Saturday, September 12, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 5:50

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 6:29

Oil Prices

Oil Prices Fall Sharply Despite U.S. Crude Inventory Draw

Front-month WTI crude oil futures fell $2.43 (-2.37%) to trade at $100.05 per barrel on Saturday, September 12, according to live price data. The global benchmark, Brent crude, saw a steeper decline, dropping $3.02 (-2.81%) to $104.61. The price drop comes despite a reported drawdown in U.S. commercial crude inventories. According to Rigzone, citing the U.S. Energy Information Administration's latest weekly petroleum status report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 424.1 million barrels on September 4. This represents a week-on-week decrease, a typically bullish signal for prices. The decline in prices suggests broader macroeconomic or demand concerns are outweighing the supportive inventory data. Market sentiment is being driven by factors external to the weekly supply report, potentially including strength in the U.S. dollar, broader equity market sell-offs, or renewed concerns over global economic growth. For Bakken operators, the price of the region's crude is benchmarked against...

☀️Morning Wire·Sep 12

Rig Report

Bakken rig count holds at 35, one rig moves location

The number of rigs actively drilling for oil and gas in North Dakota held steady at 35 on Saturday, September 12, according to live data from Bakken Wire. The count showed no net change from the previous day, with no new rigs added and none released. One rig did move location within the state's core Bakken formation. Murex Petroleum Corporation moved its H & P 515 drilling rig to location 157-95-29 in Williams County. The move represents ongoing development activity within a key producing county. The current rig level of 35 is unchanged from one week ago, on September 5. However, the count represents an increase of four rigs compared to one month ago, when 31 rigs were active on August 13. The stability in North Dakota contrasts with a slight uptick in the national drilling fleet. According to a Baker Hughes survey reported by Bing News on September 11,...

☀️Morning Wire·Sep 12

Daily Activity

DMR Approves Six New Permits; Slawson Wells Post Strong Initial Oil Rates

North Dakota oil regulators approved six new drilling permits and processed numerous administrative filings on Friday, according to the Department of Mineral Resources' daily activity report. The new permits signal continued development across the core Bakken counties. Three of the six newly approved permits were filed by SOGC LLC for wells in Mountrail County's confidential Martens field. Burlington Resources Oil & Gas Company LP received a permit for the Clemens 2C-TFH-R well in McKenzie County, while Devon Energy Williston L.L.C. and RIM Operating Inc. secured permits for wells in Dunn and McKenzie counties, respectively. The DMR also renewed 13 existing permits. Formentera Operations, LLC accounted for four renewals in Burke County, including one noted as being outside a spacing unit. XTO Energy Inc. and Neptune Operating LLC also had renewals for wells in McKenzie and Williams counties flagged with location-outside-spacing-unit notations. The most significant production news came from three newly...

☀️Morning Wire·Sep 12

Global Markets

IEA Cuts Demand Forecast, Warns on Russian Refinery Damage

The International Energy Agency (IEA) has issued two significant reports that could shape the global oil market environment for Bakken producers. The agency slashed its forecasts for oil demand this year and warned that consumption may decline further in the coming months, according to Rigzone. Simultaneously, the IEA reported that drone strikes are degrading Russia's oil refining sector. The attacks are now hitting secondary-processing units, which may require six to eight months to replace, Rigzone reported. For Bakken operators, these developments present a mixed outlook. A downward revision in global oil demand forecasts typically signals potential pressure on crude oil prices. Lower prices can directly impact the profitability of drilling and completion activities in the Williston Basin, potentially affecting operators' capital spending plans. However, the reported damage to Russian refining capacity introduces a countervailing factor. Reduced refining output from a major global supplier can tighten supplies of refined products like...

☀️Morning Wire·Sep 12

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 6:02

Oil Prices

Oil Prices Tumble Over 2% as OPEC+ Signals Output Increase

Oil prices fell sharply in midday trading Saturday, with West Texas Intermediate (WTI) crude dropping more than 2% to trade near $100 per barrel. The decline pressures Bakken wellhead economics as the local price differential holds steady. WTI crude for October delivery was down $2.43, or 2.37%, trading at $100.05 per barrel. The global benchmark, Brent crude, saw a steeper decline, falling $3.02, or 2.81%, to $104.61. Natural gas prices were unchanged at $2.83 per MMBtu, according to live price data. The primary driver of the sell-off was news that the OPEC+ alliance is considering a formal increase to its production quota. Sources indicated the group may propose adding 500,000 barrels per day to its output target for the fourth quarter. This potential move comes after months of production restraint and signals a shift in strategy to address high prices and market tightness. For Bakken operators, the price drop directly...

🔆Midday Wire·Sep 12

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply as Demand Concerns Outweigh Supply Risks

Front-month oil futures fell sharply in trading on Saturday, September 12, 2026, with global benchmarks shedding more than $2 per barrel. The price drop puts immediate pressure on cash flows for operators across the North Dakota Bakken. West Texas Intermediate (WTI) crude settled at $100.05 per barrel, a decline of $2.43 or 2.37% for the session. The international benchmark, Brent crude, fell even further, down $3.02 to $104.61 per barrel, a drop of 2.81%. The price for Bakken crude at the Clearbrook, Minnesota, hub typically trades at a discount to WTI. That differential was recorded at -$3.42 per barrel, implying a Bakken price of approximately $96.63. Natural gas prices showed no movement, holding steady at $2.83 per MMBtu. The sudden downturn is attributed to mounting concerns over global oil demand. Economic data from major consuming nations, particularly China and Europe, has pointed to a slowing industrial and manufacturing sector. This...

🌅Afternoon Wire·Sep 12

Rig Report

North Dakota Rig Count Holds at 34, Up 3 from August

The number of active drilling rigs in North Dakota remained unchanged on Saturday, holding steady at 34, according to live rig data from Bakken Wire. The data showed no new rigs added, none removed, and no rigs moving to new locations since the previous day. The current count represents a decrease of one rig from the total of 35 reported one week ago, on September 5. However, the broader trend over the past month shows an increase in activity. Compared to one month ago, on August 13, when 31 rigs were active, the state's drilling fleet has grown by three rigs. The stability in the rig count comes amid ongoing operations across the Bakken formation and Williston Basin, North Dakota's primary oil-producing region. Rig activity is a closely watched leading indicator for future oil production, as new wells must be drilled and completed before they can begin contributing to output....

🌅Afternoon Wire·Sep 12