Tuesday, September 15, 2026

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The Morning Take

Energy Market Briefing

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☀️Morning Wire7:00 AM CST

Oil Prices

WTI Tops $102 as LNG Supply Woes, Venezuela Exports Influence Market

Front-month WTI crude oil futures rose nearly 1 percent to trade above $102 per barrel on Tuesday, while the Bakken differential held steady. West Texas Intermediate gained $0.99 to settle at $102.38, and Brent crude added $0.16 to $101.15. Natural gas prices were largely flat at $2.89 per MMBtu. The ongoing conflict in the Middle East, specifically involving Iran and the closure of the Strait of Hormuz, continues to disrupt global energy flows and underpin oil prices. According to a report from OilPrice.com, the chokepoint has severely curtailed liquefied natural gas (LNG) supply from Qatar and the United Arab Emirates. While Persian Gulf producers have found workarounds for oil deliveries, LNG transfers remain physically difficult, keeping supplies tight. This supply constraint has sent Asian spot LNG prices to their highest levels since 2022, with prices for October delivery into northeast Asia holding above $25 per MMBtu. Executives at the Gastech...

☀️Morning Wire·Sep 15

Rig Report

North Dakota Rig Count Holds at 32 for Second Time in a Month

North Dakota's active drilling rig count was unchanged Tuesday, holding at 32 for the second consecutive day, according to live rig data. No rigs were added, removed, or moved locations in the latest 24-hour reporting period. The current fleet size represents a decline of three rigs from one week prior, when 35 rigs were active on September 8. Compared to one month ago on August 16, the count is identical, having returned to the 32-rig level after fluctuating in the interim. The stability at this level suggests a period of consolidation for Bakken operators following a slight contraction in activity over the past week. The rig count is a key leading indicator for future oil production in the Williston Basin. A rig count in the low 30s has been a common operating range for the basin in recent years, reflecting a industry focus on capital discipline and efficiency gains rather...

☀️Morning Wire·Sep 15

Daily Activity

Burlington Resources Leads Bakken Drilling Activity with Four New Permits

Burlington Resources Oil & Gas Company LP was the most active operator in North Dakota's latest permitting round, securing four new drilling permits for a project in McKenzie County. According to yesterday's North Dakota Department of Mineral Resources (DMR) Daily Activity Report, the permits are for the Haystack Butte area. The four Burlington permits are for the HBU Badlands 2N MBH, HBU Badlands 7S MBH, HBU Badlands 3N MBH, and HBU Hazel 1N MBH wells. All are located in Township 148N, Range 98W within McKenzie County. Other operators also filed for new drilling authority. Zavanna Energy Operating, LLC filed for two permits for the Sawyer 13-36 2TFH and 3TFH wells in the Stockyard Creek area of Williams County. Oasis Petroleum North America LLC filed for two permits for the Dolls Daisy 5301 31-31 5B and Dolls Daisy Federal 5301 31-31 6B wells in the Indian Hill area of McKenzie County....

☀️Morning Wire·Sep 15

Global Markets

Global LNG Deals Add Competition for Bakken Natural Gas in Europe

New liquefied natural gas (LNG) supply deals announced Monday are set to increase competition for U.S. gas exports, including production from North Dakota's Bakken formation, in the key European market. Malaysian state-owned Petronas agreed to supply LNG to Greek energy company Metlen, according to Rigzone. The gas will be sold by Metlen in Greece and neighboring Southeast European countries. Separately, Ukraine's state-owned Naftogaz signed a memorandum of understanding with Canada's Kino Aski LNG for potential long-term LNG supply from a proposed Canadian project to Europe, Rigzone also reported. These developments underscore the ongoing global race to secure stable, non-Russian natural gas supplies for Europe. Since the war in Ukraine began, U.S. LNG exports have surged to help fill the continent's energy gap. Bakken operators have benefited indirectly from this elevated global demand, which supports stronger natural gas prices and provides a market for the region's associated gas production. However, the...

☀️Morning Wire·Sep 15

Pipeline & Infrastructure

Saudi Pipeline Attack Disruption Could Last Weeks, Tightening Global Oil Market

Damage from drone attacks on Saudi Arabia's critical East-West crude oil pipeline could take three to five weeks to repair, according to officials briefed on the matter, an event that has heightened global supply fears and boosted oil prices. The development has direct implications for Bakken crude pricing and operator sentiment in North Dakota, according to market analysts. The 750-mile pipeline, which Saudi Arabia has relied on to export approximately 4 million barrels per day (bpd) from the Red Sea since the Iran war began, was temporarily shut down last week as a precautionary measure. The attacks, launched from Iraq near the Iranian border, resulted in a number of injuries and caused damage, including to a major pumping station, satellite images showed. While one source told The Associated Press the pipeline may operate partially during repairs, the volume it could ship remains unclear. This supply uncertainty has already moved global...

☀️Morning Wire·Sep 15

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