Friday, May 1, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 1:35

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 1:34

Oil Prices

WTI Retreats from Weekly Highs as Bakken Differential Narrows

Front-month WTI crude oil traded at $104.22 on Friday morning, down $0.81 for the session, according to live price data. The retreat follows a significant rally earlier in the week driven by supply fears. The international benchmark Brent crude rose slightly to $110.91. Bakken crude traded at a differential of $-3.42 per barrel versus WTI. The week saw a dramatic surge, with June WTI futures trading as high as $105.88 on Thursday, up $11.48 or 12.16% from the prior week's low, according to OilPrice.com. The primary catalyst was escalating geopolitical risk centered on Iran and the Strait of Hormuz, a critical global oil transit route. Traders reacted to failed peace talks and the potential for prolonged supply disruptions. Adding to market tightness, the United Arab Emirates (UAE) announced its decision to leave the OPEC+ alliance, a move reported as a new supply shock by OilPrice.com. Meanwhile, OPEC+ delegates signaled that...

☀️Morning Wire·May 1

Rig Report

Bakken Rig Count Holds at 23 for Third Consecutive Week

The number of active drilling rigs in North Dakota remained unchanged at 23 on Friday, according to live data from Bakken Wire. The count showed no day-over-day movement, with no new rigs added, removed, or relocated since yesterday. This stability extends across recent weeks. The rig count has held at 23 for the past seven days and has been at the same level for the entire month of April, data shows. The current activity level comes as North Dakota reflects on major milestones in its energy history. According to a report from the Institute for Energy Research, this year marks the 75th anniversary of the state’s first major oil discovery at the Clarence Iverson 1 well near Tioga on April 4, 1951. That well produced more than 585,000 barrels over its lifetime and launched the modern oil industry. The report also highlights the 20th anniversary of the modern economic benefits...

☀️Morning Wire·May 1

Daily Activity

Five New Permits Approved in McKenzie and Williams Counties

The North Dakota Department of Mineral Resources approved five new drilling permits in filings from Thursday, April 30, with activity concentrated in McKenzie County. According to the DMR Daily Activity Report, operators Devon Energy, Whiting Oil and Gas, and Enerplus Resources were granted the new authorizations. Devon Energy Williston, L.L.C. received two permits for the Albert South 34-33-32 1H and 2H wells, both located in the Foreman Butte field of McKenzie County. Whiting Oil and Gas Corporation also secured two permits for the Roosevelt Federal 5003 project in the same county and field, for wells 13-24 2BX and 6BX. The fifth permit was issued to Enerplus Resources USA Corporation for the Opsal 5799 42-11 5B well in the Lone Tree Lake field of Williams County. The report also listed confidential status updates for several existing wells. Four Hess Bakken Investments II, LLC wells in Williams County—GO-BARB-157-97-3523H-5, GO-BARB-LE-157-97-3523H-1, GO-LEMIRE-157-97-3613H-1, and GO-LEMIRE-157-97-3613H-2—were...

☀️Morning Wire·May 1

Pipeline & Infrastructure

Dakota Access Pipeline Marks 75 Years of North Dakota 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 nation's third-largest producer. According to a report sourced from Bing News, the discovery well near Tioga on April 4, 1951, launched an economic engine that now supports about 63,000 jobs and generates nearly $50 billion annually for the state. The Dakota Access Pipeline (DAPL) is a central artery for this output, carrying roughly 700,000 barrels per day, or about half of North Dakota's production. The pipeline transports Bakken crude to refineries in Illinois and along the Louisiana Gulf Coast. Ron Ness, president of the North Dakota Petroleum Council, emphasized the pipeline's critical role. "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...

☀️Morning Wire·May 1

Regulatory

European Commission Launches Hydrogen Project Matchmaking

The European Commission has completed its inaugural hydrogen matchmaking round, according to a report from Rigzone. The initiative is designed to connect suppliers of hydrogen with potential buyers in the European market. For Bakken operators, the development underscores a growing international focus on hydrogen as a potential energy carrier and feedstock. While the Bakken region is primarily an oil and gas play, the broader energy transition is creating markets for various lower-carbon molecules. The matchmaking round featured vendor offers representing 265 projects, Rigzone reported. These projects span green hydrogen, lower-carbon hydrogen, and hydrogen derivatives. Green hydrogen is produced using renewable electricity, while lower-carbon hydrogen can include production pathways using natural gas with carbon capture. North Dakota's energy industry has existing infrastructure and expertise in hydrocarbon processing that could be relevant for certain hydrogen production methods, such as blue hydrogen derived from natural gas. The state also has significant wind energy...

☀️Morning Wire·May 1

Global Markets

Ukraine Drone Strikes Target Russian Oil Infrastructure

Ukrainian drone strikes hit a major Russian refinery deep inside the country and attacked a nearby oil pumping station on May 1, according to Rigzone. The attacks further cripple Moscow's crude processing capability, adding to a series of disruptions that have tightened global fuel supplies. The ongoing conflict introduces volatility into global oil markets, which directly influences the price environment for Bakken crude. North Dakota producers are heavily exposed to these price swings, as the region's light sweet oil is benchmarked against global prices. Any sustained reduction in Russian refined product exports could support higher crack spreads, potentially benefiting integrated companies with refining capacity. Separately, analysts are questioning the future of OPEC, Rigzone reported on April 30. The news service spoke with experts from the Heritage Foundation, Wood Mackenzie, and Standard Chartered about whether this could be the beginning of the end for the cartel. While the source did not...

☀️Morning Wire·May 1

Global Markets

War Powers Clock Ticks on Iran, Hormuz Standoff Threatens $140 Oil

A critical 60-day legal deadline under the War Powers Resolution arrives today, pressuring the Trump administration to either seek congressional authorization for hostilities against Iran or begin a withdrawal, according to OilPrice.com. The administration argues a ceasefire has "paused the clock," but faces pressure to file a required 30-day withdrawal notice. Concurrently, Iran warns that the ongoing U.S. blockade outside the Strait of Hormuz could send oil prices to $140 per barrel. The geopolitical standoff is already impacting markets. The blockade has pushed Brent crude prices above $110 this week, OilPrice.com reported, with the market weighing physical supply losses and fears of escalation. Reports indicate U.S. Central Command (CENTCOM) is preparing to brief President Trump on a plan involving a "short and powerful" round of strikes on Iran to break the negotiating deadlock—a move analysts suggest could send Brent above $126 immediately. Iranian leadership remains defiant. Parliament Speaker Mohammad Bagher...

☀️Morning Wire·May 1

Operator News

Oil Volatility, Inventory Draw, and CNOOC Earnings Highlight Market Forces

Oil prices settled lower on Thursday after a recent surge, with Brent crude retreating from a four-year high, according to Rigzone. The report attributed the volatility to algorithmic trading and thin market volumes. In a separate report, the U.S. Energy Information Administration (EIA) showed a significant weekly drawdown in domestic crude inventories. Stocks, excluding the Strategic Petroleum Reserve, fell by more than 6 million barrels for the week ending April 24, standing at 459.5 million barrels, Rigzone reported. Meanwhile, Chinese state-backed energy giant CNOOC Ltd. reported a 7.1 percent year-over-year increase in first-quarter net income, which totaled approximately $5.72 billion. The company attributed the higher profit to increased realized oil prices and higher oil and gas sales, Rigzone noted. For Bakken operators, the market signals are mixed. The sharp draw in U.S. commercial inventories is a fundamentally supportive indicator for domestic crude prices, which can improve cash flow for producers...

☀️Morning Wire·May 1

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 1:44

Oil Prices

Oil Prices Tumble Over 3% as SPR Release, OPEC Move Roil Markets

Front-month WTI crude oil futures fell sharply in midday trading Friday, dropping $4.15 to settle at $100.92 per barrel, a decline of 3.95%. The global Brent benchmark also fell, down $2.88 to $107.52 per barrel, according to live price data. The price drop significantly widened the discount for Bakken crude at the wellhead, which traded at $3.42 below WTI. The sell-off was driven by two major supply-side developments reported Friday. The U.S. Department of Energy announced it is continuing the "swift execution" of a 172-million-barrel exchange from the Strategic Petroleum Reserve, a move it described as a "historic Request for Proposal execution to secure global oil supply stability," according to Rigzone. The increased government supply is adding barrels to the market. Simultaneously, markets reacted to the United Arab Emirates' decision to withdraw from OPEC. U.S. President Donald Trump gave his opinion on the move, Rigzone reported, though the specific content...

🔆Midday Wire·May 1

Operator News

Exxon, Chevron Report Strong Q1 Earnings

Exxon Mobil Corp. and Chevron Corp. reported first-quarter earnings that surpassed analyst expectations, according to a report from Rigzone. The stronger-than-expected results were published on Friday, May 1, 2026. While the specific figures were not detailed in the summary, outperforming profit estimates typically reflects resilient operational performance and favorable commodity price environments. Both Exxon and Chevron are significant players in the global oil and gas sector, with operations extending into key U.S. basins. For Bakken formation operators and the broader North Dakota industry, the financial health of these industry giants is a positive indicator. Strong earnings at the integrated level often correlate with sustained capital budgets for upstream activities, including development drilling and production maintenance. Exxon, through its subsidiary XTO Energy, and Chevron both hold positions in the Williston Basin. The positive earnings report suggests that major operators are navigating the current market effectively. This financial stability can support continued...

🔆Midday Wire·May 1

Pipeline & Infrastructure

ND Industrial Commission Commits $500M to Gas Pipeline as Oil Marks 75 Years

The North Dakota Industrial Commission is committing up to $500 million toward a new natural gas pipeline project, according to a state news report published April 29. This major state investment in infrastructure comes as North Dakota marks the 75th anniversary of its modern oil industry, which remains heavily dependent on pipeline capacity to move its prolific output. Crews first struck oil near Tioga on April 4, 1951. Today, North Dakota produces more than 1 million barrels per day, ranking as the country's third-largest oil producer, according to Bing News. The industry supports about 63,000 jobs and generates nearly $50 billion annually, contributing over $4 billion in taxes and royalties that fund state infrastructure, schools, and property tax relief. Pipelines move much of that volume. The Dakota Access Pipeline (DAPL) carries about half of North Dakota’s daily output, roughly 700,000 barrels per day, to refineries in the Midwest and Gulf...

🔆Midday Wire·May 1

Global Markets

Global Supply Shocks, Inventory Role Highlight Market Pressures

Ukrainian drone strikes targeted a major Russian oil refinery and a nearby pumping station on Friday, further crippling Moscow's crude processing capability, according to a report from Rigzone. The attack deep inside Russia represents the latest supply-side disruption in a global market already shaped by conflict. Separately, analysts at J.P. Morgan noted that, in the current war-driven oil shock, inventories have become the market's primary balancing mechanism, Rigzone reported. This analysis highlights how global stockpiles are acting as a shock absorber for the global oil system amid persistent volatility. For Bakken operators, these developments underscore the tightrope walk between geopolitical risk and fundamental market mechanics. Attacks on Russian refining capacity can create immediate bullish sentiment by threatening global product supplies, potentially supporting the price of Bakken crude, which competes on the global market. Conversely, the emphasized role of inventories as a buffer indicates that price spikes may be tempered if...

🔆Midday Wire·May 1

Global Markets

Oil Rally Stalls on Iran Talks; Standing Rock Reflects on Decade Since DAPL

Oil prices are set to close the week below $110 per barrel after extreme volatility, according to OilPrice.com. The market stall follows a proposal from Iran for negotiations, which triggered profit-taking after Brent crude's June contract hit $126 per barrel on Thursday. Uncertainty persists as traders weigh the potential for renewed conflict, with the Trump administration's 60-day war powers clock a key focus. The global backdrop includes several supply-side developments. OPEC+, led by Saudi Arabia and Russia, is expected to add 188,000 barrels per day to its production targets for June 2026, brushing off the departure of the United Arab Emirates. Meanwhile, the U.S. is doubling down on Strategic Petroleum Reserve releases, offering to loan 92.5 million barrels of crude across June, July, and August, equivalent to over 1 million barrels per day of extra supply in the third quarter. For North Dakota, these price movements and supply decisions directly...

🔆Midday Wire·May 1

Operator News

Kimmeridge-Mubadala JV, OKEA Earnings, ENEOS LNG Deal Highlight Friday News

Caturus, the joint venture between Kimmeridge Energy Management and Mubadala Investment Co., has completed its acquisition of the Galvan Ranch asset in Texas from SM Energy for $950 million, according to Rigzone. The deal raises the JV's production to over 1 billion cubic feet per day. Separately, Norwegian oil and gas producer OKEA returned to profitability in the first quarter, Rigzone reported. The company posted a net income of $36 million for Q1, rebounding from losses in the prior quarter. The year-on-year increase was attributed to higher sales volumes and realized oil prices. Despite the positive earnings, the company's dividends remain on hold. In international LNG developments, Japan's ENEOS has agreed to re-enter a Malaysian liquefied natural gas project. Rigzone reported that Malaysia's national oil and gas company signed a deal to give ENEOS a 10 percent ownership stake in the Malaysia LNG Tiga project. For Bakken operators, these developments...

🔆Midday Wire·May 1

Pipeline & Infrastructure

Bakken Pipeline Activity Roundup: April 2026

Oil prices retreated from recent highs at the end of April, introducing a note of caution for Bakken producers planning capital expenditures. According to Rigzone, Brent crude settled lower on April 30 after a surge, pulling back from a four-year high. The report attributed the volatility to algorithmic trading and thin market volumes. This price movement underscores the importance of cost-effective midstream infrastructure for Bakken operators. While specific new pipeline projects were not announced in the provided sources, the general market context remains critical. Efficient transportation networks are key to maintaining profitability margins when commodity prices experience swings. For the Bakken formation, a mature shale play, pipeline capacity determines the netback price producers receive. Expansions and optimization of existing systems directly impact the bottom line for companies operating across the Williston Basin. Stable takeaway capacity helps mitigate the effects of short-term price volatility seen in global markets. The focus for...

🔆Midday Wire·May 1

Production Data

Bakken Well Economics Tested as Oil Prices Retreat

New drilling in North Dakota's Bakken formation remains economically viable at current oil prices, though a midday price drop is squeezing operator margins. West Texas Intermediate crude traded at $100.92 per barrel on Friday, down $4.15 on the day, according to live market data. A standard Bakken well costs between $7 million and $8 million to drill and complete. With estimated ultimate recoveries (EURs) for modern wells often ranging from 500,000 to 750,000 barrels of oil equivalent, current pricing sustains positive returns for operators. At a steady price of $100 per barrel, a well recovering 600,000 barrels would generate approximately $60 million in gross revenue over its life. After accounting for operating expenses, taxes, and royalties, the net present value and internal rate of return for such a project typically support continued development. The active rig count of 23 reflects a measured pace of activity. This level suggests operators are...

🔆Midday Wire·May 1

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Amid SPR Release, UAE OPEC Exit; Bakken Differential Widens

Oil prices fell sharply on Friday, with West Texas Intermediate crude dropping 2.58 percent to settle at $102.36 per barrel. Brent crude declined 1.41 percent to $108.84. The price drop coincides with a major new U.S. Strategic Petroleum Reserve release and market reactions to the United Arab Emirates' exit from OPEC. The U.S. Department of Energy announced on Thursday a new emergency exchange of up to 92.5 million barrels of crude oil from the SPR, according to a statement from the agency reported by Rigzone. This action is part of President Donald Trump's coordinated 172 million barrel release and a broader 400 million barrel action by International Energy Agency nations. The crude will come from the Bayou Choctaw, Bryan Mound, Big Hill, and West Hackberry SPR sites, with bids due by May 4. The DOE stated this exchange, like prior ones, requires companies to return the borrowed oil with a...

🌅Afternoon Wire·May 1

Rig Report

North Dakota Rig Count Holds at 23 for Third Consecutive Week

North Dakota's active drilling rig count held steady at 23 on Friday, marking no net change from the previous day, according to live data from Bakken Wire. The count has now remained unchanged for one week and one full month. One rig was reported to have moved locations. The NABORS X28 rig, operated by Zavanna Energy Operating, LLC, relocated to a site in Williams County, specifically location 155-100-22. No new rigs were added, and none were removed from active service. The sustained rig activity level occurs as the state recently reflected on major energy anniversaries. According to a report from the Institute for Energy Research, April 2026 marks the 75th anniversary of North Dakota's first major oil discovery at the Clarence Iverson 1 well near Tioga on April 4, 1951. That well produced over 585,000 barrels in its lifetime and launched the state's modern oil industry. The report also highlighted...

🌅Afternoon Wire·May 1

Operator News

Exxon, Chevron Beat Q1 Estimates Despite War Outages

Exxon Mobil Corp. and Chevron Corp., two of the largest operators in the Bakken, reported stronger-than-expected first-quarter earnings, driven by surging oil and natural gas prices that outweighed production outages from the Iran war. The results highlight how global price volatility can bolster balance sheets for major Bakken players even amid supply disruptions. Exxon's earnings were boosted by $1.7 billion from higher energy prices, more than offsetting a $400 million blow from war-related production outages, the company said Friday. Approximately 15% of Exxon’s worldwide output remains offline, according to Chief Financial Officer Neil Hansen. The company's profit excluding one-time items was $4.9 billion, or $1.16 per share, beating analyst estimates by 20 cents. However, Exxon's shares dropped 0.8% in morning trading. Chevron, while less exposed to Middle East disruptions, saw production dip roughly 5% sequentially. Its adjusted per-share profit reached $1.41, beating expectations by 51 cents, according to Rigzone. The...

🌅Afternoon Wire·May 1

Pipeline & Infrastructure

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

North Dakota marks 75 years since the discovery of its modern oil industry this month, with pipelines remaining central to moving its now-million-barrel-a-day output, according to a report from Bing News. Crews first struck oil near Tioga on April 4, 1951. Today, the state is the nation's third-largest oil producer, supporting about 63,000 jobs and 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. The Dakota Access Pipeline is a critical artery for this production, carrying roughly half of the state's daily output, or about 700,000 barrels per day, to refineries in Illinois and along the Gulf Coast. The pipeline's history has been politically contentious, facing a work halt in 2016 under the Obama administration before moving forward in 2017 under President Donald Trump and remaining operational during subsequent reviews....

🌅Afternoon Wire·May 1

Regulatory

North Dakota Commission Commits $500 Million to Gas Pipeline

The North Dakota Industrial Commission announced a major financial commitment to natural gas infrastructure on April 29, according to Bing News. The Commission will commit up to $500 million to support a natural gas pipeline project. This significant state-level investment targets a persistent challenge for Bakken operators: natural gas capture. The Bakken formation is North Dakota's primary oil-producing region, and associated natural gas production has historically faced infrastructure constraints. Stranded gas or flaring can impact operator economics and regulatory compliance. The $500 million commitment signals a proactive approach by state regulators to improve the basin's overall value chain. Enhanced pipeline infrastructure is expected to increase gas takeaway capacity, providing a more reliable market for byproduct gas. For operators, this can translate into improved revenue streams from gas sales and strengthened compliance with the state's gas capture goals. The funding initiative aligns with long-term state objectives to maximize resource value and...

🌅Afternoon Wire·May 1

Global Markets

Global Oil Inventories Cushion Shock as Attacks Hit Russian Refining

Global crude and product inventories are serving as the primary shock absorber for an oil market roiled by conflict, a dynamic that directly influences the price environment for Bakken producers, according to a new analysis from J.P. Morgan. The report, detailed by Rigzone on Friday, states that with spare production capacity difficult to mobilize, the immediate adjustment to supply losses "has to come from barrels already in storage." Analysts led by Natasha Kaneva noted the world began 2026 with an estimated 8.4 billion barrels in global storage, a relatively healthy position built from rebuilding stocks in 2024 and 2025. Of that total, about 5.2 billion barrels are crude oil, with 3.2 billion barrels being refined products. However, the report warns that not every barrel is readily accessible. J.P. Morgan estimates only 800 million barrels are realistically available without pushing the system into operational stress, with roughly 280 million barrels already...

🌅Afternoon Wire·May 1

Global Markets

Standing Rock Legacy, Major Gas Deal, and OKEA Earnings Mark May 1

Ten years after the historic Standing Rock movement began, the Dakota Access Pipeline (DAPL) continues to transport between half a million and 750,000 gallons of crude oil per day with plans to increase that volume, according to a report from ICT. The pipeline, which crosses the Missouri River less than a mile from the Standing Rock Sioux Reservation, was the subject of nearly a year of organized resistance starting in 2016. Janet Alkire, former chairwoman of the Standing Rock Sioux Tribe (2021-2025), called the movement an "awakening" not seen since the Civil Rights era. Doug Crow Ghost, the tribe's water resources director, stated the tribe plans to continue challenging Energy Transfer and the Army Corps for information on the pipeline's condition and any leaks. The report, published May 1, 2026, notes the fight persists in courtrooms and through cultural memory. In a major U.S. gas deal, Caturus HoldCo LLC—a joint...

🌅Afternoon Wire·May 1

Operator News

Global LNG Deal, Oil Price Volatility Highlight Geopolitical Market Risks

Global oil prices experienced extreme volatility this week, with Brent crude surging to a four-year high near $126 a barrel before settling lower around $114, according to Rigzone. The price action, driven by thin trading volumes and algorithmic activity, underscores the ongoing market instability fueled by the U.S.-Iran conflict and the closure of the vital Strait of Hormuz. The protracted war, which began with U.S. and Israeli airstrikes on February 28, has severely disrupted global energy flows. Iran responded to the attacks by effectively closing the Strait of Hormuz to international shipping, a move that has rattled markets and led to tangible supply tightness. In response, U.S. crude exports surged to a record above 6 million barrels per day last week as global buyers sought to replace lost Middle Eastern supply. This environment presents both opportunity and risk for Bakken producers. The supply disruption has created a premium for non-OPEC...

🌅Afternoon Wire·May 1