Tuesday, September 15, 2026

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Oil Prices

WTI Tops $102 as LNG Supply Woes, Venezuela Exports Influence Market

Front-month WTI crude oil futures rose nearly 1 percent to trade above $102 per barrel on Tuesday, while the Bakken differential held steady. West Texas Intermediate gained $0.99 to settle at $102.38, and Brent crude added $0.16 to $101.15. Natural gas prices were largely flat at $2.89 per MMBtu. The ongoing conflict in the Middle East, specifically involving Iran and the closure of the Strait of Hormuz, continues to disrupt global energy flows and underpin oil prices. According to a report from OilPrice.com, the chokepoint has severely curtailed liquefied natural gas (LNG) supply from Qatar and the United Arab Emirates. While Persian Gulf producers have found workarounds for oil deliveries, LNG transfers remain physically difficult, keeping supplies tight. This supply constraint has sent Asian spot LNG prices to their highest levels since 2022, with prices for October delivery into northeast Asia holding above $25 per MMBtu. Executives at the Gastech...

☀️Morning Wire·Sep 15

Rig Report

North Dakota Rig Count Holds at 32 for Second Time in a Month

North Dakota's active drilling rig count was unchanged Tuesday, holding at 32 for the second consecutive day, according to live rig data. No rigs were added, removed, or moved locations in the latest 24-hour reporting period. The current fleet size represents a decline of three rigs from one week prior, when 35 rigs were active on September 8. Compared to one month ago on August 16, the count is identical, having returned to the 32-rig level after fluctuating in the interim. The stability at this level suggests a period of consolidation for Bakken operators following a slight contraction in activity over the past week. The rig count is a key leading indicator for future oil production in the Williston Basin. A rig count in the low 30s has been a common operating range for the basin in recent years, reflecting a industry focus on capital discipline and efficiency gains rather...

☀️Morning Wire·Sep 15

Daily Activity

Burlington Resources Leads Bakken Drilling Activity with Four New Permits

Burlington Resources Oil & Gas Company LP was the most active operator in North Dakota's latest permitting round, securing four new drilling permits for a project in McKenzie County. According to yesterday's North Dakota Department of Mineral Resources (DMR) Daily Activity Report, the permits are for the Haystack Butte area. The four Burlington permits are for the HBU Badlands 2N MBH, HBU Badlands 7S MBH, HBU Badlands 3N MBH, and HBU Hazel 1N MBH wells. All are located in Township 148N, Range 98W within McKenzie County. Other operators also filed for new drilling authority. Zavanna Energy Operating, LLC filed for two permits for the Sawyer 13-36 2TFH and 3TFH wells in the Stockyard Creek area of Williams County. Oasis Petroleum North America LLC filed for two permits for the Dolls Daisy 5301 31-31 5B and Dolls Daisy Federal 5301 31-31 6B wells in the Indian Hill area of McKenzie County....

☀️Morning Wire·Sep 15

Global Markets

Global LNG Deals Add Competition for Bakken Natural Gas in Europe

New liquefied natural gas (LNG) supply deals announced Monday are set to increase competition for U.S. gas exports, including production from North Dakota's Bakken formation, in the key European market. Malaysian state-owned Petronas agreed to supply LNG to Greek energy company Metlen, according to Rigzone. The gas will be sold by Metlen in Greece and neighboring Southeast European countries. Separately, Ukraine's state-owned Naftogaz signed a memorandum of understanding with Canada's Kino Aski LNG for potential long-term LNG supply from a proposed Canadian project to Europe, Rigzone also reported. These developments underscore the ongoing global race to secure stable, non-Russian natural gas supplies for Europe. Since the war in Ukraine began, U.S. LNG exports have surged to help fill the continent's energy gap. Bakken operators have benefited indirectly from this elevated global demand, which supports stronger natural gas prices and provides a market for the region's associated gas production. However, the...

☀️Morning Wire·Sep 15

Pipeline & Infrastructure

Saudi Pipeline Attack Disruption Could Last Weeks, Tightening Global Oil Market

Damage from drone attacks on Saudi Arabia's critical East-West crude oil pipeline could take three to five weeks to repair, according to officials briefed on the matter, an event that has heightened global supply fears and boosted oil prices. The development has direct implications for Bakken crude pricing and operator sentiment in North Dakota, according to market analysts. The 750-mile pipeline, which Saudi Arabia has relied on to export approximately 4 million barrels per day (bpd) from the Red Sea since the Iran war began, was temporarily shut down last week as a precautionary measure. The attacks, launched from Iraq near the Iranian border, resulted in a number of injuries and caused damage, including to a major pumping station, satellite images showed. While one source told The Associated Press the pipeline may operate partially during repairs, the volume it could ship remains unclear. This supply uncertainty has already moved global...

☀️Morning Wire·Sep 15

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Surge Past $104 on Saudi Pipeline Attack, Chinese Demand

Oil prices surged sharply higher on Tuesday, with the U.S. benchmark gaining over $3.50 per barrel, driven by renewed Middle East supply disruptions and a record rally in China's crude futures market. West Texas Intermediate (WTI) crude settled at $104.98 per barrel, a gain of $3.59 or 3.54%. The international benchmark Brent crude rose $2.40 to $108.08 per barrel. The price spike follows a drone attack late last week on the East-West oil pipeline in Saudi Arabia, according to reports from OilPrice.com. The attack forced the Kingdom to temporarily shut down the pipeline, which is used to bypass the Strait of Hormuz. As of Tuesday, no timeline had been given for its return to service, intensifying market fears about the security of Middle Eastern supply. Simultaneously, China's yuan-denominated crude oil futures on the Shanghai International Energy Exchange soared to a record high of 929.4 yuan, or approximately $138.50 per barrel,...

🔆Midday Wire·Sep 15

Pipeline & Infrastructure

Saudi Pipeline Shutdown Cancels Europe Cargoes, May Tighten Atlantic Basin

Saudi Aramco has canceled or delayed multiple crude oil cargoes to European refiners following a prolonged shutdown of a key Saudi pipeline, a disruption that may tighten Atlantic Basin supplies and increase competition for Bakken crude. According to a report from OilPrice.com, the 7-million-barrel-per-day East-West pipeline has been offline since a September 10 attack, cutting off a major export route that bypasses the Strait of Hormuz. The disruption is now directly impacting European term customers. Market sources cited by Argus indicate at least three European refiners have had late-September cargoes canceled or pushed back to November, with two more expecting similar notices. No Saudi crude has departed the Red Sea port of Yanbu since September 11. One major customer scrambling for replacement barrels is Poland's Orlen, which operates refineries in Poland, Lithuania, and the Czech Republic. Aramco supplies roughly 40% of Orlen's crude. Traders told Reuters that Orlen has purchased...

🔆Midday Wire·Sep 15

Global Markets

Ukraine-Russia Energy Strikes Continue, Adding Volatility to Oil Markets

Continued strikes on Russian and Ukrainian energy infrastructure are injecting fresh volatility into global oil markets, a key concern for Bakken producers who rely on stable prices. Overnight on September 14-15, attacks hit a gas station and warehouse facilities in Kyiv and reportedly struck near oil refineries in Russia's Samara region, according to OilPrice.com. This escalation occurred just hours after U.S. President Donald Trump claimed on September 14 that the two nations had agreed not to target each other's energy facilities. In a post on Truth Social, Trump stated, "Ukraine has agreed not to hit Russian Energy targets. Russia has agreed to do, likewise!" However, Ukrainian President Volodymyr Zelenskyy later clarified that Kyiv's readiness to stop strikes was conditional on allies ensuring Moscow would cease its own attacks on Ukrainian energy and critical infrastructure. Monitoring Telegram channels reported a fire visible in the industrial area of the Syzran oil refinery...

🔆Midday Wire·Sep 15

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over $4 as Global Supply Concerns Intensify

Front-month WTI crude oil surged 4.19% on Tuesday, September 15, to settle at $105.64 per barrel, a gain of $4.25. Brent crude rose 2.73% to $108.56. The Bakken differential was quoted at -$3.42 versus WTI. The sharp price increase reflects ongoing global supply anxieties, underscored by a major deal for deeply discounted Iraqi crude. According to a report from OilPrice.com, the UAE's ADNOC has been purchasing tens of millions of barrels of Iraqi crude at extraordinary discounts. The company agreed to buy 32 million barrels for August at discounts of $24.90 to $27 per barrel and another 40 million barrels for September. These steep discounts are a direct result of Iraq's struggle to export its oil. Iraq exported just 1.374 million barrels per day (bpd) in July before recovering to 2.354 million bpd in August, according to data from Kpler cited in the report. September exports are running around 2...

🌅Afternoon Wire·Sep 15

Rig Report

North Dakota Rig Count Holds at 33, Adds One New Drilling Rig

North Dakota's active drilling rig count held steady at 33 on Tuesday, September 15, 2026, following the addition of one new rig and no reported departures, according to live data from Bakken Wire. One new drilling unit was activated. Hess Bakken Investments II, LLC spudded a new well using the Nabors x24 rig at a McKenzie County location (149-100-33). The move marks a return to drilling activity for Hess in the state. Two existing rigs changed locations within the Williston Basin, both moving into Divide County. Phoenix Operating LLC moved the T&S Drilling 2 rig to location 160-97-19. Formentera Operations, LLC moved the Nabors B23 rig to location 161-97-16. The current rig count of 33 represents a decrease of two units from one week ago, when 35 rigs were active on September 8. However, activity has increased by one rig compared to one month ago, when the state reported 32...

🌅Afternoon Wire·Sep 15

Regulatory

UK Windfall Tax Replacement Discussed as Global Fiscal Policies Evolve

The UK's current windfall tax, the Energy Profits Levy, could be replaced early, according to comments from industry body Offshore Energies UK (OEUK). Rigzone reported that OEUK says the UK would gain from such a move. The levy was introduced in 2022 by the UK's previous Conservative government following Russia's invasion of Ukraine, which caused global energy prices to soar. While the development is specific to the UK North Sea, it underscores the ongoing global scrutiny of fiscal regimes for oil and gas producers. Regulatory and tax changes in major producing regions can influence investment flows and corporate strategy for international operators, including those with assets in the Bakken. For Bakken operators, the news serves as a reminder of the potential for fiscal volatility. North Dakota's oil industry operates under a different state tax structure, but companies active in multiple global basins must constantly weigh the stability and terms of...

🌅Afternoon Wire·Sep 15

Global Markets

BRICS Summit Seeks Economic Reform, Avoids Unified Stance on U.S.

The latest BRICS summit concluded with a joint statement targeting Western-dominated global financial institutions but stopped short of presenting a united front against the United States, according to a report from OilPrice.com. For Bakken operators and North Dakota's oil economy, the geopolitical maneuvering underscores a market environment where U.S. influence remains challenged but not decisively undermined, maintaining the dollar's critical role in oil trade. BRICS members, including major oil consumers China and India and producer Iran, adopted a 140-point joint statement on September 12. The statement featured calls for major reforms of institutions like the World Trade Organization, the International Monetary Fund, and the World Bank to give developing nations more influence. According to the source, some provisions took "oblique swipes" at the Trump administration, criticizing a "proliferation of trade-restrictive actions" and "protectionism under the guise of environmental objectives," though it did not name the U.S. directly. The group's stance...

🌅Afternoon Wire·Sep 15