Friday, May 8, 2026

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☀️Morning Wire7:00 AM CST

Oil Prices

Brent Tops $100 as Physical Market Stress Outpaces Futures

Global benchmark Brent crude oil topped $100 per barrel in early trading Friday, May 8, while U.S. benchmark West Texas Intermediate held firm near $95. The move comes as analysts warn futures prices may not fully reflect tightening physical market conditions. Brent crude futures rose 0.51% to $100.57 per barrel. West Texas Intermediate (WTI) futures were up slightly, gaining $0.05 to trade at $94.86. The price for Bakken crude at the wellhead, calculated as a differential to WTI, stood at -$3.42 per barrel. Natural gas prices were flat at $2.77 per MMBtu. The strength in crude benchmarks follows a report from the U.S. Energy Information Administration showing a drawdown in commercial inventories. According to Rigzone, the EIA's weekly status report showed U.S. crude oil stocks, excluding the Strategic Petroleum Reserve, fell by more than 2 million barrels week-on-week. Stocks stood at 457.2 million barrels as of May 1. Analysts suggest...

☀️Morning Wire·May 8

Rig Report

Bakken Rig Count Holds at 23, Activity Flat Week-Over-Week

The number of rigs actively drilling for oil and gas in North Dakota's Bakken formation held steady at 23 on Friday, May 8, according to live rig data. There were no new rigs added, no rigs removed, and no rigs that moved location since the previous day's report. The current count shows no week-over-week change, matching the 23 rigs active on May 1. However, the broader trend indicates a slight contraction in drilling activity compared to last month. The rig count is down by one from the 24 rigs reported on April 8. A rig count in the low-to-mid 20s has been characteristic of the Bakken play in recent years, reflecting a disciplined capital spending approach by operators focused on generating free cash flow and returning capital to shareholders rather than pursuing aggressive production growth. The stability over the past week suggests operators are maintaining their current drilling programs without...

☀️Morning Wire·May 8

Daily Activity

Hess, EOG, XTO Secure New Drilling Permits in North Dakota

The North Dakota Department of Mineral Resources (DMR) approved five new drilling permits in its latest daily activity report. Hess Bakken Investments II, LLC was the most active operator, securing three permits for a new pad in Williams County. Hess received permits 42909, 42910, and 42911 for the GO-DANIEL- 156-98-0322H-1, H-2, and H-4 wells, all located in the Wheelock field of Williams County. The sequential permits indicate development of a multi-well pad. EOG Resources, Inc. secured permit 42912 for the BURKE 418-3421H well in the Parshall field of Mountrail County. XTO Energy Inc. received permit 42913 for the NAUTILUS FEDERAL 32X-19DXA-S well in Dunn County, listed under a 'CONFIDENTIAL' field designation. The permit approvals show continued activity in core Bakken counties, with Williams County seeing the most new permits. Mountrail and Dunn counties also remain active areas for development. In a separate administrative action, Devon Energy Williston, L.L.C. changed the...

☀️Morning Wire·May 8

Operator News

Vitesse Energy Extends Oil Hedges Through 2028 to Protect Dividend

Vitesse Energy, Inc. has extended its oil hedges through 2028 as a protective measure for its shareholder dividend, according to a summary of its Q1 2026 earnings call. The move is described as "opportunistic" and is aimed at shielding the company's returns from commodity price swings. According to the summary from Bing News, the company currently has 73% of its anticipated 2026 oil production hedged. This high level of hedging locks in future selling prices for a majority of next year's output, providing cash flow certainty. For Bakken operators, extended hedging strategies are a key tool for managing risk in a historically volatile oil market. By securing prices years in advance, companies like Vitesse can better plan capital expenditures, ensure operational funding, and support shareholder returns regardless of short-term price fluctuations. The decision to hedge through 2028 signals a long-term, disciplined approach to financial planning. The earnings call summary also...

☀️Morning Wire·May 8

Pipeline & Infrastructure

ND Supreme Court Halts Greenpeace's Dutch Lawsuit Against Dakota Access Developer

The North Dakota Supreme Court has intervened to halt an overseas lawsuit against the developer of the Dakota Access Pipeline (DAPL), a critical legal victory for Energy Transfer. In a 4-1 ruling issued Thursday, the high court instructed a district judge to stop the suit filed by Greenpeace International in the Netherlands, according to a report from the North Dakota Monitor. The court's majority found that the Dutch case threatened to undermine the verdict from a Morton County jury, which last spring sided with most of Energy Transfer's claims against the environmental group. Justice Jerod Tufte, writing for the majority, stated that Greenpeace International's aim in the Amsterdam court would require a finding that contradicts the North Dakota jury's decision on key issues. This legal battle is an extension of Energy Transfer's original lawsuit, where it accuses Greenpeace International and two affiliate organizations of conspiracy, defamation, and other crimes aimed...

☀️Morning Wire·May 8

Global Markets

North Dakota Supreme Court Blocks Greenpeace Dutch Case on Dakota Access

The North Dakota Supreme Court ruled Thursday that Greenpeace International cannot litigate in a Dutch court the same issues a state jury decided against it last year. In a 4-1 decision, the court reversed a lower judge and said Dallas-based Energy Transfer is entitled to an antisuit injunction to prevent Greenpeace from undermining the North Dakota verdict, according to Courthousenews.com. The ruling pertains to a defamation case where a North Dakota jury found Netherlands-based Greenpeace International liable for claims brought by Energy Transfer over protests in 2016 and 2017 against the Dakota Access Pipeline (DAPL). The jury awarded the pipeline company and its local subsidiary hundreds of millions of dollars in damages. The 1,200-mile pipeline, which started operating in 2017, transports up to 750,000 barrels of oil daily from North Dakota's shale fields to Illinois. Justice Jerod Tufte, writing for the majority, stated that Greenpeace's Dutch complaint seeks a declaration...

☀️Morning Wire·May 8

Operator News

Export Moratorium Bill, Major Gas Resource, EU Hydrogen Subsidies Highlight Energy News

A U.S. lawmaker has introduced a bill seeking a moratorium on American crude oil and refined product exports, according to Rigzone. The legislative proposal, aimed at keeping domestic supplies within the country during the ongoing war with Iran, is intended to hold down consumer fuel prices. For Bakken producers, who rely on access to global markets for their light sweet crude, such an export ban could significantly alter market dynamics and pricing benchmarks. Separately, the U.S. Geological Survey (USGS) has assessed more than 340 trillion cubic feet of recoverable natural gas resources in the Bossier Formation, Rigzone reported. USGS Director Ned Mamula stated, "We have assessed there are significant undiscovered resources in the Bossier Formation." While the Bossier is primarily a Gulf Coast play, this major resource assessment underscores the continued importance of domestic natural gas development, which can impact broader national energy strategies and market sentiment relevant to all...

☀️Morning Wire·May 8

Pipeline & Infrastructure

Global Tensions at Hormuz Drive Oil Market Volatility

Global oil markets faced renewed volatility on Thursday and into Friday as fresh military clashes between the U.S. and Iran near the Strait of Hormuz threatened a proposed diplomatic deal, according to Rigzone. The tension risks undermining talks over a U.S.-proposed agreement to end the war, the outlet reported on May 8. The strategic waterway, a chokepoint for roughly a fifth of the world's seaborne oil and a third of its liquefied natural gas, saw further disruption as Abu Dhabi National Oil Co. (Adnoc) employed tactics to keep some exports moving. Rigzone reported on May 7 that Adnoc managed to keep "a trickle" of LNG exports flowing by having tankers conceal their locations, a practice known as "going dark," to navigate through the strait. These geopolitical developments directly contributed to shaky energy markets. Rigzone reported on May 7 that "oil swings on Iran deal doubts," noting that energy markets remained...

☀️Morning Wire·May 8

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rally Amid Physical Market Stress; Bakken Differential Widens

Oil prices strengthened significantly on Friday, with Brent crude topping $101 per barrel and West Texas Intermediate (WTI) nearing $96, according to midday trading data. Brent rose 1.67% to $101.73, while WTI increased 1.14% to $95.89. The price for Bakken crude, a key grade for North Dakota producers, was trading at a discount of $3.42 below WTI. The rally coincides with a stark warning from analysts about underlying market stress. According to a BMI report from Fitch Solutions cited by Rigzone, Brent futures prices are understating severe tightness in the physical crude market. BMI analysts noted that the spread between Dated Brent (for immediate delivery) and front-month futures has widened substantially, reflecting emerging shortages in physical supply. "Dated Brent, representing physical barrels for prompt delivery, often trades at a premium to the front-month futures due to immediate demand, logistical constraints, or supply disruptions," the BMI analysts stated in the report....

🔆Midday Wire·May 8

Operator News

Devon-Coterra Merger Finalizes, Creating Major Shale Operator

Devon Energy Corporation and Coterra Energy Inc. have completed their $58 billion merger, according to a statement posted on Devon's website Thursday. The deal, approved by stockholders on May 4, creates a new "premier large-cap shale operator," according to the company. The combined entity will operate under the Devon Energy name and trade on the NYSE as 'DVN'. Devon shareholders will own approximately 54 percent of the company, while former Coterra shareholders will own approximately 46 percent. Each share of Coterra common stock was converted into 0.70 shares of Devon common stock, and Coterra stock will no longer be listed, the statement confirmed. Clay M. Gaspar will be President and CEO of the combined company. The statement outlined a new executive team, including Michael D. Deshazer as Executive Vice President, Exploration & Production – Anadarko, Eagle Ford, Marcellus & Rockies, and John D. Raines as Executive Vice President, Exploration &...

🔆Midday Wire·May 8

Pipeline & Infrastructure

ND Supreme Court Blocks Greenpeace's Dutch Lawsuit Against Dakota Access Developer

The North Dakota Supreme Court has intervened in a transatlantic legal battle surrounding the Dakota Access Pipeline (DAPL), ordering a district judge to halt a lawsuit filed in the Netherlands against pipeline developer Energy Transfer. The court ruled 4-1 on Thursday that the Dutch case threatens to undermine a North Dakota jury verdict that largely favored the pipeline company. According to the North Dakota Monitor, the Amsterdam-based Greenpeace International filed suit against Energy Transfer in the Netherlands in early 2025. This was a counter-suit under a European Union law protecting those sued in retaliation for protest speech. It was a response to Energy Transfer's ongoing lawsuit in North Dakota, which accuses Greenpeace International and two affiliate organizations of conspiracy, defamation, and other crimes aimed at stopping the pipeline's construction. A Morton County jury sided with most of Energy Transfer’s claims last spring. Energy Transfer alleged that the Dutch lawsuit was...

🔆Midday Wire·May 8

Global Markets

Legal Win for DAPL, Iran War Stalls, Export Ban Bill Threatens Bakken

The North Dakota Supreme Court ruled Thursday that Greenpeace International cannot relitigate a defamation case in the Netherlands that a state court jury decided last year in favor of Dakota Access Pipeline owner Energy Transfer. According to Courthousenews.com, the 4-1 decision grants Energy Transfer an antisuit injunction, preventing Greenpeace from seeking a Dutch declaration that the North Dakota verdict was "manifestly unfounded and abusive." The ruling pertains to the jury finding that Netherlands-based Greenpeace was liable for defamation and other claims related to protests against the Dakota Access Pipeline in 2016 and 2017. The 1,200-mile pipeline, which began operating in 2017, carries up to 750,000 barrels of oil daily from North Dakota's shale fields to Illinois. The court stated a foreign proceeding designed to undermine a domestic verdict "undermines confidence in the domestic judicial process." Meanwhile, escalating conflict in the Middle East continues to threaten global oil flows and sustain...

🔆Midday Wire·May 8

Operator News

USGS Assesses 340+ Tcf of Gas in Bossier, EU Backs Hydrogen, Adnoc Navigates Hormuz

The U.S. Geological Survey (USGS) has assessed 343.5 trillion cubic feet of technically recoverable natural gas and three million barrels of oil in the Bossier Formation along the Gulf Coast, according to a release reported by Rigzone. The agency stated these gas resources are enough to supply the United States for more than 10 years at the current rate of consumption. Since production began, the Bossier Formation has produced 3.8 trillion cubic feet of gas, equal to nearly six weeks of U.S. consumption at the record-high 2025 level. The new assessment was prompted by industry exploration drilling that revealed deep, highly over-pressured shale formations, the USGS noted. New plays, such as the Bossier Western Shale Gas Assessment Unit—sometimes referred to by industry as ‘Western Haynesville’ or ‘Waynesville’—show drilling into deeper, higher-pressured reservoirs can yield more resources than previously thought. USGS Director Ned Mamula stated the assessment points to significant undiscovered...

🔆Midday Wire·May 8

Pipeline & Infrastructure

Hormuz Volatility Hits Markets, Court Rules for Pipeline Firm

Oil prices remained volatile Friday as doubts resurfaced about a deal to reopen the Strait of Hormuz, a critical chokepoint for global energy shipments. Brent crude settled at $100.06 a barrel on Thursday, while West Texas Intermediate (WTI) settled at $94.81, according to Rigzone. Trading has been whipsawing all week as investors parse details of potential U.S.-Iran negotiations to end a war that has blocked the strait since late February. The strait's closure represents the biggest disruption to oil supplies in history, with Brent prices up roughly 40% since the conflict began, Rigzone reported. Prior to the war, about a fifth of the world's oil and liquefied natural gas (LNG) flowed through Hormuz. The ongoing double blockade—with Iran obstructing traffic and the U.S. Navy restricting vessels at Iranian ports—has kept the waterway virtually empty. In a related development, Pakistan, which is mediating talks, opted not to buy urgent spot LNG...

🔆Midday Wire·May 8

Production Data

Bakken Rig Count Holds at 23 as Oil Prices Signal Production Support

North Dakota's active drilling rig count held steady at 23 on Friday, May 8, 2026, as robust oil prices provided a supportive backdrop for Bakken shale production. The stability in the rig count, a key leading indicator for future output, suggests operators are maintaining a measured pace of development. Front-month WTI crude oil futures traded at $95.89 per barrel, up $1.08 or 1.14% on the day. The global benchmark, Brent crude, was at $101.73, a gain of $1.67. Bakken crude at the wellhead traded at a discount of $3.42 per barrel to WTI, putting its price at approximately $92.47. Natural gas prices were reported at $2.80 per MMBtu. The current rig count of 23 provides a snapshot of near-term drilling activity. Historically, the number of active rigs in North Dakota has correlated closely with production trends several months later, as new wells are drilled, completed, and brought online. A stable...

🔆Midday Wire·May 8

Workforce & Community

Bakken Rig Count Holds at 23 as High Oil Prices Support Steady Activity

The number of active drilling rigs in North Dakota held steady at 23 on Friday, May 8, 2026, a key indicator of ongoing but measured operational activity in the Bakken formation. The stability in the rig count comes as global oil prices trade at elevated levels, providing a supportive backdrop for regional employment and economic conditions. West Texas Intermediate (WTI) crude was priced at $95.89 per barrel, up $1.08 or 1.14% on the day, according to midday data. The international benchmark Brent crude traded at $101.73. The price for Bakken crude at the wellhead is typically discounted against WTI, with the differential currently at -$3.42. Natural gas prices were reported at $2.80 per MMBtu. In the Bakken region, the rig count is a primary driver of direct oilfield employment, influencing demand for drillers, roustabouts, and completion crews. A count in the low 20s suggests a stable core workforce is maintained,...

🔆Midday Wire·May 8

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Mixed Amid Gulf Tensions; Bakken Differential Holds at -$3.42

Oil benchmarks showed a split performance on Friday, May 8, with West Texas Intermediate (WTI) crude slipping while global benchmark Brent edged higher. The movement comes amid renewed clashes in the Persian Gulf that are dimming hopes for a swift peace deal to reopen the critical Strait of Hormuz. According to live price data, WTI Crude settled at $94.50 per barrel, down $0.31 (-0.33%) on the day. Brent Crude traded at $100.12, a minor gain of $0.06 (0.06%). The discount for Bakken crude at the wellhead versus WTI was $-3.42. Natural gas prices declined to $2.75, down $0.02. The day's trading was dominated by geopolitical risk, according to a Rigzone report. Fresh clashes between the U.S. and Iran rattled markets, with U.S. forces conducting airstrikes on Iranian oil tankers and targeting missile sites. Iran criticized the U.S. for violating a ceasefire agreement. Traders are speculating on whether the fighting will...

🌅Afternoon Wire·May 8

Rig Report

Bakken Rig Count Holds at 23, Hunt Oil Rig Relocates in Burke County

North Dakota's active drilling rig count held steady at 23 on Friday, May 8, according to Bakken Wire live data. The total saw no net change from the previous day, with one rig moving locations and no new rigs added or removed. The sole movement was a rig operated by Hunt Oil Company. The NABORS B21 rig relocated to a location in Burke County (160-91-35). The current rig count is unchanged from one week ago, on May 1, 2026, which also stood at 23. However, activity is down by one rig compared to one month ago, when 24 rigs were active on April 8. The stability in drilling activity comes as significant long-term investments are being announced for the basin's future. The US Department of Energy (DOE) awarded $36 million on May 8 to advance carbon dioxide-based enhanced oil recovery (EOR) in the Bakken shale, according to a release from...

🌅Afternoon Wire·May 8

Operator News

Devon, Coterra Merger Creates Shale Giant; Exxon Faces Shareholder Vote

Devon Energy Corporation and Coterra Energy Inc. completed their $58 billion merger on Thursday, creating a new large-cap shale operator, according to a company statement. The deal, approved by stockholders on May 4, results in a combined company operating under the Devon Energy name and trading on the NYSE as 'DVN'. The merged entity will be headquartered in Houston while maintaining a significant presence in Oklahoma City. Former Coterra shareholders now own approximately 46% of the combined company, with Devon shareholders owning the remaining 54%. Coterra stock has been delisted from the NYSE, with each share converted into the right to receive 0.70 shares of Devon common stock. Clay M. Gaspar will serve as President and CEO of the combined company. The new 11-member board of directors will consist of six members from Devon and five from Coterra, including Non-Executive Chairman Thomas E. Jorden. "This transformative merger marks a defining...

🌅Afternoon Wire·May 8

Regulatory

Cenovus CEO Warns Canadian Policy Uncertainty Stifling Oil Sands Growth

The CEO of Canadian oil giant Cenovus Energy issued a stark warning this week that policy uncertainty is choking off new oil sands development, a situation that may reinforce the competitive position of U.S. basins like the Bakken. Jon McKenzie told analysts on Wednesday that Canada has become "one of the least attractive places on earth to build new oil production," according to a report from OilPrice.com. McKenzie argued the national conversation is "myopically focused on the climate agenda," with tangible investment consequences. He noted that only one new greenfield oil sands project has been approved and built in Canada since 2013. Growth for companies like Cenovus has recently come from acquisitions and optimizing existing assets, not new projects. "Greenfield development comes at a higher cost and a higher break-even than the growth that you've seen to date," McKenzie said, according to the source. A key point of contention is...

🌅Afternoon Wire·May 8

Global Markets

Ukrainian Drone Strikes Hit Major Russian Refineries, Tightening Global Supply

Ukrainian forces struck two major Russian refineries and an oil pumping station overnight, according to statements from Ukrainian officials. The attacks add sustained pressure to Russia's refining sector, which saw average daily runs hit their lowest level since December 2009 in April following a spring campaign of near-daily strikes. According to Rigzone, drones hit an oil refinery in Yaroslavl, co-owned by Rosneft PJSC and Gazprom Neft PJSC, which has a capacity of approximately 300,000 barrels per day. Fresh strikes were also reported at the Permnefteorgsintez refinery in Perm, owned by Lukoil PJSC, with a 260,000 barrel per day capacity, and a nearby oil pumping station. Ukraine's Security Service SBU stated a fire broke out at a crude-processing unit at the refinery and a reservoir tank was hit at the station. These facilities are among Russia's ten biggest fuel-producing plants. The targeted Perm pumping station is on the trunk pipeline network...

🌅Afternoon Wire·May 8

Global Markets

ND Court Blocks Greenpeace Dutch Suit; Iran War Sparks Export Ban Push

The North Dakota Supreme Court ruled Thursday that Greenpeace International cannot relitigate a defamation case in the Netherlands that was already decided by a state jury last year. According to Courthousenews.com, the 4-1 decision reversed a lower court and grants Energy Transfer an antisuit injunction, preventing Greenpeace from seeking a Dutch declaration that the North Dakota verdict was "manifestly unfounded and abusive." The jury had found Greenpeace liable for defamation related to Dakota Access Pipeline protests and awarded Energy Transfer hundreds of millions in damages. The court stated the Dutch complaint directly challenged issues the jury resolved, undermining the domestic judicial process. The ruling pertains to protests against the 1,200-mile Dakota Access Pipeline, which transports up to 750,000 barrels of oil daily from North Dakota's shale fields to Illinois. The court noted the decision does not foreclose all related Greenpeace litigation in the Netherlands. Separately, escalating U.S.-Iran tensions are fueling...

🌅Afternoon Wire·May 8

Operator News

USGS Assesses Massive Gas Resource in Gulf, EU Funds Hydrogen, IMF Warns on AI Cyber

The U.S. Geological Survey (USGS) has assessed a massive 343.5 trillion cubic feet of technically recoverable natural gas in the Gulf Coast's Bossier Formation, a resource the agency says could supply the United States for over 10 years at current consumption rates. According to a USGS release reported by Rigzone, the assessment also identified three million barrels of recoverable oil. The agency noted that industry exploration drilling has revealed deep, highly over-pressured shale formations, leading to the new evaluation of resources, including a new play sometimes called "Western Haynesville." For Bakken operators, the assessment underscores the continued national significance of shale gas resources and advanced drilling techniques. USGS Director Ned Mamula stated, "the U.S. economy and our way of life depend on energy, and USGS oil and gas assessments point to resources that industry hasn’t discovered yet." The Bossier Formation is widespread in Texas, Arkansas, Louisiana, Mississippi, Alabama, and Florida....

🌅Afternoon Wire·May 8

Pipeline & Infrastructure

Pakistan Skips Spot LNG Buy, Gambles on Strait Reopening

Pakistan has declined to purchase emergency liquefied natural gas cargoes on the spot market, betting that hostilities closing the Strait of Hormuz will ease and that cheaper contracted supplies from Qatar will soon arrive, according to a report from Rigzone citing Bloomberg. State-owned Pakistan LNG Ltd. did not award a tender seeking two shipments for May delivery that closed on Thursday, May 7, traders said. The government made the decision with the view that the conflict between the U.S. and Iran was easing and that the country would soon receive two cargoes from Qatar. Pakistan has received only a single LNG shipment since early March, compared to an average of about nine cargoes a month last year. Supplies under its long-term contract with Qatar are currently about half the price of spot market cargoes. The decision is a risky gamble that could worsen the nation's gas shortfall, which has already...

🌅Afternoon Wire·May 8