Energy Market Briefing

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Friday, October 23, 2026

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☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

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Oil Prices

Oil Prices Firm Above $100 as Geopolitics, Inventory Draw Support Market

Oil prices climbed in Friday morning trading, with West Texas Intermediate (WTI) crude holding above the $100 per barrel threshold. According to live price data, WTI settled at $100.69, a gain of $1.22 or 1.23%. The international benchmark Brent crude traded at $109.78, up $1.12. Bakken crude at the wellhead was priced at a discount of $3.42 per barrel versus WTI. The price strength comes amid a volatile week where geopolitical risk premium and shifting supply fundamentals have battled for control of the market. OilPrice.com reported that December WTI crude opened the week at $99.04, rallied to a high of $101.37, then broke sharply to $95.25 on headlines regarding potential Middle East peace talks mediated by Iran and Pakistan, before recovering fully. The site noted that while traders were quick to sell on diplomatic headlines, the lack of concrete progress meant the "peace-talk trade" failed to hold, allowing prices to...

☀️Morning Wire·Oct 23

Rig Report

Bakken Rig Count Holds at 36, Up 5 from Month Ago

The number of active drilling rigs in North Dakota held at 36 on Friday, October 23, according to live data tracked by Bakken Wire. The count showed no change from the previous day, with no rigs added, removed, or relocated. The current fleet represents a gain of one rig compared to one week ago and is five rigs higher than the 31 rigs active one month ago on September 23. This sustained increase over the past month highlights a period of stable, incremental growth in drilling activity across the Williston Basin. The steady rig count supports ongoing development as the state's well inventory reaches a new peak. According to a report from Bing News, new figures from the North Dakota Department of Mineral Resources show the number of active oil wells hit an all-time high in August, surpassing 20,000 wells. A stable rig count at this level allows operators to...

☀️Morning Wire·Oct 23

Daily Activity

Daily Permitting Slows to Single Whiting Approval

The North Dakota Department of Mineral Resources approved one new drilling permit on Thursday, October 22, 2026, according to its daily activity report. The sole permit was issued to Whiting Oil and Gas Corporation. The approved permit, 43432, is for the Garfield Federal 5003 43-15 4B well, located in the SW SE of Section 15-150N-103W in McKenzie County. The well is sited within the Middle Creek field. This single approval represents a significant slowdown in new permitting activity compared to recent reports. Beyond new permits, the report detailed several filings for confidential status changes. Enerplus Resources USA Corporation filed for a change on permit 41407 for its Crying Tree 147-97-8-5-9H-ELL well in the Little Knife field of Dunn County (SW SE 8-147N-97W). Additionally, SOGC, LLC filed for a change on permit 42444 for its Forest 2-1 1HLE well in the Lone Butte field of McKenzie County (SE SE 3-147N-98W). These...

☀️Morning Wire·Oct 23

Operator News

Shell, ExxonMobil Reportedly Put Chemicals Joint Venture Up for Sale

Shell plc and ExxonMobil Corp. are reportedly putting their chemicals joint venture up for sale, according to a report from the Financial Times cited by Rigzone. The oil companies are said to be aiming for a deal that values the unit at approximately $8 billion. The sale may attract interest from private equity suitors, Rigzone reported. The development, reported on October 23, 2026, points to ongoing portfolio management by the supermajors as they navigate energy transition pressures and market cycles. For Bakken operators and service companies, strategic moves by global majors like ExxonMobil and Shell can signal broader industry trends. While the specific joint venture sale is a corporate-level transaction, such divestments often free up capital and management focus. This could potentially influence investment decisions at the asset level, including in key onshore U.S. basins like the Bakken formation in North Dakota. ExxonMobil operates in the Bakken through its subsidiary...

☀️Morning Wire·Oct 23

Global Markets

Global Petrochemicals Shift May Tighten Bakken Crude Market

China's oversupply of petrochemicals has significantly diminished, a development that may tighten global crude oil markets and impact Bakken producers. According to a report from Rigzone, the country has burned through much of a surplus built up by years of overproduction. The shift is attributed to the ongoing U.S.-Iran war, which is choking oil flows in the Middle East. For Bakken operators, this represents a potential shift in the global supply-demand balance. North Dakota's light, sweet crude is a key feedstock for refineries producing gasoline, diesel, and petrochemicals. A tightening global market for these refined products can increase demand for the crude oil used to make them. The petrochemicals sector is a major consumer of specific crude oil fractions. A reduction in China's vast surplus suggests stronger underlying demand or constrained supply elsewhere in the supply chain. While the Bakken formation primarily produces light crude oil, market dynamics for petrochemical...

☀️Morning Wire·Oct 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Crude Futures Surge Past $102, Bakken Discount Steady at -$3.42

West Texas Intermediate crude surged $3.40 to $102.87 per barrel on Friday afternoon, a gain of over 3.4%. The international benchmark, Brent crude, rose $3.29 to $111.95, according to live price data. Both benchmarks are trading at five-month highs. Meanwhile, the Bakken crude differential held steady at a discount of $3.42 per barrel versus WTI. The sharp rally in futures prices contrasts with emerging softness in key physical crude markets, highlighting a market driven by fear of future supply disruptions rather than current fundamentals. According to a report from OilPrice.com, prices for physical crudes from the Middle East have softened this week as oil flows through the Strait of Hormuz have increased via ship-to-ship transfers. Some grades, like Iraq’s Basrah Medium, are now selling at a $10 per barrel discount to the Dubai benchmark. The premium of Oman crude over Dubai, a key measure of Middle East market strength, slumped...

🔆Midday Wire·Oct 23

Pipeline & Infrastructure

DOE Advances Constitution Pipeline Citing Energy Security

The U.S. Department of Energy is advancing the long-delayed Constitution Pipeline project to strengthen national energy security, according to the Trump administration. The announcement was reported by Rigzone on Friday, October 23. For Bakken operators and natural gas producers in North Dakota, the federal push for new pipeline infrastructure represents a potential positive signal. The Williston Basin is a major producer of associated natural gas from oil wells, and additional pipeline capacity to major demand centers, particularly in the Northeastern U.S., could provide a crucial outlet. The Constitution Pipeline is designed to transport natural gas from Pennsylvania's shale fields to markets in New York and New England. While not directly connected to North Dakota, its advancement as a federal priority underscores a broader administrative focus on building out energy infrastructure. This regulatory environment can benefit all producing regions, including the Bakken, by potentially streamlining other projects. Increased pipeline capacity from...

🔆Midday Wire·Oct 23

Regulatory

Bakken Production Rise Boosts ND Tax Revenue Amid War Premium

North Dakota's oil production continues to increase, generating state tax revenues that have exceeded initial forecasts, according to a report from Bing News. The elevated revenue is attributed to high oil prices resulting from the ongoing U.S. war with Iran. For operators in the Bakken formation, the sustained period of higher oil prices improves cash flow and can support increased drilling and completion activity. The price environment, driven by geopolitical conflict, provides a stronger economic backdrop for new wells and continued production from existing assets. The report indicates that the revenue surge is directly linked to the war-driven price premium. While the source did not provide specific production or revenue figures, the trend of rising output coupled with elevated prices signals robust industry health in the state's primary oil-producing region. The consistent tax revenue above projections is also a positive indicator for state budgets and infrastructure funding. North Dakota's oil...

🔆Midday Wire·Oct 23

Global Markets

Space Tensions Highlight Bakken's Vulnerability to Global Energy Disruptions

Escalating tensions over a dangerous satellite maneuver have brought new focus to the geopolitical risks facing global energy markets, a critical concern for North Dakota's Bakken formation which relies on stable international trade for its crude exports. On October 21, U.S. officials publicly accused Russia of threatening a commercial satellite, with a senior adviser calling the behavior "deliberately reckless," according to a report from OilPrice.com. The incident involves a Russian military satellite, Kosmos-2612, which moved "exceptionally close" — within an estimated 200 meters — of a U.S.-registered, Finnish-operated satellite named ICEYE-X36. Aerospace intelligence firm LeoLabs stated the action was "consistent with sophisticated rendezvous and proximity operations" and was not a routine event, OilPrice.com reported. The targeted satellite provides radar imagery through cloud cover to clients including the Ukrainian Defense Ministry. For Bakken operators and royalty owners, such geopolitical flashpoints serve as a stark reminder of the basin's exposure to international...

🔆Midday Wire·Oct 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge as Geopolitical Tensions, Market Scrutiny Intensify

Oil prices posted strong gains Friday, with West Texas Intermediate (WTI) crude rising $3.72 to settle at $103.19 per barrel, a 3.74% increase. The global benchmark, Brent crude, climbed $2.81 to $111.47, according to live market data. The rally was attributed to escalating geopolitical risks in the Middle East. The price surge comes as renewed fears of supply disruptions gripped the market. According to Rigzone, Brent crude had topped $116 earlier in the day as escalating attacks on Saudi Arabia heightened supply fears. This premium for global crudes is reflected in the widening spread between Brent and WTI, which now exceeds $8 per barrel. For Bakken producers, the headline WTI price is tempered by a regional discount. The Bakken differential was reported at $-3.42 versus WTI on Friday, meaning Bakken crude priced at Clearbrook, Minnesota, traded at approximately $99.77 per barrel. Meanwhile, natural gas prices saw a slight decline, falling...

🌅Afternoon Wire·Oct 23

Rig Report

North Dakota Rig Count Climbs to 37 as Oasis Petroleum Adds Dunn County Rig

The number of active drilling rigs in North Dakota increased by one to 37 on Friday, October 23, 2026, according to Bakken Wire live data. The uptick continues a trend of gradual growth in the state's oilfield activity. The sole new rig reported was the TRUE 40, operated by OASIS PETROLEUM NORTH AMERICA LLC and located at 148-92-28 in Dunn County. There were no rigs removed or moved from their locations over the past day. The current count of 37 active rigs represents a net increase of two rigs from one week prior, when 35 rigs were active on October 16, 2026. Compared to one month ago, on September 23, 2026, the rig count is up by six rigs, from a base of 31. This sustained, multi-week increase in drilling activity underscores the ongoing investment by operators in the Bakken formation, North Dakota's primary oil-producing region. The addition of a...

🌅Afternoon Wire·Oct 23