Wednesday, September 9, 2026

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Oil Prices

Brent Tops $100 as Middle East Conflict Drives Oil Rally

Global oil prices surged on Wednesday, with Brent crude breaking the $100 per barrel threshold for the first time since late July, driven by a major escalation of hostilities between the United States and Iran. The rally presents a significant price boost for Bakken producers, though tempered by a persistent regional discount. As of Wednesday morning, the international benchmark Brent crude traded at $100.42 per barrel, a gain of $2.50 or 2.55%, according to live price data. The U.S. benchmark, West Texas Intermediate (WTI), rose $2.04 to $95.07 per barrel. The price for Bakken crude at the Clearbrook, Minnesota, hub is typically priced at a differential to WTI; the current discount is $3.42 per barrel, implying a Bakken price of approximately $91.65. The immediate catalyst for the price spike is renewed military conflict in the Middle East. According to a report from OilPrice.com, U.S. forces destroyed five Iranian crude oil...

☀️Morning Wire·Sep 9

Rig Report

North Dakota Rig Count Holds at 35 for Third Consecutive Day

North Dakota's active drilling rig count held at 35 for the third consecutive day on Wednesday, September 9, according to live data from Bakken Wire. The state reported no new rigs added, removed, or moved since yesterday. The current level of 35 rigs represents a slight pullback from activity seen a week ago. According to historical data, North Dakota had 37 active rigs on September 2, meaning the count has dipped by two units over the past seven days. However, drilling activity remains significantly higher than levels seen just one month prior. On August 10, the state reported 28 active rigs, indicating a net gain of seven rigs over the past month. The steady local count contrasts with a broader downturn in North American drilling activity. According to a report from Rigzone published on September 8, North America as a whole lost rigs for the third consecutive week. Citing the...

☀️Morning Wire·Sep 9

Daily Activity

Kraken Operating Secures Five New Permits in Williams County

The North Dakota Department of Mineral Resources approved five new drilling permits on Tuesday, September 8, all issued to Kraken Operating LLC for locations in Williams County, according to the agency's daily activity report. All five permits are for wells designated as 'CONFIDENTIAL,' shielding specific operational details from public release for a limited period. The approved permits are 43287 and 43288 for the ROUGHNECK 12-11-10 7H and 8H wells, and permits 43289, 43290, and 43291 for the CAMPBELL LW 5800-7-30 10H, 2H, and 3H wells. Kraken Operating's activity represents the sole new permit issuance for the day, focusing entirely on Williams County in the northwestern core of the Bakken formation. In separate administrative action, the confidential status was terminated for five previously approved wells, moving them to public status. According to the report, four of these wells belong to Oasis Petroleum North America LLC and one to Whiting Oil and...

☀️Morning Wire·Sep 9

Global Markets

Global Diesel Demand, OPEC Quota Battle Signal Volatile Market for Bakken

Global diesel demand is hitting record highs while OPEC faces internal pressure to raise production, creating a volatile and complex price environment for Bakken crude. The competing forces of strong fuel demand and potential future supply increases will directly impact the economics for operators and royalty owners in North Dakota. India’s refineries have been running at 105% to 108% capacity utilization for the past six months amid soaring diesel demand, according to OilPrice.com. A senior executive at Mangalore Refinery and Petrochemicals Limited (MRPL) stated at a Singapore conference that the company will continue to run its 300,000 barrel-per-day refinery above 100% capacity until at least March 2027. This surge is driven by a global crunch in middle distillate supply, exacerbated by the ongoing Middle East crisis and Ukrainian drone attacks on Russian refineries. The result has been diesel cracks—the profit margin from refining crude into diesel—hitting all-time highs. Analysts cited...

☀️Morning Wire·Sep 9

🔆Midday Wire11:00 AM CST

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Oil Prices

Brent Tops $100, WTI Nears $96 Amid Mideast Supply Fears

Global oil prices surged on Wednesday, with Brent crude breaking above $100 per barrel for the first time since July, according to live price data. Brent was trading at $101.27, a gain of $3.35 or 3.42%. The U.S. benchmark, West Texas Intermediate (WTI), rose $3.38 to $96.41 per barrel, a 3.63% increase. The sharp rally was driven by heightened concerns over global supply disruptions following fresh military strikes in the Middle East, as reported by Rigzone. The news source indicated that the price gains, which began on Tuesday, were a direct response to escalating geopolitical tensions in the oil-producing region. For Bakken producers, the rally in global benchmarks translates to a stronger price for their crude, though the local discount has widened. The Bakken differential to WTI was reported at -$3.42 per barrel on Wednesday. This means Bakken crude is priced approximately at $92.99 per barrel, based on the current...

🔆Midday Wire·Sep 9

Operator News

ExxonMobil Angola Discovery Highlights Global Capital Competition for Bakken Operators

ExxonMobil and its partners confirmed a new oil discovery in deepwater Angola on Wednesday, underscoring the global scale of investment and competition facing capital allocation for Bakken shale development. The Vicango Este-01 well in Block 15 encountered 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement reported by OilPrice.com. This marks the 20th discovery on Block 15, which has produced more than 2.7 billion barrels over 30 years. ExxonMobil Angola chief executive Brian Unietis called the block "one of Angola's most significant deepwater developments" and stated that new discoveries increase the value of existing infrastructure, OilPrice.com reported. The activity in Angola is part of a broader wave of international exploration that pulls capital and technical focus from U.S. onshore basins like the Bakken. The discovery comes three weeks after Chevron reported a major find at its 105-4X well in neighboring Block 0, where the company hit more...

🔆Midday Wire·Sep 9

Global Markets

Ukraine Strikes Russian Black Sea Oil Port, California Heat Strains Grid

Ukraine carried out drone strikes on Russia's key Black Sea oil export terminal at Novorossiysk overnight on Wednesday, killing four people and sparking a fire at a fuel oil terminal, according to a report from OilPrice.com. The attack marks the latest in a series of Ukrainian strikes over the past year aimed at stifling Russian oil exports and revenues. The report notes that some past attacks have caused damage requiring the temporary suspension of oil loadings at Novorossiysk and the nearby Caspian Pipeline Consortium (CPC) terminal, which handles more than 80% of Kazakhstan's crude exports. Simultaneously, a severe heat wave in California is testing the state's power grid, with the California Independent System Operator (CAISO) forecasting peak electricity demand to approach 47,379 megawatts on Wednesday, according to a separate OilPrice.com report. Soaring air-conditioning demand is lifting wholesale power prices in the state, with Southern California's SP15 hub seeing day-ahead prices...

🔆Midday Wire·Sep 9

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Nearly 4%, Bakken Differential Holds Steady at -$3.42

Oil prices surged in Wednesday trading, with West Texas Intermediate (WTI) crude gaining $3.65 to settle at $96.68 per barrel, a jump of 3.92%. The global Brent crude benchmark rose $3.71 to $101.63 per barrel, according to live price data. The Bakken crude differential held at a discount of $3.42 versus WTI. The price rally coincides with growing structural concerns in European energy markets, which highlight continued global supply tightness and the challenges of transitioning away from fossil fuels. According to a report from OilPrice.com, negative wholesale electricity prices are becoming endemic across the European Union due to a rapid buildout of wind and solar capacity without sufficient energy storage infrastructure. Spain, where renewables now make up approximately 60 percent of electricity generation, has seen energy prices "fall well below zero during peak times," OilPrice.com reported, citing Bloomberg. In 2025, Germany recorded 573 hours of negative wholesale electricity prices, exceeding...

🌅Afternoon Wire·Sep 9

Rig Report

North Dakota Bakken Rig Count Holds at 34

North Dakota's active drilling rig count remained at 34 on Wednesday, September 9, according to live rig data. The total showed no net change from the previous day despite one rig being released from service and another being moved to a new location. One rig was removed from the state's active fleet. Enerplus Resources USA Corporation released the PATTERSON 806 rig from its location in Section 11 of Township 157 North, Range 99 West in Williams County. In a separate move, Hess Bakken Investments II, LLC relocated the ENSIGN 532 rig. The rig moved to a new location in Section 15 of Township 152 North, Range 95 West in McKenzie County, the core county of the Bakken formation. The current count of 34 rigs represents a decline from one week prior. On September 2, 2026, the state reported 37 active rigs, meaning the fleet has decreased by three rigs over...

🌅Afternoon Wire·Sep 9

Global Markets

U.S. Sanctions Target Iran Aviation; Belarus Refineries Profit from Russian Crisis

The United States escalated its economic pressure on Iran on September 8, imposing sanctions on all of Iran's remaining active airlines. According to OilPrice.com, the U.S. Treasury Department sanctioned 36 targets, including 27 Iranian airlines, as part of President Donald Trump's "Operation Economic Outcast." The action aims to cut Iran off from international trade and finance, with Treasury Secretary Scott Bessent warning that anyone doing business with the sanctioned airlines risks being "cut off from the global financial system." Concurrently, a separate refining crisis in Russia is reshaping regional fuel trade, with Belarusian refineries posting their highest profitability in a decade in 2026. The independent Pozirk news agency reported that Belarus's state oil firm Belneftekhim credited "favorable conditions in foreign markets," as reported by OilPrice.com. This surge is directly tied to Ukrainian drone strikes that have cut Russian refining capacity by 25% to 30%, creating a severe domestic fuel shortage....

🌅Afternoon Wire·Sep 9