Friday, September 11, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Retreat from $100+ Peaks as Broader Market Weighs on Rally

Oil prices pulled back sharply in Friday morning trading, with West Texas Intermediate (WTI) crude falling 3.3% to $99.1 per barrel and Brent crude dropping 3.52% to $103.84, according to live price data. The Bakken crude differential held at a discount of $3.42 per barrel versus WTI. The retreat comes after a surge earlier in the week that pushed Brent near $110, driven by escalating conflict in the Middle East. Analysts warn the price decline may be temporary, with significant upside risk remaining. According to OilPrice.com, RBC Capital Markets analyst Helima Croft warned that crude prices could top $120 per barrel for Brent by year-end if fighting continues. The warning cites Houthi advances in Yemen threatening the Bab el-Mandeb Strait and Red Sea shipping, compounding risks in the Strait of Hormuz. The primary headwinds tempering the rally are fears of broader economic tightening. OilPrice.com reported that JP Morgan forecasts eight...

☀️Morning Wire·Sep 11

Rig Report

North Dakota Rig Count Holds at 36 Amid Single Rig Move

North Dakota's active drilling rig count held steady at 36 on Friday, September 11, 2026, according to live rig data from Bakken Wire. There were no new rigs added and none removed from the state's tally since the prior day. One rig did change location. Murex Petroleum Corporation moved the H & P 515 rig to a new wellsite at 157-95-29 in Williams County, the core of the Bakken formation. The current activity level represents a consistent gain over recent weeks. The rig count is up by two compared to one week ago, when 34 rigs were active on September 4. The increase is more pronounced over the past month, with six more rigs running now than on August 12, when the count stood at 30. The stability at 36 rigs follows a period of gradual growth, reflecting sustained, measured investment by operators in the Williston Basin. Rig count is...

☀️Morning Wire·Sep 11

Daily Activity

DMR Approves Seven New Permits, Formentera Dominates Burke County Activity

The North Dakota Department of Mineral Resources approved seven new drilling permits and two permit renewals in its latest daily activity report, with Formentera Operations LLC accounting for the majority of new applications. Formentera Operations LLC was the most active operator, receiving approval for six new permits. Five of these are for wells in the Jackson field in Burke County: the JACKSON-08-32-PGN S512HF, S516HF, S517HF, S610HX, and S614HF. The company's sixth new permit is for the PIPER-08-31-BND S517HF, also located in Burke County within a 'CONFIDENTIAL' field. The other new permit was issued to Continental Resources Inc. for a location in Williams County (SW NE 16-154N-100W) in a 'CONFIDENTIAL' field. A single permit was approved for SOGC LLC for the MARTENS 4-5-6-7H well in Mountrail County, also listed as 'CONFIDENTIAL'. Two permit renewals were filed by Hunt Oil Company for its Alexandria field project in Divide County. The renewals are...

☀️Morning Wire·Sep 11

Global Markets

Strait of Hormuz Traffic Crashes, China EV Shift Accelerates

Global oil markets are being pulled in opposite directions by escalating Middle East conflict and a structural shift in demand from China, creating a volatile outlook for Bakken crude prices. Shipping traffic through the critical Strait of Hormuz plunged to single digits on Thursday, according to Reuters and preliminary data from Kpler. Only seven vessels transited the strait in the past 24 hours, a sharp drop from the recent 10-day average of 15. The data, which tracks ships with positioning systems on, suggests "dark transits" are higher as operators switch off systems to avoid detection amid strikes on tankers. The re-escalation of hostilities has made owners and exporters increasingly cautious. Oil prices jumped above $100 per barrel this week and were on track early Friday to end a trading week above that mark for the first time since May, OilPrice.com reported. “Oil’s resilience reflects a market now repricing both the...

☀️Morning Wire·Sep 11

Pipeline & Infrastructure

Enbridge to Acquire Tallgrass Pipelines in $2.55B Deal

Enbridge Inc. has agreed to acquire Tallgrass Pipelines for $2.55 billion, according to a report from Rigzone. The deal, announced on September 10, includes a 75 percent ownership stake in the Pony Express Pipeline system. 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. The pipeline runs from Guernsey, Wyoming, to storage and trading hub Cushing, Oklahoma. For Bakken operators in North Dakota, this acquisition represents a notable consolidation in midstream infrastructure. The Pony Express provides a vital outlet for crude from the broader Rockies area, which includes production from the Powder River and Denver-Julesburg basins. While not a direct Bakken carrier, the pipeline's ownership by a major player like Enbridge could influence broader market dynamics and connectivity for regional crude. Enbridge, already one of North America's largest pipeline companies,...

☀️Morning Wire·Sep 11

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Slide Sharply Despite U.S. Inventory Draw

Front-month WTI crude oil futures traded at $99.62 per barrel midday Friday, down $2.86 or 2.79 percent from the previous close. The international benchmark Brent crude fell to $105.05, a drop of $2.58 or 2.4 percent. The price decline occurred despite a reported weekly drawdown in U.S. commercial crude inventories. The U.S. Energy Information Administration's latest weekly petroleum status report showed commercial crude stocks, excluding the Strategic Petroleum Reserve, stood at 424.1 million barrels as of September 4, according to Rigzone. This represents a week-on-week decrease. Typically, a draw on inventories is a supportive factor for prices, suggesting the day's sell-off is being driven by other macro concerns. One contributing factor may be eased supply fears following data on Russian output. Rigzone separately reported that Russia's crude production fell in August. While a decline, the market may be interpreting the data as less severe than anticipated, reducing the geopolitical risk...

🔆Midday Wire·Sep 11

Global Markets

IEA Projects Deeper 2026 Supply Crunch, Demand Destruction Amid Gulf Woes

The International Energy Agency (IEA) has significantly worsened its 2026 global oil supply and demand outlook, projecting a sharper supply plunge and increased demand destruction that will define the volatile market for Bakken crude. In a report released Friday, September 11, the agency said global oil supply is now expected to fall by 5.7 million barrels per day (bpd) this year, a steeper drop than the 4.3-million-bpd decline forecast just a month ago. A key driver is the prolonged disruption in the Middle East. The IEA no longer expects normal Gulf supply flows to return in 2026, pushing that recovery into 2027. This sustained shortage from a key global supply region provides underlying structural support for oil prices, which directly benefits the breakeven economics for North Dakota's Bakken shale wells. The supply drop is already severe. According to the IEA report, Saudi Arabia's crude supply plunged 2.3 million bpd in...

🔆Midday Wire·Sep 11

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply, WTI Falls Below $101 Amid Market Pressure

Front-month WTI crude oil futures fell 2.35% on Friday, September 11, 2026, closing below the $101 threshold to settle at $100.07 per barrel. The global benchmark, Brent crude, saw a steeper decline of 2.88%, dropping $3.10 to $104.53 per barrel, according to live price data. The sharp downturn reflects mounting bearish pressure in the commodities market. Natural gas prices also edged lower, dipping one cent to $2.82 per MMBtu. The sell-off was widespread, indicating a broader risk-off sentiment or reaction to fundamental data such as inventory builds or demand concerns. For Bakken producers, the price received at the wellhead is directly tied to the WTI benchmark, minus a regional differential. The Bakken differential was quoted at -$3.42 versus WTI on Friday. This pricing structure means Bakken crude is effectively trading at approximately $96.65 per barrel ($100.07 - $3.42). This represents a significant daily revenue decrease for operators compared to earlier...

🌅Afternoon Wire·Sep 11

Rig Report

North Dakota Rig Count Holds at 35 Amid National Increase

The number of active drilling rigs in North Dakota remained at 35 on Friday, September 11, 2026, according to Bakken Wire live data. The count showed no net change from the previous day, though one rig was removed and another moved locations. Kraken Operating, LLC removed the T&S Drilling 1 rig from its location in Williams County (158-100-17). Separately, Murex Petroleum Corporation relocated the H & P 515 rig to a new Williams County location (157-95-29). The day's activity resulted in no new rigs being added. The current Bakken rig fleet is one unit higher than it was one week ago on September 4, when the count stood at 34. The pace of activity has accelerated compared to a month ago; the state has added five rigs since August 12, when only 30 were active. The local stability comes as the national oil-directed rig count posted a slight weekly gain....

🌅Afternoon Wire·Sep 11

Pipeline & Infrastructure

Drone Attack Targets Saudi Arabia's Critical East-West Pipeline

Saudi Arabia’s critical East-West crude oil pipeline system was struck by drones on Thursday, September 10, 2026, in an attack that threatens one of the kingdom's most important export routes, according to reporting from OilPrice.com and CNN. The attack, which U.S. officials assessed involved drones originating from Iraq, hit multiple pumping stations along the pipeline corridor. Satellite imagery analyzed by CNN showed extensive fire damage at a pumping station near Al Mesba'ah and a fire with thick black smoke at a station near Al Dhekra. The Saudi government and Aramco have not publicly commented, and it remains unclear if the pipeline itself was damaged or how long repairs will take. Repairing pumping stations can be faster than fixing a ruptured pipeline, a critical distinction for oil markets. The East-West pipeline has become a strategically vital piece of global infrastructure since the closure of the Strait of Hormuz, serving as Saudi...

🌅Afternoon Wire·Sep 11

Global Markets

Ukraine Strikes Target Russian Refinery Upgrades, IEA Reports

Drone strikes on Russian oil refineries are now targeting secondary-processing units, which may require six to eight months to replace, according to a report from the International Energy Agency (IEA). The Rigzone source, citing the IEA, reported the development on Friday, September 11. These units are critical for upgrading crude oil into higher-value products like diesel and gasoline. Extended damage to Russia's refining capacity could tighten global supplies of these refined fuels, particularly diesel. For Bakken operators, the global refining landscape directly influences the price they receive for their crude. The Bakken formation produces a light, sweet crude oil that is highly sought after by complex refineries, especially those on the U.S. Gulf Coast and internationally. A constriction in global refining capacity, especially for upgrading units, can shift the demand balance for different crude grades. While the report does not specify immediate price impacts, a sustained reduction in Russia's ability...

🌅Afternoon Wire·Sep 11