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Saturday, September 5, 2026

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☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

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Oil Prices

Oil Prices Steady Near Multi-Year Highs as Inventories Tighten

Front-month crude oil futures held near recent multi-year highs in early trading Saturday, with U.S. benchmark West Texas Intermediate (WTI) trading at $91.48 per barrel. The global benchmark, Brent crude, was stronger at $96.28 per barrel, according to live market data. The slight gains add to a week of firm pricing, supported by a reported drawdown in U.S. commercial crude inventories. Data from the U.S. Energy Information Administration (EIA) showed crude stocks, excluding the Strategic Petroleum Reserve, fell to 424.5 million barrels for the week ending August 28, according to Rigzone. This week-on-week decline provides fundamental support for prices by signaling robust demand or tightening supply. For Bakken producers, the price environment remains highly favorable. The Bakken crude differential to WTI at the Clearbrook, Minnesota, trading hub was reported at -$3.42 per barrel. This relatively narrow discount means Bakken barrels are fetching prices near $88.06, providing strong cash flow for...

☀️Morning Wire·Sep 5

Rig Report

North Dakota Rig Count Holds at 34 as U.S. Total Remains Steady

The number of active drilling rigs in North Dakota remained at 34 on Saturday, September 5, with no additions, removals, or location changes reported since Friday, according to Bakken Wire live data. The current count represents a decrease of two rigs from one week ago, when 36 rigs were active on August 29. However, activity is up five rigs from the level seen a month ago on August 6, when 29 rigs were working. Nationwide, the U.S. rig count was unchanged for the week ended September 4 at 588 units, according to Baker Hughes data reported by Bing News. The national count is up 51 rigs from the same period last year. The report noted that while Louisiana and Pennsylvania each lost one rig, Texas and Colorado each gained one. The number of rigs drilling for oil in the U.S. was 449, up two from the previous year. In contrast,...

☀️Morning Wire·Sep 5

Daily Activity

Hess, Petro-Hunt Lead Daily Drilling Permits with Seven Renewals

The North Dakota Department of Mineral Resources (DMR) reported seven drilling permit renewals in its daily activity report for Friday, September 4, 2026. The filings were dominated by Hess Bakken Investments II, LLC and Petro-Hunt, L.L.C., according to the state's regulatory data. Petro-Hunt, L.L.C. secured renewals for three permits in Dunn County. Two permits, the Charles Tompkins 144-97-31D-30-2H and the Charles Rand 143-97-6A-7-2H, are listed for the Little Knife and Crooked Creek fields, respectively. Both are marked 'CONFIDENTIAL' with a note stating the location is outside of a spacing unit. A third permit, for the Charles Tompkins 144-97-31D-30-1HS, also in the Little Knife field, is similarly confidential and noted as a proposed drillback outside of a spacing unit. Hess Bakken Investments II, LLC was active in Mountrail County, renewing four permits for the EN-Van Berkom pad in the Sorkness field. The permits, EN-Van Berkom-157-93-2627H-2U, 2627H-3U, 2627H-4, and 2627H-5, are all...

☀️Morning Wire·Sep 5

Global Markets

U.S. Nuclear Stagnation May Prolong Bakken's Role in Global Energy Mix

The United States is rapidly falling behind China in building new nuclear power capacity, a trend that could extend the domestic need for fossil fuel-based power generation, including from the Bakken formation. According to a report from OilPrice.com, China added a staggering 34 gigawatts of nuclear capacity in the past decade, while the U.S. added just one new plant. China is on track to overtake both France and the United States to become the world's largest nuclear power producer within the next five years. “By a wide margin, China will have the world’s most dynamic and significant nuclear industry through 2035,” energy lead analyst Damien Ma of Gavekal Technologies stated in a June report cited by the source. The U.S. nuclear fleet, while still the world's largest by output, is aging rapidly. OilPrice.com reports the U.S. has 96 operating commercial reactors, with an average age of 44 years. All but...

☀️Morning Wire·Sep 5

Pipeline & Infrastructure

Decade Since DAPL Protests Began, Standing Rock Flashpoint Remembered

The world’s attention turned to North Dakota in early September 2016 as protests over the Dakota Access Pipeline (DAPL) intensified into a major standoff, according to a report from the Williston Herald. The conflict began after the U.S. Army Corps of Engineers approved plans for the $3.7 billion crude oil pipeline half a mile outside the Standing Rock Sioux Reservation. The decision pitted American energy interests against tribal sovereignty, according to the source. It sparked a grassroots movement where Indigenous protesters and allies argued the project threatened water, sacred sites, and the environment. Pipeline developers and state officials maintained that modern steel pipelines offered safer fossil-fuel transit than railroads or trucks. Thousands of Native Americans and climate activists flocked to the protest camps south of Bismarck. Public figures, including actors Shailene Woodley and Mark Ruffalo and the Rev. Jesse Jackson, arrived to show support. Activists employed various tactics, chaining themselves...

☀️Morning Wire·Sep 5

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher as Brent Nears $100, Bakken Discount Narrows

Global oil benchmarks rose in midday trading Saturday, with Brent crude approaching the $100 per barrel threshold on ongoing geopolitical and supply concerns. West Texas Intermediate (WTI) crude was more subdued, gaining 0.2%. As of midday September 5, 2026, front-month WTI futures traded at $91.48 per barrel, a gain of 18 cents. The international benchmark Brent crude traded at $96.28, a more substantial increase of 76 cents or 0.8%. The price spread between the two benchmarks widened to nearly $5. The primary Bakken crude price benchmark, calculated as a differential to WTI at the Clearbrook, Minnesota hub, was quoted at a discount of $3.42 per barrel. This represents a slight tightening from recent levels, improving the netback for North Dakota producers. The effective price for Bakken crude at the hub would be approximately $88.06 per barrel. Natural gas prices also saw upward movement, with the front-month contract rising 6 cents...

🔆Midday Wire·Sep 5

Global Markets

Russian Oil Revenue Slump May Signal Global Price Pressure

Russia's oil revenue slumped to a six-month low in August, according to a report from Rigzone. The development, published on September 5, highlights ongoing volatility in global energy markets. For Bakken operators, the health of major exporting nations like Russia is a key indicator for international crude oil benchmarks. Revenue declines often reflect a combination of lower prices, reduced export volumes, or both. These global market shifts directly influence the price Bakken producers receive for their crude, which is typically priced at a differential to benchmarks like West Texas Intermediate (WTI). The Bakken formation in North Dakota is a price-taker in the global oil market. While regional factors like pipeline capacity and well productivity are important, the ultimate driver of operator revenue and drilling budgets is the global price of crude. Softening revenue for a major producer can signal increased global supply or weakening demand, which typically translates to downward...

🔆Midday Wire·Sep 5

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Higher, Brent Tops $96 as Bakken Discount Holds

Oil prices posted modest gains in Saturday trading, with the global Brent benchmark climbing above $96 per barrel while U.S. West Texas Intermediate (WTI) saw a more subdued increase. The price movement provides steady, if unspectacular, support for Bakken Shale producers. As of Saturday, September 5, 2026, front-month WTI crude futures settled at $91.48 per barrel, a gain of 18 cents or 0.2%. The international Brent crude benchmark rose more sharply, adding 76 cents to reach $96.28 per barrel, a 0.8% increase. The Bakken crude price differential to WTI was holding at a discount of $3.42 per barrel. The stronger performance in Brent crude reflects ongoing geopolitical tensions and supply concerns in key global producing regions, which typically have a greater impact on the international benchmark. The steady rise in WTI indicates underlying market support, though its more muted gain suggests domestic factors are providing a counterbalance. For operators in...

🌅Afternoon Wire·Sep 5

Rig Report

Bakken Rig Count Rises to 35, Up 6 from August

The number of active drilling rigs in North Dakota increased by one to 35 on Saturday, September 5, according to live data from Bakken Wire. The gain marks a partial recovery from a slight dip earlier in the week. The sole new rig reported was the NABORS B27, operated by Silver Hill Energy Operating, LLC. The rig is located at permit 159-93-6 in Burke County in the northwestern region of the state. No rigs were released or moved locations on Saturday. The current count of 35 rigs represents a decrease of one rig compared to the total of 36 active one week ago, on August 29, 2026. However, the broader trend shows a significant increase from the activity levels seen in early August. The rig count is up by six from the 29 rigs reported one month ago, on August 6. The steady climb over the past month reflects a...

🌅Afternoon Wire·Sep 5

Pipeline & Infrastructure

Standing Rock Pipeline Protests Reached Critical Flashpoint 10 Years Ago

The protest movement against the Dakota Access Pipeline (DAPL) reached a major flashpoint in early September 2016, drawing thousands to the Standing Rock Sioux Reservation and igniting a national debate over energy and tribal rights. According to a report from the North Dakota Monitor via Bing News, the conflict intensified after the U.S. Army Corps of Engineers approved plans for the $3.7 billion crude oil pipeline to run half a mile outside the reservation. The project created a stark confrontation between American energy infrastructure and tribal sovereignty. Pipeline developers and state officials argued that modern steel pipelines offered safer fossil-fuel transit than railroads or trucks. Meanwhile, the Standing Rock Sioux Tribe, led by then-Chairman Dave Archambault II, and allies contended the pipeline threatened water sources, sacred sites, and the environment. What began as a smaller protest swelled into a major encampment on the plains south of Bismarck. Thousands of Indigenous...

🌅Afternoon Wire·Sep 5