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Energy Market Briefing

Bakken Wire Staff·🌅Afternoon Wire·Saturday, August 29, 2026

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Afternoon Energy Market Briefing for Bakken Wire Date: Saturday, August 29, 2026

1. Headlines

Oil prices are marginally lower in a quiet trading session. WTI crude is down 0.16% to $83.40, while Brent crude fell 0.47% to $88.10. The Bakken differential to WTI is stable at -$3.42. Natural gas is also slightly down, trading at $2.89. The EIA's latest weekly report, published yesterday, showed U.S. crude oil inventories (excluding the SPR) rose slightly to 428.9 million barrels as of August 21.

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Global Markets

Energy Market Briefing

Daily Energy Market Briefing Saturday, August 29, 2026 1. Headlines Crude oil prices are slightly lower in midday trading. West Texas Intermediate (WTI) is at $83.40 per barrel, down $0.13 (-0.16%), while Brent crude is at $88.10, down $0.42 (-0.47%). Natural gas is trading at $2.89, down $0.03. The Bakken crude differential to WTI stands at -$3.42. The major geopolitical story today is a report that the U.S. government is exploring the use of an 18th-century "prize law" to seize and sell Iranian oil and ships captured as part of its ongoing blockade, according to Bloomberg as cited by OilPrice.com. The Justice Department and Pentagon are reportedly preparing to use this dormant maritime system to legally claim captured assets, with Houston considered as a central venue for the cases. Separately, Venezuela is considering whether to quit OPEC, according to people familiar with the matter cited by both Rigzone and Bloomberg....

🔆Midday Wire·Aug 29

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Venezuela Considers Exiting OPEC, Adding Global Supply Uncertainty

Venezuela is weighing whether to quit the Organization of the Petroleum Exporting Countries (OPEC), according to a report from Rigzone. The news, published on August 29, adds another layer of uncertainty to global oil supply dynamics. While Venezuela's current oil production is severely constrained by its long-standing economic and political crises, any move that weakens OPEC's cohesion can have market-wide implications. OPEC, along with its allies in the OPEC+ group, attempts to manage global crude supply to support prices. For Bakken operators in North Dakota, the health of the global oil price is the primary financial driver. The Williston Basin's break-even economics are directly tied to the benchmark West Texas Intermediate (WTI) crude price. News that introduces volatility or potential for increased global supply can pressure those prices. A Venezuelan exit from OPEC, even if symbolic given its low output, could signal internal discord within the cartel. Market perceptions of...

🔆Midday Wire·Aug 29

Global Markets

Energy Market Briefing

Energy Market Briefing Saturday, August 29, 2026 1. Headlines Oil prices are slightly lower in quiet trading to end the week. WTI crude is at $83.40, down $0.13, while Brent trades at $88.10, down $0.42. The Bakken differential to WTI stands at -$3.42. According to the EIA's latest weekly report cited by Rigzone, U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, stood at 428.9 million barrels as of August 21. The most dramatic market movement is in shipping costs, not crude prices. According to OilPrice.com, earnings for Very Large Crude Carriers (VLCCs) on the key Saudi Arabia-to-China route hit a record $647,000 per day on Thursday, more than ten times the rate from a year ago. This is attributed to the ongoing Iran war and Houthi attacks, which have created a severe shortage of tankers willing to transit the Strait of Hormuz. Geopolitical and organizational risks to supply...

☀️Morning Wire·Aug 29

Energy Market Briefing

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