Wednesday, April 29, 2026

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Oil Prices

Oil Surges Past $103 as Hormuz Blockade, UAE Exit Rattle Market

Front-month oil futures surged on Wednesday, with West Texas Intermediate crude topping $103 per barrel, as markets braced for a prolonged U.S. naval blockade outside the Strait of Hormuz and absorbed the shock of a major OPEC producer's exit. The rally has direct implications for Bakken producers, who stand to benefit from higher headline prices. As of Wednesday morning, WTI Crude was trading at $103.31 per barrel, a gain of $3.38 or 3.38%, according to live price data. The global benchmark, Brent Crude, rose 3% to $107.53. The discount for Bakken crude at the wellhead was $3.42 per barrel below WTI. Natural gas prices saw a slight decline, trading at $2.65. The primary driver is escalating geopolitical tension. According to a report from OilPrice.com, prices extended gains as media reports and U.S. administration signals point to an extended U.S. naval blockade in the Gulf of Oman. The blockade is aimed...

☀️Morning Wire·Apr 29

Rig Report

North Dakota Rig Count Holds at 22 for Second Consecutive Week

North Dakota's active drilling rig count was unchanged for the seventh consecutive day, holding steady at 22 on Wednesday, April 29, according to live data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since the previous day. The current level represents a period of stability for Bakken drilling activity. The rig count has been fixed at 22 for over a week, matching the total from April 22. However, the current pace is down by one rig from the 23 active rigs reported 28 days ago on April 1, 2026. The flat activity in the Williston Basin contrasts with broader geopolitical tensions affecting global oil markets. In a recent statement, U.S. Energy Secretary Chris Wright commented on the security of a major global oil chokepoint. According to Rigzone, Wright said on April 28 that not all mines placed by Iran in...

☀️Morning Wire·Apr 29

Daily Activity

XTO, Devon Secure New Permits; Burlington Wells Post Strong Initial Oil

North Dakota's Department of Mineral Resources approved five new drilling permits and 16 permit renewals in its latest daily activity report. The new permits were split between XTO Energy Inc. and Devon Energy Williston L.L.C. XTO Energy received three permits for the "Nautilus Federal" project in Dunn County. All three wells—42875, 42876, and 42877—are located in the NW SE of Section 19-148N-96W within a confidential field. Devon Energy secured two permits in McKenzie County's Foreman Butte field: the "Albert South 34-33-32 3H" (42878) and the "Albert North 27-28-29 2H" (42879). The report also listed 16 permit renewals. Enerplus Resources USA Corporation filed four renewals for wells in the McGregory Buttes field of Dunn County, with three noted as involving a "proposed drillback outside of spacing unit." Oasis Petroleum North America LLC filed one renewal in Williams County. Several wells previously granted confidential status saw updates. According to the report, two...

☀️Morning Wire·Apr 29

Pipeline & Infrastructure

North Dakota Commits $500M to WBI's Bakken East Gas Pipeline

The North Dakota Industrial Commission has officially committed up to $500 million in state funding to WBI Energy's planned Bakken East natural gas pipeline. The commission's unanimous vote on Tuesday finalizes a financial backstop for the project, which aims to move 1 billion cubic feet of natural gas per day from McKenzie County to central and eastern North Dakota. Gov. Kelly Armstrong, chair of the three-member Industrial Commission, said commissioners are excited the project is moving forward. "The goal of the Legislature was both financial incentive and promotional incentive. I think both of those things are occurring," Armstrong said, according to the North Dakota Monitor. "This is going to be great in the short term, and it’s going to be great for the long term for North Dakota." The 2025 Legislature authorized the financing, which is being provided in the form of the state purchasing a portion of the pipeline's...

☀️Morning Wire·Apr 29

Regulatory

NDIC Commits $500 Million to Bakken East Gas Pipeline

The North Dakota Industrial Commission (NDIC) unanimously voted Tuesday to commit up to $500 million in state funding as a financial backstop for WBI Energy's planned Bakken East natural gas pipeline. The vote finalizes a selection process that began last summer and provides the state-backed incentive authorized by the 2025 Legislature, according to the North Dakota Monitor. The pipeline is designed to move 1 billion cubic feet of natural gas per day from McKenzie County in the heart of the Bakken oil field to central and eastern North Dakota. WBI Energy, a subsidiary of MDU Resources, expects to bring the pipeline online by the end of 2030. Governor Kelly Armstrong, chair of the three-member commission, said the project represents both a financial and promotional incentive for the state. "This is going to be great in the short term, and it's going to be great for the long term for North...

☀️Morning Wire·Apr 29

Global Markets

Geopolitical Tensions, Tight Physical Markets Support Oil Prices

Crude oil prices settled higher on Monday, April 28, supported by ongoing geopolitical tensions and tight physical market conditions, according to a report from Rigzone. This upward movement provides a supportive pricing environment for operators in North Dakota's Bakken formation. The price gains occurred even as news emerged of a planned exit from the OPEC+ production agreement by the United Arab Emirates, which Rigzone noted adds a layer of longer-term uncertainty to the global supply outlook. For Bakken operators, the immediate influence of geopolitical risk premiums and strong physical demand is currently outweighing that future structural concern. The Bakken formation is a major oil-producing region in the United States, and its economic viability is closely tied to global crude benchmarks like West Texas Intermediate. When these benchmarks rise on supply concerns, it directly improves the cash flow and drilling economics for shale producers. The reported tightness in physical markets suggests...

☀️Morning Wire·Apr 29

Global Markets

Global Tensions Fuel Oil Profits, Hormuz Blockade Tightens

The ongoing conflict and blockade in the Middle East are directly fueling strong first-quarter earnings for international oil majors and tightening global supply, according to reports. French supermajor TotalEnergies reported a 29% year-over-year jump in adjusted net income to $5.4 billion for Q1 2026, according to OilPrice.com. The company attributed the surge to higher oil prices and "very strong oil trading results in the wake of the Iran war." TotalEnergies' Exploration & Production division saw adjusted net operating income rise 43% quarter-to-quarter to $2.6 billion. Despite the Middle East conflict shutting in about 100,000 barrels of oil equivalent per day (boe/d) of its production, start-ups in Brazil and Libya helped maintain output at 2.553 million boe/d. In response to strong cash flow, TotalEnergies' board raised its interim dividend by 5.9% and authorized $1.5 billion in share buybacks for Q2. Meanwhile, the U.S. is intensifying pressure on Iran, aiming to choke...

☀️Morning Wire·Apr 29

Operator News

TotalEnergies Q1 Profit Surges; Trump Pushes Hormuz Blockade, Cancels Wind Leases

TotalEnergies reported a strong first quarter, with adjusted net profit reaching $5.4 billion, according to Rigzone. The figure represents a 41% increase from the prior quarter and a 29% rise compared to Q1 2025, driven by higher LNG sales volumes amid oil market volatility. The company also raised its Q1 dividend. For Bakken operators, the financial health of major integrated companies can influence investment appetites and partner strategies in the basin. In global affairs, President Trump has directed aides to prepare for an extended U.S. Naval blockade of the Strait of Hormuz, the Wall Street Journal reported via Rigzone. The move aims to intensify economic pressure on Iran as a conflict enters its third month. Any prolonged disruption to the critical chokepoint, through which about 20% of global oil trade flows, typically creates volatility and can support higher international crude benchmarks, indirectly benefiting Bakken producers. On the domestic policy front,...

☀️Morning Wire·Apr 29

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 6% Amid OPEC Turmoil, Tight Supply Outlook

Front-month WTI crude oil surged $6.52 to settle at $106.45 per barrel on Wednesday, a gain of 6.52 percent, driven by geopolitical supply fears and a shifting producer landscape. Brent crude rose $6.00 to $110.40. The Bakken differential narrowed to a $3.42 discount versus WTI. The price spike follows the United Arab Emirates' shock announcement that it will withdraw from OPEC and the broader OPEC+ alliance, effective May 1. In a statement posted Tuesday, the UAE Ministry of Energy and Infrastructure said the decision aligns with its long-term strategic vision and allows for a "gradual and deliberate increase in production." According to Rigzone, the UAE joined OPEC in 1967 and its exit after six decades is seen as a significant blow to the cartel's cohesion and ability to manage global supply. Market volatility was tempered somewhat by assurances from other major producers. The Kremlin stated on Wednesday that Russia has...

🔆Midday Wire·Apr 29

Pipeline & Infrastructure

ND Commits $500M to WBI Energy's Bakken East Gas Pipeline

The North Dakota Industrial Commission has unanimously voted to commit up to $500 million in state funding to WBI Energy’s planned Bakken East natural gas pipeline, according to the North Dakota Monitor. Tuesday's vote finalizes a financial backstop for the project, which was selected over a competing applicant last summer. The Bakken East pipeline is designed to move 1 billion cubic feet of natural gas per day from McKenzie County in the heart of the Bakken to central and eastern North Dakota. WBI Energy, a subsidiary of MDU Resources, expects to bring the pipeline online by the end of 2030. Gov. Kelly Armstrong, chair of the three-member Industrial Commission, said the commission is excited the project is moving forward. “The goal of the Legislature was both financial incentive and promotional incentive. I think both of those things are occurring,” Armstrong said, according to the Monitor. “This is going to be...

🔆Midday Wire·Apr 29

Regulatory

ND Commits $500M to WBI Energy's Bakken East Gas Pipeline

The North Dakota Industrial Commission has unanimously voted to commit up to $500 million in state funding as a financial backstop for WBI Energy's planned Bakken East natural gas pipeline. The vote on Tuesday, April 28, 2026, finalizes negotiations that began last summer and advances a key infrastructure project for the state's energy sector. According to the North Dakota Monitor, the Bakken East pipeline will move 1 billion cubic feet of natural gas per day from McKenzie County in the heart of the Bakken oil field to central and eastern North Dakota. WBI Energy, a subsidiary of MDU Resources, expects to bring the pipeline online by the end of 2030. The three-member Industrial Commission, chaired by Gov. Kelly Armstrong and including Agriculture Commissioner Doug Goehring and Attorney General Drew Wrigley, selected WBI Energy's two-phase project over a competing applicant last August. The 2025 state legislature authorized the up to $500...

🔆Midday Wire·Apr 29

Global Markets

Global Stalemates Lift Prices as Eni, OMV Advance Projects

The ongoing stalemate in the U.S.-Iran conflict continues to underpin global oil prices, with Brent crude settling at $108.23 per barrel on April 27, according to a Standard Chartered Bank report. Analyst Emily Ashford noted the 13.35 percent weekly rise is driven by a fragile ceasefire and a continued U.S. blockade, which is causing inventory drawdowns and constrained storage in Iran. She warned every additional day of stalemate represents further lost barrels for the market. Ashford stated that Iran's key export terminal at Jask is at an all-time high for storage. While the first step toward resolution would be a simultaneous lift of the U.S. blockade and Iranian restrictions on Strait of Hormuz transit, U.S. Secretary of State Marco Rubio said on April 27 that the U.S. does not view Iran's conditional permits as acceptable. Ashford said a resolution could push Brent toward $90-95 per barrel, but for now, markets...

🔆Midday Wire·Apr 29

Operator News

Global LNG Gains, Hormuz Blockade Looms as Majors Report Q1

Global energy majors Woodside Energy and TotalEnergies reported first-quarter earnings buoyed by liquefied natural gas trading, as the prolonged conflict in the Middle East continues to reshape energy markets and supply routes. The developments come as the U.S. prepares for an extended naval blockade of the Strait of Hormuz, according to a Wall Street Journal report. President Donald Trump has directed aides to prepare for a prolonged U.S. Naval blockade of the critical waterway, the Journal reported, as the U.S. seeks to intensify economic pressure on Iran. The strategy aims to stop any vessel heading to or from Iranian ports. This decision suggests an indefinite period of uncertainty for traffic through the strait, which Iran has kept closed to almost all other traffic. Brent crude settled above $111 a barrel on Tuesday amid concerns of a protracted closure. For Bakken operators, the continued volatility and potential for sustained high oil...

🔆Midday Wire·Apr 29

Pipeline & Infrastructure

Global Disruption Spurs Pipeline Build-Out, Bakken Exports in Focus

The ongoing closure of the Strait of Hormuz continues to anchor global oil market volatility, with a senior U.S. official stating the critical chokepoint could be reopened without clearing all Iranian-laid mines. U.S. Energy Secretary Chris Wright said Tuesday that creating a safe shipping pathway "can happen quickly," according to a Rigzone report. However, a full clearance could take six months, a U.S. Defense official told Congress last week. The strait's closure since late February has spiked prices and caused massive supply disruptions, underpinning refining margins. This environment helped Phillips 66 report stronger-than-expected Q1 earnings, beating estimates by $0.88 per share with net income of $207 million, OilPrice.com reported. The company cited higher refining margins amid the oil price rally. For Bakken producers, expanding pipeline and export infrastructure offers a crucial outlet amid global instability. Phillips 66 is advancing several key projects to optimize Gulf Coast NGL and refined product...

🔆Midday Wire·Apr 29

Production Data

Bakken Rig Count Holds at 22 as Crude Prices Surge Past $106

North Dakota's active drilling rig count held steady at 22 on Wednesday, a level signaling continued restrained investment by operators despite a significant midday surge in oil prices. West Texas Intermediate crude traded at $106.45 per barrel, a gain of $6.52, while the international Brent benchmark rose to $110.40. The current rig count remains near multi-year lows and is a primary indicator for future oil production in the Bakken formation. Historically, rig counts serve as a leading indicator, with changes in activity typically impacting production volumes several months later. The sustained low count suggests that near-term production gains will be limited, relying primarily on efficiency gains from existing wells. The sharp rise in oil prices, with WTI up over 6.5%, significantly improves cash flow and drilling economics for Bakken operators. The local Bakken crude differential was quoted at a discount of $3.42 per barrel versus WTI, putting the wellhead price...

🔆Midday Wire·Apr 29

Workforce & Community

Bakken Rig Count at 22 Amid High Oil Prices, Labor Demand Intensifies

The number of active drilling rigs in North Dakota held steady at 22 on Wednesday, April 29, 2026, according to Bakken Wire's live data. This sustained drilling activity coincides with a sharp jump in oil prices, with WTI crude trading at $106.45, a gain of $6.52 for the day, while Brent crude stood at $110.4. A rig count in the low twenties indicates a consistent level of operational demand in the Bakken formation, North Dakota's primary oil-producing region. Each active rig supports a significant chain of employment, requiring crews for drilling, completion, and ongoing production work, as well as ancillary services in transportation, maintenance, and logistics. This steady operational tempo places renewed pressure on workforce availability in key western North Dakota hubs such as Williston, Dickinson, and Minot. With oil prices exceeding $100 per barrel, operators have increased capital to maintain and potentially expand field activity, which in turn intensifies...

🔆Midday Wire·Apr 29

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Surges Above $108 as OPEC Shakeup, Supply Fears Rattle Markets

Crude oil prices surged sharply higher on Wednesday, with West Texas Intermediate (WTI) jumping more than eight percent to trade above $108 per barrel. The rally was fueled by geopolitical upheaval within OPEC and ongoing supply disruptions, tightening the global market outlook for Bakken producers. As of Wednesday afternoon, WTI crude was trading at $108.28 per barrel, a gain of $8.35 or 8.36 percent. The international benchmark Brent crude rose to $111.69, up $7.29. Bakken crude at the Clearbrook, Minnesota, hub traded at a differential of $3.42 below WTI, according to live price data. Natural gas prices saw a slight decrease, trading at $2.65. The primary catalyst for the price spike is the United Arab Emirates' (UAE) decision to withdraw from OPEC and the broader OPEC+ alliance, effective May 1. According to a statement from the UAE Ministry of Energy and Infrastructure, the move aligns with the country's long-term strategic...

🌅Afternoon Wire·Apr 29

Rig Report

North Dakota Rig Count Holds at 23 as Devon Adds New McKenzie County Rig

North Dakota's active drilling rig count held at 23 on Wednesday, April 29, according to live data from Bakken Wire. The total reflects a net increase of one rig from the previous day, with no rigs removed or relocated. The sole addition was a rig operated by Devon Energy Williston, L.L.C. The NABORS B 13 rig was reported at a location in McKenzie County (150-99-11). This activity underscores the continued focus on the core Bakken formation, where McKenzie County has historically been a top producer. The current rig count of 23 represents a slight increase from one week prior, when the state reported 22 active rigs on April 22. Compared to the level seen 28 days ago on April 1, the count is unchanged, indicating a period of stability for drilling activity in the Williston Basin. The steady rig count in North Dakota persists against a backdrop of continued global...

🌅Afternoon Wire·Apr 29

Pipeline & Infrastructure

North Dakota Commits $500M to WBI Energy's Bakken East Gas Pipeline

The North Dakota Industrial Commission voted unanimously Tuesday to commit up to $500 million in state financing to WBI Energy's planned Bakken East natural gas pipeline, according to the North Dakota Monitor. The vote finalizes a state-backed financial guarantee for the project, which is designed to move 1 billion cubic feet of natural gas per day from the core of the Bakken oil field to eastern North Dakota. Gov. Kelly Armstrong, who chairs the three-member commission, said the move fulfills the legislature's goals. "The goal of the Legislature was both financial incentive and promotional incentive. I think both of those things are occurring," Armstrong said. "This is going to be great in the short term, and it’s going to be great for the long term for North Dakota." The commission also includes Agriculture Commissioner Doug Goehring and Attorney General Drew Wrigley. The commitment provides a financial backstop for the pipeline,...

🌅Afternoon Wire·Apr 29

Regulatory

ND Industrial Commission Commits $500M to Bakken East Gas Pipeline

The North Dakota Industrial Commission has unanimously voted to commit up to $500 million in state funding as a financial backstop for WBI Energy's planned Bakken East natural gas pipeline. The vote on Tuesday, April 28, finalizes negotiations that began last summer and advances a major infrastructure project intended to move gas from the heart of the Bakken to other markets within the state. The Bakken East pipeline is designed to move 1 billion cubic feet of natural gas per day from McKenzie County in western North Dakota to central and eastern parts of the state. WBI Energy, a subsidiary of MDU Resources, expects to bring the pipeline online by the end of 2030. Gov. Kelly Armstrong, chair of the three-member Industrial Commission, said the project fulfills the legislature's goals. "The goal of the Legislature was both financial incentive and promotional incentive. I think both of those things are occurring,"...

🌅Afternoon Wire·Apr 29

Global Markets

Global Stalemate, Deals Lift Oil Prices; Operators Advance Projects

The stalemate in the U.S.-Iran conflict continued for another week with no clear resolution, supporting a sharp rise in global oil prices, according to a Standard Chartered Bank report. Brent crude for June delivery settled at $108.23 per barrel on April 27, a weekly rise of $12.75 per barrel, the report noted. Analyst Emily Ashford warned that every additional day of stalemate represents further lost barrels in the market and inventory drawdowns. She stated that a resolution allowing free transit through the Strait of Hormuz could push Brent prices back toward $90-95 per barrel in the near term, but logistical lags and shut-in production would prevent a rapid normalization of supplies. In other global developments, Italian energy giant Eni SpA announced a deal with Venezuela to relaunch activities at the Junin-5 heavy oil field, which holds 35 billion barrels of certified oil in place. The agreement follows the U.S. issuance...

🌅Afternoon Wire·Apr 29

Operator News

Global LNG, Blockade News Frame Volatile Market for Bakken

President Donald Trump has directed aides to prepare for an extended U.S. Naval blockade of the Strait of Hormuz, according to a Wall Street Journal report cited by Rigzone. The move aims to intensify economic pressure on Iran by stopping vessels heading to or from its ports, suggesting a prolonged period of uncertainty for the critical oil and gas chokepoint. Brent crude settled above $111 a barrel on concerns the strait could remain shut indefinitely. The geopolitical shift was underscored as the United Arab Emirates announced its departure from OPEC on Tuesday. UAE Energy Minister Suhail Al Mazrouei said the decision was timely as the war-caused market undersupply requires agility, dealing a blow to the cartel, Rigzone reported. Amid this volatility, major LNG producers reported first-quarter results showing their trading arms capturing market upside. TotalEnergies SE posted a net profit of $5.4 billion for Q1 2026, up 41% from the...

🌅Afternoon Wire·Apr 29

Pipeline & Infrastructure

Hormuz Closure Doubles Fertilizer Prices, Pressuring Bakken Farmers

The ongoing closure of the Strait of Hormuz has more than doubled global fertilizer prices since late February, creating a severe cost squeeze for farmers in North Dakota's Bakken region, according to a report from OilPrice.com. The strait, a critical chokepoint for global energy and chemical shipments, was closed to nearly all traffic on February 28 amid the war in Iran. Roughly half of the world's fertilizer feedstock exports, including natural gas, ammonia, and urea, typically pass through the Strait of Hormuz. These chemicals are foundational inputs for nitrogen-based fertilizer, which has no commercial-scale alternative. OilPrice.com reports that prices have already surged enormously, more-than doubling from their pre-closure levels. For Bakken operators and the region's many farmer-royalty owners, the price spike arrives at a critical time. "The planting season has already started...So if we don’t get some solution immediately the crisis will be very significant and severe," United Nations official...

🌅Afternoon Wire·Apr 29

Production Data

High Oil Prices Meet Low Rig Count in North Dakota

North Dakota's oil industry faces a familiar tension as surging crude prices clash with a historically low rig count. On Wednesday, WTI crude traded at $108.28, a gain of over 8%, while the number of active drilling rigs in the state remained at 23, according to live Bakken Wire data. The current rig count is a fraction of the 50-60 rigs typical during periods of strong activity in the Bakken formation over the last decade. Historically, the rig count is a leading indicator for future oil production, as new wells take months to drill, complete, and bring online. A sustained low count suggests production gains may be limited in the coming quarters without a significant uptick in drilling activity. The sharp price rally, with Brent crude also above $111, improves cash flow for operators and should theoretically incentivize more drilling. However, the muted rig response highlights a shift in industry...

🌅Afternoon Wire·Apr 29