Tuesday, September 8, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Brent Nears $100, Bakken Prices Rise on Saudi Attacks, China Demand

Global oil prices surged on Tuesday, with Brent crude approaching $100 per barrel, following new attacks on Saudi Arabian energy facilities and data showing a rebound in Chinese crude imports. The developments add significant geopolitical risk premium and demand-side support to the market. According to live data, West Texas Intermediate (WTI) crude closed at $93.83 per barrel, a gain of $2.35 or 2.57%. Brent crude settled at $98.65, up $2.37. The price for Bakken crude at the wellhead strengthened in tandem, with its differential to WTI holding at -$3.42. The primary price catalyst came from renewed conflict in the Middle East. OilPrice.com reported that attacks on several Saudi energy facilities in the southern region on Tuesday caused fires, injuries, and temporary operational halts. The targeted sites include the strategically important Jazan refining complex, a 400,000-barrel-per-day facility that has been repeatedly hit amid fighting with Houthi forces. The attacks introduce fresh...

☀️Morning Wire·Sep 8

Rig Report

North Dakota Rig Count Holds at 35 for Second Consecutive Day

North Dakota's active drilling rig count remained unchanged at 35 on Tuesday, September 8, according to live data from Bakken Wire. The tally showed no new rigs added, none removed, and none that moved location since the previous day. The current count represents a slight pullback from the level seen one week ago on September 1, when 36 rigs were active. However, the broader trend shows a significant increase in drilling activity compared to last month. The rig count is up by eight from the 27 rigs reported on August 9. The stability in the daily rig count suggests a period of consolidation for operators in the Williston Basin following a notable monthly gain. The eight-rig increase over the past month points to a renewed focus on development drilling, potentially in response to sustained oil prices or the deployment of new drilling permits. The Bakken formation remains the primary engine...

☀️Morning Wire·Sep 8

Daily Activity

North Dakota DMR Reports No New Activity Filings for Monday

The North Dakota Department of Mineral Resources (DMR) issued no new activity filings in its daily report for Monday, September 7, 2026, according to the agency's data. The DMR's daily activity report typically lists new drilling permits approved, wells spudded (drilling commenced), wells completed, and wells plugged. A day with no reported activity is not unusual, especially following weekends and holidays, as company filings and state processing can lag. The absence of new permits or spud notices indicates a pause in formal regulatory steps for Bakken operators on that date. The report is a key daily snapshot of forward-looking drilling activity and well status changes in the Williston Basin. Regular monitoring of the report provides insights into operator plans and the pace of development across North Dakota's oil fields. Activity levels typically resume with new filings in subsequent reports.

☀️Morning Wire·Sep 8

Global Markets

Global Refined Product Squeeze Tightens Market for Bakken Crude

Global fuel markets are extremely tight with diesel supply shortages expected to last through winter, according to industry executives. This environment supports sustained demand for Bakken crude, a key feedstock for U.S. refineries running at near-maximum capacity. Russell Hardy, CEO of the world's largest independent oil trader Vitol Group, stated the market is "pretty, pretty tight and inflexible." He made the remarks Tuesday at the Asia Pacific Petroleum Conference in Singapore, according to OilPrice.com. Hardy noted that globally, refined product inventories are "still drawing" due to insufficient refining capacity. The crunch is particularly acute for diesel. Phillips 66’s senior vice president for global trading, Mark Senn, said, "When you're looking forward to a winter season coming where diesel stocks are quite deficit, you're setting up for an environment where that strength could continue." U.S. diesel prices have topped $5.90 per gallon this month, Reuters reported via OilPrice.com. Supply disruptions are...

☀️Morning Wire·Sep 8

Regulatory

UK Offshore Industry Seeks Clarity on Tax Plan, Highlighting Regulatory Uncertainty

The UK offshore oil and gas industry is pressing its government for clarity on future fiscal policy, a move that underscores the global importance of regulatory stability for energy investment. Industry body Offshore Energies UK said the industry urgently needs a firm date for HM Treasury's North Sea tax plan, according to a report from Rigzone. While directly concerning the North Sea, the call for a definitive timeline highlights a universal challenge for oil and gas producers: operating efficiently amidst shifting regulatory and tax frameworks. Uncertainty can delay final investment decisions on projects and impact long-term planning. For operators in the Bakken formation, the development serves as a reminder of the ongoing evolution of their own regulatory environment. North Dakota's oil industry navigates a complex web of state regulations covering flaring, well spacing, and environmental standards, in addition to federal policies on federal lands and emissions. The current federal administration...

☀️Morning Wire·Sep 8

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Brent Nears $100 as Geopolitical Tensions, Renewed Chinese Demand Fuel Rally

Oil prices extended gains Tuesday, with global benchmark Brent crude pushing toward $100 a barrel amid escalating Middle East tensions and a resurgence in Chinese buying. The rally marks the highest prices in three months, according to Rigzone. As of midday Tuesday, September 8, Brent crude was trading at $97.34 per barrel, up $1.06 or 1.1%. The U.S. benchmark, West Texas Intermediate (WTI), rose to $92.20, a gain of $0.72. For Bakken producers, the local price differential to WTI held at -$3.42 per barrel. Natural gas prices retreated slightly to $2.87 per MMBtu. The price surge is being driven by renewed geopolitical risk, according to OilPrice.com. Houthi attacks on Saudi energy infrastructure, including a reported strike on Saudi Aramco's Jizan oil facilities Monday, combined with U.S. strikes on Iranian tankers have rattled markets. With Israeli-Lebanese tensions also flaring, analysts warn the market is one major event away from triple-digit oil....

🔆Midday Wire·Sep 8

Global Markets

Beetaloo Basin Gas Production Begins in Australia's Northern Territory

Tamboran Resources and Formentera Partners have commenced initial gas sales from the Shenandoah South Pilot Project, according to a report from Rigzone. The development marks the introduction of the Beetaloo Basin as a commercial supplier of natural gas for Australia's Northern Territory. The start of production from the Beetaloo Sub-basin represents the arrival of a new source of global energy supply. For Bakken operators and royalty owners, any expansion of international oil and gas production can influence long-term market dynamics and competition for capital investment. While the Bakken formation in North Dakota is primarily an oil play with associated natural gas, it operates within a globally interconnected energy market. New supply sources coming online, such as the Beetaloo, can contribute to overall global supply fundamentals, which indirectly affect the price environment for all hydrocarbons. The development in Australia highlights the ongoing global search for and development of new hydrocarbon resources....

🔆Midday Wire·Sep 8

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 3% as OPEC+ Extends Cuts, Bakken Differential Holds

Front-month WTI crude oil futures surged 2.92% on Tuesday, September 8, to settle at $94.15 per barrel, a gain of $2.67. The global benchmark Brent crude rose 3.01% to $99.18 per barrel. The move higher was primarily driven by the decision from the OPEC+ alliance to extend its deep production cuts through the end of the year. The OPEC+ group, which includes Saudi Arabia and Russia, confirmed it will maintain its collective output reduction of 3.66 million barrels per day. According to the group's official statement, the extension is intended to provide "long-term stability for the oil market." This ongoing supply restraint, against a backdrop of steady demand, continues to provide fundamental support for global oil prices. For Bakken operators, the strong rise in the benchmark WTI price is a direct positive. The Bakken crude differential, which represents the discount or premium at which local crude trades versus the WTI...

🌅Afternoon Wire·Sep 8

Rig Report

North Dakota Rig Count Holds at 35 as Operators Adjust Positions

The number of active drilling rigs in North Dakota's Bakken formation remained unchanged at 35 on Tuesday, September 8, 2026, as new additions offset releases elsewhere. Two rigs were added, two were released, and two others were moved to new locations within the state, according to live rig data. The net stability masks a day of significant repositioning among operators. In Divide County, Koda Resources Operating, LLC, spud the Stoneham 17 well, and Phoenix Operating LLC commenced drilling the T&S Drilling 2 well. Concurrently, two rigs were released: Berenergy Corporation's Pronghorn 7 rig in Renville County and XTO Energy Inc.'s H & P 429 rig in Williams County. Two rigs also moved within the prolific Williams County area. XTO Energy Inc. moved its H & P 640 rig to a new location, and Hess Bakken Investments II, LLC, relocated its Nabors X27 rig, the data shows. The current count of...

🌅Afternoon Wire·Sep 8

Regulatory

D.C. Gas Ban Gets Favorable Appeals Court Hearing

A federal appeals panel appeared inclined Tuesday to let Washington, D.C.’s restrictions on natural gas in certain new buildings stand, according to a report from OilPrice.com. The case is part of a deepening national legal split over similar bans, creating regulatory uncertainty that could impact long-term demand for natural gas produced in regions like the Bakken. The legal challenge, brought by industry groups including the National Association of Home Builders, Restaurant Law Center, and Washington Gas, argues that D.C.'s Clean Buildings Act is preempted by federal law. The law requires certain newly constructed or substantially improved buildings to operate at zero energy beginning in 2027, effectively prohibiting natural-gas appliances in covered properties. U.S. District Judge Ana Reyes upheld the law in March, a ruling now under appeal. During oral arguments Tuesday at the D.C. Circuit Court of Appeals, the panel appeared unconvinced by the industry groups' preemption argument, OilPrice.com reported....

🌅Afternoon Wire·Sep 8

Global Markets

Copper Hits Record Above $14,500 as China Buys Gold Amid Global Scarcity Repricing

Copper prices surged to a record high Tuesday, a move analysts link to a global repricing of physical scarcity that could ripple through the capital-intensive oil and gas sector. Benchmark three-month futures on the London Metal Exchange (LME) gained nearly 1% to reach $14,533 a ton, according to OilPrice.com. The industrial metal, critical for power grid and data center buildouts, has climbed 17% this year. The price spike is driven partly by U.S. tariffs pulling metal into domestic warehouses, tightening availability elsewhere. Veteran commodities strategist Jeff Currie, former Global Head of Commodities Research at Goldman Sachs, stated on X that this is "the latest sign that the physical economy is repricing scarcity in the real world." He noted, "Scarcity is not just about how many tonnes exist, it is about having the tonnes in the right place at the right time." For Bakken operators, sustained high copper prices directly increase...

🌅Afternoon Wire·Sep 8