Thursday, September 17, 2026

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Oil Prices

Oil Prices Slide Despite Global LNG Supply Crisis

Oil prices declined in early trading Thursday, with West Texas Intermediate crude falling 1.64% to $100.75 per barrel. Brent crude also dropped, trading at $99.34. The price for Bakken crude at the wellhead held a differential of $3.42 below WTI, according to live price data. The downward move in crude contrasts sharply with extreme volatility and record-high prices in the global liquefied natural gas market. According to OilPrice.com, spot LNG prices in Northeast Asia have jumped to $28.40 per million British thermal units this week, up $2.70 from last week. Analysts warn prices could surge to $40 per MMBtu in a cold winter, a level equivalent to roughly $240 per barrel of Brent crude. The primary driver is a severe supply crunch stemming from the Middle East conflict. LNG exports from Qatar and the United Arab Emirates remain largely trapped in the Persian Gulf due to geopolitical tensions, tightening the...

☀️Morning Wire·Sep 17

Rig Report

North Dakota Rig Count Holds at 34; Koda Resources Rig Moves in Divide

North Dakota's active drilling rig count held steady at 34 on Thursday, September 17, 2026, according to Bakken Wire live data. The total showed no net change from the previous day, with no new rigs added and none released. The day saw one rig reposition within the state's oil fields. Koda Resources Operating, LLC moved its STONEHAM 16 rig to location 161-101-31 in Divide County, the data shows. No other rig movements were reported. The current count of 34 active rigs represents a slight decline from one week prior. On September 10, 2026, the state reported 35 active rigs, meaning the count is down by one rig over the past seven days. Compared to one month ago, however, the drilling activity level is unchanged. The rig count on August 18, 2026, was also 34, indicating a stable plateau in drilling activity over the past 30 days. This stability comes amid...

☀️Morning Wire·Sep 17

Daily Activity

Devon Energy Leads Daily Permits with Three-Well Williams County Pad

The North Dakota Department of Mineral Resources approved four new drilling permits on Wednesday, September 16, 2026, with Devon Energy Williston, L.L.C. accounting for three of them, according to the agency's daily activity report. White Rock Oil & Gas, LLC secured the fourth permit. Devon Energy's new permits are for the BUFORD 3-10-15F 2H, 4H, and 5H wells, all located in Williams County within a 'CONFIDENTIAL' field. This three-well pad indicates continued development focus in the western reaches of the Bakken formation. White Rock Oil & Gas's permit is for the MEAD FEDERAL 17-32-4H well in McKenzie County, also in a 'CONFIDENTIAL' field. In other activity, the DMR processed eight permit renewals, the bulk of which were for a significant XTO Energy Inc. project in McKenzie County. The agency renewed four permits (35055, 35056, 35057, 35058) for the RUBY STATE FEDERAL wells in the Grinnell field. All four renewals were...

☀️Morning Wire·Sep 17

Global Markets

India Warns U.S. Tariffs on Russian Oil Could Disrupt Global Energy Markets

India has warned that a new U.S. sanction bill allowing for tariffs of up to 100% on importers of Russian energy could sour bilateral ties and disrupt global energy markets, according to Rigzone. The Indian Foreign Ministry said it would prioritize its population's energy security and take "all necessary measures" to protect its trade interests, OilPrice.com reported. The diplomatic friction centers on a U.S. bill passed on September 16 aimed at stifling Russia's export revenues by imposing tariffs on countries that continue to buy its oil and gas. India is Russia's biggest oil buyer, with Russian crude accounting for over 50% of its total imports in August, OilPrice.com reported. Last month, India imported Russian crude at a rate of 2.47 million barrels per day, a 62.4% year-on-year surge. For Bakken producers, the dispute highlights ongoing volatility in global crude supply chains that can influence prices for North Dakota's light sweet...

☀️Morning Wire·Sep 17

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Retreat Below $101 as Geopolitical Tensions Show Signs of Easing

Oil prices fell sharply in midday trading Thursday, with West Texas Intermediate (WTI) crude dropping back below the $101 mark. According to live price data, WTI was trading at $100.85 per barrel, down $1.58 or 1.54% on the day. The international benchmark Brent crude fell further, down $2.64 to $103.19. The price for Bakken crude at the wellhead was discounted by $3.42 against WTI. The midday slide follows a Wednesday decline and appears driven by headlines suggesting potential de-escalation in the Saudi-Yemen conflict. OilPrice.com reported that oil prices are falling on Thursday on news that China is pressing Iran to help rein in Houthi militants after a Saudi appeal. The report, citing Reuters sources, indicates Chinese diplomatic maneuvering aimed at calming regional tensions. "China does not wish to see regional tensions further spill over into Yemen and the Red Sea. Escalating regional instability is not in the interests of any...

🔆Midday Wire·Sep 17

Pipeline & Infrastructure

Saudi Pipeline Outage Highlights Global Supply Constraints

Damage to a major Saudi Arabian pipeline is highlighting vulnerabilities in global oil supply chains, according to a new analysis. The incident underscores the continued importance of stable, non-OPEC production basins like North Dakota's Bakken formation. The damage to Saudi Arabia's East-West pipeline "exposes the limits of supply optionality," Emily Ashford, Head of Energy Research at Standard Chartered Bank, outlined in a report covered by Rigzone. The report was published on September 17, 2026. While the specific operational impact of the Saudi outage is not detailed in the report, the analyst's conclusion points to a broader market reality. Global supply optionality—the ability to quickly reroute or replace large volumes of crude oil—has its constraints. Significant disruptions in key exporting nations can tighten the global supply balance. For Bakken operators, such global supply shocks reinforce the value of their production. The Bakken formation is a prolific, onshore source of light sweet...

🔆Midday Wire·Sep 17

Regulatory

Ukraine Drone Strike Hits Russian Refinery Amid Diesel Export Ban Extension

Ukraine launched a drone strike overnight, damaging a major Russian oil refinery as Moscow prepares to extend its ban on diesel exports through October, according to a report from OilPrice.com. The dual developments tighten global supplies of middle distillates, a market category that includes diesel, with direct implications for North Dakota Bakken producers. Ukrainian forces hit the 300,000-barrel-per-day refinery in Yaroslavl, fewer than 200 miles northeast of Moscow, in a joint operation, Ukrainian President Volodymyr Zelenskyy said Thursday. The refinery is co-owned by Russian state giants Rosneft and Gazprom Neft. Mikhail Yevrayev, governor of the Yaroslavl region, confirmed on Telegram that the refinery sustained damage and a fire was extinguished by Thursday morning, OilPrice.com reported. The attack demonstrates the continued targeting of energy infrastructure, with OilPrice.com noting "there isn't any truce not to attack energy sites." It coincides with Russian government considerations to extend its ban on diesel exports for...

🔆Midday Wire·Sep 17

Global Markets

US Sanctions, Regional Tensions to Shape Global Energy Flows

The U.S. Congress has passed sweeping new sanctions targeting Russia's oil, gas, and energy shipping networks, sending legislation to President Donald Trump that could reshape global energy markets and demand patterns relevant to Bakken crude. The House passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 on September 16 by a vote of 262-159, following Senate approval last month, according to OilPrice.com. The legislation gives Trump the authority to impose tariffs of up to 100 percent on major purchasers of Russian oil and gas and on countries that help Moscow evade sanctions. While the bill's tariff provisions divided Democrats, supporters argue it will increase pressure on Russia. "We support as strong sanctions as possible on Russia," Estonian Ambassador to the U.S. Hannes Hanso told RFE/RL on September 16, according to the source. "The sooner we can implement those sanctions against Russia the better." Concurrently, regional tensions are...

🔆Midday Wire·Sep 17

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Fall as Market Weighs OPEC+ Supply Decision, Strong Dollar

Oil prices retreated in Thursday trading, with both major benchmarks posting losses exceeding one percent. West Texas Intermediate (WTI) crude for October delivery fell $1.17, or 1.14%, to settle at $101.26 per barrel. The global benchmark, Brent crude, declined $1.63, or 1.54%, to $104.20 per barrel. The price drop reflects a strengthening U.S. dollar and ongoing market anticipation ahead of a key OPEC+ policy meeting next month. A stronger dollar makes oil, which is priced in dollars, more expensive for holders of other currencies, dampening demand. Natural gas prices also saw a slight decrease, with the front-month contract settling at $2.87 per MMBtu, down $0.02 for the session. For Bakken operators, the key local pricing metric, the Bakken differential to WTI, was quoted at -$3.42 per barrel. This means Bakken crude is priced at a discount of $3.42 below the WTI benchmark price. A stable differential near this level provides...

🌅Afternoon Wire·Sep 17

Rig Report

North Dakota Rig Count Holds at 33 Amid Daily Turnover

North Dakota's active drilling rig count remained at 33 on Thursday, September 17, 2026, according to live rig data from Bakken Wire. The figure represents a net change of zero from Wednesday, masking a day of underlying activity that saw one new rig added, one rig released, and one rig moved to a new location. The sole new rig addition was from XTO Energy Inc., which spud the H & P 429 rig at location 153-96-3 in McKenzie County. The county is the core of the Bakken formation and typically hosts the majority of the state's drilling activity. The rig removed from the count was the PATTERSON 264, operated by Phoenix Operating LLC. It had been working at 162-95-28 in Divide County before being released. In a separate move, Koda Resources Operating, LLC relocated its STONEHAM 16 rig to a new site within Divide County at location 161-101-31. The current...

🌅Afternoon Wire·Sep 17

Global Markets

Russian Fuel Export Rebound Offers Limited Relief to Tight Global Diesel Market

Russia's seaborne oil product exports rebounded in August but remain drastically below last year's levels, according to industry data, continuing pressure on global diesel supplies that supports high fuel costs for Bakken operators. According to OilPrice.com, exports jumped 16.4% month-over-month to 4.57 million metric tons as some refineries returned from unplanned maintenance, but this volume was still 50% lower than in August 2025. The ongoing disruption is largely due to continued Ukrainian drone strikes on Russia's refining system throughout 2026. Three of the country's six largest diesel-producing refineries—Kirishi, Volgograd and NORSI—are either shut or operating at roughly one-quarter capacity, OilPrice.com reported. These plants account for about half of Russian diesel production. In response, Moscow has extended its diesel export ban through October 31 to allow for maintenance and to rebuild domestic stocks ahead of winter. Russia is one of the world's largest diesel exporters, and the loss of its cargoes...

🌅Afternoon Wire·Sep 17