Thursday, April 30, 2026

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Oil Prices

Oil Prices Drop Over 2% Despite OPEC+ Upheaval, Geopolitical Tensions

Oil prices fell sharply in Thursday trading, with West Texas Intermediate (WTI) crude dropping $2.74 to settle at $104.14 per barrel, a decline of 2.56%. Brent crude also fell, down $1.68 to $101.80 per barrel. The price for Bakken crude at the wellhead is trading at a discount of $3.42 to the WTI benchmark. The sell-off comes despite ongoing geopolitical concerns in the Middle East that have underpinned recent price strength. Daniel Takieddine, Co-Founder and CEO of Sky Links Capital Group, noted that prices had surged amid increasing concerns about the region's geopolitical situation, according to Rigzone. The market is concurrently grappling with the shock departure of the United Arab Emirates (UAE) from the OPEC+ alliance, effective May 1. The UAE has frequently clashed with fellow producers over output quotas as it seeks to utilize more of its growing spare capacity, which it aims to increase to 5 million barrels...

☀️Morning Wire·Apr 30

Rig Report

North Dakota Rig Count Holds at 23, Matching April 1 Level

The number of active drilling rigs in North Dakota held steady at 23 on Thursday, April 30, according to the latest live rig data from Bakken Wire. The count showed no change from the previous day, with zero new rigs added, zero removed, and no rigs moving location. The current activity level is down by one rig from the count of 24 recorded one week ago on April 23. However, it matches the total from 29 days prior, on April 1, indicating a plateau in drilling activity over the past month. A stable rig count is a key indicator of capital expenditure discipline among operators in the Williston Basin. The Bakken formation remains North Dakota's primary oil-producing region, and the pace of drilling directly influences future production levels. With the count unchanged from the start of the month, it suggests a consistent, measured approach by exploration and production companies. The...

☀️Morning Wire·Apr 30

Daily Activity

No New Filings in Wednesday's North Dakota DMR Daily Activity Report

The North Dakota Department of Mineral Resources (DMR) daily activity report for Wednesday, April 29, 2026, contained no new regulatory filings, according to the agency's data. The report, published each weekday, typically lists new drilling permits approved, wells that have been spudded (drilling commenced), wells that have been completed, and wells that have been plugged. The absence of new entries indicates no such actions were formally filed with the state on Wednesday. Days with no activity are a normal occurrence in the state's oil and gas regulatory cycle. They can happen during slower operational periods, around holidays, or due to administrative processing timelines. The report reflects filings submitted by operators, not necessarily real-time physical activity at well sites. The next report, covering activity for Thursday, April 30, will be published on Friday, May 1.

☀️Morning Wire·Apr 30

Pipeline & Infrastructure

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

The North Dakota Industrial Commission has formally committed up to $500 million in state financing to backstop a major new natural gas pipeline from the Bakken, according to a report from the North Dakota Monitor. The commission's unanimous vote on Tuesday, April 28, 2026, finalizes an agreement with WBI Energy for its planned Bakken East pipeline project. 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 into service by the end of 2030. Governor Kelly Armstrong, who chairs the three-member Industrial Commission, said the project aligns with legislative goals. “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...

☀️Morning Wire·Apr 30

Regulatory

ND Industrial Commission Approves $500M Backstop for WBI Gas Pipeline

The North Dakota Industrial Commission has unanimously voted to commit up to $500 million in state funds as a financial backstop for WBI Energy's planned Bakken East natural gas pipeline. The vote on Tuesday, April 28, finalizes a selection process that began last summer and provides a major boost to infrastructure aimed at moving more Bakken gas to market. 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 the pipeline to be in service by the end of 2030. "This is going to be great in the short term, and it’s going to be great for the long term for North Dakota," said Gov. Kelly Armstrong, who chairs the three-member Industrial Commission, according to the North Dakota Monitor. Armstrong...

☀️Morning Wire·Apr 30

Global Markets

Global Crises Spur Energy Security Moves, State Aid in Response to Supply Shock

The Association of Southeast Asian Nations (ASEAN) is moving to ratify a petroleum security agreement in response to a severe oil supply crisis stemming from the Middle East war, according to a report from OilPrice.com. Philippine Trade Secretary Cristina Roque said the ASEAN Petroleum Security Agreement (APSA) is being pursued to enable coordinated emergency fuel sharing and collective responses to supply disruption. The supply shock has hit Southeast Asian economies particularly hard. The Philippines, Indonesia, Malaysia, and Vietnam were the first to feel fuel shortages after the blocked Strait of Hormuz cut off most of their regular crude and fuel supply from the Middle East. The Philippines, which sourced 98% of all its oil from the Middle East before the war, declared a national energy emergency in the middle of March, OilPrice.com reported. In response to the crisis, many Southeast Asian countries have turned to alternative suppliers, including Russian oil....

☀️Morning Wire·Apr 30

Operator News

Global Oil Surges on Hormuz Blockade; U.S. Natural Gas Glut Persists

Global oil prices surged to multi-year highs on Tuesday as a blockade of the Strait of Hormuz tightened worldwide supply, according to Rigzone. The critical shipping chokepoint has been impacted by the ongoing Iran conflict. On Wednesday, former President Donald Trump insisted a nuclear deal must be reached before the blockade is lifted, Rigzone reported. "The blockade is somewhat more effective than the bombing," Trump was quoted as saying. The geopolitical instability continues to underpin crude markets. Meanwhile, the domestic natural gas market presents a stark contrast. The United States has more natural gas than it can use, Rigzone reported Tuesday. In the heart of U.S. shale country, which includes the Bakken formation, gas is so plentiful that producers are facing negative pricing, having to pay buyers to take it. For Bakken operators, the news creates a dual reality. The surge in oil prices, if sustained, could improve margins and...

☀️Morning Wire·Apr 30

Pipeline & Infrastructure

Global Oil Developments Highlight Geopolitical, Investment Trends

Italian energy company Eni has entered into a deal with Venezuela's Hydrocarbons Ministry and state-owned PdVSA to relaunch activities at the Junin-5 heavy oil field in the Orinoco Belt, according to Rigzone. The reported agreement, published April 29, concerns a field containing 35 billion barrels of oil. Separately, the stalemate in the U.S.-Iran conflict has continued for a further week with no clear resolutions on either side, Rigzone reported, citing Standard Chartered Bank Head of Energy Research Emily Ashford. The report was also published on April 29. In a third development, OMV Petrom shareholders approved around $2.07 billion in investment for 2026, Rigzone reported. The budget, a 23 percent increase, is mostly allocated for the Neptun Deep gas project on the Romanian Black Sea. These international developments provide a backdrop for Bakken operators and royalty owners in North Dakota. Increased production from major global fields, such as Venezuela's Orinoco Belt,...

☀️Morning Wire·Apr 30

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Tumbles Below $105 as Bakken Discount Widens

Oil prices presented a mixed picture Thursday, with U.S. benchmark West Texas Intermediate crude falling sharply while global Brent held steadier. As of midday, WTI was trading at $104.25 per barrel, down $2.63 (-2.46%), according to live price data. Brent Crude was at $109.66, down a more modest $0.78 (-0.71%). The discount for Bakken crude at the wellhead widened to $3.42 per barrel below WTI. The price volatility comes amid conflicting market signals. A significant drawdown in U.S. crude inventories provided underlying support. According to Rigzone, citing the latest U.S. Energy Information Administration weekly report, crude oil stocks, excluding the Strategic Petroleum Reserve, fell by more than 6 million barrels for the week ending April 24, to 459.5 million barrels. However, that bullish data was overshadowed by broader macroeconomic and demand concerns, pressuring WTI specifically. These concerns are tempering the impact of ongoing geopolitical tensions. Rigzone reported that oil prices...

🔆Midday Wire·Apr 30

Pipeline & Infrastructure

North Dakota Marks 75 Years of Oil, Commits $500M to Gas Pipeline

North Dakota's oil industry marks its 75th anniversary this week, an event underscored by a major new state commitment to pipeline infrastructure. The North Dakota Industrial Commission has approved a plan to commit up to $500 million toward a new natural gas pipeline project, according to the Bismarck Tribune. This financial commitment comes as the state reflects on the discovery of oil at the Clarence Iverson No. 1 well near Tioga on April 4, 1951, which launched its modern energy era. Today, North Dakota produces over 1 million barrels of oil per day, ranking as the nation's third-largest producer, and supports approximately 63,000 jobs, generating nearly $50 billion annually. The industry contributes over $4 billion in yearly taxes and royalties, funding state infrastructure, schools, property tax relief, and the $14 billion Legacy Fund. Pipelines remain central to moving this production. The Dakota Access Pipeline (DAPL) alone carries about half of...

🔆Midday Wire·Apr 30

Regulatory

North Dakota Industrial Commission Commits $500M to Natural Gas Pipeline

The North Dakota Industrial Commission (NDIC) has committed up to $500 million in state funds to support a major natural gas pipeline project, according to a report from Bing News. The funding decision, made on April 29, represents a significant public investment in the state's gas gathering infrastructure. For Bakken operators, the state-backed pipeline is a direct move to address persistent natural gas capture challenges in the oil field. Increased pipeline capacity is critical for reducing flaring and allowing producers to monetize more associated gas, which is a byproduct of crude oil extraction. The commitment underscores the state's focus on improving the economic and environmental performance of the Bakken. While specific route details and the project operator were not disclosed in the source, a state investment of this scale signals confidence in the long-term viability of Bakken natural gas production. Improved infrastructure can help operators meet the NDIC's stringent gas...

🔆Midday Wire·Apr 30

Global Markets

Global Supply Shocks Highlight Value of Bakken Stability

Global shipments of jet fuel have fallen to their lowest level on record, according to analysts at Kpler, with under 2.3 million tonnes shipped last week. The blockage of the Strait of Hormuz is threatening airline fuel supplies worldwide, OilPrice.com reported. UK Prime Minister Keir Starmer has warned that summer holidays could be cancelled, and airlines are scrambling for solutions, including potentially using U.S.-specification jet fuel to avoid flight cancellations. This international supply crisis underscores the strategic importance of stable, domestic production regions like the Bakken. The news coincides with a milestone for North Dakota's industry, which this year marks the 75th anniversary of its first major oil discovery at the Clarence Iverson 1 well near Tioga on April 4, 1951, according to a report from the Institute for Energy Research. The modern Bakken boom, enabled by horizontal drilling and hydraulic fracturing, transformed the state into a top U.S. producer,...

🔆Midday Wire·Apr 30

Operator News

Global Energy News: CNOOC Profit Climbs, EU Adjusts Aid Rules

Chinese state-backed oil and gas company CNOOC Ltd reported a higher first-quarter profit, according to Rigzone. The company's net income reached approximately $5.72 billion for the quarter, a 7.1 percent increase from the same period last year. Rigzone reported the rise was driven by higher realized oil prices and increased oil and gas sales. Separately, the European Union has adopted a new framework allowing broader state aid to protect certain industries from energy volatility, Rigzone reported. The "Middle East Crisis Temporary State Aid Framework" permits various forms of government assistance for agriculture, fishery, and transport companies. The measures are valid until the end of the year. In the power sector, Spanish utility Iberdrola posted a higher adjusted profit, Rigzone reported. The year-on-year increase was primarily due to a significant expansion in electricity distribution in the United Kingdom, which grew 72.6 percent to nearly 15,000 gigawatt-hours. For Bakken operators and royalty...

🔆Midday Wire·Apr 30

Pipeline & Infrastructure

Global Supply Fears Lift Oil as U.S. Gas Glut Persists

Oil prices surged to multi-year highs on Tuesday as a blockade of the Strait of Hormuz tightened global supply, according to Rigzone. The development injects volatility and potential upside for Bakken crude, which is priced against global benchmarks. The price surge is linked directly to the Iran conflict and the strategic waterway's blockade. Former President Donald Trump, commenting on the situation Wednesday, stated "The blockade is somewhat more effective than the bombing," and insisted on a nuclear deal before lifting it, Rigzone reported. The Strait of Hormuz is a critical chokepoint for global seaborne oil trade. This geopolitical tension creates a favorable pricing environment for North Dakota producers. Higher global crude prices can improve wellhead economics in the Bakken, potentially supporting drilling activity and cash flow for operators and royalty owners. However, the domestic natural gas market presents a starkly different picture. In U.S. shale regions, including those associated with...

🔆Midday Wire·Apr 30

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Retreat From Highs

North Dakota's active drilling rig count held at 23 on Thursday, a level that suggests stabilized but historically low activity in the Bakken formation as crude oil prices retreated from recent highs. The midday trading data showed West Texas Intermediate (WTI) crude at $104.25 per barrel, down $2.63 or 2.46% on the day, while the global Brent benchmark traded at $109.66. The current rig count of 23 is a critical indicator for future production trends. Historically, the number of active drilling rigs is a leading indicator for oil production, with changes in the fleet typically preceding changes in output by several months. The current count remains far below the boom-era peaks of over 200 rigs but represents a consolidation from the extreme lows seen during previous market downturns. The price for Bakken crude at the wellhead is directly impacted by the differential to the WTI benchmark. The live data showed...

🔆Midday Wire·Apr 30

Workforce & Community

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

The North Dakota oil industry is operating with 23 active rigs as of Thursday, April 30, 2026, a level indicative of steady but measured activity in the Bakken formation. This rig count, a key indicator of drilling and employment intensity, suggests a stable workforce environment in the region's core counties. The price environment supporting this activity has shifted. West Texas Intermediate (WTI) crude traded at $104.25 per barrel midday, a decline of $2.63 or 2.46% from previous settlements. Brent crude also softened to $109.66. The Bakken crude differential stood at -$3.42 versus WTI, meaning Bakken barrels are priced at a discount to the benchmark. Natural gas held at $2.69 per MMBtu. Historically, rig counts in the Bakken are closely tied to oil price signals. Sustained prices above $100 per barrel typically support drilling programs and the associated employment across drilling crews, completions teams, and field service operations. The current moderate...

🔆Midday Wire·Apr 30

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Mixed as Inventories Drop, OPEC+ Hike Expected

Oil prices presented a mixed picture on Thursday, April 30, with West Texas Intermediate (WTI) crude declining to $105.57, down $1.31 (1.23%), while Brent crude rose to $111.21, gaining $0.77 (0.7%). Natural gas also moved higher, settling at $2.77, up $0.12. The Bakken differential, a key metric for North Dakota producers, stood at $-3.42 versus WTI. The price movement coincided with a significant drawdown in U.S. crude stocks. According to a report from Rigzone, crude oil inventories, excluding the Strategic Petroleum Reserve, dropped by more than 6 million barrels week-over-week, standing at 459.5 million barrels on April 24 based on the U.S. Energy Information Administration's latest weekly petroleum status report. This substantial inventory decline typically supports prices by signaling stronger demand or tighter supply. However, anticipation of increased supply from OPEC+ may be tempering gains for WTI. Rigzone reported that OPEC+ is likely to agree on another symbolic production increase...

🌅Afternoon Wire·Apr 30

Rig Report

North Dakota Rig Count Holds at 23, Unchanged Over Past Month

North Dakota's active drilling rig count remained unchanged at 23 on Thursday, according to live data from Bakken Wire. The figure showed no day-over-day movement, with no new rigs added, none removed, and none relocated. The current count represents a decrease of one rig from the 24 active rigs reported one week ago, on April 23, 2026. However, it is identical to the count from 29 days ago on April 1, indicating a period of overall stability for drilling activity in the Williston Basin over the past month. The steady operational pace comes as the state reflects on major anniversaries for its energy sector. According to a report from the Institute for Energy Research, this year marks the 75th anniversary of North Dakota's first major commercial oil discovery. That well, the Clarence Iverson 1 near Tioga, struck oil on April 4, 1951, and ultimately produced more than 585,000 barrels over...

🌅Afternoon Wire·Apr 30

Pipeline & Infrastructure

Dakota Access Pipeline Central to Bakken Output as ND Marks 75 Years of Oil

North Dakota marks the 75th anniversary of its modern oil industry this month, an industry now producing over 1 million barrels per day and ranking as the country's third-largest producer, according to Bing News. The discovery well near Tioga on April 4, 1951, launched a sector that now supports about 63,000 jobs and generates nearly $50 billion annually for the state. The Dakota Access Pipeline (DAPL) is a critical piece of infrastructure for moving that volume, carrying about half of North Dakota’s daily output, or roughly 700,000 barrels per day, to refineries in Illinois and along the Louisiana Gulf Coast. Ron Ness, president of the North Dakota Petroleum Council, emphasized its role in a statement. “The Dakota Access Pipeline is a vital component of energy infrastructure, not only for North Dakota’s oil production and economy, but also for broader American energy security,” Ness said, according to the source. “It transports...

🌅Afternoon Wire·Apr 30

Regulatory

European Commission Launches Hydrogen Market Initiative

The European Commission has completed its inaugural hydrogen matchmaking round, according to a report from Rigzone. The event, which took place on April 30, 2026, featured vendor offers representing 265 projects spanning green hydrogen, lower-carbon hydrogen, and hydrogen derivatives. This development represents a significant step in formalizing the European hydrogen market, a key component of the continent's energy transition strategy. The initiative aims to connect supply and demand for various forms of hydrogen, creating a structured pathway for project development and investment. For Bakken operators and North Dakota's energy sector, the growth of a formal hydrogen market in Europe presents long-term considerations for export strategy. While the Bakken formation is primarily an oil-producing region, the global shift towards hydrogen and lower-carbon energy products could influence future infrastructure and production planning. The development of hydrogen derivatives, which can include fuels synthesized from hydrogen and other elements, may create new niches for...

🌅Afternoon Wire·Apr 30

Global Markets

Global Oil Surge, $6 CA Gasoline Signal Bullish Crude Backdrop for Bakken

Global crude oil benchmarks surged overnight, with West Texas Intermediate (WTI) jumping to nearly $110.50 a barrel and Brent topping $126, according to OilPrice.com. Analysts attributed the spike to continued uncertainty over a U.S.-Iran peace deal and former President Trump laying the groundwork for an extended blockade of Iranian ports. The price surge is driven by increasing concerns about the geopolitical situation in the Middle East, Daniel Takieddine, Co-Founder and CEO of Sky Links Capital Group, told Rigzone. The rally provides a direct and immediate boost to the wellhead economics for operators across the Bakken formation, where crude is typically priced at a discount to WTI. The geopolitical premium is already translating to pain at the pump, particularly on the West Coast. The statewide average for gasoline in California topped $6 a gallon on Thursday, the highest since October 2023 and a record for any U.S. state, according to OilPrice.com....

🌅Afternoon Wire·Apr 30

Global Markets

Global Roundup: China's Battery Advance, Repsol IPO Pause, CNOOC Profit Rises

A Chinese research team has made a major breakthrough in developing an "all iron" flow battery that could last for 16 years, according to a report from OilPrice.com. The innovation, which uses a new electrolyte, aims to provide a budget-friendly, high-endurance solution for long-term energy storage. This comes as the global lithium-ion battery market, dominated by China, reached USD 150 billion in 2025. For the Bakken, where associated gas flaring and renewable integration are ongoing challenges, advances in cost-effective, long-duration storage technology could influence future midstream and power infrastructure investments. In corporate news, Spanish energy major Repsol is holding off on plans to list its upstream business in the United States, despite earlier indications of a 2026 move. Chief Executive Josu Jon Imaz stated the company sees "no urgency" for an IPO or reverse merger in the near term, preferring to wait for further improvement in upstream fundamentals, OilPrice.com reported....

🌅Afternoon Wire·Apr 30

Operator News

EU Expands State Aid, Trump Sets Hormuz Condition in Global Energy Moves

The European Union has adopted a temporary framework allowing broader state aid to protect key industries from energy market volatility, according to Rigzone. The "Middle East Crisis Temporary State Aid Framework" permits various forms of government assistance for agriculture, fishery, and transport companies until the end of the year. For Bakken operators, such international policy moves can influence global energy demand and trade flows, potentially affecting the competitive landscape for U.S. crude exports. In a separate geopolitical development, former U.S. President Donald Trump insisted a nuclear deal must be reached before lifting a blockade of the Strait of Hormuz, Rigzone reported. Trump stated, "The blockade is somewhat more effective than the bombing." The Strait of Hormuz is a critical chokepoint for global oil shipments, and prolonged disruptions there have historically led to increased volatility and higher prices for benchmark crudes, which can benefit Bakken producers by improving the economics for...

🌅Afternoon Wire·Apr 30

Pipeline & Infrastructure

U.S. Natural Gas Glut Pressures Bakken Producers

The United States is grappling with an oversupply of natural gas so significant that producers in some shale regions are having to pay buyers to take the product, according to a report from Rigzone. The situation, described as having "more natural gas than it can use," highlights a major market challenge that directly impacts associated gas production from oil-rich plays like the Bakken. While the Rigzone report did not specify the Bakken region, the formation is a major producer of associated natural gas, which is extracted alongside crude oil. A national gas glut typically translates to lower prices and increased pressure on pipeline takeaway capacity, which can force producers to flare gas or seek costly alternatives. For Bakken operators, a sustained oversupply environment can squeeze margins, particularly for wells with higher gas-to-oil ratios. It may also influence drilling decisions and heighten the importance of gas capture infrastructure and access to...

🌅Afternoon Wire·Apr 30