Monday, September 7, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Bakken Oil Prices Hold Steady Amid Global Market Volatility

Front-month WTI crude oil futures were unchanged Monday morning, trading at $91.48 per barrel, according to live price data. Brent crude was also flat at $96.28. The local Bakken oil price differential to WTI was -$3.42. The steady pricing belies significant volatility and upward pressure in global markets. According to a report from OilPrice.com, India’s average crude import price, known as the Indian Basket, surged to $101.07 per barrel on Friday, topping the $100 threshold for the first time since May. The report attributes the surge to intensified hostilities in the Middle East, where the United States and Iran have been exchanging strikes for over a week. The conflict has severely disrupted logistics, with freight rates on the key route from Saudi Arabia's Ras Tanura to India soaring by more than 400% since late February when Iran closed off the Strait of Hormuz, OilPrice.com reported. This has driven India's crude...

☀️Morning Wire·Sep 7

Rig Report

North Dakota Rig Count Holds at 35 as Activity Stabilizes

The number of rigs actively drilling for oil and gas in North Dakota remained unchanged on Monday, September 7, holding steady at 35, according to live rig data from Bakken Wire. No rigs were added, removed, or moved locations in the 24-hour reporting period, indicating a day of operational stability across the Williston Basin. The current count represents a slight decline from the activity level seen one week prior. On August 31, 2026, the state reported 36 active rigs, meaning the fleet has decreased by one rig over the past seven days. Despite the recent weekly dip, the broader trend shows a significant increase in drilling activity compared to late summer. One month ago, on August 8, 2026, the active rig count stood at 27. The current level of 35 rigs marks an increase of eight rigs, or nearly 30 percent, over that four-week period. The rig count is a...

☀️Morning Wire·Sep 7

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) reported no new activity filings in its daily report for Sunday, September 6, 2026. The report, which was published on Monday, September 7, showed no new permits, spud reports, completion notices, or plugging records. The DMR's daily activity report is a key source of operational data for the Bakken formation, tracking the initiation and progress of oil and gas wells. It typically includes new drilling permits issued by the state, notices that a well has been spud (drilling commenced), reports of well completions, and official records of well plugging. Days with no new filings are a normal occurrence in the reporting cycle, particularly following weekends and holidays when regulatory offices are closed and operator field activity often slows. The lack of filings indicates a pause in the submission of new regulatory paperwork rather than a complete halt to all ongoing drilling and...

☀️Morning Wire·Sep 7

Operator News

ExxonMobil Acquires Operatorship of Papua LNG Project from TotalEnergies

ExxonMobil Corp. has agreed to acquire the operatorship of the Papua LNG project from TotalEnergies, according to a report from Rigzone. The transfer, announced on September 7, 2026, also involves a farm-down by French majority owner TotalEnergies. TotalEnergies stated the transaction is intended to help advance the project toward a final investment decision, Rigzone reported. The Papua LNG project is a major liquefied natural gas development located in Papua New Guinea. For Bakken formation operators and stakeholders in North Dakota, this corporate maneuvering highlights the ongoing global competition for capital within integrated oil majors. As companies like ExxonMobil commit resources and operational expertise to large-scale, long-term international projects like Papua LNG, capital allocation for domestic shale basins can be affected. Major operators with significant Bakken assets, including ExxonMobil subsidiary XTO Energy, continually balance their investment portfolios between short-cycle shale production and large-scale international developments. Strategic moves into multi-billion dollar LNG...

☀️Morning Wire·Sep 7

Global Markets

OPEC+ Reveals October Output Plan as Russia's Oil Revenue Declines

A key group of OPEC+ nations, including Saudi Arabia and Russia, revealed their production plan for October on Sunday, according to a statement posted on the OPEC website. The plan outlines output levels for Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The announcement, reported by Rigzone, provides Bakken operators with a clearer view of the managed supply landscape that influences global oil benchmarks. Concurrently, separate data shows one of those key producers facing financial pressure. Rigzone also reported that Russia's oil revenue slumped to a six-month low in August. This decline in revenue for a major exporter highlights ongoing market volatility and potential fiscal strains within the alliance. For Bakken producers, these intertwined developments are critical inputs for planning and budgeting. The collective output plan from the OPEC+ cohort directly affects global supply levels, which is a primary driver of the Brent and West Texas Intermediate (WTI) crude...

☀️Morning Wire·Sep 7

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Holds Near $91.50, Bakken Discount Widens Amid Shifting Global Trade

Front-month WTI crude futures held steady at $91.48 per barrel on Monday, September 7, 2026, unchanged from Friday's settlement. Global benchmark Brent crude was also flat at $96.28. The price for Bakken crude at the wellhead, however, traded at a discount of $3.42 per barrel below WTI. The steady benchmark prices mask significant shifts in global crude flows, according to a report from OilPrice.com. The outlet reported that Chinese oil import demand is rising from a decade-low, driving up prices for crudes from Canada, South America, and Africa. China, the world's top crude importer, is specifically boosting imports of African and American grades as Iranian supply has dried up following a re-imposed U.S. blockade. One indicator of the tightness for specific grades: Djeno crude from Congo is being offered at a premium of $20 per barrel over ICE Brent, up from a $15 premium two weeks ago, anonymous traders told...

🔆Midday Wire·Sep 7

Global Markets

Global Energy Shifts Signal Potential Long-Term Pressure on Oil Prices

Geopolitical shifts in global energy markets, including nuclear power developments in Central Asia and rising oil production ambitions in the Middle East, present a complex long-term backdrop for Bakken crude prices and North Dakota operators. According to a report from OilPrice.com, Uzbekistan is scaling back nuclear cooperation with Russia's state nuclear entity Rosatom. A September 2 statement from the Uzbek presidential press service omitted any mention of Rosatom while endorsing a new international consortium to oversee the construction of the country's first nuclear plant. This move signals fraying trust in Russian energy partnerships and a potential pivot toward Western technology, including U.S. small modular nuclear reactors (SMRs), following meetings between Uzbek President Shavkat Mirziyoyev and U.S. officials. Separately, Iraq's new Prime Minister Ali al-Zaidi has announced plans to raise the country's oil production to between 8 million and 10 million barrels per day within six years, as reported by OilPrice.com....

🔆Midday Wire·Sep 7

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Steady as Rosneft Launches Sanction-Hit Vostok Project

Oil prices were flat in Monday afternoon trading, with West Texas Intermediate (WTI) crude holding at $91.48 per barrel. Brent crude was also unchanged at $96.28, according to live price data. The price stability comes as the market absorbs news of new Russian supply entering the global market despite Western sanctions. Russian state oil giant Rosneft shipped the first crude cargo from its massive Vostok Oil project in Eastern Siberia, OilPrice.com reported. The $157 billion project, which had been delayed by two years, is now online. Rosneft CEO Igor Sechin stated that the fields hold combined reserves of some 7 billion tons of low-sulfur crude and that 2,000 wells have already been drilled at the site. The project's scale is significant for global supply. Original plans targeted production of 600,000 barrels per day in 2024, rising to 1 million barrels daily in a second phase, and ultimately reaching 2 million...

🌅Afternoon Wire·Sep 7

Rig Report

North Dakota Rig Count Holds at 35, Up 8 From Month Ago

North Dakota's active drilling rig count held steady at 35 on Monday, September 7, according to the latest live data. There were no new rigs added, no rigs removed, and no rigs that moved location since the previous day's report. The current count represents a decrease of one rig from the total of 36 active one week ago, on August 31, 2026. However, the broader trend shows a substantial increase in drilling activity over the past month. The count is up by eight rigs from the 27 rigs reported on August 8, 2026. The stability in the daily count comes after a period of notable volatility. The one-rig weekly decline follows a significant build over the prior four weeks, suggesting operators may be pausing to evaluate positions after a rapid expansion of activity. The month-over-month gain of eight rigs indicates a renewed focus on development drilling in the Bakken formation...

🌅Afternoon Wire·Sep 7

Global Markets

Russian Oil Flow to India Faces Tariff Threat, Ukrainian Attacks

Russia has vowed to remain India's key crude oil supplier despite a U.S. legislative push to impose heavy tariffs on buyers of Russian oil, according to an interview published Monday by OilPrice.com. Russia's Ambassador to India, Denis Alipov, criticized the proposed U.S. legislation as a "bill from hell" that uses "pressure tactics instead of honest cooperation." The bill, which passed the Senate 86-11, would grant the U.S. President authority to impose 100% tariffs on major buyers of Russian oil and gas, but it is currently deadlocked in the House of Representatives. Analysts cited by OilPrice.com say it is unlikely the tariff bill will pass the House before the mid-term elections in November. Ambassador Alipov asserted Russia's ongoing role in the market, stating, "The world will not cope if Russian oil is excluded. The energy markets cannot afford that. Russian oil will stay in the market for India and other countries."...

🌅Afternoon Wire·Sep 7