little-known waterfront town in North Dakota, described as one of the state's most charming, according to Bing News. The article, published April 27, 2026, focuses on the town's scenic main street, views, and hidden gems worth exploring. This type of community-focused coverage underscores the diverse character of regions within the Bakken formation, which is North Dakota's primary oil-producing area. For operators and royalty owners, a quiet regulatory period allows for continued focus on production and development without the immediate pressure of adapting to new rules or compliance demands. The absence of disruptive news suggests ongoing operations can proceed under the current framework established...

🔆Midday Wire·Apr 28

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Surge Past $99

North Dakota's active drilling rig count held steady at 23 on Tuesday, as surging oil prices provided a favorable but seemingly cautious backdrop for Bakken operators. According to Bakken Wire's live data, West Texas Intermediate (WTI) crude jumped $3.46 to settle at $99.83 per barrel, a gain of 3.59%. The international benchmark Brent crude also rose, trading at $104.20. The price for Bakken crude at the wellhead remained competitive, with a differential of $-3.42 versus WTI. Natural gas prices were recorded at $2.72 per MMBtu. The current rig count of 23, while stable, remains near multi-year lows for the Bakken formation, North Dakota's primary oil-producing region. Historically, the number of active drilling rigs is a leading indicator of future production, as it takes months for new wells to be drilled, completed, and brought online. The sustained low rig count suggests that despite strong headline oil prices, operators are maintaining capital...

🔆Midday Wire·Apr 28

Workforce & Community

Bakken Rig Count Holds at 23 Amid Triple-Digit Oil Price Rally

The North Dakota oil industry is operating with a foundation of high commodity prices as the active rig count held steady at 23 on Tuesday, April 28, 2026. According to live Bakken data, West Texas Intermediate (WTI) crude surged to $99.83 per barrel, a gain of $3.46, while the Bakken crude differential narrowed to a discount of $3.42 below the WTI benchmark. The current rig count, a key indicator of drilling activity and future production, reflects a stabilized operational tempo in the Williston Basin. This level of activity, sustained by oil prices flirting with $100 per barrel, directly influences employment, housing demand, and economic conditions in the region's oil-producing communities. Historically, rig counts and oil prices are primary drivers for the Bakken workforce. A higher count signals increased demand for drilling crews, field technicians, and related service company jobs, while a lower count can lead to consolidation and outmigration. The...

🔆Midday Wire·Apr 28

🌅Afternoon Wire4:00 PM CST

Oil Prices

Crude Surges Past $99 on Hormuz Tanker Transit, Falling Inventories

U.S. crude oil prices surged past $99 per barrel Tuesday, driven by signs of easing tensions in the Strait of Hormuz and another substantial draw in domestic inventories. West Texas Intermediate (WTI) crude settled at $99.61, a gain of $3.24 or 3.36%, according to live price data. The global benchmark, Brent crude, rose 2.45% to $104.18. The price rally was fueled by ship-tracking data showing the first loaded crude supertanker cleared the critical Hormuz chokepoint since the Iran conflict began two months ago. According to OilPrice.com, the Idemitsu Maru, operated by a Japanese company, exited the waterway without using the contested Larak Channel. This follows the recent transit of a loaded LNG tanker, signaling a potential pathway for de-escalation and improved Gulf energy flows, though activity remains depressed. Simultaneously, U.S. oil inventories continued to decline. Data from the American Petroleum Institute (API) estimated a crude stock draw of 1.79 million...

🌅Afternoon Wire·Apr 28

Rig Report

North Dakota Bakken Rig Count Steady at 22

The number of active drilling rigs in North Dakota's Bakken formation held steady at 22 on Tuesday, April 28, 2026, according to Bakken Wire live data. The count saw no net change from the previous day, but included one rig removal and one rig relocation. Devon Energy Williston, L.L.C removed its rig, NABORS B 13, from location 155-102-34 in Williams County. Meanwhile, Oasis Petroleum North America LLC moved its Patterson 286 rig to a new location, 156-101-7, also in Williams County. The current rig count of 22 represents no change from the level recorded one week ago on April 21, 2026. Compared to the start of the month, activity has dipped slightly; the count stood at 23 active rigs on April 1, 2026, meaning the basin has seen a net reduction of one rig over the past 27 days. The Strait of Hormuz, a critical global oil transit route, remains...

🌅Afternoon Wire·Apr 28

Global Markets

Oil Prices Rise on Supply Risks, Geopolitical Tension

Crude oil prices settled higher on Tuesday, April 28, as persistent supply risks and geopolitical tensions supported the market. According to Rigzone, tight physical markets contributed to the gains, even as longer-term uncertainty was introduced by the United Arab Emirates' planned exit from the OPEC+ alliance. Market analysts note that the current pricing reflects these ongoing supply concerns. Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, highlighted that Brent crude was holding strong, Rigzone reported. This indicates the market is correctly pricing in the continued risk of supply disruptions. For Bakken operators in North Dakota, the price strength is a positive signal for near-term revenue. The Bakken formation is a key oil-producing region in the United States, and its economic viability is directly tied to prevailing crude prices. Sustained prices above the cost of production support continued drilling, completion, and maintenance operations across the Williston Basin. The reported geopolitical...

🌅Afternoon Wire·Apr 28

Global Markets

Global Energy Shifts Impact Capital Costs, Tech Investment

Saudi Aramco, the world's largest oil company, is deepening its investment in artificial intelligence and advanced technologies, a strategic move that underscores the global energy sector's drive for efficiency. According to OilPrice.com, Aramco Ventures, with $7.5 billion in assets under management, is directing its largest share of investments into AI startups. The goal is to apply these technologies to upstream operations and cybersecurity, aiming for a technology realized value of $3 billion to $5 billion in 2025, following $6 billion in value from 2023-2024. Aramco's CEO, Nasser, stated that AI adoption has led to savings in drilling costs, well productivity, and maintenance. The company has also signed a preliminary deal with Microsoft to leverage the Azure cloud platform, focusing on digital sovereignty and data governance that aligns with Saudi Arabia's national requirements. Beyond AI, Aramco Ventures' second-largest investment focus is on low-carbon technologies, including hydrogen and carbon capture, OilPrice.com reported....

🌅Afternoon Wire·Apr 28

Operator News

Trump Admin Redirects Wind Leases to Fossil Fuels as Industry Workforce Trends Down

Two offshore wind developers have agreed to surrender federal leases and commit funds to fossil fuel projects under new agreements with the Trump administration, the Department of the Interior said Monday, according to Rigzone. While focused offshore, the policy signals a federal priority shift toward hydrocarbon development that could bolster sentiment for onshore basins like the Bakken. Separate data shows the U.S. oil and gas extraction industry's workforce has contracted in seven of the last 10 years, Rigzone reported, citing figures from the U.S. Bureau of Labor Statistics. This long-term trend underscores the efficiency gains and automation driving production with fewer workers, a dynamic also seen across North Dakota's oil fields where high output is maintained with a reduced active rig count compared to previous boom periods. In refining news, Phillips 66 has completed its acquisition of the Lindsey refinery in the United Kingdom, Rigzone reported. The company stated the...

🌅Afternoon Wire·Apr 28

Pipeline & Infrastructure

Shell, BP Make Moves as Offshore Contractor Divests Fleet

Global energy majors Shell and BP announced significant strategic and financial moves on Tuesday, while offshore contractor Seatrium completed a non-core asset sale. The developments highlight ongoing consolidation and the impact of geopolitical volatility on major players with interests in North American basins like the Bakken. Shell agreed to acquire Canadian energy company ARC Resources Ltd. in a deal valued at approximately $16 billion, according to Rigzone. In a statement, Shell CEO Wael Sawan said the transaction "establishes Canada as a heartland for Shell while furthering our strategy to deliver more value with less emissions." The acquisition significantly expands Shell's North American onshore portfolio, which includes assets in the nearby Permian and Duvernay basins. For Bakken operators, the deal underscores the continued attractiveness of North American shale assets to international supermajors seeking scale and integration. Separately, BP more than doubled its profit in the first quarter, driven by what the...

🌅Afternoon Wire·Apr 28

Regulatory

Meta Signs Offtakes for Space Solar, Long-Duration Storage Projects

Facebook's parent company, Meta, has signed power offtake agreements for potential capacity from a space-based solar power project and an "ultra-long-duration" battery energy storage project, according to a report from Rigzone. The deals were announced on Tuesday, April 28, 2026. While the specific projects and their locations were not detailed in the report, the agreements signal continued aggressive investment by major technology firms in securing clean, reliable electricity for their energy-intensive data centers. Meta is a significant consumer of power for its global operations. For Bakken natural gas producers, this trend represents both a competitive challenge and a potential opportunity. The push for advanced, firm clean energy technologies like space-based solar—which aims to provide constant power—and week-long storage could, over the long term, pressure demand for natural gas-fired generation used for grid reliability. However, the transition to a grid incorporating these nascent technologies will take decades. In the interim, natural...

🌅Afternoon Wire·Apr 28

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Past $99

The active drilling rig count in North Dakota held steady at 22 this week, according to live data from Bakken Wire, as surging crude oil prices provided a supportive but not yet transformative backdrop for operator activity. West Texas Intermediate (WTI) crude traded at $99.61 per barrel on Tuesday, a gain of $3.24, while the global Brent benchmark rose to $104.18. The current rig level represents a multi-year baseline for activity in the Bakken formation, North Dakota's primary oil-producing region. Historically, rig counts are a leading indicator of future production, with a lag of several months between new drilling and peak output from wells. The sustained count in the low 20s suggests operators are maintaining a core level of development to hold leases and offset natural decline from existing wells, rather than embarking on a significant expansion. The sharp rise in oil prices, with WTI approaching the $100 threshold, improves...

🌅Afternoon Wire·Apr 28