Sunday, May 10, 2026

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Oil Prices

Bakken Oil Prices Edge Higher Amid Geopolitical Volatility

Crude oil prices gained ground in early trading Sunday, with geopolitical tensions in the Gulf providing underlying support. West Texas Intermediate (WTI) crude was trading at $95.42 per barrel, a gain of $0.61 or 0.64% from the previous close. The international benchmark Brent crude rose to $101.29, up $1.23 or 1.23%. The Bakken crude differential, the discount at which Bakken barrels trade versus WTI at the Clearbrook, Minnesota hub, was steady at -$3.42 per barrel. Natural gas prices saw a slight decline, trading at $2.76 per MMBtu, down $0.01. The price movement follows a volatile week where crude settled higher amid fresh clashes in the Gulf and uncertainty over Iran's response to a U.S. peace proposal, according to Rigzone. This ongoing geopolitical friction is seen as a primary driver sustaining prices above the $95 threshold for WTI. Analysts note that futures markets may not fully reflect the stress in the...

☀️Morning Wire·May 10

Rig Report

North Dakota Bakken rig count steady at 23 with no daily change

North Dakota's active drilling rig count remained unchanged on Sunday, May 10, 2026, holding at 23 rigs across the state, according to the latest live rig data. No rigs were added or removed from the count, and no rigs were reported to have moved location. The current count represents a holding pattern following recent weekly activity. One week ago, on May 3, the state reported 23 active rigs. One month ago, on April 10, the rig count stood at 24, indicating a slight, longer-term decline of one unit. The stability comes as state and industry leaders focus on initiatives to boost long-term oil recovery from the vast Bakken shale formation. The U.S. Department of Energy recently announced a $36 million investment in a carbon dioxide (CO₂)-based enhanced oil recovery (EOR) research program led by the University of North Dakota’s Energy & Environmental Research Center. The effort aims to evaluate strategies...

☀️Morning Wire·May 10

Daily Activity

DMR Daily Activity Report Shows No New Filings for Saturday

The North Dakota Department of Mineral Resources (DMR) issued a daily activity report for Saturday, May 9, 2026, that contained no new drilling or permitting filings. According to the report, there were no new applications for permit to drill (APDs), well completions, spud notices, or well plugging records recorded for the day. The DMR's daily activity report is a key document for Bakken operators and service companies, providing a near-real-time snapshot of regulatory activity. It typically lists new drilling permits approved, wells that have been spudded (drilling commenced), wells that have been completed and are ready for production, and wells that have been officially plugged and abandoned. Days with no reported activity are a normal occurrence in the oilfield regulatory cycle, particularly on weekends and during holidays. The absence of filings for a single day does not indicate a trend or shift in industry activity. Operators may file paperwork across...

☀️Morning Wire·May 10

Operator News

Devon-Coterra Merger Finalized; NYC Pension Pressures Exxon

Devon Energy Corporation and Coterra Energy Inc. have completed their merger, according to a statement posted on Devon's website reported by Rigzone. The deal, valued at $58 billion, creates one of the largest independent exploration and production companies in the United States. While specific operational plans for the combined entity's Bakken position were not detailed in the announcement, such large-scale consolidation is a significant event for the basin. Mergers can lead to streamlined operations, changed capital allocation, and shifts in development strategy for the acquired assets, impacting local service companies and mineral owners. Separately, a New York City official is rallying investors to challenge ExxonMobil's planned corporate move to Texas. The New York City comptroller, acting for a city pension fund that invests in ExxonMobil, warned the company has not guaranteed it would avoid adopting Texas legal provisions that could undermine shareholder participation in corporate decisions, Rigzone reported. This shareholder...

☀️Morning Wire·May 10

Regulatory

Federal Grant Funds Major Bakken Enhanced Oil Recovery Initiative

A major federal grant is set to accelerate efforts to unlock the next stage of production from North Dakota's Bakken formation. U.S. Senator John Hoeven announced the U.S. Department of Energy has officially awarded $36 million to the "Crack the Code 2.0" initiative, according to a report from the North Dakota Monitor. The total $157 million project includes financial contributions from the state and several oil companies. Its goal is to develop cost-effective technologies for enhanced oil recovery (EOR) to extend the life of oil fields like the Bakken. "We have to have enhanced oil recovery," Hoeven said. "It has national ramifications." The effort will be led by the Energy and Environmental Research Center (EERC) at the University of North Dakota and will involve multiple large-scale pilot projects run by four different oil companies. North Dakota Petroleum Council President Ron Ness said the EERC will be the "nucleus" of the...

☀️Morning Wire·May 10

Global Markets

Ukraine Strikes Russian Refineries; Bakken Oil Market Watches

Ukraine reported striking two major fuel-producing facilities and an oil pumping station in Russia, according to a report from Rigzone. The news, published on May 8, highlights ongoing geopolitical risks to global energy infrastructure. For Bakken operators, such developments underscore the interconnected nature of the oil market. The Bakken formation in North Dakota is a major producer of light sweet crude oil, which is priced relative to global benchmarks. Disruptions to refining capacity in a major producing nation like Russia can have ripple effects worldwide. Attacks on refineries typically reduce the immediate supply of refined products like diesel and gasoline. This can strengthen refining margins globally, potentially increasing the value of crude oil used as feedstock. While the direct impact on Bakken wellhead prices is not specified in the report, any tightening of the global refined product market can provide underlying support for crude. The situation also reinforces the importance...

☀️Morning Wire·May 10

Global Markets

Global Roundup: Research Funding, IEA Push, and Iran Deadline

A major research initiative aimed at boosting production in the Bakken formation is expected to start later this year, according to a report from Bing News. The $157 million effort will involve a prominent North Dakota research center playing a lead role in work designed to unlock the next stage of oil production from the region. In a separate development with implications for North American energy markets, the head of the International Energy Agency is urging Canada to move more quickly to develop and export its energy resources, Rigzone reported. Faster development of Canadian resources could influence continental oil dynamics and market competition for Bakken crude. On the global geopolitical front, the United States has given Iran a deadline to respond to a peace proposal, Rigzone reported. The outlet noted that Iran has still given no indication whether it will accept the plan proposed by former President Trump. Geopolitical tensions...

☀️Morning Wire·May 10

Operator News

Global Tensions and Policy Shift Shape Energy Landscape for Bakken

A legislative proposal seeking a moratorium on U.S. crude oil exports was introduced Friday, a move aimed at controlling domestic fuel prices amid ongoing conflict with Iran. According to Rigzone, the bill, proposed by a Democrat lawmaker, would keep domestic crude and refined products within the United States. For Bakken producers, historically reliant on export markets to clear surplus light sweet crude, such a policy shift could create significant logistical and pricing challenges if enacted. Separately, Pakistan has opted against purchasing urgent liquefied natural gas cargoes on the spot market, as reported by Rigzone. The country is betting that hostilities which have closed the Strait of Hormuz will ease. This decision reflects the global market volatility triggered by the key chokepoint's closure, affecting global LNG flows and pricing benchmarks that can indirectly influence associated gas economics in oil-producing regions like the Bakken. In domestic resource news, the U.S. Geological Survey...

☀️Morning Wire·May 10

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rise Amid Geopolitical Tension; Bakken Differential Holds at -$3.42

Oil prices advanced in midday trading Sunday, with international benchmark Brent crude surpassing $101 per barrel amid ongoing geopolitical instability. West Texas Intermediate (WTI) crude was trading at $95.42, up $0.61 or 0.64%, according to live price data. Brent crude saw a sharper increase, rising $1.23 to $101.29 per barrel, a gain of 1.23%. The price support is attributed to continued market volatility driven by fresh clashes in the Gulf region and uncertainty surrounding Iran's response to a U.S. peace proposal, as reported by Rigzone. This geopolitical friction is providing a firm floor for prices, overshadowing other fundamental factors in the short term. For Bakken operators, the price of the region's crude is benchmarked against WTI. The live data shows the Bakken differential—the discount at which Bakken crude trades versus WTI—stood at -$3.42. This means Bakken crude is currently priced at approximately $92.00 per barrel at the wellhead. The stable...

🔆Midday Wire·May 10

Operator News

Devon-Coterra Merger Final, Shareholder Scrutiny on Exxon Escalates

Devon Energy Corporation and Coterra Energy Inc. have completed their merger, according to a statement posted on Devon's website. The news was reported by Rigzone on May 8. While the deal's specifics for Bakken operations were not detailed, the completion consolidates two significant players in the U.S. onshore energy landscape, which includes the Williston Basin. Separately, a New York City official is rallying investors to challenge ExxonMobil's proposed move to Texas. The New York City comptroller, acting on behalf of a city pension fund invested in ExxonMobil, has warned the company has not guaranteed it would avoid adopting Texas legal provisions that could undermine shareholder participation in corporate decisions, Rigzone reported on the same day. For Bakken operators, the Devon-Coterra merger represents the continuation of a multi-year trend of consolidation within the shale sector. Mergers can lead to streamlined operations, combined acreage positions, and a focus on core assets, potentially...

🔆Midday Wire·May 10

Regulatory

Federal Grant Awards $36M for Bakken Enhanced Oil Recovery Push

A major federal grant is set to accelerate the search for economically viable enhanced oil recovery (EOR) in North Dakota's Bakken formation. U.S. Senator John Hoeven announced the official award of $36 million from the U.S. Department of Energy to the "Crack the Code 2.0" initiative on Friday, May 8, according to a report from the North Dakota Monitor. The total project is valued at $157 million, with additional financial contributions coming from the state of North Dakota and several oil companies. The goal is to develop cost-effective technologies for EOR to extend the productive life of oil fields like the Bakken. “We have to have enhanced oil recovery,” Hoeven said. “It has national ramifications.” The University of North Dakota's Energy and Environmental Research Center (EERC) will lead the effort, serving as the central hub for multiple large-scale pilot projects to be run by four different oil companies. “The key...

🔆Midday Wire·May 10

Global Markets

Global Markets Impact on Bakken

Ukraine Claims Attacks on Russian Refineries, Oil Infrastructure Ukrainian forces report striking multiple Russian oil facilities in coordinated drone operations. SUBHEAD Kyiv says it hit two major refineries and an oil pumping station, disrupting fuel production for Russian military operations. BODY Ukraine’s military claims to have successfully struck several key Russian energy facilities in a series of drone attacks. The targeted sites include two major oil refineries and an oil pumping station, according to Ukrainian officials. The attacks are part of a concerted effort to disrupt Russia’s fuel production and military logistics. Ukrainian sources state the strikes were carried out using long-range drones. Industry analysts note that such strikes can temporarily reduce refining capacity and strain local fuel supplies. However, the long-term impact on global oil markets or Bakken region operations is considered minimal. The North Dakota-based Bakken formation produces light sweet crude, which is not directly substitutable for Russian...

🔆Midday Wire·May 10

Global Markets

DOE Awards $36 Million for Bakken CO2 EOR Research Program

The U.S. Department of Energy will invest $36 million to advance carbon dioxide-based enhanced oil recovery (EOR) in the Bakken shale through a program led by the University of North Dakota’s Energy & Environmental Research Center, according to a DOE release from May 8. The broader research effort represents a total investment of approximately $157 million, with work expected to intensify later this year. The program, dubbed Bakken Enhanced Oil Recovery–Cracking the Code (Bakken EOR-CC), combines laboratory research, reservoir modeling, artificial intelligence, and field work to evaluate EOR strategies. The DOE stated the initiative could unlock billions of additional barrels of incremental oil and extend the life of North Dakota's coal-fired power plants by utilizing their captured CO2 for oil recovery. North Dakota leaders unveiled the enhanced oil recovery initiative aimed at getting more oil from the Bakken formation, according to a separate report. The effort is seen as critical...

🔆Midday Wire·May 10

Operator News

North Dakota Launches $157M Bakken Recovery Initiative

North Dakota has launched a $157 million initiative to boost oil recovery in the Bakken formation, with the U.S. Department of Energy providing $36 million in funding, according to Bing News. The state-led push aims to significantly raise recovery rates from the vast shale play. For Bakken operators and royalty owners, enhanced oil recovery (EOR) technologies represent a long-term strategy to extend the productive life of existing wells and increase ultimate resource extraction. The substantial funding commitment signals a concerted effort to tackle the technical challenges of extracting more oil from the tight rock formations. In international operator news, Norway's Equinor has started gas production at its Eirin field in the Norwegian North Sea, Rigzone reported. The field will support Norway's capacity to export natural gas to Europe. While a distant operation, global natural gas supply dynamics can influence broader energy markets and investment flows relevant to international companies active...

🔆Midday Wire·May 10

Pipeline & Infrastructure

Global Tensions, Policy Shift Threaten Bakken Oil Export Routes

Geopolitical tensions and proposed U.S. policy are converging to create new risks for Bakken crude oil exports, according to recent reports. The ongoing conflict involving Iran is directly impacting key global shipping chokepoints and inspiring domestic legislative efforts that could restrict American oil shipments. According to Rigzone, hostilities have closed the Strait of Hormuz, a critical passage for Middle Eastern oil and gas exports. The report notes that Pakistan has opted not to buy urgent cargoes of liquefied natural gas on the spot market, betting that the situation will ease. This closure disrupts global energy trade flows and market stability, factors that indirectly influence the price benchmarks for Bakken crude. Further complicating the landscape, a U.S. lawmaker has introduced a legislative proposal for a moratorium on American oil exports, Rigzone reported. The bill, introduced by a Democrat, seeks to keep domestic crude and refined products within the United States during...

🔆Midday Wire·May 10

Regulatory

USGS Assesses Over 340 Tcf of Recoverable Gas in Bossier Formation

The U.S. Geological Survey has assessed the Bossier Formation, a major gas play in the onshore Gulf Coast basin, to contain more than 340 trillion cubic feet of recoverable natural gas resources. The assessment was reported by Rigzone on May 8, 2026. "We have assessed there are significant undiscovered resources in the Bossier Formation," USGS Director Ned Mamula said, according to the report. The 340+ Tcf figure represents a substantial volume of technically recoverable natural gas. For Bakken operators and observers, major resource assessments in other U.S. basins serve as a reminder of the competitive landscape for capital and drilling activity. The Bakken formation in North Dakota is primarily a liquids-rich oil play, though it also produces significant associated natural gas. Large-scale gas assessments like the one for the Bossier can influence broader market dynamics and long-term investment strategies across the Lower 48. While the Bossier is geographically distant from...

🔆Midday Wire·May 10

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady After Mid-Week Geopolitical Spike

Oil prices were unchanged in Sunday trading, holding onto gains made earlier in the week driven by geopolitical tensions. West Texas Intermediate (WTI) crude held at $95.42 per barrel, while the international benchmark Brent crude was steady at $101.29, according to live price data. Natural gas was flat at $2.76. The static prices follow a period of market volatility. According to a Rigzone report from May 8, crude settled higher that day due to fresh clashes in the Gulf and uncertainty over Iran's response to a U.S. peace proposal. The lack of movement on Sunday suggests traders are pausing to assess the evolving situation. For Bakken producers, the price stability at a high level is supportive. The Bakken differential—the discount at which Bakken crude trades versus WTI—was recorded at -$3.42. This means Bakken crude is currently priced at approximately $92.00 per barrel at the wellhead, a strong price for the...

🌅Afternoon Wire·May 10

Rig Report

North Dakota rig count holds at 23 with no daily change

North Dakota's active drilling rig count remained steady at 23 on Sunday, May 10, according to the latest figures from the state's Department of Mineral Resources. No rigs were added หรือ removed from the count since the prior day. The current tally reflects a period of stability for drilling activity in the Bakken region. One week ago, on May 3, the active rig count also stood at 23. Looking back one month, the count was slightly higher at 24 on April 10. The rig count is a closely watched barometer for oilfield activity and employment in the state. The Bakken formation in western North Dakota is a primary driver of the state's oil and gas production. In related news, the U.S. Department of Energy recently announced a major investment aimed at boosting future oil recovery in the Bakken. On May 8, the DOE's Hydrocarbons and Geothermal Energy Office said it...

🌅Afternoon Wire·May 10

Operator News

Devon and Coterra Complete Merger as ExxonMobil Faces Investor Scrutiny

Devon Energy Corporation and Coterra Energy Inc. have completed their merger, according to a statement posted on Devon's website reported by Rigzone. The transaction, valued at $58 billion, marks a significant consolidation of resources within the U.S. onshore oil and gas sector. For Bakken operators, this merger creates a larger, more financially robust competitor with combined operational expertise across multiple major basins, including the Permian and the Bakken itself, where both companies have existing positions. Simultaneously, a separate corporate governance issue is emerging for another industry giant with Bakken interests. According to a separate Rigzone report, the New York City comptroller, acting on behalf of a city pension fund that invests in ExxonMobil, is rallying investors to block the company's proposed move of its corporate registration to Texas. The official warned that ExxonMobil has not guaranteed it would refrain from adopting Texas legal provisions that could undermine shareholder participation in...

🌅Afternoon Wire·May 10

Regulatory

DOE Awards $36M for Major Bakken Enhanced Oil Recovery Initiative

The U.S. Department of Energy has officially awarded a $36 million grant to a major initiative aimed at unlocking enhanced oil recovery (EOR) in the Bakken formation, a move backers say is critical for extending the life of North Dakota's premier oil fields. Senator John Hoeven announced the award on Friday, May 8, according to a report from the North Dakota Monitor. The funding is for the "Crack the Code 2.0" initiative, a $157 million project that also includes financial contributions from the state of North Dakota and several oil companies. The goal is to develop cost-effective EOR technologies specifically for shale formations like the Bakken, where oil is extracted through hydraulic fracturing. "The key component of all of this is the EERC," said North Dakota Petroleum Council President Ron Ness, referring to the Energy and Environmental Research Center at the University of North Dakota, which will lead the effort....

🌅Afternoon Wire·May 10

Global Markets

Ukraine Strikes Russian Refineries, Potential Implications for Global Oil Markets

Ukraine has struck two major fuel-producing facilities and an oil pumping station in Russia, according to a report from Rigzone. The attacks, which Ukraine claimed responsibility for, occurred on or before Friday, May 8, 2026. While the immediate impact is on Russian refining capacity, such geopolitical events typically reverberate through global oil markets. Disruptions to major refining hubs can tighten supplies of refined products like diesel, which is crucial for Bakken operations. For Bakken operators, the primary channel of influence is through the price of crude oil and key refined products. Any sustained reduction in Russian fuel exports could support higher global benchmark prices, potentially improving the wellhead economics for North Dakota crude. However, the Bakken's price is also heavily influenced by domestic pipeline and rail capacity to refining markets. Increased global diesel prices could also raise operational costs for the basin's drilling rigs, completion fleets, and trucking operations. The...

🌅Afternoon Wire·May 10

Global Markets

Global Roundup: Bakken Research Funded, Equinor Starts Gas, IEA Urges Canada

A $157 million oil research effort aimed at boosting North Dakota production is set to begin in earnest later this year, with a prominent state research center taking a lead role, according to Bing News. The initiative targets unlocking the next stage of production from the Bakken formation, the state's primary oil-producing region. For local operators and royalty owners, such a substantial investment in applied research signals a focused push to improve recovery techniques and extend the productive life of the vast shale play. In international developments, Equinor has started gas production at its Eirin field in the Norwegian North Sea, Rigzone reported on May 10. The field will bolster Norway's capacity to export natural gas to Europe. While a North Sea project, the startup underscores ongoing global investment in hydrocarbon infrastructure. For Bakken watchers, it highlights the continued international demand for natural gas, a key associated product from North...

🌅Afternoon Wire·May 10

Operator News

** Iran Silent on Trump Peace Plan as Pakistan Skirts Spot LNG Market

BODY: Global energy markets are navigating renewed geopolitical tensions as Iran remains silent on a U.S. peace proposal and Pakistan opts out of the spot LNG market, while a U.S. legislator introduces a bill to ban crude oil exports. Iran has given no indication of whether it will accept a new peace proposal from former U.S. President Donald Trump, according to a report from Rigzone. The development comes amid ongoing regional hostilities. Separately, Pakistan has opted not to buy liquefied natural gas cargoes on the spot market, according to another Rigzone report. The country is betting that the closure of the Strait of Hormuz, a critical oil transit chokepoint, will ease, allowing it to return to term LNG contracts. On the domestic front, U.S. Representative Tim Ryan, a Democrat from Ohio, introduced a legislative proposal Friday seeking a moratorium on U.S. crude oil and refined product exports. The bill, dubbed...

🌅Afternoon Wire·May 10

Pipeline & Infrastructure

** USGS Estimates 340 Tcf Recoverable Gas in Bossier Formation

BODY: The U.S. Geological Survey has identified an estimated 340 trillion cubic feet of undiscovered, technically recoverable gas resources within the Bossier Formation, North Dakota's Bakken shale play, according to data from industry publication Rigzone. The assessment published May 8, 2026 represents the first federal evaluation of the Bossier since 1995. The announcement follows the USGS's 2021 update which estimated the Bakken's Three Forks formation held 4.3 billion barrels of undiscovered oil. The Bossier Formation lies stratigraphically below the primary Bakken shale targets. "Significant amounts of gas in the Bossier Formation have been known for decades," USGS Director Ned Mamula stated in the agency's release. " new assessment incorporates updated geological data from recent drilling activity to provide a technically recoverable resource estimate. The assessment does not measure economic viability or current commercially recoverable reserves. Resource estimates represent potential volumes that could be produced using existing technology, regardless of economic...

🌅Afternoon Wire·May 10