Monday, May 4, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 1:58

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 1:55

Oil Prices

Oil Prices Surge on Iran Threats, OPEC+ Output Boost

Oil prices rose sharply Monday morning as Iran threatened to attack U.S. forces escorting commercial vessels through the Strait of Hormuz, according to live market data. West Texas Intermediate (WTI) crude was trading at $104.73 per barrel, up $2.79 (2.74%). Brent crude traded at $111.80, up $3.63 (3.36%). The Bakken differential was $-3.42 per barrel versus WTI. The price surge followed a direct warning from Iran's military, according to a report from OilPrice.com. Iran's Armed Forces stated Monday that any U.S. forces approaching the Strait of Hormuz would be attacked. This came after U.S. President Donald Trump launched "Project Freedom," a military operation to escort stranded vessels through the critical chokepoint. Oil prices had initially dropped on the announcement of the operation but reversed sharply higher after Iran's threat, OilPrice.com reported. The escalating Middle East tensions are countering bearish pressure from a coordinated output increase by major producers. A statement...

☀️Morning Wire·May 4

Rig Report

Bakken Rig Count Stalls at 23, Stability Persists for a Month

The number of active drilling rigs in North Dakota's Bakken formation held steady at 23 on Monday, May 4, 2026, according to Bakken Wire's live rig data. The daily report showed no new rigs added, no rigs removed, and no rigs that moved location since Sunday. This current count represents a prolonged period of stability for Bakken drilling activity. The data shows the rig count was also 23 one week ago, on April 27, 2026, and one month ago, on April 4, 2026, indicating no net change over these periods. A rig count of 23 is considered moderate for the Bakken formation, North Dakota's primary oil-producing region. The count is significantly lower than the peak activity seen during previous boom cycles but reflects a sustained, baseline level of operational investment by oil and gas companies in the state. The consistent rig count suggests operators are maintaining a steady capital expenditure...

☀️Morning Wire·May 4

Daily Activity

DMR Daily Activity Report Shows No New Filings Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, May 3, 2026, contained no new filings, according to the agency's data. The daily report typically lists new drilling permits approved, well completions reported, spud notices (when drilling begins), and notices of wells being plugged. A day with no new activity filings is a normal occurrence, particularly on weekends and holidays when regulatory filings and field operations often slow. For Bakken operators and service companies, the report provides a daily snapshot of administrative and operational activity across the state's oil and gas fields. The absence of new filings indicates a pause in the submission of these official notifications to state regulators. The next report, expected Monday, will reflect any activity that occurred or was filed over the weekend.

☀️Morning Wire·May 4

Operator News

Exxon, Chevron Top Q1 Profit Estimates

Exxon Mobil Corp. and Chevron Corp. reported first-quarter earnings that exceeded analyst expectations, according to a report from Rigzone. The stronger-than-expected profits for the two integrated energy majors were published on May 1. While the specific financial figures were not detailed in the summary, beating profit estimates generally indicates healthy upstream margins and efficient operations. For the Bakken formation, where both companies hold significant acreage and production, this corporate financial strength is a positive signal. ExxonMobil, through its subsidiary XTO Energy, and Chevron are major players in the North Dakota oil field. Their financial performance is often viewed as a bellwether for the broader operating environment in key onshore basins like the Bakken. Strong earnings at the corporate level can support continued capital allocation to these regions, funding maintenance, drilling, and completion activities. The news follows a period of relative stability in oil markets, which has allowed operators to focus...

☀️Morning Wire·May 4

Global Markets

IEA: Methane Cuts Could Unlock Gas Volumes Double Hormuz Loss

Global methane abatement could unlock natural gas volumes double the supply currently trapped by the effective closure of the Strait of Hormuz, the International Energy Agency (IEA) said Monday. According to the IEA's Global Methane Tracker 2026 report, cutting methane from global oil and gas operations could deliver nearly 100 billion cubic meters (bcm) of gas annually, with another 100 bcm available by eliminating non-emergency flaring. The report frames this potential gain against a market in crisis. The near-closure of the Strait of Hormuz has removed almost 20% of global LNG supply, cutting off exports from Qatar and the UAE. Qatar's LNG capacity, severely damaged by Iranian missile attacks, will not return online for months, with full restoration potentially taking up to five years. The IEA stated the global gas market is now "very tight this year and next," a reversal from oversupply expectations just three months ago. For Bakken...

☀️Morning Wire·May 4

Global Markets

Global Strains, Steady Bakken: Hormuz Blockade Impacts LPG, ND Output Holds

North Dakota's oil and gas production held steady in February, according to the latest data from the state's Department of Mineral Resources. The state produced 1.129 million barrels of oil per day, a slight increase from 1.125 million barrels per day in January. Natural gas production also rose slightly to 3.392 billion cubic feet per day from 3.323 Bcf/d, Bing News reported. The vast majority of the state's output, 96.2%, continues to come from the Bakken and Three Forks formations. The active rig count in North Dakota was 26 as of April 21, up by one since March. Across the wider Williston Basin, 28 rigs were working. McKenzie County remains the top-producing county, accounting for 32% of the state's oil production alongside Williams, Dunn, Mountrail, and Divide counties. Well completion activity showed a recent dip, with 55 wells completed in March, compared to 60 in February and 63 in January....

☀️Morning Wire·May 4

Operator News

Global Energy Developments Highlight Market, Geopolitical Factors for Bakken

JERA, a major Japanese power generation company, posted higher annual profit, according to Rigzone. The profit increase excluding the time lag was attributed to fuel procurement price impacts and increased profits in overseas power generation and renewable energy business. Separately, the United States announced it would guide trapped ships through the Strait of Hormuz, a critical global oil chokepoint. Former President Donald Trump stated the movement is "merely meant to free up people, companies, and countries that have done absolutely nothing wrong - they are victims of circumstance," Rigzone reported. In Europe, the European Commission issued a new $704 million funding call for cross-border energy projects, launching the first call for a second list of Projects of Common Interest and Projects of Mutual Interest, Rigzone noted. For Bakken operators and royalty owners, these international developments underscore the interconnected nature of the oil market. JERA's increased profitability, driven partly by fuel...

☀️Morning Wire·May 4

Pipeline & Infrastructure

Oil Prices Dip Amid Uncertainty Over U.S.-Iran Talks

Oil prices moved lower late last week as uncertainty surrounding diplomatic negotiations between the U.S. and Iran tempered recent gains, according to a report from Rigzone. The market dip reflects trader caution as geopolitical risk premiums adjust. The price pressure followed comments from President Donald Trump, who expressed displeasure with the current state of talks with Iran but stopped short of threatening fresh military action, Rigzone reported. The remarks, made on May 1, introduced fresh doubt into the outlook for global crude supply. Any escalation with Iran, a major oil producer, typically supports prices, while diplomatic progress can weigh on markets by raising the prospect of increased exports. For Bakken producers, these global geopolitical shifts directly influence the price received for crude shipped to coastal refineries. The Williston Basin's light sweet crude is priced against global benchmarks like Brent and West Texas Intermediate (WTI), which are sensitive to Middle East...

☀️Morning Wire·May 4

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Oil Prices

Oil Prices Surge as OPEC+ Announces Limited June Output Hike

Oil prices rallied sharply in midday trading Monday, with both major benchmarks posting significant gains. West Texas Intermediate (WTI) crude rose $3.43 to $105.37 per barrel, a 3.36% increase. Brent crude climbed $5.73 to $113.90, a jump of 5.3%. Natural gas also gained, rising $0.08 to $2.86 per MMBtu. The discount for Bakken crude at the wellhead narrowed slightly, trading at $3.42 below WTI. The price surge follows a weekend announcement from a core group of OPEC+ nations to incrementally increase production. According to a statement posted on OPEC’s website, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided in a May 3 virtual meeting to boost output by 188,000 barrels per day in June. The increase is a partial rollback of earlier voluntary cuts. The largest contributions come from Saudi Arabia and Russia, each adding 62,000 barrels per day. The decision comes against a backdrop of robust global...

🔆Midday Wire·May 4

Global Markets

Qatar Extends LNG Force Majeure, Tightening Global Gas Supply

QatarEnergy has extended a force majeure on its liquefied natural gas (LNG) supplies through mid-June, according to a report from Rigzone. The declaration, issued to customers, is linked to the near-total closure of the Strait of Hormuz to tanker traffic. The force majeure, a legal clause used when extraordinary events prevent companies from fulfilling contracts, has been in place periodically since the start of the Iran war in late February. The ongoing disruption has choked off almost one-fifth of global LNG supplies, including volumes from Qatar and the United Arab Emirates. Qatar's Ras Laffan LNG facility was previously damaged by Iranian missile strikes in March. This sustained supply shock has led to surging global gas prices in key markets like Europe and Asia. For Bakken operators, the protracted tightness in international gas markets maintains a supportive price environment for natural gas, a significant byproduct of the region's oil-directed drilling. While...

🔆Midday Wire·May 4

Global Markets

North American Rig Count Falls; ND Tech Eyes Geothermal Future

North America's active rig count fell by four to 670 in the week ending May 1, according to the latest Baker Hughes data reported by Rigzone. The decline was driven by Canada, which lost seven rigs, while the U.S. overall added three. The total U.S. count stands at 547 rigs. The U.S. land rig count, which includes major shale plays, decreased by six week-on-week. Among states, Texas added four rigs and Louisiana added two, while New Mexico dropped three and Wyoming dropped one. The Permian Basin dropped one rig. The data showed no specific change for North Dakota's Bakken formation this week. Separately, North Dakota's oil and gas expertise is being studied as a potential key to developing geothermal energy in the state. According to a report from the Energy and Environmental Research Center (EERC) presented last week, fracking technology could be used to create permeable pathways in tight rock...

🔆Midday Wire·May 4

Operator News

Global Energy Roundup: Total's Solar Move, JERA Profit, Hormuz Tensions

French energy major TotalEnergies SE, a significant player in global energy markets, has broken ground on a major 440-megawatt solar farm in the Philippines, according to Rigzone. The company, alongside local partner Nextnorth Holdings Corp, launched construction on the $300 million project in Ilagan City, aiming to start generation in 2027. TotalEnergies stated the plant will produce 13.5 terawatt-hours over 20 years, with over half its output sold under long-term agreements to retail suppliers AdventEnergy and PrimeRES. The project, financed by ING Bank NV, Sumitomo Mitsui Banking Corp and Standard Chartered PLC, is slated to be included in a pending $2.2 billion joint venture between TotalEnergies and Abu Dhabi's Masdar. Separately, Japanese utility JERA Co Inc reported a higher annual profit for its 2025 financial year, Rigzone reported. The company posted a profit of JPY 193.5 billion ($1.23 billion), a 5.2 percent year-on-year increase. JERA cited increased profits in overseas...

🔆Midday Wire·May 4

Pipeline & Infrastructure

Hormuz Closure Risk, EU Grid Shift Frame Global Pipeline Outlook

The U.S. Navy moved Monday to challenge Iran's control of the Strait of Hormuz, according to OilPrice.com. U.S. Central Command sent guided-missile destroyers into the Arabian Gulf and announced 'Project Freedom,' an operation aimed at guiding stranded commercial vessels. Two U.S.-flagged merchant ships successfully transited the strait, the first American commercial vessels to do so since Iran effectively shut down the waterway when the war began on Feb. 28. Oil markets reacted sharply, with prices jumping roughly 5% on initial reports before giving back half those gains after a U.S. denial of an Iranian claim that its navy had fired on a warship. The dual blockade situation has been building: Iran controls the strait, blocking all shipping except its own, while the U.S. has been blockading Iranian ports since April 13. Traffic through Hormuz, a critical lane for global oil shipments, has been near zero for weeks. The humanitarian and...

🔆Midday Wire·May 4

Regulatory

ND February Production Steady; Equinor Bets $1.8B on Drilling

North Dakota's oil and gas production held steady in February, according to the latest monthly report from the state's Department of Mineral Resources. The data, released in early May, shows the state produced 1.129 million barrels of oil per day, a slight increase from January's 1.125 million barrels per day. Natural gas output also rose modestly to 3.392 billion cubic feet per day from 3.323 Bcf/d. The report, cited by the Minot Daily News, indicates the vast majority of production—96.2%—continues to come from the Bakken and Three Forks formations. The state's rig count was 26 as of April 21, up by one from March. McKenzie County remains the top-producing county, accounting for 32% of the state's output. Operational metrics showed a mixed picture. The number of producing wells reached a new high, increasing by 171 month-over-month to a record 19,625 wells, surpassing the previous peak from October 2025. However, the...

🔆Midday Wire·May 4

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Surge Past $105

North Dakota's active drilling rig count held steady at 23 on Monday, May 4, 2026, as benchmark oil prices surged, providing a supportive backdrop for Bakken operators. West Texas Intermediate (WTI) crude traded at $105.37 per barrel, up $3.43 or 3.36% on the day, while the global Brent benchmark rose 5.3% to $113.90. The Bakken price differential—the discount at which Bakken crude trades relative to WTI at the Clearbrook, Minnesota, hub—was relatively narrow at -$3.42 per barrel. This strong price realizations for local crude, combined with the high absolute price, typically incentivizes increased capital spending and drilling activity. Natural gas prices were reported at $2.86 per MMBtu. Historically, the rig count is a leading indicator of future oil production in North Dakota, with a lag of several months between deploying a new rig and bringing new wells to first production. The current count of 23 rigs represents a base level...

🔆Midday Wire·May 4

Workforce & Community

Bakken Rig Count Holds at 23 Amid Surging Global Oil Prices

The active drilling rig count in North Dakota held steady at 23 on Monday, as global crude oil prices surged, providing a strong revenue backdrop for operators in the Bakken formation. West Texas Intermediate (WTI) crude traded at $105.37 per barrel, up $3.43, while the international Brent benchmark rose $5.73 to $113.90, according to live Bakken Wire data. The current rig level, which has remained in a narrow range for months, reflects a new equilibrium for the nation's third-largest oil-producing state. This stability in drilling activity suggests a consolidated and highly efficient workforce, a shift from the boom-time volatility that once characterized the region. With fewer rigs running, direct employment in drilling and well servicing operations remains below historical peaks, but is likely steady. The high price environment, with Bakken crude priced at a $3.42 per barrel discount to WTI, continues to generate significant cash flow for producers. This financial...

🔆Midday Wire·May 4

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge on OPEC+ Supply Move and Strong Demand Outlook

Oil prices posted strong gains Monday, with West Texas Intermediate (WTI) crude settling at $104.88, a rise of $2.94 or 2.88%. Brent crude climbed more sharply, gaining $5.53 to $113.70 per barrel. Bakken crude traded at a differential of $-3.42 versus WTI. Natural gas prices also edged higher, adding $0.07 to $2.85. The price rally follows a weekend announcement from a subset of OPEC+ members. According to Rigzone, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman decided in a virtual meeting May 3 to boost collective production by 188,000 barrels per day in June. The increase comprises specific contributions from each nation, with Saudi Arabia and Russia each adding 62,000 barrels per day. The group stated the adjustment could be reversed "subject to evolving market conditions" and reaffirmed a "cautious approach" to supporting stability. This supply decision comes against a backdrop of sustained global demand growth. OPEC's latest Annual...

🌅Afternoon Wire·May 4

Rig Report

Bakken Rig Count Stable at 23 After Daily Swap

North Dakota's Bakken region maintained its active drilling rig count at 23 on Monday, May 4, 2026, following a day where one rig was added and one was removed. According to Bakken Wire's live rig data, WGO Resources, LLC activated the STONEHAM 16 rig at location 140-104-34 in Golden Valley County. Meanwhile, XTO Energy Inc. removed the H & P 640 rig from location 154-96-3 in Williams County. No rigs were reported to have moved location during the period. This stability extends the pattern observed over recent weeks. The Bakken rig count was also 23 one week ago on April 27, 2026, and one month ago on April 4, 2026, indicating a prolonged period of unchanged activity in the state's primary oil-producing region. The local steadiness contrasts with a slight decline in the broader North American drilling landscape. According to a report from Rigzone citing Baker Hughes data published May...

🌅Afternoon Wire·May 4

Global Markets

Qatar LNG Force Majeure Extension Tightens Global Gas Supply

QatarEnergy has extended a force majeure declaration on its liquefied natural gas (LNG) supplies through mid-June, according to a report from Rigzone. The extension is a direct result of the Strait of Hormuz remaining almost entirely closed to tanker traffic. The force majeure, a clause used when extraordinary events prevent companies from fulfilling contracts, has been in effect since the start of the Iran conflict in late February. Customers of the state producer have been notified of the latest extension, Rigzone reported, citing people familiar with the matter. The ongoing disruption stems from the war, which included Iranian missile strikes damaging Qatar's Ras Laffan facility in March. The continued stranglehold on this critical shipping chokepoint has choked off nearly one-fifth of global LNG supplies, including volumes from Qatar and the United Arab Emirates. This sustained shortage has driven a significant surge in natural gas prices in key import markets like...

🌅Afternoon Wire·May 4

Global Markets

EERC: Fracking Tech Could Unlock ND Geothermal, Oxy CEO Transition

Researchers at North Dakota's Energy and Environmental Research Center (EERC) believe hydraulic fracturing technology could be crucial for developing geothermal energy in the state, according to a report presented last week. The feasibility of commercial power generation depends on whether new geothermal technologies can be cost-effective in North Dakota's underground rock formations. “There’s a lot more work to be done on feasibility for power generation potential,” said Tyler Hamman, assistant vice president for strategic partnerships with the EERC, during a presentation to the North Dakota Industrial Commission. He noted that the tightness of western North Dakota's rock formations poses a challenge for circulating water to absorb heat. The solution may lie with fracturing the rock to create necessary permeability, leveraging the oil and gas industry's existing technology and expertise. “It’s something that was previously cost-prohibitive, though with advancements in oil and gas technology, and obviously fracking, it’s brought that cost...

🌅Afternoon Wire·May 4

Operator News

Global Energy Shifts Impact Bakken Outlook as JERA Profits, Hormuz Tensions Persist

JERA Co Inc, a major Japanese integrated power and gas utility, reported a 5.2 percent year-on-year increase in profit to JPY 193.5 billion ($1.23 billion) for its 2025 financial year, according to Rigzone. The company cited lower fuel costs and increased profits in overseas power generation and renewable energy as key drivers, despite a decrease in its domestic fuel business profit. JERA ended the financial year with JPY 1.12 trillion in cash and cash equivalents. The company warned that the outlook for resource prices and fuel procurement remains uncertain due to the situation in the Middle East and other factors. JERA stated it has not yet determined an earnings forecast for FY2026, as reported by Rigzone. In the Middle East, President Donald Trump said the U.S. will begin guiding some neutral ships trapped in the Persian Gulf out through the Strait of Hormuz starting Monday, May 4, according to a...

🌅Afternoon Wire·May 4

Pipeline & Infrastructure

Global Oil Price Volatility Intensifies as Persian Gulf Conflict Escalates

Global oil prices surged on Monday following a major escalation of conflict in the Persian Gulf, renewing supply fears and market volatility that directly influence the price of Bakken crude. International benchmark Brent crude jumped more than 5% to trade near $114 a barrel, while WTI crude climbed near $105, according to OilPrice.com. The price spike followed Iranian drone strikes on the United Arab Emirates' Fujairah Oil Industrial Zone, which hospitalized three people and prompted missile alerts. The attack signified a potential collapse of a four-week ceasefire and expanded the conflict beyond the U.S., Israel, and Iran. The UAE blamed Iran for the strike, with former Israeli Prime Minister Naftali Bennett calling it "a declaration of the renewal of Iran’s war against the allies of the United States and Israel". Concurrently, U.S. Central Command reported American forces fought off Iranian drones, missiles, and small boats in the Strait of Hormuz....

🌅Afternoon Wire·May 4

Regulatory

February Output Holds Steady as Statewide Gas Capture Hits 95.8%

North Dakota's oil production held steady in February, averaging 1.129 million barrels per day, according to the state's Department of Mineral Resources. The figure represents a slight increase from the 1.125 million bbl/d produced in January. Natural gas output also rose marginally to 3.392 billion cubic feet per day from 3.323 Bcf/d. The Bakken and Three Forks formations accounted for 96.2% of the state's total oil production. McKenzie County remained the top-producing county with 32% of output, followed by Williams, Dunn, Mountrail, and Divide counties. Combined, these five counties contributed 96.2% of the state's oil. The state's rig count increased by one from March to 26 active rigs as of April 21. Across the broader Williston Basin, which includes Montana, 28 rigs were active. Well completions totaled 55 in March, down from 60 in February and 63 in January. The number of drilling permits issued was 60 in both March...

🌅Afternoon Wire·May 4

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Surge Above $100

North Dakota's active rig count remained at 23 on Monday, May 4, as global oil prices surged, providing a favorable price environment for Bakken Shale producers. The West Texas Intermediate (WTI) benchmark closed at $104.88, a gain of $2.94, while international Brent crude jumped to $113.70. The current rig level, a key indicator of future drilling activity, suggests operators are maintaining a measured pace of new well development. Historically, the rig count is a leading indicator for oil production, with changes typically reflected in output figures several months later due to the time required to drill, complete, and bring wells online. The strong price signal, with WTI sustaining a level above $100 per barrel, provides significant economic incentive for increased drilling. The Bakken crude differential was -$3.42 versus WTI, indicating Bakken oil is priced closely to the U.S. benchmark. Natural gas prices were recorded at $2.85. Industry analysts note that...

🌅Afternoon Wire·May 4