Sunday, May 24, 2026

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Oil Prices

Oil Prices Hold Near $100 as Bakken Operators Remain Cautious

Front-month crude oil futures held near the $100 per barrel mark in early Sunday trading, with Brent crude topping the key psychological level. The global benchmark settled at $100.21 per barrel, a gain of 71 cents or 0.71%, according to live price data. West Texas Intermediate (WTI) crude was at $96.60, up 25 cents or 0.26%. The Bakken crude differential, a critical metric for North Dakota producers, was at a discount of $3.42 per barrel versus WTI. This relatively narrow discount, when combined with high outright prices, translates to strong wellhead economics in the region. Meanwhile, natural gas prices saw pressure, trading at $3.02 per MMBtu, down 14 cents. The elevated price environment is being supported by significant draws on U.S. crude inventories. According to a Rigzone report citing the U.S. Energy Information Administration's weekly data, commercial crude oil stocks, excluding the Strategic Petroleum Reserve, fell by almost 8 million...

☀️Morning Wire·May 24

Rig Report

Bakken Rig Count Holds at 25, Industry Eyes Expansion Amid Price Rally

North Dakota's active drilling rig count held at 25 for Sunday, May 24, 2026, with no additions, removals, or location changes from the previous day, according to live Bakken Wire data. The current fleet represents a slight increase from 22 rigs one week ago and 23 rigs one month ago. The steady activity comes amid a significant rally in oil prices and high-profile announcements from major operators at the recent Williston Basin Petroleum Conference in Bismarck. According to the North Dakota Monitor, Continental Resources founder Harold Hamm announced on May 21 that the company plans to resume drilling in the state before the end of the year. The company, North Dakota's No. 2 oil producer, had paused new drilling in January for the first time in three decades due to low oil prices. Hamm cited higher oil prices amid the U.S. war with Iran as a key factor in the...

☀️Morning Wire·May 24

Daily Activity

Weekend Lull: No New Activity Filed in ND DMR Daily Report

No new drilling or completion activity was reported to state regulators on Saturday, May 23, according to the North Dakota Department of Mineral Resources. The daily activity report from the DMR contained no new filings. The DMR daily report typically lists new drilling permits approved, wells spudded (drilling begun), wells completed, and wells plugged. This data provides a near-real-time snapshot of operational activity in the Bakken formation and across North Dakota. Days with no reported activity are normal, particularly on weekends and during holidays when administrative filings slow. The oil and gas industry's regulatory reporting often reflects this cyclical pause. The next report, expected Monday, will show if activity resumed following the weekend. The DMR's daily reports are a key resource for tracking the pace of development in the nation's third-largest oil-producing state.

☀️Morning Wire·May 24

Operator News

ExxonMobil, QatarEnergy Partner to Assess Cyprus Gas Route Via Egypt

Exxon Mobil Corp. and QatarEnergy have signed a memorandum of understanding with Egypt to study using Egypt's infrastructure to develop natural gas discoveries offshore Cyprus, according to Rigzone. The agreement, reported on May 22, focuses on assessing the potential to flow Cypriot gas through existing Egyptian liquefied natural gas (LNG) export facilities. For Bakken-focused operators like ExxonMobil, which operates in the basin through its subsidiary XTO Energy, such international partnerships highlight the company's diversified global strategy. While the MoU is specific to the Eastern Mediterranean, major integrated oil companies often balance capital allocation between prolific shale basins like the Bakken and large-scale international gas projects. The development of new LNG supply routes can influence long-term global gas markets, which indirectly affects associated gas production economics in oil-prone plays. The Bakken formation is primarily an oil play, but its significant associated gas production requires stable market outlets. Large-scale international gas projects...

☀️Morning Wire·May 24

Pipeline & Infrastructure

Dakota Access Pipeline to Continue Operating Under Stricter Mandates

The Dakota Access Pipeline (DAPL) will continue to transport crude oil from the Bakken formation, but under stricter operating conditions. According to Reuters, the U.S. Army Corps of Engineers announced the decision on Thursday, May 21, 2026, allowing the pipeline to operate with tighter environmental and safety mandates. The ruling represents a significant outcome for Bakken shale operators and North Dakota's oil industry. The pipeline is a critical piece of infrastructure, providing a direct and cost-effective route for moving Bakken crude to market hubs in Illinois. Its continued operation ensures market access and supports production stability in the region. However, the imposition of stricter mandates by the federal agency introduces a new regulatory layer for pipeline operator Energy Transfer. The specific details of the enhanced environmental and safety requirements were not disclosed in the report, but they will likely involve more rigorous monitoring, inspection protocols, or operational adjustments. The decision...

☀️Morning Wire·May 24

Regulatory

UK Moves to Close Oil Tax Loophole

The United Kingdom's government announced it is closing a tax loophole for oil and gas companies, according to a report from Rigzone. Chancellor of the Exchequer Rachel Reeves stated the policy change, which was reported on May 22, 2026. While the specific details of the UK loophole were not provided in the summary, such international tax policy shifts are closely monitored by global energy markets. Regulatory changes in major producing nations can influence investor sentiment and capital allocation strategies worldwide. For Bakken operators, the direct regulatory impact is minimal as North Dakota's tax structure is governed by state law. However, the announcement underscores a broader trend of governments scrutinizing fiscal terms for hydrocarbon production. This environment reinforces the importance of stable and predictable regulatory frameworks for long-term project planning. The Bakken formation, a primary driver of North Dakota's oil output, operates under a different tax system than the UK's North...

☀️Morning Wire·May 24

Global Markets

US Rig Count Jumps, Ukraine Targets Refinery, ICE Launches Oil Futures

The U.S. oil and gas rig count rose for a fifth consecutive week, adding seven rigs to reach 558, according to a Baker Hughes report cited by Bing News. The total, reported on Friday, May 22, marks the highest count since June 2025. Notably, the number of rigs drilling for oil jumped by ten, the largest single-week increase in four years. For Bakken operators, this sustained increase in national drilling activity signals continued investment and confidence in the sector, potentially reflecting stable or favorable commodity prices that support development in North Dakota's core shale play. In financial markets, Intercontinental Exchange Inc (ICE), owner of the New York Stock Exchange, is partnering with crypto exchange OKX to launch perpetual futures contracts tied to oil, Rigzone reported. These contracts, which never expire, represent a new financial instrument for trading oil price exposure. Such products can increase market liquidity and provide another avenue...

☀️Morning Wire·May 24

Operator News

Market Volatility, Global Supply Shifts Dominate Operator Outlook

Global energy markets remain volatile as developments in Iran negotiations and supply risks continue to influence prices, according to a report from Rigzone. For Bakken operators, this underscores the ongoing sensitivity of crude oil revenues to geopolitical events far from North Dakota. Separately, analysis from Enverus Intelligence Research (EIR) indicates a significant shift in natural gas markets. The firm outlined that an outage at Qatari LNG facilities will shift the global gas market into a structural deficit. While the Bakken is primarily an oil play, associated natural gas production is a key revenue stream and compliance factor for operators. A tightening global gas market could provide marginal support for domestic prices, affecting the economics of gas capture and flaring reduction efforts in the Williston Basin. The broader influence of oil prices was also highlighted this week. Ole Hansen, Saxo Bank's Head of Commodity Strategy, said oil continues to exert an...

☀️Morning Wire·May 24

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Rise Amid Inventory Draw, Bakken Operators Remain Cautious

Oil prices advanced midday Sunday, with Brent crude surpassing $100 per barrel, supported by a significant weekly drawdown in U.S. inventories and ongoing geopolitical tensions. West Texas Intermediate (WTI) crude traded at $96.6, a gain of $0.25 (0.26%), according to live price data. Brent crude, the international benchmark, rose more sharply to $100.21, up $0.71 (0.71%). Natural gas prices retreated to $3.02, down $0.14. Bakken crude traded at a discount of $3.42 below WTI. The price strength follows a reported substantial decrease in U.S. commercial crude oil stocks. According to Rigzone, citing the latest U.S. Energy Information Administration (EIA) weekly report, crude inventories, excluding the Strategic Petroleum Reserve, fell by almost 8 million barrels week-on-week to stand at 445.0 million barrels as of May 15. Despite the bullish combination of higher prices and tightening supplies, operators in North Dakota's Bakken formation are exhibiting caution regarding ramping up drilling activity. Reuters...

🔆Midday Wire·May 24

Operator News

Continental Resources Announces Return to Bakken Drilling in 2026

Continental Resources will resume drilling new wells in North Dakota before the end of 2026, founder Harold Hamm announced at the Williston Basin Petroleum Conference in Bismarck. The company, North Dakota's No. 2 oil producer, had paused new drilling in January, marking its first break from active rig operations in the state in 30 years. According to the North Dakota Monitor, Hamm cited higher oil prices amid the war with Iran as a key factor in the decision. "A great deal has changed," Hamm said. "We'll be back to work." He told conference attendees on Thursday, May 21, 2026, that the company did not yet have a firm number of rigs planned but said it would be "meaningful." Hamm dismissed predictions that oil prices would drop sharply once the Strait of Hormuz reopens. "I don't believe that, at all," he said in an interview. He stated that a minimum oil...

🔆Midday Wire·May 24

Pipeline & Infrastructure

Dakota Access Pipeline to Operate Under Stricter Mandates

The Dakota Access Pipeline (DAPL) will continue to operate but under stricter environmental and safety mandates, according to a recent decision by the U.S. Army Corps of Engineers. Bing News reported the Corps announced the decision on Thursday, May 21, 2026. The ruling allows the critical pipeline to remain in service, ensuring a major outlet for crude oil produced in North Dakota's Bakken formation remains open. The pipeline is a key conduit, transporting Bakken crude from North Dakota to a storage and distribution hub in Patoka, Illinois. For Bakken operators and royalty owners, the decision provides continued market access and stability. The pipeline's operation supports regional production levels by offering a reliable and efficient method to move oil to broader markets. Any prolonged shutdown of DAPL would have forced producers to seek more costly and less efficient alternatives, such as increased rail transportation. The new stricter mandates, however, introduce a...

🔆Midday Wire·May 24

Regulatory

UK Moves to Close Oil Tax Loophole, Global Scrutiny Continues

The United Kingdom is taking action to increase tax revenue from its oil and gas sector, a move that highlights ongoing global regulatory pressure on the industry. Chancellor of the Exchequer Rachel Reeves stated the UK is closing a tax loophole on oil and gas companies, according to a report from Rigzone. While this policy change directly affects operators in the UK North Sea, it is part of a broader international trend where governments are scrutinizing energy sector fiscal regimes. For Bakken operators and royalty owners, such developments abroad serve as a reminder of the potential for increased regulatory and tax scrutiny, even in domestic basins. The North Dakota Bakken formation, a key driver of U.S. oil production, operates under a different state and federal tax structure than the UK. However, major international policy shifts can influence the global investment climate and regulatory discourse. Operators with international portfolios may see...

🔆Midday Wire·May 24

Global Markets

Bakken Production, Well Count Hit Records as Industry Eyes Next Tech Wave

North Dakota's oil industry is accelerating on two fronts: near-term production has reached new highs amid a global price surge, while a major industry conference this week focused on long-term technological efforts to unlock the next era of Bakken development. The state set a record for active producing wells in March, with 19,639 wells online, according to the Department of Mineral Resources' monthly briefing on May 22. Production for the month averaged 1.142 million barrels per day, a near 1% increase from February. Officials cited the impact of the U.S. war with Iran, which began Feb. 28, and the closure of the Strait of Hormuz on global markets. The price environment has shifted dramatically. North Dakota's wellhead price jumped to $84.33 per barrel in March from $57.74 in February, the state reported. This has prompted a change in activity. Continental Resources founder Harold Hamm announced on May 21 that his...

🔆Midday Wire·May 24

Operator News

Worley Secures APA Contract; ICE Launches Oil Futures

Engineering firm Worley has secured an exclusive three-year partnership with APA Corporation to deliver a phased infrastructure development program, according to Rigzone. The contract, announced May 24, aims to reduce constraints, increase optionality, and improve system flexibility for APA's operations. In financial markets, Intercontinental Exchange Inc. (ICE), owner of the New York Stock Exchange, is partnering with OKX to launch perpetual futures contracts tied to oil, Rigzone reported on May 23. These contracts, which never expire, represent a new financial instrument for traders and could influence volatility and hedging strategies for commodity producers. Geopolitical events continue to impact global energy security. Ukrainian forces targeted Russia's Yaroslavl oil refinery with long-range drones on Thursday night, President Volodymyr Zelenskyy stated in a Telegram post on May 22, as reported by Rigzone. Such attacks on refining and export facilities disrupt regional supply chains. For Bakken operators, these developments underscore a landscape where operational...

🔆Midday Wire·May 24

Pipeline & Infrastructure

Global Market Volatility, LNG Outage Influence Bakken Outlook

Global energy markets remain volatile, with oil prices swinging on developments in Iran negotiations and ongoing supply risks, according to Rigzone. The report, published May 22, did not provide specific price movements. Separately, analysis from Enverus Intelligence Research (EIR) indicates a significant shift in global gas markets. EIR outlined that an outage at a Qatari liquefied natural gas (LNG) facility will shift the market into a structural deficit, Rigzone reported on May 22. For Bakken operators and royalty owners, these external developments underscore the continued influence of global events on local economics. The Bakken formation, a major oil-producing region, is directly affected by international crude price volatility driven by geopolitical events like the Iran negotiations. Similarly, a tightening global gas market could provide indirect support for natural gas prices, which impact the value of associated gas produced from Bakken wells. The broad influence of oil markets was further highlighted in...

🔆Midday Wire·May 24

Production Data

Bakken Rig Count Holds at 25 Amid Strong Oil Prices

North Dakota's active drilling rig count held steady at 25 this week, according to live Bakken Wire data for Sunday, May 24, 2026. The figure continues a long-term trend of subdued activity compared to historical boom periods, even as benchmark oil prices trade at elevated levels. West Texas Intermediate (WTI) crude was priced at $96.60 per barrel, up 0.26%, while the global Brent benchmark traded above $100. The Bakken crude differential—the discount at which local crude trades versus WTI—was -$3.42 per barrel. Natural gas prices were reported at $3.02. The current rig count of 25 serves as a key leading indicator for future production in the Bakken formation. Historically, the number of active rigs has a direct correlation with oil production levels, with a several-month lag between drilling activity and new wells coming online. The current count remains a fraction of the peak seen in the previous decade when over...

🔆Midday Wire·May 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady Near $100 as Bakken Operators Remain Cautious

Front-month crude oil futures showed minimal change in Sunday trading, with West Texas Intermediate (WTI) holding at $96.60 per barrel and Brent crude at $100.21, according to live price data. The Bakken crude differential to WTI was priced at a discount of $3.42. The steady prices follow a recent sharp rise driven by geopolitical tensions, including the conflict involving Iran. However, operators in North Dakota's Bakken formation are taking a measured approach to the higher price environment. According to a Reuters report from May 22, U.S. oil operators in North Dakota are moving cautiously on ramping up drilling despite the price increase, as companies wait to see if higher prices will last. This operator caution persists even as fundamental data shows a tightening market. The U.S. Energy Information Administration's latest weekly report, cited by Rigzone on May 22, showed a substantial drawdown in commercial crude inventories. Stocks, excluding the Strategic...

🌅Afternoon Wire·May 24

Rig Report

North Dakota Rig Count Rises to 26 as Devon Energy Adds New Rig

North Dakota's active drilling rig count rose to 26 on Sunday, May 24, 2026, with one new rig reported since the previous day, according to live rig data monitored by Bakken Wire. No rigs were removed or moved locations. The new addition was the NABORS B17 rig, operated by Devon Energy Williston, L.L.C. in Williams County at location 156-100-31. The current count of 26 rigs represents an increase of four from one week prior (May 17, 2026) and an increase of three from one month ago (April 24, 2026). The modest rise in drilling activity coincides with a wave of industry optimism and specific operator announcements emerging from the recent Williston Basin Petroleum Conference in Bismarck. According to a report from the North Dakota Monitor, Continental Resources founder Harold Hamm announced on May 21 that the company plans to resume drilling in North Dakota before the end of the year....

🌅Afternoon Wire·May 24

Operator News

ExxonMobil, QatarEnergy Sign Egypt MoU for Cyprus Gas Assessment

Exxon Mobil Corp. and QatarEnergy have signed a memorandum of understanding with Egypt to assess using its infrastructure for potential natural gas developments in Cyprus, according to Rigzone. The report, published May 22, states the MoU is for assessing the potential of developing Cypriot gas discoveries through Egypt's existing facilities. For Bakken operators, this move highlights the ongoing global competition for capital investment within major integrated companies like ExxonMobil. While ExxonMobil maintains a significant position in the Bakken through its subsidiary XTO Energy, strategic decisions to pursue large-scale international gas projects can influence long-term portfolio allocation. The company's Permian Basin assets typically receive greater emphasis in its U.S. onshore strategy. The Bakken formation is primarily a crude oil play, with natural gas often produced as a associated byproduct. Major international gas developments, like the one being considered in the East Mediterranean, represent a different resource class and investment horizon. Such...

🌅Afternoon Wire·May 24

Pipeline & Infrastructure

Dakota Access Pipeline Allowed to Continue Operating Under Stricter Rules

The U.S. Army Corps of Engineers has decided to allow the Dakota Access oil pipeline (DAPL) to continue operating, but under stricter environmental and safety mandates. The decision was announced on Thursday, May 21, 2026, according to a report from Reuters via Bing News. This ruling is a critical development for oil producers in North Dakota's Bakken formation. The Dakota Access Pipeline is a major conduit for Bakken crude, transporting oil from the state's production fields to a market hub in Illinois. Its continued operation provides stability for shippers who rely on it as a primary alternative to more expensive rail transport. The decision represents a setback for the Native American tribes and environmental groups who have long sought to shut the pipeline down over concerns about its potential impact on water resources and sacred sites. While the pipeline remains open, the new, tighter operating conditions mandated by the federal...

🌅Afternoon Wire·May 24

Regulatory

UK Tax Change Seen as Global Regulatory Signal for Energy Sector

The UK government announced it is closing a tax loophole for oil and gas companies, according to a report from Rigzone. Chancellor of the Exchequer Rachel Reeves stated the policy change on May 22, 2026. While the specific measure applies only to the United Kingdom, such international regulatory actions are closely monitored by the global energy industry. Fiscal policy shifts in major producing nations can signal broader trends in how governments approach hydrocarbon revenues, particularly in periods of economic or environmental policy transition. For Bakken operators and North Dakota stakeholders, the development serves as a reminder of the persistent focus on oil and gas taxation worldwide. The state's oil industry benefits from a stable and well-defined tax structure, including extraction and production taxes. However, regulatory news from other jurisdictions often fuels discussion about the long-term durability of current fiscal models. The Bakken formation is North Dakota's primary oil-producing region and...

🌅Afternoon Wire·May 24

Global Markets

U.S. Rig Count Climbs for Fifth Week; APA, ICE Ink Energy Deals

The U.S. oil and gas rig count rose for a fifth consecutive week, jumping by seven to a total of 558, according to a Baker Hughes report cited by Bing News. This is the highest count since June 2025. Notably, oil-directed rigs alone increased by 10, marking the largest single-week gain in four years. For Bakken operators, a rising national rig count is a key indicator of industry sentiment and investment. Increased drilling activity elsewhere can influence service costs and labor availability in the North Dakota basin, even if the count is not region-specific. In other developments, engineering firm Worley has secured a three-year exclusive partnership with APA Corporation. According to Rigzone, Worley will support APA's infrastructure development program aimed at reducing operational constraints and improving system flexibility. Such long-term engineering contracts often focus on optimizing existing assets and supporting production growth in key regions. Meanwhile, new financial instruments tied...

🌅Afternoon Wire·May 24

Operator News

Global Energy Volatility Influences Bakken Outlook

Global energy markets faced multiple sources of volatility this week, with implications for Bakken crude oil and natural gas pricing, according to reports from Rigzone. Ukrainian forces again targeted Russian oil infrastructure, using long-range drones against the Yaroslavl refinery on the night of Thursday, May 21, according to a Telegram statement from President Volodymyr Zelenskyy cited by Rigzone. Such attacks on refining and export facilities introduce supply risks that can bolster global crude benchmarks, which directly influence the price Bakken operators receive for their oil. Concurrently, oil prices experienced swings driven by diplomatic developments, Rigzone reported. Hopes for progress in negotiations with Iran contributed to market volatility. For Bakken producers, this geopolitical uncertainty adds another layer of complexity to hedging and production planning, as shifts in the global supply picture can quickly alter the wellhead economics in the Williston Basin. In natural gas markets, a significant supply disruption was highlighted...

🌅Afternoon Wire·May 24

Pipeline & Infrastructure

Oil's Broader Market Influence Highlighted in Strategy Note

Oil's price movements and market dynamics continue to exert significant influence well beyond the energy sector itself, according to a recent analysis from Saxo Bank. Ole Hansen, the bank's Head of Commodity Strategy, highlighted this broad impact in a note published May 22. For Bakken operators and royalty owners in North Dakota, this underscores the interconnected nature of the global oil market with wider financial and economic trends. The Bakken formation's production economics are directly tied to crude prices, which are swayed by factors including geopolitical events, currency fluctuations, and broader investor sentiment in commodity markets. When oil influences other asset classes, it can affect investment capital flows and the cost of capital for exploration and production companies. A sustained high price environment driven by these broader forces can support continued drilling and completion activity in the Williston Basin. Conversely, price volatility stemming from non-energy market events can complicate long-term...

🌅Afternoon Wire·May 24