Friday, August 28, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 5:10

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 5:23

Oil Prices

Oil Prices Dip as Bakken Discount Widens to $3.42

Oil prices retreated in early trading Friday, with West Texas Intermediate (WTI) crude dropping 0.53% to $83.09 per barrel. The global benchmark Brent crude also fell, trading at $88.17, down 0.4%. The decline pressures Bakken Shale operators, as the discount for North Dakota's crude oil widened. The Bakken differential to WTI was reported at -$3.42, meaning Bakken crude is priced at approximately $79.67 per barrel at the wellhead. The broader market sell-off was attributed to a stronger U.S. dollar and bearish U.S. inventory data released this week. According to the Energy Information Administration, U.S. commercial crude oil inventories rose by 2.9 million barrels for the week ended August 21, 2026, exceeding analyst expectations. The reported build suggests weaker near-term demand or increased supply, applying downward pressure on prices. Furthermore, a rally in the U.S. Dollar Index, which makes oil more expensive for holders of other currencies, contributed to the decline....

☀️Morning Wire·Aug 28

Rig Report

Bakken Rig Count Holds Steady at 34, Up 30% Over Past Month

The number of active drilling rigs in North Dakota's Bakken formation held steady at 34 on Friday, August 28, according to daily data from Bakken Wire. The count showed no change from the previous day, with no new rigs added, none removed, and none moving locations. This marks one full week of stability, as the state's rig count also stood at 34 on August 21. However, the current activity level represents a significant increase compared to a month ago. On July 29, there were 26 rigs actively drilling, meaning the Bakken has added eight rigs over the past four weeks, a gain of roughly 30 percent. The sustained rig count indicates a plateau in drilling activity following a summer rebound. For operators and service companies, a steady fleet size provides predictability for crews, equipment, and supply chains across the Williston Basin. While Bakken drilling holds firm, other U.S. oil regions...

☀️Morning Wire·Aug 28

Daily Activity

EOG, Hess, Enerplus Secure Six New Bakken Permits; Two Wells Released from Confidential Status

The North Dakota Department of Mineral Resources approved six new drilling permits on Thursday, August 27, 2026, with activity concentrated in the western core of the Bakken. The permits were filed by EOG Resources, Hess Bakken Investments II, and Enerplus Resources USA Corporation, according to the agency's Daily Activity Report. EOG Resources received one permit (43262) for the West Clark 9-2513H well in McKenzie County's Clarks Creek field. Hess Bakken Investments II, LLC, secured two permits (42289, 42290) for wells named EN-Van Berkom-157-93-2627H-2U and -3U in Mountrail County. Enerplus was the most active filer, receiving three permits (43263-43265) for its Red Panda 5700 43-9 2B, 3B, and 4B wells, all located in the same section (SW SE 9- 157N-100W) in Williams County's Marmon field. The report also included updates on wells released from confidential status, revealing initial production data. A Hess well, SC-Mari-153-98-2223H-8 in Williams County, was released from confidential...

☀️Morning Wire·Aug 28

Global Markets

China's Solar Sector Contraction May Ease Long-Term Pressure on Bakken Oil

A significant slowdown in China's solar power expansion could alter long-term global energy dynamics, with potential implications for fossil fuel demand and Bakken oil producers. According to a report from OilPrice.com, three of China's top solar market players—Jinko Solar, JA Solar Technology, and Tongwei—reported deepening losses over the first half of 2026. The downturn reflects weakening demand both domestically and abroad. New solar power capacity additions in China shrunk to 72.07 gigawatts (GW) in the first half of this year, compared with 212.2 GW a year earlier, according to the source. Part of this steep decline was attributed to a rush to connect projects before a June 1, 2025, electricity-pricing reform in China. "The full impact of policies requires a longer period for transmission and validation," JA Solar said in a statement quoted by Bloomberg. "In the short term, the actual effects of capacity reduction and consolidation have not yet...

☀️Morning Wire·Aug 28

Pipeline & Infrastructure

Enbridge Acquires Permian Gathering Assets in $600 Million Deal

Enbridge Inc. has agreed to acquire Salt Creek Midstream's crude oil gathering business in the Permian Basin for $600 million in cash, according to Rigzone. The deal, announced August 27, is aimed at growing Enbridge's capacity to export oil from the prolific West Texas region. The acquisition underscores the continued competitive pressure facing Bakken Shale producers. As midstream companies like Enbridge invest heavily in Permian Basin infrastructure, it enhances the flow of that region's crude to market, particularly for export. The Bakken formation in North Dakota must compete for market share and pipeline space with other major U.S. shale basins, primarily the Permian. While the specific assets are in Texas, such consolidation and expansion by a major pipeline operator can influence broader midstream dynamics. Enbridge is a key player in North American energy logistics, operating systems that include the Mainline network, which carries Canadian and some U.S. crude. Strategic moves...

☀️Morning Wire·Aug 28

🔆Midday Wire11:00 AM CST

The Midday Take

the U.S. announcement of what it calls the "toughest sanctions in history" against Iran. According to reporting from OilPrice.com, the market reaction has been muted, with prices holding near the $90 level for Brent as uncertainty over transit through the Strait of Hormuz persists.

Read Analysis →

Listen

0:00 / 5:19

Oil Prices

Oil Prices Dip Midday as U.S. Crude Inventories Edge Higher

West Texas Intermediate crude oil futures traded lower midday Friday, August 28, pressured by a reported increase in U.S. commercial inventories. WTI was down 0.6% to $83.03 per barrel, while the global benchmark Brent crude fell to $87.99. The price decline follows data from the U.S. Energy Information Administration showing a small build in domestic stockpiles. According to Rigzone, citing the EIA's latest weekly petroleum status report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 428.9 million barrels as of August 21. The slight inventory increase provided a bearish counterpoint to recent market strength, which has been supported by steady demand and ongoing supply management from major producing nations. The midday dip puts WTI on track for a modest weekly decline after reaching multi-week highs earlier in the period. For Bakken producers, the local price benchmark is directly tied to WTI, minus a regional differential. That differential—the discount...

🔆Midday Wire·Aug 28

Global Markets

Global Tensions Support $90 Oil, Bakken Price Floor

Global oil prices held near $90 per barrel on Friday despite major geopolitical developments, providing a stable price floor for North Dakota Bakken crude. According to OilPrice.com, the market shrugged off the Trump administration's announcement of the "toughest sanctions in history" against Iran, with uncertainty over shipping transits through the Strait of Hormuz keeping traders on edge. The ongoing blockade of the Strait remains a key price driver. While Iran and Oman are negotiating a temporary shipping corridor, Tehran insists passage will stay blocked until U.S. sanctions are lifted, a blockade ends, and compensation is paid. This sustained disruption continues to underpin global benchmarks, directly benefiting the pricing of Bakken light sweet crude. Further supply-side pressure came from a new Ukrainian drone attack on Russian refining capacity. Early Friday, Ukrainian forces struck the Slavneft-YANOS oil refinery in Yaroslavl, causing a fire. The facility, one of Russia's largest, can process about...

🔆Midday Wire·Aug 28

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Lower Friday as Brent, WTI, and Bakken Differential Dip

Front-month WTI crude futures traded at $83.33 per barrel on Friday, August 28, down 24 cents (-0.24%) from the previous settlement. The global Brent benchmark saw a larger decline, falling 34 cents (-0.38%) to $88.18 per barrel, according to live price data. The natural gas market also softened, with the front-month contract down 3 cents to $2.88 per MMBtu. For Bakken producers, the local price environment weakened. The Bakken crude differential to the WTI benchmark widened to a discount of $3.42 per barrel. This means Bakken crude priced at the Clearbrook, Minnesota, hub is effectively valued at approximately $79.91 per barrel based on the day's WTI settlement. The modest pullback in crude prices reflects a consolidation phase after recent gains. Traders are balancing persistent concerns over global economic growth and fuel demand against ongoing supply discipline from major producers. Market participants are also assessing the impact of geopolitical tensions on...

🌅Afternoon Wire·Aug 28

Rig Report

North Dakota Rig Count Climbs to 36, Reaching New 2026 High

The number of active drilling rigs in North Dakota rose by two on Friday, reaching 36 statewide, according to live data from Bakken Wire. The count represents a new high for the year and continues an upward trend observed over the past month. Two new rigs commenced operations. Phoenix Operating LLC spudded a well using the T&S DRILLING 2 rig at location 160-98-13 in Divide County. In McKenzie County, Devon Energy Williston, L.L.C. started drilling with the NABORS B6 rig at 151-102-27. There were no rigs removed from service. One rig changed location. Whiting Oil and Gas Corporation moved its PATTERSON 808 rig to a new site at 151-102-32, also in McKenzie County. The current activity level reflects sustained growth in the Bakken formation. The rig count has increased by two compared to one week ago, when 34 rigs were active on August 21. The expansion is more pronounced over...

🌅Afternoon Wire·Aug 28

Global Markets

Global Sanctions, Refining Crunch Pressure Markets, Impacting Bakken Outlook

European sanctions on Russia contain a "major blind spot" as some companies maintain profitable operations there, according to an analysis from OilPrice.com. Despite the UK and EU announcing new sanctions packages on August 28, 2026, targeting Russian banks, shadow fleet tankers, and military-linked companies, scrutiny remains lacking. The UK has now sanctioned over 3,400 entities since 2022. However, companies like France's TotalEnergies continue to earn significant revenue from Russian LNG assets. TotalEnergies CEO Patrick Pouyanne said the company earns about $400 million a year from selling LNG from Russia's Yamal plant and receives dividends from its stakes in Novatek, though some funds are stuck abroad. Meanwhile, Russia's energy infrastructure crisis is straining its relationships with neighbors and tightening global supply. According to a separate OilPrice.com report, Ukraine's drone campaign has severely damaged Russian refineries, prompting Moscow to seek emergency energy supplies from Central Asia. Kazakhstan, however, has largely declined to...

🌅Afternoon Wire·Aug 28