Friday, May 15, 2026

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Oil Prices

Oil Prices Surge on Supply Fears, WTI Nears $100

Crude oil prices surged in morning trading Friday, with West Texas Intermediate nearing the $100 per barrel mark, as supply fears linked to the ongoing U.S.-Iran conflict continue to pressure global markets. According to live price data, WTI Crude was at $99.84, up $2.92 or 3.01%, while Brent Crude traded at $108.28. The Bakken differential was recorded at $-3.42 versus WTI. The rally extends a volatile week driven primarily by the shutdown of the Strait of Hormuz, a critical shipping chokepoint for global crude exports. OilPrice.com reported that the closure, stemming from fighting that began in late February, has cut off access to roughly one-fifth of the world’s seaborne oil shipments. This has created major stress across energy markets, with July WTI futures gaining 7.45% for the week through Thursday. Trading has been dominated by war headlines, including reports of tanker seizures and naval clashes. Comments from U.S. officials suggesting...

☀️Morning Wire·May 15

Rig Report

North Dakota Rig Count Steady at 24, Up Five from April

The number of active drilling rigs in North Dakota held steady at 24 on Friday, May 15, 2026, according to Bakken Wire's live rig data. There was no day-over-day change, with no new rigs added, no rigs removed, and none moving location. The current count represents a modest increase from levels seen just one week ago. On May 8, 2026, the state reported 23 active rigs, meaning the count has risen by one rig over the past seven days. The more significant trend, however, is the recovery from a lower base this spring. Compared to one month ago, drilling activity has increased by five rigs. On April 15, 2026, the active rig count stood at 19. A rig count of 24 places North Dakota's drilling activity well above the troughs experienced in recent years but still far below the boom-era peaks that exceeded 200 rigs. The current level suggests a...

☀️Morning Wire·May 15

Daily Activity

Devon Energy Secures Four-Pad Permit in McKenzie County

The North Dakota Department of Mineral Resources approved five new drilling permits in its latest daily activity report, with Devon Energy Williston L.L.C. accounting for the majority of the filings. Four of the five permits were for a single pad location operated by Devon in the prolific CAMP field. According to the DMR report, Devon Energy received permits 42938 through 42941 for the Lindvig North 14-15-16-17F 1H through 4H wells. All four wells are located in McKenzie County, North Dakota's top oil-producing county, within the established CAMP field. The permits indicate plans for a four-well pad development, a common efficiency strategy in the Bakken formation. The fifth permit, 41755, was issued to Koda Resources Operating LLC for the Stout 1336-5BH well in Divide County. The DMR filing did not list a specific field for this well location. The report also listed confidential status changes for six previously permitted wells, signaling...

☀️Morning Wire·May 15

Pipeline & Infrastructure

UAE Pipeline Expansion Highlights Global Export Race as Bakken Projects Weigh Options

The Abu Dhabi National Oil Company (ADNOC) plans to double its oil export capacity bypassing the Strait of Hormuz with a new pipeline set for 2027, according to OilPrice.com. The "West-East 1 Pipeline" to the Emirate of Fujairah will boost the UAE's ability to export crude outside the strategic chokepoint, which remains closed. The move follows the UAE's exit from OPEC on May 1, freeing it from production quotas as it aims to boost capacity to 5 million barrels per day by 2027. This major infrastructure investment highlights a global race to secure export routes and monetize production, a strategic concern shared by Bakken producers. While the UAE accelerates projects unhindered by cartel restrictions, North Dakota's operators continue to rely on a mix of pipelines, rail, and trucks to move crude to market. Domestically, efforts are focused on optimizing existing infrastructure. A separate report from Bing News, published May 13,...

☀️Morning Wire·May 15

Regulatory

Federal Bill Proposes Windfall Tax on Oil Profits Amid Iran Conflict

A new federal bill introduced in Congress seeks to impose a tax on oil company profits deemed excessive amid the ongoing Iran conflict, according to a report from Rigzone. The proposed Iran War Oil Crisis Windfall Profits Tax Act would collect revenue from these profits and release it back to households to help offset increases in energy and transportation costs. The legislation, reported on May 14, 2026, directly targets periods of elevated oil prices driven by geopolitical instability. While the specific mechanics, thresholds, and effective dates of the proposed tax are not detailed in the summary, the intent is to capture a portion of industry profits considered windfalls during a crisis. For Bakken operators in North Dakota, the proposal introduces a new layer of fiscal uncertainty. The Williston Basin is a major onshore oil-producing region, and its operators are sensitive to changes in federal tax policy that could impact cash...

☀️Morning Wire·May 15

Global Markets

Geopolitical Tension in Gulf, OPEC+ Quota Plan Signal Market Volatility for Bakken

Geopolitical friction in a key global oil transit region and signals of rising OPEC+ output are setting a volatile stage for Bakken crude markets. According to a report from OilPrice.com, a narrow stretch of water near Kuwait's Bubiyan Island has become a focal point for tensions involving Iran, Iraq, China, and the U.S. This week, Kuwait formally accused IRGC-linked operatives of attempting an armed infiltration of the island after an interception earlier this month led to an exchange of fire and a wounded Kuwaiti officer, OilPrice.com reported. Kuwait summoned the Iranian ambassador, with the UAE and Saudi Arabia offering public backing, while Iran denied the accusations. Iranian state-linked media further claimed the U.S. used the island to launch strikes against Iran during a recent war. The island is also a node in China's regional infrastructure expansion, tied to Kuwait's Mubarak Al Kabeer port project and broader Belt and Road commercial...

☀️Morning Wire·May 15

Global Markets

Global Political Uncertainty, Supply Additions Counter Iran Conflict Price Pressure

Global geopolitical tensions have failed to push oil prices significantly higher, according to analysts interviewed by Rigzone. Despite the ongoing U.S.-Iran conflict, which has kept the Strait of Hormuz as a focal point, crude benchmarks have remained relatively subdued. Analysts from Standard Chartered, Wood Mackenzie, and the American Enterprise Institute pointed to several factors countering typical war-driven price spikes. These include concerns over global demand and the arrival of new supply sources into the market, according to Rigzone. For Bakken operators, this reinforces a market environment where regional production efficiency and cost control remain critical for competitiveness, even amid heightened geopolitical risk. Political instability is also mounting in another key region. According to OilPrice.com, Israeli Prime Benjamin Netanyahu's coalition is fracturing, edging the country toward early elections. The pressure stems partly from the war and partly from domestic disputes over military exemptions for ultra-Orthodox yeshiva students. Likud submitted legislation to...

☀️Morning Wire·May 15

Operator News

Global Oil Supply, Demand Developments Impact Bakken Outlook

Vitol is offering Iraqi Basrah crude to customers, according to Rigzone, a sign that some shipments may have successfully transited the Persian Gulf. This development suggests a potential easing of logistical constraints for crude moving through the Strait of Hormuz, a critical global supply route. Separately, Cuba has declared it has completely run out of the diesel and fuel oil needed to keep its power plants running, Rigzone reported. This acute supply crisis in a consuming nation underscores the fragile balance in global fuel markets and the potential for localized demand shocks. In the United States, commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by more than 4 million barrels week-on-week to 452.9 million barrels as of May 8, according to the latest weekly petroleum status report from the Energy Information Administration cited by Rigzone. For Bakken operators and North Dakota producers, these combined signals point to a...

☀️Morning Wire·May 15

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Surge Over $100 Amid Geopolitical Tensions, EIA Outlook

Oil prices rallied sharply in midday trading Friday, with West Texas Intermediate crude crossing the $100 per barrel threshold. WTI was trading at $100.92, a gain of $4.00 or 4.13%, according to live market data. The global benchmark Brent crude rose to $109.49, up $3.77. The price surge follows a period of steadiness after a summit between former President Donald Trump and China's Xi Jinping, as reported by Rigzone. That meeting, which occurred Thursday, covered topics including Iran and energy trade. The primary driver for Friday's significant move appears to be the latest outlook from the U.S. Energy Information Administration. The EIA revealed its latest oil price forecasts in its May Short-Term Energy Outlook, published Friday, according to Rigzone. While specific figures from the new forecast were not detailed in the summary, the EIA's monthly updates are closely watched by the market and can trigger substantial trading activity if they...

🔆Midday Wire·May 15

Pipeline & Infrastructure

Report Outlines Trump Bid to Resurrect Keystone XL, Extend Dakota Access

A reported bid by the Trump administration to resurrect the Keystone XL pipeline and extend the Dakota Access Pipeline northward involves using a patchwork of smaller, connected projects and existing pipe, according to a summary from Bing News. The plan, as described in a May 13 report, aims to stretch the Dakota Access Pipeline (DAPL) to Canada. DAPL is a critical 570-mile crude oil pipeline that runs from the Bakken formation in North Dakota to a hub in Patoka, Illinois. For Bakken operators, the potential extension of DAPL and revival of Keystone XL represents a significant opportunity for increased market access. Enhanced pipeline capacity to the north could provide shippers with more routes to Canadian refineries and export terminals, potentially improving netbacks for Bakken crude. Such infrastructure developments are closely watched in North Dakota, where pipeline constraints have historically led to price volatility and increased reliance on more expensive rail...

🔆Midday Wire·May 15

Regulatory

Scottish Greens Renew Call for UK Windfall Tax on Oil Profits

The Scottish Greens party has renewed its call for the UK government to expand taxation on windfall profits from oil and gas companies, according to a report from Rigzone. The party advocates using the revenue to help households pay energy bills. While this is a UK-specific political development, it highlights the persistent global regulatory pressure on hydrocarbon producers to contribute more during periods of high commodity prices. Fiscal policy shifts in major producing regions can influence market sentiment and investment decisions worldwide. For Bakken operators, such international news serves as a reminder of the potential for increased fiscal scrutiny. North Dakota's oil industry operates under a state-level extraction tax and royalty structures, not a federal windfall profit tax. However, political movements abroad that target "extraordinary profits" can contribute to a broader narrative that may affect investor perceptions of the energy sector's stability and long-term viability. The core business environment in...

🔆Midday Wire·May 15

Global Markets

Vaca Muerta Bid Round Offers Global Competition for Bakken Expertise

Argentina has launched its largest shale exploration bid round in a decade, offering 15 new blocks in the Vaca Muerta formation as global buyers seek alternatives to Middle East supply risks, according to OilPrice.com. The move positions the South American shale play as a direct competitor for capital and expertise with established North American basins like the Bakken. The bid round, administered by Neuquén provincial company Gas y Petróleo del Neuquén (GyP), spans the full breadth of Vaca Muerta. OilPrice.com reported that well breakeven prices across the most prospective blocks run between $32 and $49 per barrel, making it competitive with global shale plays. Rystad Energy predicts crude production from the basin will reach over 1 million barrels per day by the end of the decade. "Argentina is offering international companies their best organic entry point into Vaca Muerta in a decade," Jai Singh, Head of US Oil & Gas...

🔆Midday Wire·May 15

Global Markets

Oil Prices Surge $7 Amid Global Tensions; UAE, BP, and Policy Shifts in Focus

Oil prices surged by $7 per barrel this week, according to OilPrice.com, as tensions with Iran and a lack of substantive progress from the Xi-Trump summit in Beijing overshadowed bearish demand forecasts from OPEC and the International Energy Agency. The summit between the U.S. and Chinese leaders provided "little hope for any short-term market normalization," OilPrice.com reported. However, Chinese President Xi Jinping expressed interest in resuming U.S. crude oil imports, which had halted in late February 2025. This comes as China seeks to boost inflows after a 20% year-over-year drop last month, according to the White House. Geopolitical risks are rising. Iran announced it had 'no trust' in the United States and was ready to go back to fighting, denting hopes for a swift re-opening of the Strait of Hormuz. In response, the United Arab Emirates is accelerating construction of a new oil pipeline bypassing the strait to double its...

🔆Midday Wire·May 15

Operator News

Texas Employment, Global Prices, UK Restart in Friday Roundup

Texas upstream employment increased in March, demonstrating strength and resilience in the oil and gas sector, according to Rigzone. Texas Independent Producers and Royalty Owners Association President Ed Longanecker made the statement in a report published Friday. Meanwhile, analysts are questioning why global oil prices have not risen significantly following recent conflict between the USA and Iran, Rigzone reported. The news service consulted analysts from Standard Chartered, Wood Mackenzie, and the American Enterprise Institute for their perspectives on Friday. In international operator news, Perenco has restarted gas production at the Davy field in the UK North Sea, Rigzone reported. The field resumed gas flows at a rate of approximately 14 million cubic feet per day, five years after being shut in. For Bakken formation operators and North Dakota royalty owners, these external developments provide a mixed backdrop. Rising employment in a key energy state like Texas can signal broader industry...

🔆Midday Wire·May 15

Pipeline & Infrastructure

Global Oil Supply Shifts Highlight Bakken Market Dynamics

Vitol is offering Iraqi Basrah crude to customers, according to Rigzone, a sign that some shipments may have successfully transited the Persian Gulf. The development, reported Friday, suggests a potential easing of logistical constraints for Middle East crude entering global markets. Separately, Cuba has completely run out of the diesel and fuel oil needed to keep its power plants running, Rigzone reported Thursday. This shortage highlights acute regional supply crises that can emerge amid broader market instability. For Bakken operators and royalty owners, these international events underscore the interconnected nature of global oil markets. Increased availability of competing crude streams, like Iraqi oil, can influence the pricing benchmarks against which Bakken crude is sold. North Dakota's light sweet crude competes in a global marketplace, and any change in the flow of major export grades can affect the differentials Bakken producers receive. The reported transit of Iraqi crude through the Persian...

🔆Midday Wire·May 15

Production Data

Bakken Rig Count Holds at 24 as Oil Prices Surge Past $100

North Dakota's active drilling rig count held steady at 24 on Friday, a level that historically signals a continued plateau for Bakken oil production. The count comes amid a significant midday surge in oil prices, with West Texas Intermediate (WTI) crude trading above $100 per barrel. According to midday Bakken Wire data, WTI was priced at $100.92, a gain of $4.00 or 4.13%. The international Brent benchmark traded at $109.49. The Bakken crude differential—the discount at which local crude trades against WTI—was narrow at negative $3.42. This combination of high benchmark prices and a favorable differential boosts wellhead economics for operators in the state. The current rig count of 24 remains near multi-year lows. Rig count is a leading indicator for future production, as each active rig drills new wells that will later be completed and brought online. A sustained count in the mid-20s is typically associated with maintaining, but...

🔆Midday Wire·May 15

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 4%, Bakken Differential Narrows

Front-month WTI crude oil futures surged 4.36% to trade at $101.15 per barrel on Friday afternoon, May 15, 2026, a gain of $4.23. The global Brent benchmark rose 3.38% to $109.29, according to live price data. The Bakken crude differential to WTI narrowed to -$3.42 per barrel. The sharp price increase follows a period of steadiness after a summit between former U.S. President Donald Trump and Chinese leader Xi Jinping. According to Rigzone, published May 14, oil prices had steadied as the two leaders discussed issues including Iran and energy trade. Adding fundamental support to the market, the U.S. Energy Information Administration (EIA) revealed its latest oil price forecasts in its May Short-Term Energy Outlook (STEO), published May 15. While the specific price projections were not detailed in the provided summary, the STEO is a closely watched report that influences trader sentiment by providing official government forecasts for supply, demand,...

🌅Afternoon Wire·May 15

Rig Report

North Dakota Rig Count Falls to 22, Down Two This Week

The active rig count in North Dakota fell to 22 on Friday, May 15, 2026, down two units from the previous day, according to live rig data from Bakken Wire. Two rigs were released from service, both located in Mountrail County. Silver Hill Energy Operating, LLC released the NABORS B27 rig from location 158-94-35. OASIS PETROLEUM NORTH AMERICA LLC released the NOBLE 4 rig from location 157-93-13. No rigs were reported moving to new locations. The current count of 22 active rigs represents a net decrease of one unit compared to one week ago, on May 8, 2026, when the state had 23 rigs running. However, drilling activity in the state remains higher than a month ago, up three rigs from the 19 units active on April 15, 2026. The state's slight weekly decline contrasts with a modest increase in national drilling activity. According to Baker Hughes's weekly rotary rig...

🌅Afternoon Wire·May 15

Pipeline & Infrastructure

Canada Sets West Coast Pipeline Timeline, Eyes Keystone XL Revival

The Canadian government and Alberta have reached a carbon pricing deal that could finally move a long-discussed West Coast oil pipeline from perpetual debate into construction, with a start date penciled in as early as September 2027, according to OilPrice.com. Prime Minister Mark Carney and Alberta Premier Danielle Smith announced the agreement Friday, May 15, 2026. The agreement attempts to solve a policy problem tying Canada into knots for years: how to expand oil infrastructure while attaching climate conditions. Under the deal, Alberta's industrial carbon pricing framework will gradually increase, reaching C$130 per metric ton by 2040. Ottawa has also softened an earlier condition; the massive Pathways carbon capture project, backed by oil sands producers, has been scaled back significantly from initial plans. For North Dakota and Bakken operators, a new West Coast pipeline capable of moving roughly 1 million barrels per day to the Pacific coast represents a potential...

🌅Afternoon Wire·May 15

Regulatory

Scottish Greens Push for New Windfall Tax on Oil and Gas Profits

The Scottish Green Party is calling for the UK government to expand its tax on windfall oil and gas profits, according to a report from Rigzone. The party renewed its push for bolstered taxation on extraordinary energy company earnings on Friday. While the proposal directly targets operators in the UK North Sea, such international regulatory movements are closely monitored by the global investment community, including those active in North Dakota's Bakken formation. The Bakken is a major onshore oil-producing region in the United States, where operators are sensitive to shifts in the fiscal and political landscape. Advocates for these taxes, like the Scottish Greens, argue the revenues should be used to help households pay energy bills. This reflects a continuing political trend in various jurisdictions of targeting energy producers during periods of high commodity prices to fund public relief programs. For Bakken operators, the news serves as a reminder of...

🌅Afternoon Wire·May 15

Global Markets

Global Nuclear Push, LNG Deal Highlight Long-Term Energy Shifts

The global energy landscape is shifting with major developments in nuclear power and liquefied natural gas, creating a backdrop of long-term competition for investment and market share that will influence the Bakken's position. According to a report from Goldman Sachs, the nuclear power buildout is accelerating, with small modular reactors (SMRs) now factored into long-term uranium demand models. Goldman analyst Brian Lee's latest "Nuclear Nuggets" report, published by OilPrice.com, adds SMR deployments to its forecast, projecting nearly 46 GW of cumulative SMR capacity by 2045. This increases the firm's 2045 nuclear generation forecast by about 6% and creates an additional 62 million pounds of uranium demand—a 17% upside to prior estimates. The report also warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045, with uranium spot prices stabilizing in the mid-to-high $80s per pound. Concurrently, in the global natural gas sector, Japan's INPEX Corp....

🌅Afternoon Wire·May 15

Global Markets

Global Oil News Impacts North Dakota's Budget Outlook

North Dakota's budget planning for 2027 hinges on daily oil price fluctuations, according to state Chief Information Officer Corey Mock. In a statement reported by GovTech on May 15, 2026, Mock said the state's fiscal reality "depends on the price of a barrel of oil." He noted that prices around $50 to $55 a barrel projected a scenario that merely meets expectations, unlike prior years of surplus. Mock stated that 2027 might be the first time in a while the state must focus on "cost stability, if not in some areas, cost reductions." As an oil-producing commodity state, a big chunk of North Dakota's revenue comes from oil production and extraction. The state's IT agency is evaluating its funding model to incentivize service delivery while providing stability, according to the source. Globally, a major pipeline expansion could influence market flows. The United Arab Emirates will double its capacity to export...

🌅Afternoon Wire·May 15

Operator News

Global Oil Dynamics Steady Despite Gulf Tensions, North Sea Field Restarts

Oil markets have shown surprising resilience despite heightened tensions in the Persian Gulf, a development Bakken producers are watching closely. According to Rigzone, analysts from Standard Chartered, Wood Mackenzie, and the American Enterprise Institute point to ample physical supply and the use of strategic petroleum reserves as key reasons crude prices have not surged higher following recent USA-Iran conflict. This stability is critical for North Dakota operators, who rely on predictable pricing to plan drilling budgets and well completion schedules in the Bakken formation. In other global operator news, Perenco has restarted gas production at the Davy field in the UK North Sea, Rigzone reported. The field resumed flows at approximately 14 million cubic feet per day, five years after being shut in. While not a direct competitor to Bakken natural gas, the return of legacy offshore production underscores the global nature of supply and the continual balancing of hydrocarbon...

🌅Afternoon Wire·May 15

Pipeline & Infrastructure

Cuba Fuel Crisis Highlights Global Energy Market Volatility

Cuba has reported a complete depletion of diesel and fuel oil needed to operate its power plants, according to a summary from Rigzone published Thursday, May 14, 2026. The Caribbean nation's fuel crisis illustrates the persistent volatility in global energy supply chains. While the direct impact on North Dakota's Bakken formation is not specified in the report, such international supply disruptions can influence global crude oil and refined product markets. Bakken crude, which is primarily transported to refineries via pipeline and rail, is part of the interconnected global energy network. Regional disruptions, like those reported in Cuba, can contribute to shifts in global diesel and fuel oil pricing and demand patterns. These shifts can indirectly affect the economics for Bakken producers and the state's royalty owners by altering the relative value of crude versus refined products. The Bakken formation remains a major source of light sweet crude oil for U.S....

🌅Afternoon Wire·May 15