Friday, September 4, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Edge Lower but Remain Elevated Amid Global Supply Fears

Front-month crude oil prices were slightly lower in early trading Friday but held near multi-month highs, with global supply fears stemming from the Middle East conflict providing a firm floor under the market. West Texas Intermediate (WTI) crude was trading at $90.82 per barrel, down 0.53%, while the global benchmark Brent crude was at $95.14, down 0.4%, according to live price data. Bakken crude at the Clearbrook, Minnesota, hub was priced at a $3.42 per barrel discount to WTI. The modest pullback follows a sharp weekly gain, with prices driven by escalating conflict between Iran and the United States. According to OilPrice.com, Brent neared $96 per barrel as Iran and the U.S. traded missile strikes this week and Israel’s defense minister threatened to cripple Iranian infrastructure, including energy facilities. Analysts at ING noted the rally may lose traction if shipments keep moving smoothly through the critical Strait of Hormuz, a...

☀️Morning Wire·Sep 4

Rig Report

North Dakota Rig Count Holds at 35 for Third Consecutive Day

The number of active drilling rigs in North Dakota was unchanged at 35 on Friday, September 4, according to daily data from Bakken Wire. No rigs were added, removed, or moved locations in the past 24 hours. The current count is down by one rig from the 36 reported one week ago, on August 28, 2026. However, activity has shown growth over the past month, with the total being five rigs higher than the 30 active rigs recorded on August 5. This period of stability in the Bakken formation, the state's primary oil-producing region, comes amid continued geopolitical tensions affecting other global oil frontiers. According to a report from OilPrice.com, Argentina's President Javier Milei has threatened sanctions against oil companies drilling near the disputed Falkland Islands, which Argentina calls Las Malvinas. The report states that Milei, emboldened by shifting U.S. diplomatic signals, said Argentina would "continue to bar from operating...

☀️Morning Wire·Sep 4

Daily Activity

True Oil Files Four Drillback Permit Renewals in McKenzie County

The North Dakota Department of Mineral Resources (DMR) reported four permit renewals in its daily activity report for Thursday, September 3, 2026, all filed by True Oil LLC. According to the DMR report, the Wyoming-based operator is seeking to renew permits for four proposed horizontal wells in the Bowline area of McKenzie County. The renewed permits are for the Michigan Federal 11-6 6-7 TF1H, Michigan Federal 21-6 6-7 TF2H, Michigan Federal 31-6 6-7 TF3H, and Michigan Federal 41-6 6-7 TF4H wells. All four locations are in Lot 3 of Section 6, Township 147 North, Range 101 West. The DMR filing notes that each is a "proposed drillback outside of spacing unit," indicating a planned wellbore that will extend beyond the boundaries of its originally approved drilling unit. In addition to the permit renewals, the DMR report listed confidential status changes for three wells operated by other companies. According to the...

☀️Morning Wire·Sep 4

Operator News

Chevron JV Plans $7 Billion Venezuela Investment Over Five Years

Chevron Corporation announced that its joint ventures in Venezuela plan to invest more than $7 billion over the next five years, according to a report from Rigzone. The news, published September 3, 2026, signals a significant international capital commitment by one of the Bakken formation's largest operators. For North Dakota's oil industry, the announcement highlights the global competition for capital within integrated majors. Chevron is a major player in the Williston Basin, holding substantial acreage and operating hundreds of wells. Large-scale investments in other regions can influence the pace of development and spending available for domestic shale plays. The Bakken has seen a trend of disciplined capital expenditure from public operators in recent years, with a focus on shareholder returns and free cash flow. A multi-billion dollar, multi-year commitment to Venezuela represents a substantial allocation of Chevron's future investment budget. While the company has not made any specific announcement regarding...

☀️Morning Wire·Sep 4

Regulatory

Texas Oil Theft Bust Hailed as Multistate Victory by Regulator

The Railroad Commission of Texas is celebrating a multistate oil theft investigation as a significant victory for the industry, according to a report from Rigzone. RRC Commissioner Wayne Christian hailed the recent "oil theft bust" as a "victory for Texas oil and gas," the news service reported on September 3. While the specific details of the bust were not disclosed in the summary, the mention of a multistate investigation indicates coordination across jurisdictions. Such enforcement actions target the illegal diversion and sale of crude oil and condensate, a persistent issue for producers and midstream companies. For operators in the Bakken formation, multistate enforcement is particularly relevant. North Dakota's crude production is largely transported via truck and pipeline to out-of-state markets and refineries. Theft incidents, which can occur during transportation or from wellsite storage tanks, represent direct lost revenue for producers and royalty owners. Successful investigations and prosecutions serve as a...

☀️Morning Wire·Sep 4

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Slips Below $91 as Bakken Differential Widens to -$3.42

West Texas Intermediate crude oil prices edged lower in midday trading Friday, September 4, 2026, while the discount for Bakken crude widened. WTI was trading at $90.9 per barrel, down $0.44 (-0.44%), according to live price data. The international benchmark Brent crude was marginally higher at $95.58. The price for Bakken-quality crude at the Clearbrook, Minnesota, hub was trading at a $3.42 per barrel discount to WTI, a weakening from recent levels. Natural gas prices saw a modest gain, up $0.05 to $2.96 per MMBtu. A weekly drawdown in U.S. commercial crude inventories provided underlying market support. According to Rigzone, citing the latest U.S. Energy Information Administration weekly petroleum status report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 424.5 million barrels as of August 28. However, news highlighting the rise of a major international shale competitor may be applying longer-term pressure. A separate Rigzone report detailed that...

🔆Midday Wire·Sep 4

Pipeline & Infrastructure

Standing Rock Pipeline Protests Reached Flashpoint 10 Years Ago This Week

The contentious standoff over the Dakota Access Pipeline reached a critical flashpoint in early September 2016, according to historical reports reviewed by Bakken Wire. The $3.7 billion pipeline project, designed to carry Bakken crude to market, ignited a global protest movement after receiving U.S. Army Corps of Engineers approval. The decision pitted American energy against tribal sovereignty, according to the report. The Standing Rock Sioux Tribe and thousands of Indigenous and allied protesters argued the pipeline threatened water, sacred sites, and the environment. Developers and state officials maintained that modern steel pipelines offered safer fossil-fuel transit than railroads or trucks. The protests, initially smaller, intensified dramatically. By early September 2016, thousands of activists had flocked to the plains south of Bismarck. Public figures, including actors Shailene Woodley and Mark Ruffalo and the Rev. Jesse Jackson, arrived in North Dakota to support the tribe. Protesters chained themselves to equipment, built resistance...

🔆Midday Wire·Sep 4

Global Markets

China Rare Earth Export Freeze Raises Supply Chain Risks for Bakken Tech

Some Chinese rare earth producers have frozen exports to the United States, raising new supply chain concerns for technologies used across the Bakken oilfield. According to a report from OilPrice.com citing Reuters sources, the freeze began in early August despite the firms having valid export licenses. The action stems from fears of punishment by Chinese authorities for complying with international due diligence standards. The Chinese government recently placed the Responsible Business Alliance (RBA) and its Responsible Minerals Initiative (RMI) on a countermeasure list. Firms are wary of being entangled in the geopolitics between the U.S. and China, according to the sources. This renewed trade standoff comes weeks before a scheduled summit between Chinese President Xi Jinping and U.S. President Donald Trump at the end of September 2026. The freeze highlights the concentrated and fragile nature of the global critical minerals market, upon which advanced industries heavily rely. The International Energy...

🔆Midday Wire·Sep 4

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Mixed as WTI Slightly Dips, Bakken Differential Widens

Front-month WTI crude oil futures traded at $91.20 per barrel on Friday, September 4, down 11 cents on the day, according to live price data. In contrast, global benchmark Brent crude rose 27 cents to $95.79. The Bakken oil price differential weakened, trading at a discount of $3.42 per barrel below the WTI benchmark. The modest divergence between the two primary oil benchmarks comes amid a relatively quiet trading session ahead of the weekend. Market participants are largely in a holding pattern, awaiting the next policy decision from the OPEC+ producer alliance. The group's supply management has been a key driver of price stability throughout 2026. Natural gas prices showed more pronounced strength, with the front-month contract adding 3 cents to reach $2.94 per MMBtu. This continues a recent trend of steady gains for the commodity. For Bakken producers, the primary focus remains on the region's differential—the discount at which...

🌅Afternoon Wire·Sep 4

Rig Report

North Dakota Rig Count Drops to 34; Phoenix Operating Rig Released

The number of active drilling rigs in North Dakota's Bakken formation fell by one to 34 on Friday, September 4, according to live data from Bakken Wire. One rig was released from service, with no new rigs added and no rigs moving location. The rig removed was Phoenix Operating LLC's T&S DRILLING 2, which had been working at location 160-98 -13 in Divide County. The current count of 34 rigs is down by two from the total of 36 active one week ago, on August 28. However, drilling activity has increased compared to a month prior; the state had 30 active rigs on August 5, representing a net gain of four rigs over the past month. The broader North American drilling landscape showed mixed signals this week. According to Baker Hughes data reported by Bing News, the overall U.S. rig count held steady at 588 for the week ended September...

🌅Afternoon Wire·Sep 4

Pipeline & Infrastructure

DAPL Protests Reached Critical Flashpoint 10 Years Ago This Week

The protest movement against the Dakota Access Pipeline (DAPL) reached a major flashpoint ten years ago this week, according to a historical report. The $3.7 billion crude oil pipeline project, designed to transport Bakken oil, became a global symbol of conflict between energy development and Indigenous rights. The U.S. Army Corps of Engineers' approval of the pipeline's path half a mile outside the Standing Rock Sioux Reservation in early September 2016 ignited the intensified standoff. The Standing Rock Sioux Tribe, led by then-Chairman Dave Archambault II, argued the project threatened water sources, sacred sites, and the environment. The protest rapidly grew from a localized issue to a major gathering. Thousands of Indigenous people and allies from around the world flocked to the camp south of Bismarck. Public figures including actors Shailene Woodley and Mark Ruffalo and the Rev. Jesse Jackson arrived to show support, according to the report. The movement...

🌅Afternoon Wire·Sep 4

Global Markets

Ukraine Presses US Congress for Russia Sanctions Bill as House Calendar Shrinks

A sweeping U.S. sanctions bill targeting Russia faces a compressed timeline in the House of Representatives, creating uncertainty for global oil markets that influence Bakken crude prices. According to a report from OilPrice.com, Ukrainian sanctions commissioner Vladyslav Vlasiuk spent this week in Washington pressing Congress to advance the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 before lawmakers recess for the November elections. The legislation, which passed the Senate on August 7 by an 86-11 vote, would grant the president additional authority to impose punitive tariffs on countries that continue buying Russian fossil fuels. For Bakken operators, such measures could tighten global supply by further restricting Russian oil flows, potentially providing support for international benchmark prices that North Dakota crude prices follow. However, the bill's path in the House has grown more complicated. Republican leaders announced on September 3 that the final two weeks of the pre-election House...

🌅Afternoon Wire·Sep 4