Thursday, September 10, 2026

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Oil Prices

Oil Holds Above $100 Amid Supply Fears, Bakken Differential Narrows

Global oil benchmarks surged on Thursday, with West Texas Intermediate (WTI) crude settling above $97 and Brent crude holding firmly above $102, as ongoing Middle East tensions continued to threaten supply flows. WTI gained $1.47 to close at $97.52 per barrel, a rise of 1.53%, while Brent crude rose $1.25 to $102.46 per barrel, according to live price data. The Bakken crude differential to WTI narrowed to -$3.42. The price strength is largely driven by persistent geopolitical risk, particularly the disruption to Middle East shipments which has forced major importers to seek costlier alternatives. According to a report from OilPrice.com, India, the world's third-largest crude importer, is feeling significant pressure. The country's average crude import price soared above $100 per barrel last week, and its import bill was 60% higher in the April-June quarter compared to the same period last year. In response to the soaring costs and supply insecurity,...

☀️Morning Wire·Sep 10

Rig Report

Bakken Rig Count Holds at 34, Up Five from August

The number of active drilling rigs in North Dakota's oil fields was unchanged on Thursday, holding steady at 34, according to live rig data from Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since yesterday's report. The current count represents a decrease of one rig from the total of 35 active one week ago, on September 3. However, the broader trend over the past month shows an increase in drilling activity. The state's rig count is up by five units from the 29 rigs reported on August 11. A stable rig count is a key indicator of capital expenditure and operational tempo for exploration and production companies working in the Bakken formation and wider Williston Basin. The current level suggests operators are maintaining a consistent, if cautious, drilling program as they evaluate commodity prices, well economics, and takeaway capacity. The Bakken...

☀️Morning Wire·Sep 10

Daily Activity

DMR Approves 2 New Permits, Oasis and Hess Lead Activity

The North Dakota Department of Mineral Resources approved two new drilling permits in filings dated Wednesday, September 9, 2026, according to the daily activity report. The agency also processed three permit renewals and a series of confidential status changes. The two approved permits were issued to Burlington Resources Oil & Gas Company LP and Oasis Petroleum North America LLC. Burlington Resources received permit 43292 for the Stortroen 3A-MBH-R well in SE SW 7-151N-96W, located in McKenzie County's confidential 'CONFIDENTIAL' field. Oasis Petroleum North America LLC was granted permit 43293 for the Chang 4595 42-19 6B well in SW SE 19-145N-95W, in Dunn County's Murphy Creek field. Three existing permits were renewed. Foundation Energy Management, LLC renewed permit 33867 for the Audrey 3526 2H well in Golden Valley County's Beaver Creek field. Hess Bakken Investments II, LLC renewed two permits, 42319 and 42320, for the RS-Holland-157-92-3624H-2 and RS-Holland-157-92-3624H-3 wells, respectively. Both...

☀️Morning Wire·Sep 10

Global Markets

Global Clean Investment Drops 17% as Tanker Rates Soar to Records

Global investment in clean energy technologies fell 17% in the first half of 2026, driven primarily by a major policy shift in China, according to a report from the Rhodium Group cited by OilPrice.com. The decline underscores a recalibration in energy transition funding as governments prioritize energy security amid tight and expensive hydrocarbon supplies. China, the world's largest cleantech investor, saw its investment in alternative energy and electric transport plunge 49%, a drop of $133 billion, after moving to market-based pricing for renewables and phasing out EV purchase-tax exemptions. This slashed China's share of global clean tech investment from 52% at the end of 2025 to 39% by June 2026. Meanwhile, investment increased in India and the European Union. Simultaneously, the cost of moving oil across the globe has skyrocketed due to escalating risks in the Middle East. Oil tanker rates have hit record highs as shipping through the Strait...

☀️Morning Wire·Sep 10

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Surge Over 5% as U.S. Crude Inventories Tighten

Crude oil prices surged by more than 5% on Thursday, September 10, 2026, with West Texas Intermediate (WTI) settling at $101.59 per barrel, according to live market data. The rally was driven by a reported tightening of U.S. commercial crude inventories. The U.S. Energy Information Administration (EIA) reported that commercial crude oil stockpiles fell by 400,000 barrels for the week ending September 4, bringing inventories to 424.1 million barrels, according to OilPrice.com. This places stockpiles on par with the five-year average for this time of year, signaling a balanced-to-tight market. The price gains were substantial. WTI crude increased by $5.54, or 5.77%, to $101.59. The global benchmark, Brent crude, rose $5.69, or 5.62%, to $106.90 per barrel. OilPrice.com noted that Brent was up roughly $12 per barrel from the same time last week, while WTI was up about $11. For Bakken operators, the price rally is amplified by a relatively...

🔆Midday Wire·Sep 10

Global Markets

Global Energy Shifts Amplify Methane, Coal Dynamics for Bakken

Two major International Energy Agency (IEA) reports published Thursday underscore global energy dynamics with direct implications for North Dakota's Bakken formation, highlighting persistent methane emission challenges and shifting fossil fuel demand driven by geopolitical conflict. According to an IEA annual tracker cited by OilPrice.com, global energy-related methane emissions are about 80% higher than levels reported by countries to the UN. The United States, a signatory to the Global Methane Pledge aimed at a 30% reduction by 2030, is listed among the world's biggest methane polluters, alongside Russia, Iran, Venezuela, and Turkmenistan. Fossil fuel operations contribute about one-third of human-caused methane emissions, which heat the planet up to 80 times more than carbon dioxide over two decades. For Bakken operators, this global scrutiny reinforces the focus on emission reduction efforts. The IEA noted that abandoned wells and mines accounted for roughly 8 million tonnes of global methane emissions in 2024, "demonstrating...

🔆Midday Wire·Sep 10

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 8% as Supply Concerns Drive Market Higher

Oil prices posted a sharp rally on Thursday, with U.S. benchmark West Texas Intermediate crude closing above $103 per barrel. WTI crude settled at $103.9, a daily gain of $7.85, or 8.17%, according to live price data. The global Brent crude benchmark rose to $108.92, up $7.71, or 7.62%. The surge provides an immediate revenue boost to operators in the Bakken formation. The price for Bakken crude at the wellhead is closely tied to WTI, minus a transportation and quality differential. Today, that differential was reported at -$3.42 per barrel versus WTI, a relatively narrow spread that allows producers to capture more of the headline price increase. While specific drivers for today's move were not detailed in the provided sources, the rally coincides with ongoing global supply concerns. According to a report from Rigzone, Russia's crude output fell in August. Any sustained decline in production from a major exporter like...

🌅Afternoon Wire·Sep 10

Rig Report

ND Rig Count Rises to 36; XTO, Kraken Add New Drilling Rigs

North Dakota's active drilling rig count increased to 36 on Thursday, September 10, 2026, according to live Bakken Wire data. The net gain of one rig from Wednesday follows the addition of two new rigs and the release of one. The new rigs added to the tally are operated by XTO Energy Inc. and Kraken Operating, LLC. XTO's H & P 429 rig is now active in McKenzie County at location 153-96-3. Kraken Operating's T&S Drilling 1 rig is now working in Williams County at 158-100-17. The sole rig removed from the active list was Hess Bakken Investments II, LLC's NABORS x24, which was previously working in McKenzie County at 149-100-33. Two rigs also moved to new locations within the basin. Burlington Resources Oil & Gas Company LP moved its H & P 603 rig to Dunn County (144-95-9). Rockport Energy Solutions LLC moved its H & P 515 rig...

🌅Afternoon Wire·Sep 10

Pipeline & Infrastructure

Enbridge to Acquire Tallgrass Pipelines in $2.55 Billion Deal

Enbridge Inc. has agreed to acquire Tallgrass Pipelines in a deal valued at $2.55 billion, according to Rigzone. The transaction, reported on September 10, 2026, includes a 75 percent ownership stake in the Pony Express Pipeline. The Pony Express Pipeline is a significant conduit for crude oil produced in the Rocky Mountain region, with a capacity to carry up to approximately 460,000 barrels per day. Its route terminates at the Cushing, Oklahoma storage hub, a major pricing point for U.S. crude oil benchmarks. For Bakken operators, pipeline access to downstream markets is a critical component of their business. The Pony Express system provides a dedicated pathway for Rockies-sourced crude, which includes production from the Bakken formation in North Dakota. Consolidation of major pipeline assets under a large midstream company like Enbridge can influence market dynamics and long-term takeaway capacity. Midstream acquisitions of this scale often signal a focus on securing...

🌅Afternoon Wire·Sep 10

Global Markets

Geopolitical, Market Shifts Pose Contrasting Outlook for Bakken

Rumors of a renewed Russian military mobilization are triggering policy shifts in Central Asia that could add to global oil market volatility, according to a report from OilPrice.com. The source indicates Kazakhstan and Kyrgyzstan are implementing new tracking systems and visitor fees, measures seen by local observers as a response to a fresh influx of Russians seeking to avoid potential conscription. For Bakken operators, such geopolitical instability historically supports oil prices by introducing supply risk premiums, though the direct impact remains uncertain. Concurrently, the U.S. Energy Information Administration (EIA) has raised its long-term forecast for domestic oil production, according to a separate OilPrice.com report. The EIA now expects U.S. crude output to reach 14.3 million barrels per day in 2027, up from its July forecast of 14.0 million bpd. For 2026, the forecast holds steady at a record 13.8 million bpd. This rising domestic supply ceiling could act as a...

🌅Afternoon Wire·Sep 10